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Investments of Insurance Subsidiaries
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investments of Insurance Subsidiaries
NOTE 5 — INVESTMENTS OF INSURANCE SUBSIDIARIES
A summary of our insurance subsidiaries’ investments at June 30, 2020 and December 31, 2019 follows (dollars in millions):
 
 
  
June 30, 2020
 
 
  
Amortized
Cost
 
  
Unrealized
Amounts
 
  
Fair
Value
 
 
  
Gains
 
  
Losses
 
Debt securities
  
$
380
 
  
$
30
 
  
$
—
 
  
$
410
 
Money market funds and other
  
 
59
 
  
 
—
 
  
 
—
 
  
 
59
 
  
 
 
     
 
 
     
 
 
     
 
 
  
  
$
439
 
  
$
30
 
  
$
—
 
  
 
469
 
  
 
 
     
 
 
     
 
 
     
Amounts classified as current assets
  
  
  
  
 
(105
) 
           
 
 
  
Investment carrying value
  
  
  
  
$
364
 
           
 
 
  
 
 
  
December 31, 2019
 
 
  
Amortized
Cost
 
  
Unrealized
Amounts
 
  
Fair
Value
 
 
  
Gains
 
  
Losses
 
Debt securities
  
$
359
 
  
$
18
 
  
$
—
 
  
$
377
 
Money market funds and other
  
 
85
 
  
 
—
 
  
 
—
 
  
 
85
 
  
 
 
     
 
 
     
 
 
     
 
 
  
  
$
444
 
  
$
18
 
  
$
—
 
  
 
462
 
  
 
 
     
 
 
     
 
 
     
Amounts classified as current assets
  
  
  
  
 
(147
) 
           
 
 
  
Investment carrying value
  
  
  
  
$
315
 
           
 
 
  
At June 30, 2020 and December 31, 2019, the investments in debt securities of our insurance subsidiaries were classified as
“available-for-sale.”
Changes in unrealized gains and losses that are not credit-related are recorded as adjustments to other comprehensive income (loss).
Scheduled maturities of investments in debt securities at June 30, 2020 were as follows (dollars in millions):
 
 
  
Amortized
Cost
 
  
Fair
Value
 
Due in one year or less
  
$
14
 
  
$
14
 
Due after one year through five years
  
 
114
 
  
 
122
 
Due after five years through ten years
  
 
180
 
  
 
197
 
Due after ten years
  
 
72
 
  
 
77
 
  
 
 
     
 
 
  
  
$
380
 
  
$
410
 
  
 
 
     
 
 
  
The average expected maturity of the investments in debt securities at June 30, 2020 was 5.3 years, compared to the average scheduled maturity of 9.8 years. Expected and scheduled maturities may differ because the issuers of certain securities have the right to call, prepay or otherwise redeem such obligations prior to their scheduled maturity date.