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Investments of Insurance Subsidiaries
 6 Months Ended
Jun. 30, 2021
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, 2021 and December 31, 2020 follows (dollars in millions):
 
    
June 30, 2021
  
    
Amortized
Cost
     
Unrealized
Amounts
     
Fair
Value
  
    
Gains
     
Losses
  
Debt securities
   
$
377
 
   
$
24
 
   
$
(1
) 
   
$
400
 
Money market funds and other
   
 
125
 
   
 
—
 
   
 
—
 
   
 
125
 
    
 
 
     
 
 
     
 
 
     
 
 
  
    
$
502
 
   
$
24
 
   
$
(1
) 
   
 
525
 
    
 
 
     
 
 
     
 
 
           
Amounts classified as current assets
                              
 
(115
) 
                               
 
 
  
Investment carrying value
                              
$
410
 
                               
 
 
  
 
    
December 31, 2020
  
    
Amortized
Cost
     
Unrealized
Amounts
     
Fair
Value
  
    
Gains
     
Losses
  
Debt securities
    $ 384      $ 32      $ —      $ 416  
Money market funds and other
      88        —        —        88  
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 472      $ 32      $ —        504  
    
 
 
     
 
 
     
 
 
           
Amounts classified as current assets
                                 (116 ) 
                               
 
 
  
Investment carrying value
                               $ 388  
                               
 
 
  
At June 30, 2021 and December 31, 2020, 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, 2021 were as follows (dollars in millions):
 
    
Amortized
Cost
     
Fair
Value
  
Due in one year or less
    $ —      $ —  
Due after one year through five years
      98        104  
Due after five years through ten years
      194        208  
Due after ten years
      85        88  
    
 
 
     
 
 
  
     $ 377      $ 400  
    
 
 
     
 
 
  
The average expected maturity of the investments in debt securities at June 30, 2021 was 5.0 years, compared to the average scheduled maturity of 9.0 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.