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Investments of Insurance Subsidiaries

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments of Insurance Subsidiaries

NOTE 5 — INVESTMENTS OF INSURANCE SUBSIDIARIES

A summary of our insurance subsidiaries’ investments at March 31, 2023 and December 31, 2022 follows (dollars in millions):

		March 31, 2023
						Unrealized Amounts
		Amortized Cost				Gains				Losses				Fair Value
Debt securities		$	415			$	1			$	(32	)		$	384
Money market funds and other			102				—				—				102
		$	517			$	1			$	(32	)			486
Amounts classified as current assets															(96	)
Investment carrying value														$	390

		December 31, 2022
						Unrealized Amounts
		Amortized Cost				Gains				Losses				Fair Value
Debt securities		$	415			$	—			$	(38	)		$	377
Money market funds and other			96				—				—				96
		$	511			$	—			$	(38	)			473
Amounts classified as current assets															(92	)
Investment carrying value														$	381

At March 31, 2023 and December 31, 2022, 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 March 31, 2023 were as follows (dollars in millions):

		Amortized Cost				Fair Value
Due in one year or less		$	30			$	30
Due after one year through five years			119				114
Due after five years through ten years			187				168
Due after ten years			79				72
		$	415			$	384

The average expected maturity of the investments in debt securities at March 31, 2023 was 5.9 years, compared to the average scheduled maturity of 8.5 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.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2176304

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)

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