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Investments of Insurance Subsidiaries
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments of Insurance Subsidiaries
NOTE 6 — INVESTMENTS OF INSURANCE SUBSIDIARIES
A summary of the insurance subsidiaries’ investments at December 31 follows (dollars in millions):
 
    
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
 
                               
 
 
  
 
    
2021
  
           
Unrealized

Amounts
         
    
Amortized
Cost
     
    Gains    
     
    Losses    
     
Fair
    Value    
  
Debt securities
    $ 400      $ 18      $ (2 )     $ 416  
Money market funds and other
      125        —        —        125  
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 525      $ 18      $ (2 )       541  
    
 
 
     
 
 
     
 
 
           
Amounts classified as current assets
                                 (103 ) 
                               
 
 
  
Investment carrying value
                               $ 438  
                               
 
 
  
At December 31, 2022 and 2021, the investments in debt securities of our insurance subsidiaries were classified as
“available-for-sale.”
Changes in unrealized gains and losses are recorded as adjustments to other comprehensive income (loss).
 
 
Scheduled maturities of investments in debt securities at December 31, 2022 were as follows (dollars in millions):
 
    
Amortized

Cost
     
Fair

Value
  
Due in one year or less
    $ 31      $ 31  
Due after one year through five years
      121        116  
Due after five years through ten years
      185        161  
Due after ten years
      78        69  
    
 
 
     
 
 
  
     $                 415      $                 377  
    
 
 
     
 
 
  
The average expected maturity of the investments in debt securities at December 31, 2022 was 5.3 years, compared to the average scheduled maturity of 8.6 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.