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Investments of Insurance Subsidiaries

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments of Insurance Subsidiaries

NOTE 5 — INVESTMENTS OF INSURANCE SUBSIDIARIES

A summary of our insurance subsidiaries’ investments at September 30, 2024 and December 31, 2023 follows (dollars in millions):

		September 30, 2024
						Unrealized Amounts
		Amortized Cost				Gains				Losses				Fair Value
Debt securities		$	396			$	2			$	(20	)		$	378
Money market funds and other			270				—				—				270
		$	666			$	2			$	(20	)			648
Amounts classified as current assets															(95	)
Investment carrying value														$	553

		December 31, 2023
						Unrealized Amounts
		Amortized Cost				Gains				Losses				Fair Value
Debt securities		$	404			$	1			$	(29	)		$	376
Money market funds and other			188				—				—				188
		$	592			$	1			$	(29	)			564
Amounts classified as current assets															(87	)
Investment carrying value														$	477

At September 30, 2024 and December 31, 2023, 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).

NOTE 5 — INVESTMENTS OF INSURANCE SUBSIDIARIES (continued)

Scheduled maturities of investments in debt securities at September 30, 2024 were as follows (dollars in millions):

		Amortized Cost				Fair Value
Due in one year or less		$	34			$	34
Due after one year through five years			140				137
Due after five years through ten years			155				143
Due after ten years			67				64
		$	396			$	378

The average expected maturity of the investments in debt securities at September 30, 2024 was 4.5 years, compared to the average scheduled maturity of 8.3 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

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-Topic 940
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-Name Regulation S-K (SK)
-Number 229
-Section 1403
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-Publisher SEC

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