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Investments of Insurance Subsidiaries

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024 follows (dollars in millions):

		March 31, 2025
						Unrealized Amounts
		Amortized Cost				Gains				Losses				Fair Value
Debt securities		$	372			$	1			$	(22	)		$	351
Money market funds and other			306				—				—				306
		$	678			$	1			$	(22	)			657
Amounts classified as current assets															(107	)
Investment carrying value														$	550

		December 31, 2024
						Unrealized Amounts
		Amortized Cost				Gains				Losses				Fair Value
Debt securities		$	388			$	—			$	(27	)		$	361
Money market funds and other			296				—				—				296
		$	684			$	—			$	(27	)			657
Amounts classified as current assets															(88	)
Investment carrying value														$	569

At March 31, 2025 and December 31, 2024, 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 or loss.

Scheduled maturities of investments in debt securities at March 31, 2025 were as follows (dollars in millions):

		Amortized Cost				Fair Value
Due in one year or less		$	24			$	24
Due after one year through five years			146				142
Due after five years through ten years			138				125
Due after ten years			64				60
		$	372			$	351

The average expected maturity of the investments in debt securities at March 31, 2025 was 4.4 years, compared to the average scheduled maturity of 8.1 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
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-Name Accounting Standards Codification
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
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-Publisher SEC

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