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Investments of Insurance Subsidiaries | 9 Months Ended
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Sep. 30, 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 September 30, 2025 and December 31, 2024 follows (dollars in millions):
|  | September 30, 2025 |
|  |  |  |  | Unrealized Amounts |  |  |  |
|  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Debt securities |  | $ | 343 |  |  | $ | 1 |  |  | $ | (16 | ) |  | $ | 328 |
Money market funds and other |  |  | 339 |  |  |  | — |  |  |  | — |  |  |  | 339 |
|  | $ | 682 |  |  | $ | 1 |  |  | $ | (16 | ) |  |  | 667 |
Amounts classified as current assets |  |  |  |  |  |  |  |  |  |  |  | (94 | )
Investment carrying value |  |  |  |  |  |  |  |  |  |  | $ | 573 |
|  | 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 September 30, 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. NOTE 5 — INVESTMENTS OF INSURANCE SUBSIDIARIES (continued) Scheduled maturities of investments in debt securities at September 30, 2025 were as follows (dollars in millions):
|  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 18 |  |  | $ | 17 |
Due after one year through five years |  |  | 151 |  |  |  | 147 |
Due after five years through ten years |  |  | 114 |  |  |  | 107 |
Due after ten years |  |  | 60 |  |  |  | 57 |
|  | $ | 343 |  |  | $ | 328 |
The average expected maturity of the investments in debt securities at September 30, 2025 was 4.0 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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