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Short-term and Long-term Investments, Restricted Deposits (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Short-term and long-term investments and restricted deposits by investment type

Short-term and long-term investments and restricted deposits by investment type consist of the following ($ in millions):

			September 30, 2021																								December 31, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Debt securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies			$	656					$	—					$	—					$	656					$	907					$	4					$	—					$	911
Corporate securities			7,686						178						(37)						7,827						6,560						262						(8)						6,814
Restricted certificates of deposit			4						—						—						4						105						—						—						105
Restricted cash equivalents			211						—						—						211						157						—						—						157
Short-term time deposits			78						—						—						78						53						—						—						53
Municipal securities			3,381						97						(8)						3,470						2,970						129						(2)						3,097
Asset-backed securities			1,141						8						(1)						1,148						1,154						13						(3)						1,164
Residential mortgage-backed securities			902						15						(6)						911						1,068						27						—						1,095
Commercial mortgage-backed securities			818						18						(6)						830						748						30						(5)						773
Equity securities (1)			317						—						—						317						318						—						—						318
Private equity investments			561						—						—						561						838						—						—						838
Life insurance contracts			179						—						—						179						168						—						—						168
Total			$	15,934					$	316					$	(58)					$	16,192					$	15,046					$	465					$	(18)					$	15,493
(1) Investments in equity securities primarily consists of exchange traded funds in fixed income securities.

Fair value of available-for-sale investments with gross unrealized losses by investment type and length of time

The fair value of available-for-sale debt securities with gross unrealized losses by investment type and length of time that individual securities have been in a continuous unrealized loss position were as follows ($ in millions):

			September 30, 2021																								December 31, 2020
			Less Than 12 Months												12 Months or More												Less Than 12 Months												12 Months or More
			Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value
Corporate securities			$	(35)					$	3,089					$	(2)					$	75					$	(7)					$	953					$	(1)					$	24
Municipal securities			(7)						929						(1)						26						(2)						238						—						—
Asset-backed securities			(1)						334						—						36						(2)						302						(1)						105
Residential mortgage-backed securities			(6)						428						—						1						—						59						—						2
Commercial mortgage-backed securities			(4)						272						(2)						33						(5)						147						—						13
Total			$	(53)					$	5,052					$	(5)					$	171					$	(16)					$	1,699					$	(2)					$	144

Contractual maturities of short-term and long-term investments and restricted deposits

The contractual maturities of short-term and long-term debt securities and restricted deposits are as follows ($ in millions):

			September 30, 2021																								December 31, 2020
			Investments												Restricted Deposits												Investments												Restricted Deposits
			Amortized Cost						Fair Value						Amortized Cost						Fair Value						Amortized Cost						Fair Value						Amortized Cost						Fair Value
One year or less			$	1,355					$	1,361					$	507					$	508					$	1,407					$	1,414					$	817					$	818
One year through five years			5,701						5,845						355						355						4,748						4,937						221						223
Five years through ten years			3,791						3,865						243						243						3,460						3,639						18						19
Greater than ten years			56						61						8						8						81						87						—						—
Asset-backed securities			2,861						2,889						—						—						2,970						3,032						—						—
Total			$	13,764					$	14,021					$	1,113					$	1,114					$	12,666					$	13,109					$	1,056					$	1,060

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- Definition

Short-term and long-term investments and restricted deposits by investment type

+ References

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563

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