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Investments | 12 Months Ended
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Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The following tables summarize our investments as of the dates indicated:
| December 31, 2016
| Amortized |  | Gross Unrealized |  | Estimated
| Cost |  | Gains |  | Losses |  | Fair Value
| (In millions)
Corporate debt securities | $ | 1,180 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1,179 |
GSEs | 232 |  |  | — |  |  | 1 |  |  | 231 |
Municipal securities | 143 |  |  | — |  |  | 1 |  |  | 142 |
U.S. treasury notes | 84 |  |  | — |  |  | — |  |  | 84 |
Asset-backed securities | 69 |  |  | — |  |  | — |  |  | 69 |
Certificates of deposit | 53 |  |  | — |  |  | — |  |  | 53 |
| $ | 1,761 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 1,758 |
| December 31, 2015
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 1,189 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 1,184 |
GSEs | 212 |  |  | — |  |  | 1 |  |  | 211 |
Municipal securities | 186 |  |  | — |  |  | 1 |  |  | 185 |
U.S. treasury notes | 78 |  |  | — |  |  | — |  |  | 78 |
Asset-backed securities | 63 |  |  | — |  |  | — |  |  | 63 |
Certificates of deposit | 80 |  |  | — |  |  | — |  |  | 80 |
| $ | 1,808 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 1,801 |
The contractual maturities of our investments as of December 31, 2016 are summarized below:
| Amortized Cost |  | Estimated Fair Value
| (In millions)
Due in one year or less | $ | 930 |  |  | $ | 930 |
Due after one year through five years | 806 |  |  | 803 |
Due after five years through ten years | 25 |  |  | 25 |
| $ | 1,761 |  |  | $ | 1,758 |
Gross realized gains and losses from sales of available-for-sale securities are calculated under the specific identification method and are included in investment income. Gross realized investment gains and losses for the years ended December 31, 2016, 2015 and 2014 were insignificant. We have determined that unrealized gains and losses at December 31, 2016 and 2015 are temporary in nature, because the change in market value for these securities resulted from fluctuating interest rates, rather than a deterioration of the creditworthiness of the issuers. So long as we maintain the intent and ability to hold these securities to maturity, we are unlikely to experience gains or losses. In the event that we dispose of these securities before maturity, we expect that realized gains or losses, if any, will be insignificant. The following table segregates those available-for-sale investments that have been in a continuous loss position for less than 12 months, and those that have been in a loss position for 12 months or more as of December 31, 2016.
| In a Continuous Loss Position for Less than 12 Months |  | In a Continuous Loss Position for 12 Months or More
| Estimated Fair Value |  | Unrealized Losses |  | Total Number of Positions |  | Estimated Fair Value |  | Unrealized Losses |  | Total Number of Positions
| (Dollars in millions)
Corporate debt securities | $ | 542 |  |  | $ | 2 |  |  | 378 |  |  | $ | — |  |  | $ | — |  |  | — |
GSEs | 198 |  |  | 1 |  |  | 73 |  |  | — |  |  | — |  |  | — |
Municipal securities | 101 |  |  | 1 |  |  | 129 |  |  | — |  |  | — |  |  | — |
| $ | 841 |  |  | $ | 4 |  |  | 580 |  |  | $ | — |  |  | $ | — |  |  | — |
The following table segregates those available-for-sale investments that have been in a continuous loss position for less than 12 months, and those that have been in a loss position for 12 months or more as of December 31, 2015.
| In a Continuous Loss Position for Less than 12 Months |  | In a Continuous Loss Position for 12 Months or More
| Estimated Fair Value |  | Unrealized Losses |  | Total Number of Positions |  | Estimated Fair Value |  | Unrealized Losses |  | Total Number of Positions
| (Dollars in millions)
Corporate debt securities | $ | 825 |  |  | $ | 4 |  |  | 588 |  |  | $ | 119 |  |  | $ | 1 |  |  | 87 |
GSEs | 182 |  |  | 1 |  |  | 77 |  |  | — |  |  | — |  |  | — |
Municipal securities | 128 |  |  | 1 |  |  | 181 |  |  | — |  |  | — |  |  | — |
| $ | 1,135 |  |  | $ | 6 |  |  | 846 |  |  | $ | 119 |  |  | $ | 1 |  |  | 87 |

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- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66010992&loc=d3e26626-111562 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.4) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27232-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66010992&loc=d3e26610-111562 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2,12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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