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Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Investments

The following tables summarize our investments as of the dates indicated:

	September 30, 2019
	Amortized				Gross Unrealized								Estimated Fair
	Cost				Gains				Losses				Value
	(In millions)
Corporate debt securities	$	1,125			$	5			$	1			$	1,129
Mortgage-backed securities	302				1				—				303
Asset-backed securities	109				1				—				110
GSEs	97				—				—				97
Municipal securities	68				—				—				68
U.S. Treasury notes	40				—				—				40
Foreign securities	7				—				—				7
Certificates of deposit	3				—				—				3
Totals	$	1,751			$	7			$	1			$	1,757

	December 31, 2018
	Amortized				Gross Unrealized								Estimated Fair
	Cost				Gains				Losses				Value
	(In millions)
Corporate debt securities	$	1,131			$	—			$	8			$	1,123
Asset-backed securities	83				—				1				82
GSEs	164				—				1				163
Municipal securities	115				—				1				114
U.S. Treasury notes	181				—				—				181
Foreign securities	4				—				—				4
Certificates of deposit	14				—				—				14
Totals	$	1,692			$	—			$	11			$	1,681

Contractual Maturities of Investments

The contractual maturities of our available-for-sale investments as of September 30, 2019 are summarized below:

	Amortized Cost				Estimated Fair Value
	(In millions)
Due in one year or less	$	498			$	498
Due after one year through five years	875				878
Due after five years through ten years	107				108
Due after ten years	271				273
Totals	$	1,751			$	1,757

Available-for-Sale Investments in a Continuous Loss Position

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 continuous loss position for 12 months or more as of September 30, 2019:

	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	$	151			$	1			90			$	—			$	—			—
Totals	$	151			$	1			90			$	—			$	—			—

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 continuous loss position for 12 months or more as of December 31, 2018:

	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	$	509			$	3			285			$	412			$	5			298
Asset-backed securities	—				—				—			68				1				52
GSEs	—				—				—			127				1				76
Municipal securities	—				—				—			87				1				90
Totals	$	509			$	3			285			$	694			$	8			516

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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