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Investments | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Available-for-Sale Investments We consider all of our investments classified as current assets to be available-for-sale. The following tables summarize our current investments as of the dates indicated:
| December 31, 2019
| Amortized |  | Gross Unrealized |  | Estimated
| Cost |  | Gains |  | Losses |  | Fair Value
| (In millions)
Corporate debt securities | $ | 1,174 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 1,178 |
Mortgage-backed securities | 420 |  |  | 1 |  |  | 1 |  |  | 420 |
Asset-backed securities | 126 |  |  | 1 |  |  | — |  |  | 127 |
U.S. Treasury notes | 86 |  |  | — |  |  | — |  |  | 86 |
Municipal securities | 78 |  |  | — |  |  | — |  |  | 78 |
GSEs | 49 |  |  | — |  |  | — |  |  | 49 |
Foreign securities | 7 |  |  | — |  |  | — |  |  | 7 |
Certificates of deposit | 1 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 1,941 |  |  | $ | 7 |  |  | $ | 2 |  |  | $ | 1,946 |
| December 31, 2018
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 1,131 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 1,123 |
Asset-backed securities | 83 |  |  | — |  |  | 1 |  |  | 82 |
U.S. Treasury notes | 181 |  |  | — |  |  | — |  |  | 181 |
Municipal securities | 115 |  |  | — |  |  | 1 |  |  | 114 |
GSEs | 164 |  |  | — |  |  | 1 |  |  | 163 |
Foreign securities | 4 |  |  | — |  |  | — |  |  | 4 |
Certificates of deposit | 14 |  |  | — |  |  | — |  |  | 14 |
Total | $ | 1,692 |  |  | $ | — |  |  | $ | 11 |  |  | $ | 1,681 |
The contractual maturities of our current investments as of December 31, 2019 are summarized below:
| Amortized Cost |  | Estimated Fair Value
| (In millions)
Due in one year or less | $ | 453 |  |  | $ | 453 |
Due after one year through five years | 957 |  |  | 962 |
Due after five years through ten years | 171 |  |  | 171 |
Due after ten years | 360 |  |  | 360 |
Total | $ | 1,941 |  |  | $ | 1,946 |
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 amounted to $13 million in the year ended December 31, 2019. Gross realized investment losses were insignificant in the year ended December 31, 2019. Gross realized investment gains and losses for the years ended December 31, 2018 and 2017 were insignificant. We have determined that unrealized losses at December 31, 2019 and 2018 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 losses. In the event that we dispose of these securities before maturity, we expect that realized 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 continuous loss position for 12 months or more as of December 31, 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 | $ | 222 |  |  | $ | 1 |  |  | 167 |  |  | $ | — |  |  | $ | — |  |  | — |
Mortgage-backed securities | 143 |  |  | 1 |  |  | 72 |  |  | — |  |  | — |  |  | — |
Total | $ | 365 |  |  | $ | 2 |  |  | 239 |  |  | $ | — |  |  | $ | — |  |  | — |
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 |
Municipal securities | — |  |  | — |  |  | — |  |  | 87 |  |  | 1 |  |  | 90 |
GSEs | — |  |  | — |  |  | — |  |  | 127 |  |  | 1 |  |  | 76 |
Total | $ | 509 |  |  | $ | 3 |  |  | 285 |  |  | $ | 694 |  |  | $ | 8 |  |  | 516 |
Held-to-Maturity Investments Pursuant to the regulations governing our Health Plans segment subsidiaries, we maintain statutory deposits and deposits required by government authorities primarily in cash, cash equivalents, and U.S. Treasury securities. We also maintain restricted investments as protection against the insolvency of certain capitated providers. The use of these funds is limited as required by regulation in the various states in which we operate, or as needed in the event of insolvency of capitated providers. Therefore, such investments are reported as “Restricted investments” in the accompanying consolidated balance sheets. We have the ability to hold these restricted investments until maturity, and as a result, we would not expect the value of these investments to decline significantly due to a sudden change in market interest rates. Our held-to-maturity restricted investments are carried at amortized cost, which approximates fair value, and mature in one year or less. The following table presents the balances of restricted investments:
| December 31,
| 2019 |  | 2018
| (In millions)
Florida | $ | 12 |  |  | $ | 32 |
New Mexico | 21 |  |  | 43 |
Ohio | 12 |  |  | 12 |
Puerto Rico | 11 |  |  | 10 |
Other | 23 |  |  | 23 |
Total Health Plans segment | $ | 79 |  |  | $ | 120 |

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