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Investments (Tables)
6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Investments The following tables summarize our investments as of the dates indicated:
 June 30, 2020
Amortized CostGross UnrealizedEstimated Fair Value
 GainsLosses
 (In millions)
Corporate debt securities$1,108  $33  $ $1,139  
Mortgage-backed securities433    439  
Municipal securities
174   —  176  
Asset-backed securities
136   —  139  
Certificates of deposit —  —   
U.S. Treasury notes
 —  —   
GSEs
 —  —   
Total$1,864  $47  $ $1,906  
 December 31, 2019
 Amortized CostGross UnrealizedEstimated Fair Value
 GainsLosses
 (In millions)
Corporate debt securities$1,174  $ $ $1,178  
Mortgage-backed securities420    420  
Municipal securities
78  —  —  78  
Asset-backed securities
126   —  127  
Certificates of deposit —  —   
U.S. Treasury notes
86  —  —  86  
GSEs
49  —  —  49  
Other
 —  —   
Total$1,941  $ $ $1,946  
Contractual Maturities of Investments
The contractual maturities of our available-for-sale investments as of June 30, 2020 are summarized below:
Amortized CostEstimated
Fair Value
 (In millions)
Due in one year or less$263  $265  
Due after one year through five years979  1,009  
Due after five years through ten years172  176  
Due after ten years450  456  
Total$1,864  $1,906  
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 June 30, 2020:
 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$63  $ 29  $—  $—  —  
Mortgage-backed securities53   34  —  —  —  
Total$116  $ 63  $—  $—  —  
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  $ 167  $—  $—  —  
Mortgage-backed securities
143   72  —  —  —  
Total$365  $ 239  $—  $—  —