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Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Investments

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

			September 30, 2020
			Amortized Cost						Gross Unrealized												Estimated Fair Value
									Gains						Losses
			(In millions)
Corporate debt securities			$	1,007					$	35					$	1					$	1,041
Mortgage-backed securities			408						10						1						417
Municipal securities			166						2						—						168
Asset-backed securities			133						3						—						136
Certificates of deposit			5						—						—						5
U.S. Treasury notes			2						—						—						2
Total			$	1,721					$	50					$	2					$	1,769

			December 31, 2019
			Amortized Cost						Gross Unrealized												Estimated Fair Value
									Gains						Losses
			(In millions)
Corporate debt securities			$	1,174					$	5					$	1					$	1,178
Mortgage-backed securities			420						1						1						420
Municipal securities			78						—						—						78
Asset-backed securities			126						1						—						127
Certificates of deposit			1						—						—						1
U.S. Treasury notes			86						—						—						86
GSEs			49						—						—						49
Other			7						—						—						7
Total			$	1,941					$	7					$	2					$	1,946

Contractual Maturities of Investments

The contractual maturities of our available-for-sale investments as of September 30, 2020 are summarized below:

			Amortized Cost						Estimated Fair Value
			(In millions)
Due in one year or less			$	193					$	195
Due after one year through five years			943						975
Due after five years through ten years			160						165
Due after ten years			425						434
Total			$	1,721					$	1,769

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 as of September 30, 2020 and December 31, 2019:

			September 30, 2020																		December 31, 2019
			Estimated Fair Value						Unrealized Losses						Total Number of Positions						Estimated Fair Value						Unrealized Losses						Total Number of Positions
			(Dollars in millions)
Corporate debt securities			$	35					$	1					18						$	222					$	1					167
Mortgage-backed securities			104						1						7						143						1						72
Total			$	139					$	2					25						$	365					$	2					239

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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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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