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Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

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

			December 31, 2020
			Amortized Cost						Gross Unrealized												Estimated Fair Value
									Gains						Losses
			(In millions)
Corporate debt securities			$	1,220					$	36					$	—					$	1,256
Mortgage-backed securities			383						10						1						392
Asset-backed securities			130						2						—						132
Municipal securities			66						2						—						68
U.S. Treasury notes			27						—						—						27
Total			$	1,826					$	50					$	1					$	1,875

			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
Asset-backed securities			126						1						—						127
Municipal securities			78						—						—						78
U.S. Treasury notes			86						—						—						86
GSEs			49						—						—						49
Certificate of deposit			1						—						—						1
Other			7						—						—						7
Total			$	1,941					$	7					$	2					$	1,946

Contractual maturities of investments

The contractual maturities of our current investments as of December 31, 2020 are summarized below:

			Amortized Cost						Estimated Fair Value
			(In millions)
Due in one year or less			$	474					$	475
Due after one year through five years			892						926
Due after five years through ten years			132						137
Due after ten years			328						337
Total			$	1,826					$	1,875

Available-for-sale investments

The following table summarizes those available-for-sale investments that have been in a continuous loss position for less than 12 months. No investments have been in a continuous loss position for 12 months or more as of December 31, 2020, and 2019.

			In a Continuous Loss Position for Less than 12 Months as of December 31, 2020																		In a Continuous Loss Position for Less than 12 Months as of December 31, 2019
			Estimated Fair Value						Unrealized Losses						Total Number of Positions						Estimated Fair Value						Unrealized Losses						Total Number of Positions
			(Dollars in millions)
Mortgage-backed securities			$	77					$	1					21						$	143					$	1					72
Corporate debt securities			—						—						—						222						1						167
Total			$	77					$	1					21						$	365					$	2					239

Balances of restricted investments

The following table presents the balances of restricted investments:

			December 31,
			2020						2019
			(In millions)
Florida			$	12					$	12
New Mexico			21						21
New York			14						9
Ohio			16						12
Other			24						25
Magellan Complete Care			49						—
Total Health Plans segment			$	136					$	79

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