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Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investments | The following tables summarize our investments as of the dates indicated:
| March 31, 2021
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 1,162 |  |  | $ | 27 |  |  | $ | 1 |  |  | $ | 1,188 |
Mortgage-backed securities | 424 |  |  | 6 |  |  | 1 |  |  | 429 |
Asset-backed securities | 150 |  |  | 2 |  |  | — |  |  | 152 |
U.S. Treasury notes | 97 |  |  | — |  |  | — |  |  | 97 |
Municipal securities | 71 |  |  | 1 |  |  | — |  |  | 72 |
Total | $ | 1,904 |  |  | $ | 36 |  |  | $ | 2 |  |  | $ | 1,938 |
| 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 |
U.S. Treasury notes | 27 |  |  | — |  |  | — |  |  | 27 |
Municipal securities | 66 |  |  | 2 |  |  | — |  |  | 68 |
Total | $ | 1,826 |  |  | $ | 50 |  |  | $ | 1 |  |  | $ | 1,875 |
Contractual maturities of investments | The contractual maturities of our available-for-sale investments as of March 31, 2021 are summarized below:
| Amortized Cost |  | Estimated Fair Value
| (In millions)
Due in one year or less | $ | 428 |  |  | $ | 429 |
Due after one year through five years | 948 |  |  | 974 |
Due after five years through ten years | 167 |  |  | 169 |
Due after ten years | 361 |  |  | 366 |
Total | $ | 1,904 |  |  | $ | 1,938 |
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 March 31, 2021, and December 31, 2020.
| March 31, 2021 |  | December 31, 2020
| Estimated Fair Value |  | Unrealized Losses |  | Total Number of Positions |  | Estimated Fair Value |  | Unrealized Losses |  | Total Number of Positions
| (Dollars in millions)
Corporate debt securities | $ | 175 |  |  | $ | 1 |  |  | 78 |  |  | $ | — |  |  | $ | — |  |  | — |
Mortgage-backed securities | 101 |  |  | 1 |  |  | 34 |  |  | 77 |  |  | 1 |  |  | 21 |
Total | $ | 276 |  |  | $ | 2 |  |  | 112 |  |  | $ | 77 |  |  | $ | 1 |  |  | 21 |

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