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Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

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

			December 31, 2021
			Amortized Cost						Gross Unrealized												Estimated Fair Value
									Gains						Losses
			(In millions)
Corporate debt securities			$	1,836					$	9					$	12					$	1,833
Mortgage-backed securities			616						2						4						614
U.S. Treasury notes			353						—						—						353
Asset-backed securities			248						—						1						247
Municipal securities			123						1						1						123
Other			32						—						—						32
Total			$	3,208					$	12					$	18					$	3,202

			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
U.S. Treasury notes			27						—						—						27
Asset-backed securities			130						2						—						132
Municipal securities			66						2						—						68
Total			$	1,826					$	50					$	1					$	1,875

Contractual maturities of investments

The contractual maturities of our current investments as of December 31, 2021 are summarized below:

			Amortized Cost						Estimated Fair Value
			(In millions)
Due in one year or less			$	665					$	667
Due after one year through five years			1,667						1,662
Due after five years through ten years			335						335
Due after ten years			541						538
Total			$	3,208					$	3,202

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, 2021, and 2020.

			In a Continuous Loss Position for Less than 12 Months as of December 31, 2021																		In a Continuous Loss Position for Less than 12 Months as of 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			$	1,063					$	12					395						$	—					$	—					—
Mortgage-backed securities			408						4						146						77						1						21
Asset-backed securities			166						1						75						—						—						—
Municipal securities			69						1						61						—						—						—
Total			$	1,706					$	18					677						$	77					$	1					21

Balances of restricted investments

The following table presents the balances of restricted investments:

			December 31,
			2021						2020
			(In millions)
Cash and cash equivalents			$	68					$	63
U.S. Treasury notes			144						24
Magellan Complete Care acquisition opening balance			—						49
Total restricted investments			$	212					$	136

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