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Investments (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The following tables summarize our current investments as of the dates indicated:
| June 30, 2023
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 2,563 |  |  | $ | 2 |  |  | $ | 111 |  |  | $ | 2,454 |
Mortgage-backed securities | 911 |  |  | — |  |  | 56 |  |  | 855 |
Asset-backed securities | 338 |  |  | — |  |  | 17 |  |  | 321 |
Municipal securities | 161 |  |  | — |  |  | 9 |  |  | 152 |
U.S. Treasury notes | 72 |  |  | — |  |  | — |  |  | 72 |
Other | 34 |  |  | — |  |  | 2 |  |  | 32 |
Total | $ | 4,079 |  |  | $ | 2 |  |  | $ | 195 |  |  | $ | 3,886 |
| December 31, 2022
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 2,303 |  |  | $ | 2 |  |  | $ | 121 |  |  | $ | 2,184 |
Mortgage-backed securities | 787 |  |  | — |  |  | 56 |  |  | 731 |
Asset-backed securities | 308 |  |  | — |  |  | 20 |  |  | 288 |
Municipal securities | 160 |  |  | — |  |  | 11 |  |  | 149 |
U.S. Treasury notes | 106 |  |  | — |  |  | 1 |  |  | 105 |
Other | 45 |  |  | — |  |  | 3 |  |  | 42 |
Total | $ | 3,709 |  |  | $ | 2 |  |  | $ | 212 |  |  | $ | 3,499 |
Schedule of Contractual Maturities of Investments | The contractual maturities of our current investments as of June 30, 2023 are summarized below:
| Amortized Cost |  | Estimated Fair Value
| (In millions)
Due in one year or less | $ | 313 |  |  | $ | 307 |
Due after one year through five years | 2,421 |  |  | 2,311 |
Due after five years through ten years | 428 |  |  | 415 |
Due after ten years | 917 |  |  | 853 |
Total | $ | 4,079 |  |  | $ | 3,886 |
Schedule of Available-for-Sale Investments | 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, 2023:
| 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 | $ | 992 |  |  | $ | 21 |  |  | 561 |  |  | $ | 1,234 |  |  | $ | 90 |  |  | 627 |
Mortgage-backed securities | 275 |  |  | 8 |  |  | 193 |  |  | 541 |  |  | 48 |  |  | 256 |
Asset-backed securities | 144 |  |  | 2 |  |  | 88 |  |  | 164 |  |  | 15 |  |  | 86 |
Municipal securities | 55 |  |  | 1 |  |  | 29 |  |  | 82 |  |  | 8 |  |  | 103 |
Other | 18 |  |  | 1 |  |  | 19 |  |  | 10 |  |  | 1 |  |  | 8 |
Total | $ | 1,484 |  |  | $ | 33 |  |  | 890 |  |  | $ | 2,031 |  |  | $ | 162 |  |  | 1,080 |
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, 2022:
| 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 | $ | 1,124 |  |  | $ | 45 |  |  | 683 |  |  | $ | 887 |  |  | $ | 76 |  |  | 371 |
Mortgage-backed securities | 395 |  |  | 20 |  |  | 220 |  |  | 319 |  |  | 36 |  |  | 131 |
Asset-backed securities | 161 |  |  | 6 |  |  | 108 |  |  | 118 |  |  | 14 |  |  | 59 |
Municipal securities | 75 |  |  | 4 |  |  | 83 |  |  | 57 |  |  | 7 |  |  | 57 |
U.S. Treasury notes | 88 |  |  | 1 |  |  | 6 |  |  | — |  |  | — |  |  | — |
Other | 15 |  |  | 1 |  |  | 16 |  |  | 17 |  |  | 2 |  |  | 6 |
Total | $ | 1,858 |  |  | $ | 77 |  |  | 1,116 |  |  | $ | 1,398 |  |  | $ | 135 |  |  | 624 |

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