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Investments (Tables)

6 Months Ended

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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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
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-Name Accounting Standards Codification
-Section 55
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