XML 37 R25.htm IDEA: XBRL DOCUMENT
v3.24.2

Investments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The following tables summarize our current investments as of the dates indicated:
| June 30, 2024
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 2,852 |  |  | $ | 6 |  |  | $ | 57 |  |  | $ | 2,801 |
Mortgage-backed securities | 967 |  |  | 2 |  |  | 45 |  |  | 924 |
Asset-backed securities | 392 |  |  | 1 |  |  | 10 |  |  | 383 |
Municipal securities | 193 |  |  | — |  |  | 7 |  |  | 186 |
U.S. Treasury notes | 9 |  |  | — |  |  | — |  |  | 9 |
Other | 46 |  |  | — |  |  | 2 |  |  | 44 |
Total | $ | 4,459 |  |  | $ | 9 |  |  | $ | 121 |  |  | $ | 4,347 |
| December 31, 2023
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 2,781 |  |  | $ | 16 |  |  | $ | 65 |  |  | $ | 2,732 |
Mortgage-backed securities | 951 |  |  | 4 |  |  | 44 |  |  | 911 |
Asset-backed securities | 376 |  |  | 1 |  |  | 12 |  |  | 365 |
Municipal securities | 172 |  |  | — |  |  | 6 |  |  | 166 |
U.S. Treasury notes | 40 |  |  | — |  |  | — |  |  | 40 |
Other | 47 |  |  | — |  |  | 2 |  |  | 45 |
Total | $ | 4,367 |  |  | $ | 21 |  |  | $ | 129 |  |  | $ | 4,259 |
Schedule of Contractual Maturities of Investments | The contractual maturities of our current investments as of June 30, 2024 are summarized below:
| Amortized Cost |  | Estimated Fair Value
| (In millions)
Due in one year or less | $ | 666 |  |  | $ | 657 |
Due after one year through five years | 2,273 |  |  | 2,225 |
Due after five years through ten years | 452 |  |  | 446 |
Due after ten years | 1,068 |  |  | 1,019 |
Total | $ | 4,459 |  |  | $ | 4,347 |
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, 2024:
| 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 | $ | 648 |  |  | $ | 5 |  |  | 421 |  |  | $ | 1,524 |  |  | $ | 52 |  |  | 725 |
Mortgage-backed securities | 144 |  |  | 2 |  |  | 117 |  |  | 516 |  |  | 43 |  |  | 314 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 220 |  |  | 10 |  |  | 104 |
Municipal securities | — |  |  | — |  |  | — |  |  | 113 |  |  | 7 |  |  | 108 |
Other | — |  |  | — |  |  | — |  |  | 22 |  |  | 2 |  |  | 21 |
Total | $ | 792 |  |  | $ | 7 |  |  | 538 |  |  | $ | 2,395 |  |  | $ | 114 |  |  | 1,272 |
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, 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 | $ | 263 |  |  | $ | 1 |  |  | 160 |  |  | $ | 1,553 |  |  | $ | 64 |  |  | 754 |
Mortgage-backed securities | 123 |  |  | 2 |  |  | 98 |  |  | 549 |  |  | 42 |  |  | 283 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 195 |  |  | 12 |  |  | 91 |
Municipal securities | — |  |  | — |  |  | — |  |  | 117 |  |  | 6 |  |  | 116 |
Other | — |  |  | — |  |  | — |  |  | 17 |  |  | 2 |  |  | 17 |
Total | $ | 386 |  |  | $ | 3 |  |  | 258 |  |  | $ | 2,431 |  |  | $ | 126 |  |  | 1,261 |

X
- 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 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration