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Investments (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The following tables summarize our current investments as of the dates indicated:
| September 30, 2024
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 2,837 |  |  | $ | 37 |  |  | $ | 26 |  |  | $ | 2,848 |
Mortgage-backed securities | 963 |  |  | 11 |  |  | 29 |  |  | 945 |
Asset-backed securities | 441 |  |  | 3 |  |  | 6 |  |  | 438 |
Municipal securities | 197 |  |  | 2 |  |  | 4 |  |  | 195 |
U.S. Treasury notes | 5 |  |  | — |  |  | — |  |  | 5 |
Other | 51 |  |  | 1 |  |  | 1 |  |  | 51 |
Total | $ | 4,494 |  |  | $ | 54 |  |  | $ | 66 |  |  | $ | 4,482 |
| 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 September 30, 2024 are summarized below:
| Amortized Cost |  | Estimated Fair Value
| (In millions)
Due in one year or less | $ | 581 |  |  | $ | 577 |
Due after one year through five years | 2,295 |  |  | 2,297 |
Due after five years through ten years | 509 |  |  | 519 |
Due after ten years | 1,109 |  |  | 1,089 |
Total | $ | 4,494 |  |  | $ | 4,482 |
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 September 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 | $ | — |  |  | $ | — |  |  | — |  |  | $ | 1,057 |  |  | $ | 26 |  |  | 506 |
Mortgage-backed securities | — |  |  | — |  |  | — |  |  | 444 |  |  | 29 |  |  | 256 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 157 |  |  | 6 |  |  | 77 |
Municipal securities | — |  |  | — |  |  | — |  |  | 102 |  |  | 4 |  |  | 97 |
Other | — |  |  | — |  |  | — |  |  | 16 |  |  | 1 |  |  | 16 |
Total | $ | — |  |  | $ | — |  |  | — |  |  | $ | 1,776 |  |  | $ | 66 |  |  | 952 |
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 |

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