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Investments (Tables)

9 Months Ended

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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- 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.

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