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Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Available-for-Sale
We consider all of our investments classified as current assets to be available-for-sale. The following tables summarize our current investments as of the dates indicated:
December 31, 2024
Amortized
Cost		Gross
Unrealized		Estimated
Fair Value
GainsLosses
(In millions)
Corporate debt securities$2,769 $10 $35 $2,744 
Mortgage-backed securities953 2 41 914 
Asset-backed securities435 2 6 431 
Municipal securities188 — 5 183 
U.S. Treasury notes
5 — — 5 
Other50 — 2 48 
Total$4,400 $14 $89 $4,325 
December 31, 2023
Amortized
Cost		Gross
Unrealized		Estimated
Fair Value
GainsLosses
(In millions)
Corporate debt securities$2,781 $16 $65 $2,732 
Mortgage-backed securities951 4 44 911 
Asset-backed securities376 1 12 365 
Municipal securities172 — 6 166 
U.S. Treasury notes
40 — — 40 
Other47 — 2 45 
Total$4,367 $21 $129 $4,259 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The contractual maturities of our current investments as of December 31, 2024 are summarized below:
Amortized
Cost		Estimated
Fair Value
(In millions)
Due in one year or less$570 $567 
Due after one year through five years2,224 2,202 
Due after five years through ten years500 494 
Due after ten years1,106 1,062 
Total$4,400 $4,325 
In the years ended December 31, 2024, 2023, and 2022, maturities and redemptions of available-for-sale securities amounted to $1,012 million, $513 million, and $1,069 million, respectively, and sales amounted to $99 million, $259 million, and $329 million, respectively. Gross realized gains and losses from sales of available-for-sale securities are calculated under the specific identification method and are included in investment income. Gross realized investment gains amounted to $2 million, $1 million and $1 million in the years ended December 31, 2024, 2023 and 2022, respectively, and were reclassified into earnings from other comprehensive income on a net-of-tax basis. Gross realized investment losses amounted to $3 million, $11 million and $7 million in the years ended December 31, 2024, 2023 and 2022, respectively, and were reclassified into earnings from other comprehensive income on a net-of-tax basis.
We have determined that unrealized losses at December 31, 2024, 2023 and 2022 primarily resulted from fluctuating interest rates, rather than a deterioration of the creditworthiness of the issuers. Further, as of December 31, 2024, we do not intend to sell, and it is not likely that we will be required to sell these investments prior to the recovery of their amortized cost basis. Therefore, we determined that an allowance for credit losses was not necessary.
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, 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 PositionsEstimated
Fair
Value		Unrealized
Losses		Total Number of Positions
 (Dollars in millions)
Corporate debt securities$811 $10 541 $935 $25 449 
Mortgage-backed securities
271 5 197 406 36 244 
Asset-backed securities84 1 48 143 5 73 
Municipal securities38 1 27 95 4 89 
Other
— — — 15 2 16 
Total$1,204 $17 813 $1,594 $72 871 
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 PositionsEstimated
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 
Restricted Investments Held-to-Maturity
Pursuant to the regulations governing our state health plan subsidiaries, we maintain statutory deposits and deposits required by government authorities primarily in cash, cash equivalents, U.S. Treasury securities, and corporate debt securities. We also maintain restricted investments as protection against the insolvency of certain capitated providers. The use of these funds is limited as required by regulations in the various states in which we operate, or as needed in the event of insolvency of capitated providers. Therefore, such investments are reported as “Restricted investments” in the accompanying consolidated balance sheets.
We have the intent and ability to hold these restricted investments until maturity, and as a result, we expect to collect the contractual cash flows associated with these investments and do not recognize interim fluctuations in fair value. Accordingly, our held-to-maturity restricted investments are carried at amortized cost, which approximates fair value, of which $139 million will mature in one year or less, $142 million will mature in one through five years, and $5 million will mature after five years.
The following table presents the balances of restricted investments:
December 31,
20242023
(In millions)
Cash and cash equivalents$79 $60 
U.S. Treasury notes191 167 
Corporate debt and other securities16 34 
Total restricted investments$286 $261