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Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The following tables summarize our current investments as of the dates indicated:
| March 31, 2025
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 2,757 |  |  | $ | 17 |  |  | $ | 23 |  |  | $ | 2,751 |
Mortgage-backed securities | 1,008 |  |  | 6 |  |  | 31 |  |  | 983 |
Asset-backed securities | 443 |  |  | 3 |  |  | 5 |  |  | 441 |
Municipal securities | 212 |  |  | 1 |  |  | 3 |  |  | 210 |
U.S. Treasury notes | 5 |  |  | — |  |  | — |  |  | 5 |
Other | 49 |  |  | — |  |  | 1 |  |  | 48 |
Total | $ | 4,474 |  |  | $ | 27 |  |  | $ | 63 |  |  | $ | 4,438 |
| December 31, 2024
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 2,769 |  |  | $ | 10 |  |  | $ | 35 |  |  | $ | 2,744 |
Mortgage-backed securities | 953 |  |  | 2 |  |  | 41 |  |  | 914 |
Asset-backed securities | 435 |  |  | 2 |  |  | 6 |  |  | 431 |
Municipal securities | 188 |  |  | — |  |  | 5 |  |  | 183 |
U.S. Treasury notes | 5 |  |  | — |  |  | — |  |  | 5 |
Other | 50 |  |  | — |  |  | 2 |  |  | 48 |
Total | $ | 4,400 |  |  | $ | 14 |  |  | $ | 89 |  |  | $ | 4,325 |
Schedule of Contractual Maturities of Investments | The contractual maturities of our current investments as of March 31, 2025 are summarized below:
| Amortized Cost |  | Estimated Fair Value
| (In millions)
Due in one year or less | $ | 568 |  |  | $ | 566 |
Due after one year through five years | 2,162 |  |  | 2,156 |
Due after five years through ten years | 553 |  |  | 552 |
Due after ten years | 1,191 |  |  | 1,164 |
Total | $ | 4,474 |  |  | $ | 4,438 |
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 March 31, 2025:
| 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 | $ | 492 |  |  | $ | 5 |  |  | 358 |  |  | $ | 766 |  |  | $ | 18 |  |  | 365 |
Mortgage-backed securities | 187 |  |  | 1 |  |  | 143 |  |  | 380 |  |  | 30 |  |  | 182 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 123 |  |  | 5 |  |  | 61 |
Municipal securities | — |  |  | — |  |  | — |  |  | 94 |  |  | 3 |  |  | 85 |
Other | — |  |  | — |  |  | — |  |  | 15 |  |  | 1 |  |  | 17 |
Total | $ | 679 |  |  | $ | 6 |  |  | 501 |  |  | $ | 1,378 |  |  | $ | 57 |  |  | 710 |
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 Positions |  | Estimated 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 securities | 84 |  |  | 1 |  |  | 48 |  |  | 143 |  |  | 5 |  |  | 73 |
Municipal securities | 38 |  |  | 1 |  |  | 27 |  |  | 95 |  |  | 4 |  |  | 89 |
Other | — |  |  | — |  |  | — |  |  | 15 |  |  | 2 |  |  | 16 |
Total | $ | 1,204 |  |  | $ | 17 |  |  | 813 |  |  | $ | 1,594 |  |  | $ | 72 |  |  | 871 |

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