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Investments (Tables)

3 Months Ended

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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- 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
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