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Investments | 9 Months Ended
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Sep. 30, 2025
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:
| September 30, 2025
| Amortized Cost |  | Gross Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
| (In millions)
Corporate debt securities | $ | 2,574 |  |  | $ | 35 |  |  | $ | 9 |  |  | $ | 2,600 |
Mortgage-backed securities | 996 |  |  | 10 |  |  | 24 |  |  | 982 |
Asset-backed securities | 396 |  |  | 3 |  |  | 3 |  |  | 396 |
Municipal securities | 178 |  |  | 2 |  |  | 2 |  |  | 178 |
U.S. Treasury notes | 22 |  |  | — |  |  | — |  |  | 22 |
Other | 48 |  |  | 1 |  |  | 1 |  |  | 48 |
Total | $ | 4,214 |  |  | $ | 51 |  |  | $ | 39 |  |  | $ | 4,226 |
| 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 |
The contractual maturities of our current investments as of September 30, 2025 are summarized below:
| Amortized Cost |  | Estimated Fair Value
| (In millions)
Due in one year or less | $ | 649 |  |  | $ | 646 |
Due after one year through five years | 1,784 |  |  | 1,801 |
Due after five years through ten years | 610 |  |  | 621 |
Due after ten years | 1,171 |  |  | 1,158 |
Total | $ | 4,214 |  |  | $ | 4,226 |
In the nine months ended September 30, 2025, and 2024, maturities and redemptions of available-for-sale securities amounted to $933 million and $786 million, respectively, and sales amounted to $84 million and $85 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 and losses were insignificant for the nine months ended September 30, 2025 and 2024. We have determined that unrealized losses at September 30, 2025, and December 31, 2024, primarily resulted from fluctuating interest rates, rather than a deterioration of the creditworthiness of the issuers. Further, as of September 30, 2025, 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 September 30, 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 | $ | — |  |  | $ | — |  |  | — |  |  | $ | 493 |  |  | $ | 9 |  |  | 243 |
Mortgage-backed securities | 92 |  |  | 1 |  |  | 65 |  |  | 339 |  |  | 23 |  |  | 212 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 87 |  |  | 3 |  |  | 44 |
Municipal securities | — |  |  | — |  |  | — |  |  | 62 |  |  | 2 |  |  | 67 |
Other | — |  |  | — |  |  | — |  |  | 14 |  |  | 1 |  |  | 17 |
Total | $ | 92 |  |  | $ | 1 |  |  | 65 |  |  | $ | 995 |  |  | $ | 38 |  |  | 583 |
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 |
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 ability to hold these restricted investments until maturity and, as a result, we would not expect the value of these investments to decline significantly due to a sudden change in market interest rates. Our held-to-maturity restricted investments are carried at amortized cost, which approximates fair value. Such investments amounted to $300 million at September 30, 2025, of which $267 million will mature in one year or less, $28 million will mature in one through five years, and $5 million will mature after five years.

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