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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following table sets forth, by level within the fair value hierarchy, the financial assets recorded at fair value on a recurring basis as of December 31, 2023 and 2022 (in millions):
|  | December 31, 2023 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Investments in equity securities |  | $ | 69 |  |  | $ | 69 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities |  |  | 182 |  |  |  | — |  |  |  | 182 |  |  |  | — |
Trading securities |  |  | 5 |  |  |  | — |  |  |  | 5 |  |  |  | — |
Total assets |  | $ | 256 |  |  | $ | 69 |  |  | $ | 187 |  |  | $ | — |
|  | December 31, 2022 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Investments in equity securities |  | $ | 107 |  |  | $ | 107 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities |  |  | 179 |  |  |  | — |  |  |  | 179 |  |  |  | — |
Trading securities |  |  | 5 |  |  |  | — |  |  |  | 5 |  |  |  | — |
Total assets |  | $ | 291 |  |  | $ | 107 |  |  | $ | 184 |  |  | $ | — |
Supplemental Information Regarding Available-for-Sale Debt Securities | Supplemental information regarding the Company’s available-for-sale debt securities (all of which had no withdrawal restrictions) is set forth in the table below (in millions):
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Values |
As of December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 118 |  |  | $ | — |  |  | $ | (10 | ) |  | $ | 108 |
Corporate |  |  | 65 |  |  |  | — |  |  |  | (6 | ) |  |  | 59 |
Mortgage and asset-backed securities |  |  | 16 |  |  |  | — |  |  |  | (1 | ) |  |  | 15 |
Total available-for-sale debt securities |  | $ | 199 |  |  | $ | — |  |  | $ | (17 | ) |  | $ | 182 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Values |
As of December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 107 |  |  | $ | — |  |  | $ | (11 | ) |  | $ | 96 |
Corporate |  |  | 69 |  |  |  | — |  |  |  | (9 | ) |  |  | 60 |
Mortgage and asset-backed securities |  |  | 25 |  |  |  | — |  |  |  | (2 | ) |  |  | 23 |
Total available-for-sale debt securities |  | $ | 201 |  |  | $ | — |  |  | $ | (22 | ) |  | $ | 179 |
Contractual Maturities of Debt Securities | The contractual maturities of debt-based securities held by the Company as of December 31, 2023 and 2022, excluding mutual fund holdings, are set forth in the table below (in millions). Expected maturities will differ from contractual maturities because the issuers of the debt securities may have the right to prepay their obligations without prepayment penalties.
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Values |  |  | Cost |  |  | Fair Values |
Within 1 year |  | $ | 19 |  |  | $ | 19 |  |  | $ | 13 |  |  | $ | 13 |
After 1 year and through year 5 |  |  | 63 |  |  |  | 62 |  |  |  | 74 |  |  |  | 70 |
After 5 years and through year 10 |  |  | 63 |  |  |  | 57 |  |  |  | 56 |  |  |  | 48 |
After 10 years |  |  | 54 |  |  |  | 44 |  |  |  | 58 |  |  |  | 48 |
Gross Realized Gains and Losses and Investment Income on Available-for-Sale Debt Securities | Gross realized gains and losses on sales of available-for-sale debt securities are summarized in the table below (in millions):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Realized gains |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Realized losses |  |  | (2 | ) |  |  | (2 | ) |  |  | (1 | )
Net Losses and Gains Recognized for Investments in Equity Securities | Net losses and gains recognized during the years ended December 31, 2023, 2022 and 2021 for investments in equity securities, which are broken out between investments sold during the year and investments held at the end of the year, are summarized in the table below (in millions):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Net gains and (losses) recognized during the year on equity securities |  | $ | 11 |  |  | $ | (28 | ) |  | $ | 20 |
Less: Net (losses) and gains recognized during the year on equity securities sold during the year |  |  | (5 | ) |  |  | (2 | ) |  |  | 13 |
Unrealized gains and (losses) recognized during the year on equity securities held at the end of year |  | $ | 16 |  |  | $ | (26 | ) |  | $ | 7 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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