Quarterly report pursuant to Section 13 or 15(d)

Short term and Long term Investments, Restricted Deposits (Tables)

v3.5.0.2
Short term and Long term Investments, Restricted Deposits (Tables)
 9 Months Ended
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Short-Term and Long-Term Investments and Restricted Deposits by Investment Type

Short term and long term investments and restricted deposits by investment type consist of the following ($ in millions):
 
September 30, 2016
 
December 31, 2015
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized Losses
 
Fair
Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized Losses
 
Fair
Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
288

 
$
2

 
$
—

 
$
290

 
$
431

 
$
—

 
$
(2
)
 
$
429

Corporate securities
1,915

 
30

 
(2
)
 
1,943

 
859

 
2

 
(8
)
 
853

Restricted certificates of deposit
6

 
—

 
—

 
6

 
5

 
—

 
—

 
5

Restricted cash equivalents
70

 
—

 
—

 
70

 
78

 
—

 
—

 
78

Municipal securities
1,638

 
24

 
(1
)
 
1,661

 
496

 
2

 
(1
)
 
497

Asset-backed securities
289

 
2

 
—

 
291

 
163

 
—

 
(1
)
 
162

Residential mortgage-backed securities
215

 
3

 
(1
)
 
217

 
66

 
1

 
—

 
67

Commercial mortgage-backed securities
341

 
15

 
(1
)
 
355

 
40

 
—

 
—

 
40

Cost and equity method investments
162

 
—

 
—

 
162

 
71

 
—

 
—

 
71

Life insurance contracts
116

 
—

 
—

 
116

 
16

 
—

 
—

 
16

Total
$
5,040

 
$
76

 
$
(5
)
 
$
5,111

 
$
2,225

 
$
5

 
$
(12
)
 
$
2,218

Fair Value of Available-For-Sale Investments With Gross Unrealized Losses by Investment Type and Length of Time
The fair value of available-for-sale investments with gross unrealized losses by investment type and length of time that individual securities have been in a continuous unrealized loss position were as follows ($ in millions):
 
September 30, 2016
 
December 31, 2015
 
Less Than 12 Months
 
12 Months or More
 
Less Than 12 Months
 
12 Months or More
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
—

 
$
4

 
$
—

 
$
2

 
$
(2
)
 
$
294

 
$
—

 
$
14

Corporate securities
(1
)
 
309

 
(1
)
 
80

 
(6
)
 
561

 
(2
)
 
41

Municipal securities
(1
)
 
231

 
—

 
32

 
(1
)
 
208

 
—

 
5

Asset-backed securities
—

 
29

 
—

 
21

 
(1
)
 
121

 
—

 
8

Residential mortgage-backed securities
(1
)
 
45

 
—

 
—

 
—

 
30

 
—

 
—

Commercial mortgage-backed securities
(1
)
 
119

 
—

 
1

 
—

 
34

 
—

 
—

Total
$
(4
)
 
$
737

 
$
(1
)
 
$
136

 
$
(10
)
 
$
1,248

 
$
(2
)
 
$
68

Contractual Maturities of Short-Term and Long-Term Investments and Restricted Deposits
The contractual maturities of short term and long term investments and restricted deposits are as follows ($ in millions):
 
September 30, 2016
 
December 31, 2015
 
Investments
 
Restricted Deposits
 
Investments
 
Restricted Deposits
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
One year or less
$
406

 
$
406

 
$
122

 
$
123

 
$
176

 
$
176

 
$
93

 
$
93

One year through five years
1,978

 
2,000

 
14

 
14

 
1,662

 
1,654

 
22

 
22

Five years through ten years
1,098

 
1,116

 
—

 
—

 
267

 
268

 
—

 
—

Greater than ten years
577

 
589

 
—

 
—

 
5

 
5

 
—

 
—

Asset-backed securities
845

 
863

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
4,904

 
$
4,974

 
$
136

 
$
137

 
$
2,110

 
$
2,103

 
$
115

 
$
115