Quarterly report pursuant to Section 13 or 15(d)

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

v3.8.0.1
Short-term and Long-term Investments, Restricted Deposits (Tables)
9 Months Ended
Sep. 30, 2017
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, 2017
 
December 31, 2016
 
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
$
330

 
$

 
$
(1
)
 
$
329

 
$
364

 
$

 
$
(1
)
 
$
363

Corporate securities
2,098

 
18

 
(6
)
 
2,110

 
1,933

 
12

 
(13
)
 
1,932

Restricted certificates of deposit
4

 

 

 
4

 
5

 

 

 
5

Restricted cash equivalents
6

 

 

 
6

 
6

 

 

 
6

Municipal securities
1,979

 
16

 
(6
)
 
1,989

 
1,767

 
1

 
(35
)
 
1,733

Asset-backed securities
376

 
2

 

 
378

 
317

 
1

 
(1
)
 
317

Residential mortgage-backed securities
309

 
1

 
(4
)
 
306

 
219

 
1

 
(5
)
 
215

Commercial mortgage-backed securities
238

 
1

 
(3
)
 
236

 
343

 

 
(5
)
 
338

Cost and equity method investments
171

 

 

 
171

 
163

 

 

 
163

Life insurance contracts
131

 

 

 
131

 
116

 

 

 
116

Total
$
5,642

 
$
38

 
$
(20
)
 
$
5,660

 
$
5,233

 
$
15

 
$
(60
)
 
$
5,188

Fair value of available-for-sale investments with gross unrealized losses byinvestment 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, 2017
 
December 31, 2016
 
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
$
(1
)
 
$
277

 
$

 
$
3

 
$
(1
)
 
$
215

 
$

 
$
2

Corporate securities
(4
)
 
587

 
(2
)
 
83

 
(12
)
 
1,020

 
(1
)
 
39

Municipal securities
(4
)
 
457

 
(2
)
 
96

 
(35
)
 
1,423

 

 
30

Asset-backed securities

 
126

 

 
13

 
(1
)
 
101

 

 
18

Residential mortgage-backed securities
(3
)
 
190

 
(1
)
 
49

 
(5
)
 
188

 

 

Commercial mortgage-backed securities
(1
)
 
99

 
(2
)
 
31

 
(5
)
 
271

 

 

Total
$
(13
)
 
$
1,736

 
$
(7
)
 
$
275

 
$
(59
)
 
$
3,218

 
$
(1
)
 
$
89

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, 2017
 
December 31, 2016
 
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
$
533

 
$
533

 
$
65

 
$
65

 
$
500

 
$
500

 
$
91

 
$
91

One year through five years
2,149

 
2,162

 
73

 
73

 
1,982

 
1,974

 
47

 
47

Five years through ten years
1,680

 
1,687

 

 

 
1,101

 
1,089

 

 

Greater than ten years
219

 
220

 

 

 
633

 
617

 

 

Asset-backed securities
923

 
920

 

 

 
879

 
870

 

 

Total
$
5,504

 
$
5,522

 
$
138

 
$
138

 
$
5,095

 
$
5,050

 
$
138

 
$
138