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)
3 Months Ended
Mar. 31, 2018
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):
 
March 31, 2018
 
December 31, 2017
 
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
$
260

 
$

 
$
(3
)
 
$
257

 
$
311

 
$

 
$
(2
)
 
$
309

Corporate securities
2,242

 
5

 
(33
)
 
2,214

 
2,208

 
12

 
(10
)
 
2,210

Restricted certificates of deposit
4

 

 

 
4

 
4

 

 

 
4

Restricted cash equivalents
16

 

 

 
16

 
17

 

 

 
17

Municipal securities
2,187

 
3

 
(28
)
 
2,162

 
2,085

 
12

 
(10
)
 
2,087

Asset-backed securities
492

 
1

 
(3
)
 
490

 
437

 
1

 
(1
)
 
437

Residential mortgage-backed securities
345

 

 
(10
)
 
335

 
337

 
1

 
(6
)
 
332

Commercial mortgage-backed securities
287

 

 
(6
)
 
281

 
272

 
1

 
(2
)
 
271

Fair value and equity method investments
290

 

 

 
290

 
176

 

 

 
176

Life insurance contracts
133

 

 

 
133

 
135

 

 

 
135

Total
$
6,256

 
$
9

 
$
(83
)
 
$
6,182

 
$
5,982

 
$
27

 
$
(31
)
 
$
5,978

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 debt securities 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):
 
March 31, 2018
 
December 31, 2017
 
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
$
(2
)
 
$
171

 
$
(1
)
 
$
85

 
$
(1
)
 
$
222

 
$
(1
)
 
$
79

Corporate securities
(26
)
 
1,598

 
(7
)
 
185

 
(6
)
 
1,044

 
(4
)
 
185

Municipal securities
(22
)
 
1,467

 
(6
)
 
171

 
(7
)
 
943

 
(3
)
 
175

Asset-backed securities
(2
)
 
310

 
(1
)
 
27

 
(1
)
 
228

 

 
28

Residential mortgage-backed securities
(3
)
 
159

 
(7
)
 
161

 
(1
)
 
109

 
(5
)
 
171

Commercial mortgage-backed securities
(4
)
 
172

 
(2
)
 
50

 
(1
)
 
112

 
(1
)
 
51

Total
$
(59
)
 
$
3,877

 
$
(24
)
 
$
679

 
$
(17
)
 
$
2,658

 
$
(14
)
 
$
689

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):
 
March 31, 2018
 
December 31, 2017
 
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
$
432

 
$
430

 
$
45

 
$
45

 
$
474

 
$
474

 
$
48

 
$
47

One year through five years
2,439

 
2,411

 
96

 
95

 
2,424

 
2,420

 
88

 
88

Five years through ten years
1,920

 
1,894

 

 

 
1,773

 
1,779

 

 

Greater than ten years
200

 
201

 

 

 
129

 
130

 

 

Asset-backed securities
1,124

 
1,106

 

 

 
1,046

 
1,040

 

 

Total
$
6,115

 
$
6,042

 
$
141

 
$
140

 
$
5,846

 
$
5,843

 
$
136

 
$
135