Quarterly report pursuant to Section 13 or 15(d)

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

v3.10.0.1
Short-term and Long-term Investments, Restricted Deposits (Tables)
9 Months Ended
Sep. 30, 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):
 
September 30, 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
$
259

 
$

 
$
(3
)
 
$
256

 
$
311

 
$

 
$
(2
)
 
$
309

Corporate securities
2,774

 
4

 
(44
)
 
2,734

 
2,208

 
12

 
(10
)
 
2,210

Restricted certificates of deposit
430

 

 

 
430

 
4

 

 

 
4

Restricted cash equivalents
7

 

 

 
7

 
17

 

 

 
17

Municipal securities
2,231

 
2

 
(35
)
 
2,198

 
2,085

 
12

 
(10
)
 
2,087

Asset-backed securities
598

 

 
(4
)
 
594

 
437

 
1

 
(1
)
 
437

Residential mortgage-backed securities
382

 

 
(14
)
 
368

 
337

 
1

 
(6
)
 
332

Commercial mortgage-backed securities
317

 

 
(8
)
 
309

 
272

 
1

 
(2
)
 
271

Private equity investments
382

 

 

 
382

 
176

 

 

 
176

Life insurance contracts
138

 

 

 
138

 
135

 

 

 
135

Total
$
7,518

 
$
6

 
$
(108
)
 
$
7,416

 
$
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):
 
September 30, 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
$
(1
)
 
$
93

 
$
(2
)
 
$
161

 
$
(1
)
 
$
222

 
$
(1
)
 
$
79

Corporate securities
(31
)
 
1,913

 
(13
)
 
337

 
(6
)
 
1,044

 
(4
)
 
185

Municipal securities
(25
)
 
1,518

 
(10
)
 
286

 
(7
)
 
943

 
(3
)
 
175

Asset-backed securities
(3
)
 
409

 
(1
)
 
66

 
(1
)
 
228

 

 
28

Residential mortgage-backed securities
(4
)
 
186

 
(10
)
 
178

 
(1
)
 
109

 
(5
)
 
171

Commercial mortgage-backed securities
(4
)
 
174

 
(4
)
 
90

 
(1
)
 
112

 
(1
)
 
51

Total
$
(68
)
 
$
4,293

 
$
(40
)
 
$
1,118

 
$
(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):
 
September 30, 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
$
517

 
$
515

 
$
201

 
$
201

 
$
474

 
$
474

 
$
48

 
$
47

One year through five years
2,674

 
2,636

 
350

 
349

 
2,424

 
2,420

 
88

 
88

Five years through ten years
2,277

 
2,242

 

 

 
1,773

 
1,779

 

 

Greater than ten years
202

 
202

 

 

 
129

 
130

 

 

Asset-backed securities
1,297

 
1,271

 

 

 
1,046

 
1,040

 

 

Total
$
6,967

 
$
6,866

 
$
551

 
$
550

 
$
5,846

 
$
5,843

 
$
136

 
$
135