Annual report pursuant to Section 13 and 15(d)

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

v3.19.3.a.u2
Short-term and Long-term Investments, Restricted Deposits (Tables)
 12 Months Ended
Dec. 31, 2019
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):
 
December 31, 2019
 
December 31, 2018
 
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
$
211

 
$
1

 
$
—

 
$
212

 
$
362

 
$
1

 
$
(2
)
 
$
361

Corporate securities
3,629

 
108

 
(4
)
 
3,733

 
3,190

 
8

 
(52
)
 
3,146

Restricted certificates of deposit
482

 
—

 
—

 
482

 
433

 
—

 
—

 
433

Restricted cash equivalents
8

 
—

 
—

 
8

 
8

 
—

 
—

 
8

Municipal securities
2,320

 
69

 
(1
)
 
2,388

 
2,196

 
9

 
(18
)
 
2,187

Asset-backed securities
741

 
5

 
(2
)
 
744

 
686

 
1

 
(4
)
 
683

Residential mortgage-backed securities
464

 
8

 
(1
)
 
471

 
452

 
1

 
(9
)
 
444

Commercial mortgage- backed securities
380

 
9

 
(1
)
 
388

 
366

 
1

 
(6
)
 
361

Private equity investments
664

 
—

 
—

 
664

 
387

 
—

 
—

 
387

Life insurance contracts
148

 
—

 
—

 
148

 
128

 
—

 
—

 
128

Total
$
9,047

 
$
200

 
$
(9
)
 
$
9,238

 
$
8,208

 
$
21

 
$
(91
)
 
$
8,138



Schedule of available-for-sale investments in a continuous unrealized loss position
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):
 
December 31, 2019
 
December 31, 2018
 
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
$
—

 
$
11

 
$
—

 
$
31

 
$
—

 
$
59

 
$
(2
)
 
$
202

Corporate securities
(2
)
 
192

 
(2
)
 
48

 
(27
)
 
1,389

 
(25
)
 
871

Municipal securities
(1
)
 
185

 
—

 
11

 
(4
)
 
591

 
(14
)
 
806

Asset-backed securities
(1
)
 
153

 
(1
)
 
151

 
(2
)
 
318

 
(2
)
 
168

Residential mortgage- backed securities
—

 
44

 
(1
)
 
81

 
(1
)
 
61

 
(8
)
 
233

Commercial mortgage- backed securities
(1
)
 
118

 
—

 
21

 
(2
)
 
137

 
(4
)
 
140

Total
$
(5
)
 
$
703

 
$
(4
)
 
$
343

 
$
(36
)
 
$
2,555

 
$
(55
)
 
$
2,420


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):
 
December 31, 2019
 
December 31, 2018
 
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
$
750

 
$
752

 
$
550

 
$
550

 
$
647

 
$
646

 
$
205

 
$
205

One year through five years
3,034

 
3,106

 
106

 
108

 
3,026

 
2,998

 
351

 
350

Five years through ten years
2,974

 
3,069

 
—

 
—

 
2,387

 
2,362

 
—

 
—

Greater than ten years
48

 
50

 
—

 
—

 
88

 
89

 
—

 
—

Asset-backed securities
1,585

 
1,603

 
—

 
—

 
1,504

 
1,488

 
—

 
—

Total
$
8,391

 
$
8,580

 
$
656

 
$
658

 
$
7,652

 
$
7,583

 
$
556

 
$
555