Short-term and Long-term Investments, Restricted Deposits (Tables)
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3 Months Ended |
Mar. 31, 2021 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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):
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March 31, 2021 |
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December 31, 2020 |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized Losses |
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Fair
Value |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized Losses |
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Fair
Value |
Debt securities: |
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U.S. Treasury securities and obligations of U.S. government corporations and agencies |
$ |
515 |
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$ |
2 |
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$ |
— |
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$ |
517 |
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$ |
907 |
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$ |
4 |
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$ |
— |
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$ |
911 |
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| Corporate securities |
6,944 |
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182 |
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(64) |
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7,062 |
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6,560 |
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262 |
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(8) |
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6,814 |
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Restricted certificates of deposit |
4 |
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— |
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— |
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4 |
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105 |
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— |
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— |
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105 |
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Restricted cash equivalents |
677 |
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— |
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— |
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677 |
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157 |
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— |
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— |
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157 |
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Short-term time deposits |
82 |
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— |
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— |
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82 |
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53 |
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— |
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— |
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53 |
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| Municipal securities |
3,118 |
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101 |
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(14) |
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3,205 |
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2,970 |
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129 |
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(2) |
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3,097 |
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| Asset-backed securities |
1,197 |
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12 |
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(2) |
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1,207 |
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1,154 |
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13 |
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(3) |
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1,164 |
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Residential mortgage-backed securities |
1,066 |
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20 |
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(8) |
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1,078 |
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1,068 |
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27 |
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— |
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1,095 |
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Commercial mortgage-backed securities |
793 |
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19 |
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(11) |
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801 |
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748 |
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30 |
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(5) |
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773 |
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Equity securities (1)
|
319 |
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— |
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— |
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319 |
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318 |
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— |
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— |
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318 |
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Private equity investments |
896 |
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— |
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— |
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896 |
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838 |
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— |
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— |
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838 |
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Life insurance contracts |
172 |
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— |
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— |
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172 |
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168 |
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— |
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— |
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168 |
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| Total |
$ |
15,783 |
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$ |
336 |
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$ |
(99) |
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$ |
16,020 |
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$ |
15,046 |
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$ |
465 |
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$ |
(18) |
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$ |
15,493 |
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(1) Investments in equity securities primarily consists of exchange traded funds in fixed income securities.
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| 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):
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March 31, 2021 |
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December 31, 2020 |
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Less Than 12 Months |
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12 Months or More |
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Less Than 12 Months |
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12 Months or More |
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Unrealized Losses |
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Fair
Value |
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Unrealized Losses |
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Fair
Value |
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Unrealized Losses |
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Fair
Value |
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Unrealized Losses |
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Fair
Value |
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| Corporate securities |
$ |
(61) |
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$ |
2,711 |
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$ |
(3) |
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$ |
100 |
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$ |
(7) |
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$ |
953 |
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$ |
(1) |
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$ |
24 |
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| Municipal securities |
(13) |
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759 |
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(1) |
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13 |
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(2) |
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238 |
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— |
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— |
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| Asset-backed securities |
(1) |
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296 |
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(1) |
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58 |
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(2) |
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302 |
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(1) |
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105 |
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Residential mortgage-backed securities |
(8) |
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442 |
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— |
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2 |
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— |
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59 |
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— |
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2 |
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Commercial mortgage-backed securities |
(10) |
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245 |
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(1) |
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53 |
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(5) |
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147 |
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— |
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13 |
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| Total |
$ |
(93) |
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$ |
4,453 |
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$ |
(6) |
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$ |
226 |
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$ |
(16) |
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$ |
1,699 |
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$ |
(2) |
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$ |
144 |
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| Contractual maturities of short-term and long-term investments and restricted deposits |
The contractual maturities of short-term and long-term debt securities and restricted deposits are as follows ($ in millions):
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March 31, 2021 |
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December 31, 2020 |
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Investments |
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Restricted Deposits |
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Investments |
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Restricted Deposits |
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Amortized
Cost |
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Fair
Value |
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Amortized
Cost |
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Fair
Value |
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Amortized
Cost |
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Fair
Value |
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Amortized
Cost |
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Fair
Value |
| One year or less |
$ |
1,488 |
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$ |
1,497 |
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$ |
845 |
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$ |
846 |
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$ |
1,407 |
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$ |
1,414 |
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$ |
817 |
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$ |
818 |
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One year through five years |
5,082 |
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5,227 |
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240 |
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241 |
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4,748 |
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4,937 |
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221 |
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223 |
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Five years through ten years |
3,589 |
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3,637 |
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26 |
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26 |
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3,460 |
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3,639 |
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18 |
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19 |
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| Greater than ten years |
70 |
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73 |
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— |
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— |
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81 |
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87 |
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— |
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— |
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| Asset-backed securities |
3,056 |
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3,086 |
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— |
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— |
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2,970 |
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3,032 |
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— |
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— |
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| Total |
$ |
13,285 |
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$ |
13,520 |
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$ |
1,111 |
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$ |
1,113 |
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$ |
12,666 |
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$ |
13,109 |
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$ |
1,056 |
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$ |
1,060 |
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