Quarterly report pursuant to Section 13 or 15(d)

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

v3.21.2
Short-term and Long-term Investments, Restricted Deposits (Tables)
9 Months Ended
Sep. 30, 2021
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, 2021 December 31, 2020
  Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized Losses
Fair
Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized Losses
Fair
Value
Debt securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$ 656  $ —  $ —  $ 656  $ 907  $ $ —  $ 911 
Corporate securities 7,686  178  (37) 7,827  6,560  262  (8) 6,814 
Restricted certificates of deposit
—  —  105  —  —  105 
Restricted cash equivalents
211  —  —  211  157  —  —  157 
Short-term time deposits
78  —  —  78  53  —  —  53 
Municipal securities 3,381  97  (8) 3,470  2,970  129  (2) 3,097 
Asset-backed securities 1,141  (1) 1,148  1,154  13  (3) 1,164 
Residential mortgage-backed securities
902  15  (6) 911  1,068  27  —  1,095 
Commercial mortgage-backed securities
818  18  (6) 830  748  30  (5) 773 
Equity securities (1)
317  —  —  317  318  —  —  318 
Private equity investments
561  —  —  561  838  —  —  838 
Life insurance contracts
179  —  —  179  168  —  —  168 
Total $ 15,934  $ 316  $ (58) $ 16,192  $ 15,046  $ 465  $ (18) $ 15,493 
(1) Investments in equity securities primarily consists of exchange traded funds in fixed income securities.
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, 2021 December 31, 2020
  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
Corporate securities $ (35) $ 3,089  $ (2) $ 75  $ (7) $ 953  $ (1) $ 24 
Municipal securities (7) 929  (1) 26  (2) 238  —  — 
Asset-backed securities (1) 334  —  36  (2) 302  (1) 105 
Residential mortgage-backed securities
(6) 428  —  —  59  — 
Commercial mortgage-backed securities
(4) 272  (2) 33  (5) 147  —  13 
Total $ (53) $ 5,052  $ (5) $ 171  $ (16) $ 1,699  $ (2) $ 144 
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):
  September 30, 2021 December 31, 2020
  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 $ 1,355  $ 1,361  $ 507  $ 508  $ 1,407  $ 1,414  $ 817  $ 818 
One year through five years 5,701  5,845  355  355  4,748  4,937  221  223 
Five years through ten years 3,791  3,865  243  243  3,460  3,639  18  19 
Greater than ten years 56  61  81  87  —  — 
Asset-backed securities 2,861  2,889  —  —  2,970  3,032  —  — 
Total $ 13,764  $ 14,021  $ 1,113  $ 1,114  $ 12,666  $ 13,109  $ 1,056  $ 1,060