Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.1
Short-term and Long-term Investments, Restricted Deposits (Tables)
3 Months Ended
Mar. 31, 2022
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, 2022 December 31, 2021
  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
$ 552  $ —  $ (9) $ 543  $ 642  $ —  $ (2) $ 640 
Corporate securities 8,752  26  (368) 8,410  8,145  130  (75) 8,200 
Restricted certificates of deposit
—  —  —  — 
Restricted cash equivalents
262  —  —  262  96  —  —  96 
Short-term time deposits
130  —  —  130  109  —  —  109 
Municipal securities 3,607  13  (136) 3,484  3,398  85  (15) 3,468 
Asset-backed securities 1,308  —  (29) 1,279  1,308  (5) 1,308 
Residential mortgage-backed securities
919  (45) 875  850  10  (7) 853 
Commercial mortgage-backed securities
939  (43) 897  870  13  (10) 873 
Equity securities (1)
301  —  —  301  326  —  —  326 
Private equity investments
626  —  —  626  587  —  —  587 
Life insurance contracts
196  —  —  196  186  —  —  186 
Total $ 17,596  $ 41  $ (630) $ 17,007  $ 16,521  $ 243  $ (114) $ 16,650 
(1) Investments in equity securities primarily consist 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):
  March 31, 2022 December 31, 2021
  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
$ (7) $ 495  $ (2) $ 33  $ (2) $ 598  $ —  $
Corporate securities (271) 5,653  (97) 1,024  (66) 4,209  (9) 209 
Municipal securities (125) 2,336  (11) 121  (14) 1,173  (1) 39 
Asset-backed securities (28) 1,097  (1) 65  (5) 770  —  33 
Residential mortgage-backed securities (29) 629  (16) 172  (7) 472  —  15 
Commercial mortgage-backed securities (27) 680  (16) 139  (8) 380  (2) 32 
Total $ (487) $ 10,890  $ (143) $ 1,554  $ (102) $ 7,602  $ (12) $ 331 
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):
  March 31, 2022 December 31, 2021
  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 $ 1,543  $ 1,540  $ 611  $ 609  $ 1,390  $ 1,396  $ 368  $ 368 
One year through five years 6,519  6,327  400  382  6,212  6,294  460  457 
Five years through ten years 3,903  3,665  238  219  3,647  3,681  244  243 
Greater than ten years 93  91  —  —  73  78  —  — 
Asset-backed securities 3,166  3,051  —  —  3,028  3,034  —  — 
Total $ 15,224  $ 14,674  $ 1,249  $ 1,210  $ 14,350  $ 14,483  $ 1,072  $ 1,068