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