Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2.2
Short-term and Long-term Investments, Restricted Deposits (Tables)
9 Months Ended
Sep. 30, 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):
  September 30, 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
$ 666  $ —  $ (18) $ 648  $ 642  $ —  $ (2) $ 640 
Corporate securities 9,648  (897) 8,752  8,145  130  (75) 8,200 
Restricted certificates of deposit
—  —  —  — 
Restricted cash equivalents
228  —  —  228  96  —  —  96 
Short-term time deposits
275  —  —  275  109  —  —  109 
Municipal securities 3,980  —  (320) 3,660  3,398  85  (15) 3,468 
Asset-backed securities 1,335  —  (68) 1,267  1,308  (5) 1,308 
Residential mortgage-backed securities
1,154  —  (135) 1,019  850  10  (7) 853 
Commercial mortgage-backed securities
970  —  (96) 874  870  13  (10) 873 
Equity securities (1)
—  —  326  —  —  326 
Private equity investments
551  —  —  551  587  —  —  587 
Life insurance contracts
165  —  —  165  186  —  —  186 
Total $ 18,982  $ $ (1,534) $ 17,449  $ 16,521  $ 243  $ (114) $ 16,650 
(1) Investments in equity securities as of December 31, 2021 primarily consisted 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, 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
$ (14) $ 556  $ (4) $ 67  $ (2) $ 598  $ —  $
Corporate securities (562) 6,737  (335) 1,975  (66) 4,209  (9) 209 
Municipal securities (228) 2,998  (92) 586  (14) 1,173  (1) 39 
Asset-backed securities (57) 1,094  (11) 166  (5) 770  —  33 
Residential mortgage-backed securities (86) 770  (49) 244  (7) 472  —  15 
Commercial mortgage-backed securities (59) 650  (37) 218  (8) 380  (2) 32 
Total $ (1,006) $ 12,805  $ (528) $ 3,256  $ (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):
  September 30, 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 $ 2,053  $ 2,029  $ 521  $ 518  $ 1,390  $ 1,396  $ 368  $ 368 
One year through five years 7,296  6,752  518  482  6,212  6,294  460  457 
Five years through ten years 4,077  3,496  241  205  3,647  3,681  244  243 
Greater than ten years 95  85  —  —  73  78  —  — 
Asset-backed securities 3,459  3,160  —  —  3,028  3,034  —  — 
Total $ 16,980  $ 15,522  $ 1,280  $ 1,205  $ 14,350  $ 14,483  $ 1,072  $ 1,068