Quarterly report pursuant to Section 13 or 15(d)

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

v3.19.1
Short-term and Long-term Investments, Restricted Deposits (Tables)
3 Months Ended
Mar. 31, 2019
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, 2019
 
December 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized Losses
 
Fair
Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized Losses
 
Fair
Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
251

 
$
1

 
$
(1
)
 
$
251

 
$
362

 
$
1

 
$
(2
)
 
$
361

Corporate securities
3,318

 
40

 
(16
)
 
3,342

 
3,190

 
8

 
(52
)
 
3,146

Restricted certificates of deposit
474

 

 

 
474

 
433

 

 

 
433

Restricted cash equivalents
6

 

 

 
6

 
8

 

 

 
8

Municipal securities
2,260

 
33

 
(3
)
 
2,290

 
2,196

 
9

 
(18
)
 
2,187

Asset-backed securities
728

 
3

 
(3
)
 
728

 
686

 
1

 
(4
)
 
683

Residential mortgage-backed securities
457

 
4

 
(6
)
 
455

 
452

 
1

 
(9
)
 
444

Commercial mortgage-backed securities
378

 
4

 
(2
)
 
380

 
366

 
1

 
(6
)
 
361

Private equity investments
402

 

 

 
402

 
387

 

 

 
387

Life insurance contracts
137

 

 

 
137

 
128

 

 

 
128

Total
$
8,411

 
$
85

 
$
(31
)
 
$
8,465

 
$
8,208

 
$
21

 
$
(91
)
 
$
8,138

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, 2019
 
December 31, 2018
 
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
$

 
$
1

 
$
(1
)
 
$
172

 
$

 
$
59

 
$
(2
)
 
$
202

Corporate securities
(4
)
 
392

 
(12
)
 
1,010

 
(27
)
 
1,389

 
(25
)
 
871

Municipal securities

 
74

 
(3
)
 
496

 
(4
)
 
591

 
(14
)
 
806

Asset-backed securities
(2
)
 
221

 
(1
)
 
196

 
(2
)
 
318

 
(2
)
 
168

Residential mortgage-backed securities

 
12

 
(6
)
 
241

 
(1
)
 
61

 
(8
)
 
233

Commercial mortgage-backed securities

 
72

 
(2
)
 
129

 
(2
)
 
137

 
(4
)
 
140

Total
$
(6
)
 
$
772

 
$
(25
)
 
$
2,244

 
$
(36
)
 
$
2,555

 
$
(55
)
 
$
2,420

Contractual maturities of short-term and long-term investments and restricted deposits
The contractual maturities of short-term and long-term investments and restricted deposits are as follows ($ in millions):
 
March 31, 2019
 
December 31, 2018
 
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
$
610

 
$
609

 
$
515

 
$
515

 
$
647

 
$
646

 
$
205

 
$
205

One year through five years
3,112

 
3,130

 
67

 
67

 
3,026

 
2,998

 
351

 
350

Five years through ten years
2,477

 
2,512

 

 

 
2,387

 
2,362

 

 

Greater than ten years
67

 
69

 

 

 
88

 
89

 

 

Asset-backed securities
1,563

 
1,563

 

 

 
1,504

 
1,488

 

 

Total
$
7,829

 
$
7,883

 
$
582

 
$
582

 
$
7,652

 
$
7,583

 
$
556

 
$
555