Quarterly report pursuant to Section 13 or 15(d)

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

v3.20.1
Short-term and Long-term Investments, Restricted Deposits (Tables)
3 Months Ended
Mar. 31, 2020
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, 2020
 
December 31, 2019
 
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
$
771

 
$
7

 
$

 
$
778

 
$
211

 
$
1

 
$

 
$
212

Corporate securities
5,036

 
76

 
(134
)
 
4,978

 
3,629

 
108

 
(4
)
 
3,733

Restricted certificates of deposit
153

 

 

 
153

 
482

 

 

 
482

Restricted cash equivalents
149

 

 

 
149

 
8

 

 

 
8

Short-term time deposits
84

 

 

 
84

 

 

 

 

Municipal securities
2,511

 
77

 
(4
)
 
2,584

 
2,320

 
69

 
(1
)
 
2,388

Asset-backed securities
1,050

 
4

 
(36
)
 
1,018

 
741

 
5

 
(2
)
 
744

Residential mortgage-backed securities
997

 
32

 
(2
)
 
1,027

 
464

 
8

 
(1
)
 
471

Commercial mortgage-backed securities
590

 
10

 
(13
)
 
587

 
380

 
9

 
(1
)
 
388

Equity securities (1)
685

 

 

 
685

 

 

 

 

Private equity investments
748

 

 

 
748

 
664

 

 

 
664

Life insurance contracts
130

 

 

 
130

 
148

 

 

 
148

Total
$
12,904

 
$
206

 
$
(189
)
 
$
12,921

 
$
9,047

 
$
200

 
$
(9
)
 
$
9,238

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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):
 
March 31, 2020
 
December 31, 2019
 
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
$

 
$
374

 
$

 
$

 
$

 
$
11

 
$

 
$
31

Corporate securities
(130
)
 
2,461

 
(4
)
 
16

 
(2
)
 
192

 
(2
)
 
48

Municipal securities
(4
)
 
275

 

 
1

 
(1
)
 
185

 

 
11

Asset-backed securities
(30
)
 
628

 
(6
)
 
102

 
(1
)
 
153

 
(1
)
 
151

Residential mortgage-backed securities
(2
)
 
68

 

 
6

 

 
44

 
(1
)
 
81

Commercial mortgage-backed securities
(13
)
 
280

 

 
3

 
(1
)
 
118

 

 
21

Short-term time deposits

 

 

 
2

 

 

 

 

Total
$
(179
)
 
$
4,086

 
$
(10
)
 
$
130

 
$
(5
)
 
$
703

 
$
(4
)
 
$
343


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, 2020
 
December 31, 2019
 
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
$
1,239

 
$
1,237

 
$
841

 
$
842

 
$
750

 
$
752

 
$
550

 
$
550

One year through five years
3,954

 
3,935

 
169

 
172

 
3,034

 
3,106

 
106

 
108

Five years through ten years
2,430

 
2,465

 

 

 
2,162

 
2,257

 

 

Greater than ten years
72

 
74

 

 

 
48

 
50

 

 

Asset-backed securities
2,636

 
2,633

 

 

 
1,585

 
1,603

 

 

Total
$
10,331

 
$
10,344

 
$
1,010

 
$
1,014

 
$
7,579

 
$
7,768

 
$
656

 
$
658