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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring Basis

The following table sets forth, by level within the fair value hierarchy, the financial assets recorded at fair value on a recurring basis as of December 31, 2023 and 2022 (in millions):

 

 

 

December 31, 2023

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Investments in equity securities

 

$

69

 

 

$

69

 

 

$

—

 

 

$

—

 

Available-for-sale debt securities

 

 

182

 

 

 

—

 

 

 

182

 

 

 

—

 

Trading securities

 

 

5

 

 

 

—

 

 

 

5

 

 

 

—

 

Total assets

 

$

256

 

 

$

69

 

 

$

187

 

 

$

—

 

 

 

 

December 31, 2022

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Investments in equity securities

 

$

107

 

 

$

107

 

 

$

—

 

 

$

—

 

Available-for-sale debt securities

 

 

179

 

 

 

—

 

 

 

179

 

 

 

—

 

Trading securities

 

 

5

 

 

 

—

 

 

 

5

 

 

 

—

 

Total assets

 

$

291

 

 

$

107

 

 

$

184

 

 

$

—

 
Supplemental Information Regarding Available-for-Sale Debt Securities

Supplemental information regarding the Company’s available-for-sale debt securities (all of which had no withdrawal restrictions) is set forth in the table below (in millions):

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Estimated

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Values

 

As of December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

$

118

 

 

$

—

 

 

$

(10

)

 

$

108

 

Corporate

 

 

65

 

 

 

—

 

 

 

(6

)

 

 

59

 

Mortgage and asset-backed securities

 

 

16

 

 

 

—

 

 

 

(1

)

 

 

15

 

Total available-for-sale debt securities

 

$

199

 

 

$

—

 

 

$

(17

)

 

$

182

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Estimated

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Values

 

As of December 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

$

107

 

 

$

—

 

 

$

(11

)

 

$

96

 

Corporate

 

 

69

 

 

 

—

 

 

 

(9

)

 

 

60

 

Mortgage and asset-backed securities

 

 

25

 

 

 

—

 

 

 

(2

)

 

 

23

 

Total available-for-sale debt securities

 

$

201

 

 

$

—

 

 

$

(22

)

 

$

179

 
Contractual Maturities of Debt Securities

The contractual maturities of debt-based securities held by the Company as of December 31, 2023 and 2022, excluding mutual fund holdings, are set forth in the table below (in millions). Expected maturities will differ from contractual maturities because the issuers of the debt securities may have the right to prepay their obligations without prepayment penalties.

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

 

Cost

 

 

Fair Values

 

 

Cost

 

 

Fair Values

 

Within 1 year

 

$

19

 

 

$

19

 

 

$

13

 

 

$

13

 

After 1 year and through year 5

 

 

63

 

 

 

62

 

 

 

74

 

 

 

70

 

After 5 years and through year 10

 

 

63

 

 

 

57

 

 

 

56

 

 

 

48

 

After 10 years

 

 

54

 

 

 

44

 

 

 

58

 

 

 

48

 
Gross Realized Gains and Losses and Investment Income on Available-for-Sale Debt Securities

Gross realized gains and losses on sales of available-for-sale debt securities are summarized in the table below (in millions):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Realized gains

 

$

—

 

 

$

—

 

 

$

1

 

Realized losses

 

 

(2

)

 

 

(2

)

 

 

(1

)
Net Losses and Gains Recognized for Investments in Equity Securities

Net losses and gains recognized during the years ended December 31, 2023, 2022 and 2021 for investments in equity securities, which are broken out between investments sold during the year and investments held at the end of the year, are summarized in the table below (in millions):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Net gains and (losses) recognized during the year on equity securities

 

$

11

 

 

$

(28

)

 

$

20

 

Less: Net (losses) and gains recognized during the year on equity
  securities sold during the year

 

 

(5

)

 

 

(2

)

 

 

13

 

Unrealized gains and (losses) recognized during the year on equity
  securities held at the end of year

 

$

16

 

 

$

(26

)

 

$

7