Investments of Insurance Subsidiaries

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments of Insurance Subsidiaries

NOTE 5 — INVESTMENTS OF INSURANCE SUBSIDIARIES

A summary of our insurance subsidiaries’ investments at March 31, 2024 and December 31, 2023 follows (dollars in millions):

	March 31, 2024
			Unrealized Amounts
	Amortized Cost		Gains		Losses			Fair Value
Debt securities	$	402	$	—	$	(30	)	$	372
Money market funds and other		194		—		—			194
	$	596	$	—	$	(30	)		566
Amounts classified as current assets									(95	)
Investment carrying value								$	471

	December 31, 2023
			Unrealized Amounts
	Amortized Cost		Gains		Losses			Fair Value
Debt securities	$	404	$	1	$	(29	)	$	376
Money market funds and other		188		—		—			188
	$	592	$	1	$	(29	)		564
Amounts classified as current assets									(87	)
Investment carrying value								$	477

At March 31, 2024 and December 31, 2023, the investments in debt securities of our insurance subsidiaries were classified as “available-for-sale.” Changes in unrealized gains and losses that are not credit-related are recorded as adjustments to other comprehensive income or loss.

Scheduled maturities of investments in debt securities at March 31, 2024 were as follows (dollars in millions):

	Amortized Cost		Fair Value
Due in one year or less	$	14	$	14
Due after one year through five years		147		141
Due after five years through ten years		161		143
Due after ten years		80		74
	$	402	$	372

The average expected maturity of the investments in debt securities at March 31, 2024 was 5.0 years, compared to the average scheduled maturity of 8.7 years. Expected and scheduled maturities may differ because the issuers of certain securities have the right to call, prepay or otherwise redeem such obligations prior to their scheduled maturity date.