We consider all of our investments classified as current assets to be available-for-sale. The following tables summarize our current investments as of the dates indicated:


	March 31, 2026
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses

	(In millions)
Corporate debt securities	$	2,398	$	17	$	11	$	2,404
Mortgage-backed securities	979		8		23		964
Asset-backed securities	347		2		2		347
Municipal securities	155		2		1		156
U.S. Treasury notes	20		—		—		20



Other	47		—		1		46
Total	$	3,946	$	29	$	38	$	3,937


	December 31, 2025
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses

	(In millions)
Corporate debt securities	$	2,437	$	35	$	7	$	2,465
Mortgage-backed securities	963		11		21		953
Asset-backed securities	363		3		2		364
Municipal securities	158		2		1		159
U.S. Treasury notes	20		—		—		20


Other	47		1		1		47
Total	$	3,988	$	52	$	32	$	4,008

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The contractual maturities of our current investments as of March 31, 2026 are summarized below:


	Amortized Cost		Estimated Fair Value

	(In millions)
Due in one year or less	$	561	$	560
Due after one year through five years	1,575		1,582
Due after five years through ten years	659		660
Due after ten years	1,151		1,135
Total	$	3,946	$	3,937

In the three months ended March 31, 2026, and 2025, maturities and redemptions of available-for-sale securities amounted to $281 million and $314 million, respectively, and sales amounted to $14 million and $17 million, respectively. Gross realized gains and losses from sales of available-for-sale securities are calculated under the specific identification method and are included in investment income. Gross realized investment gains and losses were insignificant for the three months ended March 31, 2026 and 2025.

The following table segregates those available-for-sale investments that have been in a continuous loss position for less than 12 months, and those that have been in a continuous loss position for 12 months or more as of March 31, 2026:


	In a Continuous Loss Position for Less than 12 Months					In a Continuous Loss Position for 12 Months or More
	Estimated Fair Value		Unrealized Losses		Total Number of Positions	Estimated Fair Value		Unrealized Losses		Total Number of Positions

	(Dollars in millions)
Corporate debt securities	$	639	$	6	454	$	316	$	5	169
Mortgage-backed securities	240		2		157	282		21		188
Asset-backed securities	—		—		—	68		2		32
Municipal securities	—		—		—	40		1		46

Other	—		—		—	14		1		16



Total	$	879	$	8	611	$	720	$	30	451


	In a Continuous Loss Position for Less than 12 Months					In a Continuous Loss Position for 12 Months or More
	Estimated Fair Value		Unrealized Losses		Total Number of Positions	Estimated Fair Value		Unrealized Losses		Total Number of Positions

	(Dollars in millions)
Corporate debt securities	$	106	$	1	83	$	372	$	6	205
Mortgage-backed securities	—		—		—	315		21		212
Asset-backed securities	—		—		—	80		2		41
Municipal securities	—		—		—	42		1		49


Other	—		—		—	14		1		16

Total	$	106	$	1	83	$	823	$	31	523

Pursuant to the regulations governing our state health plan subsidiaries, we maintain statutory deposits and deposits required by government authorities primarily in cash, cash equivalents, U.S. Treasury securities, and corporate debt securities. We also maintain restricted investments as protection against the insolvency of certain capitated providers. The use of these funds is limited as required by regulations in the various states in which we operate, or as needed in the event of insolvency of capitated providers. Therefore, such investments are reported as “Restricted investments” in the accompanying consolidated balance sheets.

We have the intent and ability to hold these restricted investments until maturity and, as a result, we expect to collect the contractual cash flows associated with these investments and do not recognize interim fluctuations in fair value. Accordingly, our held-to-maturity restricted investments are carried at amortized cost, which approximates fair value. Such investments amounted to $312 million at March 31, 2026, of which $157 million will mature in one year or less, $151 million will mature in one through five years, and $4 million will mature after five years.