Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

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

Schedule of Contractual Maturities of Investments

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

Schedule of Available-for-Sale Investments

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