Investments (Tables)

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

The following tables summarize our current investments as of the dates indicated:


	September 30, 2026
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses

	(In millions)
Corporate debt securities	$	2,459	$	2	$	61	$	2,400
Mortgage-backed securities	1,000		—		54		946
Asset-backed securities	397		—		6		391
U.S. Treasury notes	189		—		—		189
Municipal securities	133		—		4		129



Other	47		—		2		45
Total	$	4,225	$	2	$	127	$	4,100


	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
U.S. Treasury notes	20		—		—		20
Municipal securities	158		2		1		159


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 September 30, 2026 are summarized below:


	Amortized Cost		Estimated Fair Value

	(In millions)
Due in one year or less	$	558	$	557
Due after one year through five years	1,708		1,679
Due after five years through ten years	846		808
Due after ten years	1,113		1,056
Total	$	4,225	$	4,100

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 September 30, 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	$	1,936	$	57	1,172	$	160	$	4	109
Mortgage-backed securities	628		26		477	214		28		166
Asset-backed securities	300		4		161	42		2		22
Municipal securities	83		3		160	33		1		34

Other	26		1		29	10		1		14



Total	$	2,973	$	91	1,999	$	459	$	36	345


	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