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v3.20.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2020
Short-Term and Long-Term Investments [Table Text Block] | A summary of debt securities by major security type is as follows:
(in millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
March 31, 2020 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,146 |  |  | $ | 183 |  |  | $ | (1 | ) |  | $ | 3,328 |
State and municipal obligations |  | 5,724 |  |  | 214 |  |  | (20 | ) |  | 5,918 |
Corporate obligations |  | 17,923 |  |  | 182 |  |  | (411 | ) |  | 17,694 |
U.S. agency mortgage-backed securities |  | 6,508 |  |  | 260 |  |  | — |  |  | 6,768 |
Non-U.S. agency mortgage-backed securities |  | 1,932 |  |  | 28 |  |  | (36 | ) |  | 1,924 |
Total debt securities - available-for-sale |  | 35,233 |  |  | 867 |  |  | (468 | ) |  | 35,632 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 410 |  |  | 9 |  |  | — |  |  | 419 |
State and municipal obligations |  | 31 |  |  | 2 |  |  | — |  |  | 33 |
Corporate obligations |  | 284 |  |  | — |  |  | (1 | ) |  | 283 |
Total debt securities - held-to-maturity |  | 725 |  |  | 11 |  |  | (1 | ) |  | 735 |
Total debt securities |  | $ | 35,958 |  |  | $ | 878 |  |  | $ | (469 | ) |  | $ | 36,367 |
December 31, 2019 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,502 |  |  | $ | 55 |  |  | $ | (4 | ) |  | $ | 3,553 |
State and municipal obligations |  | 5,680 |  |  | 251 |  |  | (5 | ) |  | 5,926 |
Corporate obligations |  | 17,910 |  |  | 343 |  |  | (11 | ) |  | 18,242 |
U.S. agency mortgage-backed securities |  | 6,425 |  |  | 109 |  |  | (6 | ) |  | 6,528 |
Non-U.S. agency mortgage-backed securities |  | 1,811 |  |  | 37 |  |  | (3 | ) |  | 1,845 |
Total debt securities - available-for-sale |  | 35,328 |  |  | 795 |  |  | (29 | ) |  | 36,094 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 402 |  |  | 2 |  |  | — |  |  | 404 |
State and municipal obligations |  | 32 |  |  | 2 |  |  | — |  |  | 34 |
Corporate obligations |  | 538 |  |  | — |  |  | (1 | ) |  | 537 |
Total debt securities - held-to-maturity |  | 972 |  |  | 4 |  |  | (1 | ) |  | 975 |
Total debt securities |  | $ | 36,300 |  |  | $ | 799 |  |  | $ | (30 | ) |  | $ | 37,069 |
Investments by Contractual Maturity [Table Text Block] | The amortized cost and fair value of debt securities as of March 31, 2020, by contractual maturity, were as follows:
|  | Available-for-Sale |  | Held-to-Maturity
(in millions) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 3,010 |  |  | $ | 3,011 |  |  | $ | 319 |  |  | $ | 320 |
Due after one year through five years |  | 11,565 |  |  | 11,604 |  |  | 352 |  |  | 359 |
Due after five years through ten years |  | 8,563 |  |  | 8,669 |  |  | 28 |  |  | 28 |
Due after ten years |  | 3,655 |  |  | 3,656 |  |  | 26 |  |  | 28 |
U.S. agency mortgage-backed securities |  | 6,508 |  |  | 6,768 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 1,932 |  |  | 1,924 |  |  | — |  |  | — |
Total debt securities |  | $ | 35,233 |  |  | $ | 35,632 |  |  | $ | 725 |  |  | $ | 735 |
Fair Value of Available-for-Sale Investments with Gross Unrealized Losses by Investment Type and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position [Table Text Block] | The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total
(in millions) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 56 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 56 |  |  | $ | (1 | )
State and municipal obligations |  | 810 |  |  | (20 | ) |  | — |  |  | — |  |  | 810 |  |  | (20 | )
Corporate obligations |  | 9,294 |  |  | (382 | ) |  | 391 |  |  | (29 | ) |  | 9,685 |  |  | (411 | )
Non-U.S. agency mortgage-backed securities |  | 841 |  |  | (33 | ) |  | 30 |  |  | (3 | ) |  | 871 |  |  | (36 | )
Total debt securities - available-for-sale |  | $ | 11,001 |  |  | $ | (436 | ) |  | $ | 421 |  |  | $ | (32 | ) |  | $ | 11,422 |  |  | $ | (468 | )
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 616 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | — |  |  | $ | 616 |  |  | $ | (4 | )
State and municipal obligations |  | 440 |  |  | (5 | ) |  | — |  |  | — |  |  | 440 |  |  | (5 | )
Corporate obligations |  | 1,903 |  |  | (7 | ) |  | 740 |  |  | (4 | ) |  | 2,643 |  |  | (11 | )
U.S. agency mortgage-backed securities |  | 657 |  |  | (3 | ) |  | 333 |  |  | (3 | ) |  | 990 |  |  | (6 | )
Non-U.S. agency mortgage-backed securities |  | 406 |  |  | (3 | ) |  | — |  |  | — |  |  | 406 |  |  | (3 | )
Total debt securities - available-for-sale |  | $ | 4,022 |  |  | $ | (22 | ) |  | $ | 1,073 |  |  | $ | (7 | ) |  | $ | 5,095 |  |  | $ | (29 | )

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