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v3.20.2

Investments (Tables) | 9 Months Ended
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Sep. 30, 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
September 30, 2020 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,374 |  |  | $ | 160 |  |  | $ | — |  |  | $ | 3,534 |
State and municipal obligations |  | 6,311 |  |  | 377 |  |  | (4) |  |  | 6,684 |
Corporate obligations |  | 18,461 |  |  | 778 |  |  | (35) |  |  | 19,204 |
U.S. agency mortgage-backed securities |  | 6,523 |  |  | 270 |  |  | (3) |  |  | 6,790 |
Non-U.S. agency mortgage-backed securities |  | 2,033 |  |  | 98 |  |  | (6) |  |  | 2,125 |
Total debt securities - available-for-sale |  | 36,702 |  |  | 1,683 |  |  | (48) |  |  | 38,337 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 422 |  |  | 7 |  |  | — |  |  | 429 |
State and municipal obligations |  | 31 |  |  | 2 |  |  | — |  |  | 33 |
Corporate obligations |  | 245 |  |  | 1 |  |  | — |  |  | 246 |
Total debt securities - held-to-maturity |  | 698 |  |  | 10 |  |  | — |  |  | 708 |
Total debt securities |  | $ | 37,400 |  |  | $ | 1,693 |  |  | $ | (48) |  |  | $ | 39,045 |
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 September 30, 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 |  | $ | 3,388 |  |  | $ | 3,407 |  |  | $ | 400 |  |  | $ | 401 |
Due after one year through five years |  | 11,253 |  |  | 11,678 |  |  | 246 |  |  | 252 |
Due after five years through ten years |  | 9,179 |  |  | 9,826 |  |  | 30 |  |  | 31 |
Due after ten years |  | 4,326 |  |  | 4,511 |  |  | 22 |  |  | 24 |
U.S. agency mortgage-backed securities |  | 6,523 |  |  | 6,790 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 2,033 |  |  | 2,125 |  |  | — |  |  | — |
Total debt securities |  | $ | 36,702 |  |  | $ | 38,337 |  |  | $ | 698 |  |  | $ | 708 |
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
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | $ | 366 |  |  | $ | (4) |  |  | $ | — |  |  | $ | — |  |  | $ | 366 |  |  | $ | (4) |
Corporate obligations |  | 2,314 |  |  | (30) |  |  | 400 |  |  | (5) |  |  | 2,714 |  |  | (35) |
U.S. agency mortgage-backed securities |  | 687 |  |  | (3) |  |  | — |  |  | — |  |  | 687 |  |  | (3) |
Non-U.S. agency mortgage-backed securities |  | 278 |  |  | (3) |  |  | 55 |  |  | (3) |  |  | 333 |  |  | (6) |
Total debt securities - available-for-sale |  | $ | 3,645 |  |  | $ | (40) |  |  | $ | 455 |  |  | $ | (8) |  |  | $ | 4,100 |  |  | $ | (48) |
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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