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v3.21.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,372 |  |  | $ | 86 |  |  | $ | (26) |  |  | $ | 3,432 |
State and municipal obligations |  | 6,941 |  |  | 345 |  |  | (22) |  |  | 7,264 |
Corporate obligations |  | 20,395 |  |  | 533 |  |  | (122) |  |  | 20,806 |
U.S. agency mortgage-backed securities |  | 6,784 |  |  | 185 |  |  | (48) |  |  | 6,921 |
Non-U.S. agency mortgage-backed securities |  | 2,382 |  |  | 66 |  |  | (19) |  |  | 2,429 |
Total debt securities - available-for-sale |  | 39,874 |  |  | 1,215 |  |  | (237) |  |  | 40,852 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 418 |  |  | 5 |  |  | — |  |  | 423 |
State and municipal obligations |  | 31 |  |  | 2 |  |  | — |  |  | 33 |
Corporate obligations |  | 190 |  |  | — |  |  | — |  |  | 190 |
Total debt securities - held-to-maturity |  | 639 |  |  | 7 |  |  | — |  |  | 646 |
Total debt securities |  | $ | 40,513 |  |  | $ | 1,222 |  |  | $ | (237) |  |  | $ | 41,498 |
December 31, 2020 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,335 |  |  | $ | 133 |  |  | $ | (3) |  |  | $ | 3,465 |
State and municipal obligations |  | 6,893 |  |  | 435 |  |  | — |  |  | 7,328 |
Corporate obligations |  | 18,886 |  |  | 863 |  |  | (12) |  |  | 19,737 |
U.S. agency mortgage-backed securities |  | 6,849 |  |  | 245 |  |  | (3) |  |  | 7,091 |
Non-U.S. agency mortgage-backed securities |  | 2,116 |  |  | 95 |  |  | (4) |  |  | 2,207 |
Total debt securities - available-for-sale |  | 38,079 |  |  | 1,771 |  |  | (22) |  |  | 39,828 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 420 |  |  | 6 |  |  | — |  |  | 426 |
State and municipal obligations |  | 31 |  |  | 2 |  |  | — |  |  | 33 |
Corporate obligations |  | 187 |  |  | 1 |  |  | — |  |  | 188 |
Total debt securities - held-to-maturity |  | 638 |  |  | 9 |  |  | — |  |  | 647 |
Total debt securities |  | $ | 38,717 |  |  | $ | 1,780 |  |  | $ | (22) |  |  | $ | 40,475 |
Investments by Contractual Maturity [Table Text Block] | The amortized cost and fair value of debt securities as of March 31, 2021, 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 |  | $ | 3,037 |  |  | $ | 3,053 |  |  | $ | 354 |  |  | $ | 355 |
Due after one year through five years |  | 12,571 |  |  | 12,922 |  |  | 238 |  |  | 242 |
Due after five years through ten years |  | 10,945 |  |  | 11,263 |  |  | 25 |  |  | 26 |
Due after ten years |  | 4,155 |  |  | 4,264 |  |  | 22 |  |  | 23 |
U.S. agency mortgage-backed securities |  | 6,784 |  |  | 6,921 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 2,382 |  |  | 2,429 |  |  | — |  |  | — |
Total debt securities |  | $ | 39,874 |  |  | $ | 40,852 |  |  | $ | 639 |  |  | $ | 646 |
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, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 924 |  |  | $ | (26) |  |  | $ | — |  |  | $ | — |  |  | $ | 924 |  |  | $ | (26) |
State and municipal obligations |  | 1,141 |  |  | (22) |  |  | 3 |  |  | — |  |  | 1,144 |  |  | (22) |
Corporate obligations |  | 5,266 |  |  | (120) |  |  | 367 |  |  | (2) |  |  | 5,633 |  |  | (122) |
U.S. agency mortgage-backed securities |  | 2,552 |  |  | (48) |  |  | 1 |  |  | — |  |  | 2,553 |  |  | (48) |
Non-U.S. agency mortgage-backed securities |  | 650 |  |  | (17) |  |  | 77 |  |  | (2) |  |  | 727 |  |  | (19) |
Total debt securities - available-for-sale |  | $ | 10,533 |  |  | $ | (233) |  |  | $ | 448 |  |  | $ | (4) |  |  | $ | 10,981 |  |  | $ | (237) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 346 |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | 346 |  |  | $ | (3) |
Corporate obligations |  | 1,273 |  |  | (9) |  |  | 456 |  |  | (3) |  |  | 1,729 |  |  | (12) |
U.S. agency mortgage-backed securities |  | 601 |  |  | (3) |  |  | — |  |  | — |  |  | 601 |  |  | (3) |
Non-U.S. agency mortgage-backed securities |  | 195 |  |  | (1) |  |  | 93 |  |  | (3) |  |  | 288 |  |  | (4) |
Total debt securities - available-for-sale |  | $ | 2,415 |  |  | $ | (16) |  |  | $ | 549 |  |  | $ | (6) |  |  | $ | 2,964 |  |  | $ | (22) |

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