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Investments (Notes)
 3 Months Ended
Mar. 31, 2021
Investments [Abstract]  
Investments [Text Block] Investments
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 obligations6,941 345 (22)7,264 
Corporate obligations20,395 533 (122)20,806 
U.S. agency mortgage-backed securities6,784 185 (48)6,921 
Non-U.S. agency mortgage-backed securities2,382 66 (19)2,429 
Total debt securities - available-for-sale39,874 1,215 (237)40,852 
Debt securities - held-to-maturity:
U.S. government and agency obligations418 5 — 423 
State and municipal obligations31 2 — 33 
Corporate obligations190 — — 190 
Total debt securities - held-to-maturity639 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 obligations6,893 435 — 7,328 
Corporate obligations18,886 863 (12)19,737 
U.S. agency mortgage-backed securities6,849 245 (3)7,091 
Non-U.S. agency mortgage-backed securities2,116 95 (4)2,207 
Total debt securities - available-for-sale38,079 1,771 (22)39,828 
Debt securities - held-to-maturity:
U.S. government and agency obligations420 6 — 426 
State and municipal obligations31 2 — 33 
Corporate obligations187 1 — 188 
Total debt securities - held-to-maturity638 9 — 647 
Total debt securities$38,717 $1,780 $(22)$40,475 
The Company held $2.6 billion and $2.3 billion of equity securities as of March 31, 2021 and December 31, 2020, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments and shares of Brazilian real denominated fixed-income funds with readily determinable fair values. Additionally, the Company’s investments included $1.3 billion of equity method investments in operating businesses in the health care sector for both March 31, 2021 and December 31, 2020, respectively. The allowance for credit losses on held-to-maturity securities at March 31, 2021 and December 31, 2020 was not material.
The amortized cost and fair value of debt securities as of March 31, 2021, by contractual maturity, were as follows:
Available-for-SaleHeld-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 years12,571 12,922 238 242 
Due after five years through ten years10,945 11,263 25 26 
Due after ten years4,155 4,264 22 23 
U.S. agency mortgage-backed securities6,784 6,921 — — 
Non-U.S. agency mortgage-backed securities2,382 2,429 — — 
Total debt securities$39,874 $40,852 $639 $646 
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 Months12 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 obligations1,141 (22)3 — 1,144 (22)
Corporate obligations5,266 (120)367 (2)5,633 (122)
U.S. agency mortgage-backed securities2,552 (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 obligations1,273 (9)456 (3)1,729 (12)
U.S. agency mortgage-backed securities601 (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)
The Company’s unrealized losses from debt securities as of March 31, 2021 were generated from approximately 8,000 positions out of a total of 37,000 positions. The Company believes that it will collect the timely principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities that impacted our assessment on collectability of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers noting no significant credit deterioration since purchase. As of March 31, 2021, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities at March 31, 2021 and December 31, 2020 was not material.