Investments (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,526	$	88	$	(17)	$	3,597
State and municipal obligations	7,044		386		(7)		7,423
Corporate obligations	21,116		628		(57)		21,687
U.S. agency mortgage-backed securities	6,596		167		(30)		6,733
Non-U.S. agency mortgage-backed securities	2,623		72		(10)		2,685
Total debt securities - available-for-sale	40,905		1,341		(121)		42,125
Debt securities - held-to-maturity:
U.S. government and agency obligations	412		4		—		416
State and municipal obligations	30		2		—		32
Corporate obligations	148		—		(1)		147
Total debt securities - held-to-maturity	590		6		(1)		595
Total debt securities	$	41,495	$	1,347	$	(122)	$	42,720
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 June 30, 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	$	2,808	$	2,822	$	309	$	310
Due after one year through five years	13,088		13,460		231		233
Due after five years through ten years	11,550		12,000		28		29
Due after ten years	4,240		4,425		22		23
U.S. agency mortgage-backed securities	6,596		6,733		—		—
Non-U.S. agency mortgage-backed securities	2,623		2,685		—		—
Total debt securities	$	40,905	$	42,125	$	590	$	595

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
June 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,201	$	(17)	$	—	$	—	$	1,201	$	(17)
State and municipal obligations	777		(7)		—		—		777		(7)
Corporate obligations	4,679		(56)		229		(1)		4,908		(57)
U.S. agency mortgage-backed securities	2,668		(30)		—		—		2,668		(30)
Non-U.S. agency mortgage-backed securities	713		(8)		42		(2)		755		(10)
Total debt securities - available-for-sale	$	10,038	$	(118)	$	271	$	(3)	$	10,309	$	(121)
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)