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v3.21.2

Investments (Tables) | 9 Months Ended
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Sep. 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
September 30, 2021 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,625 |  |  | $ | 70 |  |  | $ | (23) |  |  | $ | 3,672 |
State and municipal obligations |  | 7,093 |  |  | 341 |  |  | (15) |  |  | 7,419 |
Corporate obligations |  | 21,987 |  |  | 547 |  |  | (84) |  |  | 22,450 |
U.S. agency mortgage-backed securities |  | 6,281 |  |  | 156 |  |  | (34) |  |  | 6,403 |
Non-U.S. agency mortgage-backed securities |  | 2,763 |  |  | 63 |  |  | (13) |  |  | 2,813 |
Total debt securities - available-for-sale |  | 41,749 |  |  | 1,177 |  |  | (169) |  |  | 42,757 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 506 |  |  | 3 |  |  | (1) |  |  | 508 |
State and municipal obligations |  | 30 |  |  | 2 |  |  | — |  |  | 32 |
Corporate obligations |  | 80 |  |  | — |  |  | — |  |  | 80 |
Total debt securities - held-to-maturity |  | 616 |  |  | 5 |  |  | (1) |  |  | 620 |
Total debt securities |  | $ | 42,365 |  |  | $ | 1,182 |  |  | $ | (170) |  |  | $ | 43,377 |
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 September 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 |  | $ | 2,871 |  |  | $ | 2,886 |  |  | $ | 234 |  |  | $ | 235 |
Due after one year through five years |  | 13,492 |  |  | 13,826 |  |  | 333 |  |  | 334 |
Due after five years through ten years |  | 12,062 |  |  | 12,406 |  |  | 26 |  |  | 27 |
Due after ten years |  | 4,280 |  |  | 4,423 |  |  | 23 |  |  | 24 |
U.S. agency mortgage-backed securities |  | 6,281 |  |  | 6,403 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 2,763 |  |  | 2,813 |  |  | — |  |  | — |
Total debt securities |  | $ | 41,749 |  |  | $ | 42,757 |  |  | $ | 616 |  |  | $ | 620 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 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, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 1,499 |  |  | $ | (16) |  |  | $ | 117 |  |  | $ | (7) |  |  | $ | 1,616 |  |  | $ | (23) |
State and municipal obligations |  | 1,226 |  |  | (15) |  |  | — |  |  | — |  |  | 1,226 |  |  | (15) |
Corporate obligations |  | 6,471 |  |  | (75) |  |  | 326 |  |  | (9) |  |  | 6,797 |  |  | (84) |
U.S. agency mortgage-backed securities |  | 2,537 |  |  | (34) |  |  | — |  |  | — |  |  | 2,537 |  |  | (34) |
Non-U.S. agency mortgage-backed securities |  | 830 |  |  | (9) |  |  | 92 |  |  | (4) |  |  | 922 |  |  | (13) |
Total debt securities - available-for-sale |  | $ | 12,563 |  |  | $ | (149) |  |  | $ | 535 |  |  | $ | (20) |  |  | $ | 13,098 |  |  | $ | (169) |
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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