Investments (Tables)

9 Months Ended

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)