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v3.22.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2022 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,507 |  |  | $ | 4 |  |  | $ | (140) |  |  | $ | 3,371 |
State and municipal obligations |  | 7,022 |  |  | 57 |  |  | (224) |  |  | 6,855 |
Corporate obligations |  | 21,669 |  |  | 55 |  |  | (811) |  |  | 20,913 |
U.S. agency mortgage-backed securities |  | 6,210 |  |  | 7 |  |  | (316) |  |  | 5,901 |
Non-U.S. agency mortgage-backed securities |  | 2,913 |  |  | 2 |  |  | (112) |  |  | 2,803 |
Total debt securities - available-for-sale |  | 41,321 |  |  | 125 |  |  | (1,603) |  |  | 39,843 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 510 |  |  | 1 |  |  | (9) |  |  | 502 |
State and municipal obligations |  | 29 |  |  | — |  |  | — |  |  | 29 |
Corporate obligations |  | 87 |  |  | — |  |  | — |  |  | 87 |
Total debt securities - held-to-maturity |  | 626 |  |  | 1 |  |  | (9) |  |  | 618 |
Total debt securities |  | $ | 41,947 |  |  | $ | 126 |  |  | $ | (1,612) |  |  | $ | 40,461 |
December 31, 2021 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,206 |  |  | $ | 23 |  |  | $ | (31) |  |  | $ | 3,198 |
State and municipal obligations |  | 6,829 |  |  | 297 |  |  | (20) |  |  | 7,106 |
Corporate obligations |  | 20,947 |  |  | 372 |  |  | (145) |  |  | 21,174 |
U.S. agency mortgage-backed securities |  | 5,868 |  |  | 88 |  |  | (55) |  |  | 5,901 |
Non-U.S. agency mortgage-backed securities |  | 2,819 |  |  | 42 |  |  | (23) |  |  | 2,838 |
Total debt securities - available-for-sale |  | 39,669 |  |  | 822 |  |  | (274) |  |  | 40,217 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 511 |  |  | 2 |  |  | (2) |  |  | 511 |
State and municipal obligations |  | 30 |  |  | 2 |  |  | — |  |  | 32 |
Corporate obligations |  | 100 |  |  | — |  |  | — |  |  | 100 |
Total debt securities - held-to-maturity |  | 641 |  |  | 4 |  |  | (2) |  |  | 643 |
Total debt securities |  | $ | 40,310 |  |  | $ | 826 |  |  | $ | (276) |  |  | $ | 40,860 |
Investments by Contractual Maturity [Table Text Block] | The amortized cost and fair value of debt securities as of March 31, 2022, 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 |  | $ | 2,987 |  |  | $ | 2,986 |  |  | $ | 217 |  |  | $ | 217 |
Due after one year through five years |  | 12,900 |  |  | 12,608 |  |  | 355 |  |  | 347 |
Due after five years through ten years |  | 12,055 |  |  | 11,461 |  |  | 29 |  |  | 29 |
Due after ten years |  | 4,256 |  |  | 4,084 |  |  | 25 |  |  | 25 |
U.S. agency mortgage-backed securities |  | 6,210 |  |  | 5,901 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 2,913 |  |  | 2,803 |  |  | — |  |  | — |
Total debt securities |  | $ | 41,321 |  |  | $ | 39,843 |  |  | $ | 626 |  |  | $ | 618 |
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
March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 2,485 |  |  | $ | (96) |  |  | $ | 451 |  |  | $ | (44) |  |  | $ | 2,936 |  |  | $ | (140) |
State and municipal obligations |  | 3,568 |  |  | (204) |  |  | 218 |  |  | (20) |  |  | 3,786 |  |  | (224) |
Corporate obligations |  | 14,237 |  |  | (603) |  |  | 2,049 |  |  | (208) |  |  | 16,286 |  |  | (811) |
U.S. agency mortgage-backed securities |  | 4,192 |  |  | (201) |  |  | 1,225 |  |  | (115) |  |  | 5,417 |  |  | (316) |
Non-U.S. agency mortgage-backed securities |  | 2,097 |  |  | (78) |  |  | 348 |  |  | (34) |  |  | 2,445 |  |  | (112) |
Total debt securities - available-for-sale |  | $ | 26,579 |  |  | $ | (1,182) |  |  | $ | 4,291 |  |  | $ | (421) |  |  | $ | 30,870 |  |  | $ | (1,603) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 1,976 |  |  | $ | (18) |  |  | $ | 249 |  |  | $ | (13) |  |  | $ | 2,225 |  |  | $ | (31) |
State and municipal obligations |  | 1,386 |  |  | (19) |  |  | 31 |  |  | (1) |  |  | $ | 1,417 |  |  | $ | (20) |
Corporate obligations |  | 9,357 |  |  | (130) |  |  | 376 |  |  | (15) |  |  | $ | 9,733 |  |  | $ | (145) |
U.S. agency mortgage-backed securities |  | 3,078 |  |  | (52) |  |  | 116 |  |  | (3) |  |  | $ | 3,194 |  |  | $ | (55) |
Non-U.S. agency mortgage-backed securities |  | 1,321 |  |  | (18) |  |  | 114 |  |  | (5) |  |  | $ | 1,435 |  |  | $ | (23) |
Total debt securities - available-for-sale |  | $ | 17,118 |  |  | $ | (237) |  |  | $ | 886 |  |  | $ | (37) |  |  | $ | 18,004 |  |  | $ | (274) |

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