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Investments (Notes)
 3 Months Ended
Mar. 31, 2022
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, 2022
Debt securities - available-for-sale:
U.S. government and agency obligations$3,507 $4 $(140)$3,371 
State and municipal obligations7,022 57 (224)6,855 
Corporate obligations21,669 55 (811)20,913 
U.S. agency mortgage-backed securities6,210 7 (316)5,901 
Non-U.S. agency mortgage-backed securities2,913 2 (112)2,803 
Total debt securities - available-for-sale41,321 125 (1,603)39,843 
Debt securities - held-to-maturity:
U.S. government and agency obligations510 1 (9)502 
State and municipal obligations29 — — 29 
Corporate obligations87 — — 87 
Total debt securities - held-to-maturity626 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 obligations6,829 297 (20)7,106 
Corporate obligations20,947 372 (145)21,174 
U.S. agency mortgage-backed securities5,868 88 (55)5,901 
Non-U.S. agency mortgage-backed securities2,819 42 (23)2,838 
Total debt securities - available-for-sale39,669 822 (274)40,217 
Debt securities - held-to-maturity:
U.S. government and agency obligations511 2 (2)511 
State and municipal obligations30 2 — 32 
Corporate obligations100 — — 100 
Total debt securities - held-to-maturity641 4 (2)643 
Total debt securities$40,310 $826 $(276)$40,860 
The Company held $3.5 billion of equity securities as of both March 31, 2022 and December 31, 2021. The Company’s investments in equity securities primarily consist of employee savings plan related investments, other venture 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, as of both March 31, 2022 and December 31, 2021. The allowance for credit losses on held-to-maturity securities at March 31, 2022 and December 31, 2021 was not material.
The amortized cost and fair value of debt securities as of March 31, 2022, 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$2,987 $2,986 $217 $217 
Due after one year through five years12,900 12,608 355 347 
Due after five years through ten years12,055 11,461 29 29 
Due after ten years4,256 4,084 25 25 
U.S. agency mortgage-backed securities6,210 5,901 — — 
Non-U.S. agency mortgage-backed securities2,913 2,803 — — 
Total debt securities$41,321 $39,843 $626 $618 
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, 2022
Debt securities - available-for-sale:
U.S. government and agency obligations
$2,485 $(96)$451 $(44)$2,936 $(140)
State and municipal obligations3,568 (204)218 (20)3,786 (224)
Corporate obligations14,237 (603)2,049 (208)16,286 (811)
U.S. agency mortgage-backed securities4,192 (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 obligations1,386 (19)31 (1)$1,417 $(20)
Corporate obligations9,357 (130)376 (15)$9,733 $(145)
U.S. agency mortgage-backed securities3,078 (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)
The Company’s unrealized losses from debt securities as of March 31, 2022 were generated from approximately 27,000 positions out of a total of 39,000 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 caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities that impacted the Company’s 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, 2022, 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, 2022 and December 31, 2021 was not material.