Investments (Tables)

3 Months Ended

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)