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v3.22.2

Investments (Tables) | 6 Months Ended
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Jun. 30, 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
June 30, 2022 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,808 |  |  | $ | 1 |  |  | $ | (209) |  |  | $ | 3,600 |
State and municipal obligations |  | 7,725 |  |  | 25 |  |  | (381) |  |  | 7,369 |
Corporate obligations |  | 22,080 |  |  | 5 |  |  | (1,515) |  |  | 20,570 |
U.S. agency mortgage-backed securities |  | 6,275 |  |  | 2 |  |  | (537) |  |  | 5,740 |
Non-U.S. agency mortgage-backed securities |  | 2,926 |  |  | — |  |  | (201) |  |  | 2,725 |
Total debt securities - available-for-sale |  | 42,814 |  |  | 33 |  |  | (2,843) |  |  | 40,004 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 544 |  |  | — |  |  | (11) |  |  | 533 |
State and municipal obligations |  | 29 |  |  | — |  |  | (2) |  |  | 27 |
Corporate obligations |  | 141 |  |  | — |  |  | — |  |  | 141 |
Total debt securities - held-to-maturity |  | 714 |  |  | — |  |  | (13) |  |  | 701 |
Total debt securities |  | $ | 43,528 |  |  | $ | 33 |  |  | $ | (2,856) |  |  | $ | 40,705 |
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 June 30, 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 |  | $ | 3,439 |  |  | $ | 3,422 |  |  | $ | 385 |  |  | $ | 381 |
Due after one year through five years |  | 13,237 |  |  | 12,672 |  |  | 295 |  |  | 288 |
Due after five years through ten years |  | 12,332 |  |  | 11,213 |  |  | 14 |  |  | 13 |
Due after ten years |  | 4,605 |  |  | 4,232 |  |  | 20 |  |  | 19 |
U.S. agency mortgage-backed securities |  | 6,275 |  |  | 5,740 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 2,926 |  |  | 2,725 |  |  | — |  |  | — |
Total debt securities |  | $ | 42,814 |  |  | $ | 40,004 |  |  | $ | 714 |  |  | $ | 701 |
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
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 2,921 |  |  | $ | (152) |  |  | $ | 474 |  |  | $ | (57) |  |  | $ | 3,395 |  |  | $ | (209) |
State and municipal obligations |  | 4,807 |  |  | (355) |  |  | 209 |  |  | (26) |  |  | 5,016 |  |  | (381) |
Corporate obligations |  | 16,894 |  |  | (1,200) |  |  | 2,261 |  |  | (315) |  |  | 19,155 |  |  | (1,515) |
U.S. agency mortgage-backed securities |  | 4,323 |  |  | (356) |  |  | 1,201 |  |  | (181) |  |  | 5,524 |  |  | (537) |
Non-U.S. agency mortgage-backed securities |  | 2,354 |  |  | (151) |  |  | 354 |  |  | (50) |  |  | 2,708 |  |  | (201) |
Total debt securities - available-for-sale |  | $ | 31,299 |  |  | $ | (2,214) |  |  | $ | 4,499 |  |  | $ | (629) |  |  | $ | 35,798 |  |  | $ | (2,843) |
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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