Investments (Tables)

6 Months Ended

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)