Investments (Tables)

9 Months Ended

Sep. 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
September 30, 2022
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,752	$	—	$	(299)	$	3,453
State and municipal obligations	7,380		2		(621)		6,761
Corporate obligations	22,533		1		(2,057)		20,477
U.S. agency mortgage-backed securities	6,868		1		(875)		5,994
Non-U.S. agency mortgage-backed securities	3,164		—		(295)		2,869
Total debt securities - available-for-sale	43,697		4		(4,147)		39,554
Debt securities - held-to-maturity:
U.S. government and agency obligations	538		—		(16)		522
State and municipal obligations	29		—		(4)		25
Corporate obligations	74		—		—		74
Total debt securities - held-to-maturity	641		—		(20)		621
Total debt securities	$	44,338	$	4	$	(4,167)	$	40,175
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 September 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	$	3,840	$	3,809	$	330	$	326
Due after one year through five years	12,565		11,755		257		246
Due after five years through ten years	12,172		10,608		34		32
Due after ten years	5,088		4,519		20		17
U.S. agency mortgage-backed securities	6,868		5,994		—		—
Non-U.S. agency mortgage-backed securities	3,164		2,869		—		—
Total debt securities	$	43,697	$	39,554	$	641	$	621

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
September 30, 2022
Debt securities - available-for-sale:
U.S. government and agency obligations	$	2,484	$	(170)	$	866	$	(129)	$	3,350	$	(299)
State and municipal obligations	5,811		(470)		833		(151)		6,644		(621)
Corporate obligations	15,374		(1,292)		4,364		(765)		19,738		(2,057)
U.S. agency mortgage-backed securities	4,201		(517)		1,609		(358)		5,810		(875)
Non-U.S. agency mortgage-backed securities	2,182		(172)		670		(123)		2,852		(295)
Total debt securities - available-for-sale	$	30,052	$	(2,621)	$	8,342	$	(1,526)	$	38,394	$	(4,147)
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)