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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 4,760 |  |  | $ | 5 |  |  | $ | (236) |  |  | $ | 4,529 |
State and municipal obligations |  | 8,055 |  |  | 65 |  |  | (365) |  |  | 7,755 |
Corporate obligations |  | 24,149 |  |  | 59 |  |  | (1,525) |  |  | 22,683 |
U.S. agency mortgage-backed securities |  | 8,213 |  |  | 35 |  |  | (708) |  |  | 7,540 |
Non-U.S. agency mortgage-backed securities |  | 3,156 |  |  | 1 |  |  | (283) |  |  | 2,874 |
Total debt securities - available-for-sale |  | 48,333 |  |  | 165 |  |  | (3,117) |  |  | 45,381 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 594 |  |  | — |  |  | (10) |  |  | 584 |
State and municipal obligations |  | 28 |  |  | — |  |  | (3) |  |  | 25 |
Corporate obligations |  | 60 |  |  | — |  |  | — |  |  | 60 |
Total debt securities - held-to-maturity |  | 682 |  |  | — |  |  | (13) |  |  | 669 |
Total debt securities |  | $ | 49,015 |  |  | $ | 165 |  |  | $ | (3,130) |  |  | $ | 46,050 |
December 31, 2022 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 4,093 |  |  | $ | 1 |  |  | $ | (285) |  |  | $ | 3,809 |
State and municipal obligations |  | 7,702 |  |  | 25 |  |  | (479) |  |  | 7,248 |
Corporate obligations |  | 23,675 |  |  | 17 |  |  | (1,798) |  |  | 21,894 |
U.S. agency mortgage-backed securities |  | 7,379 |  |  | 15 |  |  | (808) |  |  | 6,586 |
Non-U.S. agency mortgage-backed securities |  | 3,077 |  |  | 1 |  |  | (294) |  |  | 2,784 |
Total debt securities - available-for-sale |  | 45,926 |  |  | 59 |  |  | (3,664) |  |  | 42,321 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 578 |  |  | — |  |  | (14) |  |  | 564 |
State and municipal obligations |  | 29 |  |  | — |  |  | (3) |  |  | 26 |
Corporate obligations |  | 89 |  |  | — |  |  | — |  |  | 89 |
Total debt securities - held-to-maturity |  | 696 |  |  | — |  |  | (17) |  |  | 679 |
Total debt securities |  | $ | 46,622 |  |  | $ | 59 |  |  | $ | (3,681) |  |  | $ | 43,000 |
Investments by Contractual Maturity [Table Text Block] | The amortized cost and fair value of debt securities as of March 31, 2023, 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 |  | $ | 4,722 |  |  | $ | 4,691 |  |  | $ | 377 |  |  | $ | 376 |
Due after one year through five years |  | 14,356 |  |  | 13,708 |  |  | 261 |  |  | 254 |
Due after five years through ten years |  | 12,240 |  |  | 11,217 |  |  | 24 |  |  | 22 |
Due after ten years |  | 5,646 |  |  | 5,351 |  |  | 20 |  |  | 17 |
U.S. agency mortgage-backed securities |  | 8,213 |  |  | 7,540 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 3,156 |  |  | 2,874 |  |  | — |  |  | — |
Total debt securities |  | $ | 48,333 |  |  | $ | 45,381 |  |  | $ | 682 |  |  | $ | 669 |
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, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 1,279 |  |  | $ | (12) |  |  | $ | 1,825 |  |  | $ | (224) |  |  | $ | 3,104 |  |  | $ | (236) |
State and municipal obligations |  | 1,898 |  |  | (30) |  |  | 3,110 |  |  | (335) |  |  | 5,008 |  |  | (365) |
Corporate obligations |  | 6,337 |  |  | (178) |  |  | 12,443 |  |  | (1,347) |  |  | 18,780 |  |  | (1,525) |
U.S. agency mortgage-backed securities |  | 1,589 |  |  | (55) |  |  | 4,274 |  |  | (653) |  |  | 5,863 |  |  | (708) |
Non-U.S. agency mortgage-backed securities |  | 783 |  |  | (26) |  |  | 1,989 |  |  | (257) |  |  | 2,772 |  |  | (283) |
Total debt securities - available-for-sale |  | $ | 11,886 |  |  | $ | (301) |  |  | $ | 23,641 |  |  | $ | (2,816) |  |  | $ | 35,527 |  |  | $ | (3,117) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 2,007 |  |  | $ | (96) |  |  | $ | 1,290 |  |  | $ | (189) |  |  | $ | 3,297 |  |  | $ | (285) |
State and municipal obligations |  | 4,630 |  |  | (288) |  |  | 1,178 |  |  | (191) |  |  | 5,808 |  |  | (479) |
Corporate obligations |  | 13,003 |  |  | (893) |  |  | 6,637 |  |  | (905) |  |  | 19,640 |  |  | (1,798) |
U.S. agency mortgage-backed securities |  | 3,561 |  |  | (345) |  |  | 2,239 |  |  | (463) |  |  | 5,800 |  |  | (808) |
Non-U.S. agency mortgage-backed securities |  | 1,698 |  |  | (128) |  |  | 976 |  |  | (166) |  |  | 2,674 |  |  | (294) |
Total debt securities - available-for-sale |  | $ | 24,899 |  |  | $ | (1,750) |  |  | $ | 12,320 |  |  | $ | (1,914) |  |  | $ | 37,219 |  |  | $ | (3,664) |

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