Investments (Tables)

3 Months Ended

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)