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v3.23.2

Investments (Tables) | 6 Months Ended
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Jun. 30, 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
June 30, 2023 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 4,990 |  |  | $ | — |  |  | $ | (283) |  |  | $ | 4,707 |
State and municipal obligations |  | 7,334 |  |  | 10 |  |  | (427) |  |  | 6,917 |
Corporate obligations |  | 23,582 |  |  | 11 |  |  | (1,643) |  |  | 21,950 |
U.S. agency mortgage-backed securities |  | 8,504 |  |  | 5 |  |  | (799) |  |  | 7,710 |
Non-U.S. agency mortgage-backed securities |  | 3,148 |  |  | — |  |  | (304) |  |  | 2,844 |
Total debt securities - available-for-sale |  | 47,558 |  |  | 26 |  |  | (3,456) |  |  | 44,128 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 466 |  |  | — |  |  | (11) |  |  | 455 |
State and municipal obligations |  | 28 |  |  | — |  |  | (3) |  |  | 25 |
Corporate obligations |  | 246 |  |  | — |  |  | — |  |  | 246 |
Total debt securities - held-to-maturity |  | 740 |  |  | — |  |  | (14) |  |  | 726 |
Total debt securities |  | $ | 48,298 |  |  | $ | 26 |  |  | $ | (3,470) |  |  | $ | 44,854 |
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 June 30, 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 |  | $ | 4,646 |  |  | $ | 4,613 |  |  | $ | 466 |  |  | $ | 461 |
Due after one year through five years |  | 14,748 |  |  | 13,935 |  |  | 225 |  |  | 219 |
Due after five years through ten years |  | 11,332 |  |  | 10,206 |  |  | 31 |  |  | 30 |
Due after ten years |  | 5,180 |  |  | 4,820 |  |  | 18 |  |  | 16 |
U.S. agency mortgage-backed securities |  | 8,504 |  |  | 7,710 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 3,148 |  |  | 2,844 |  |  | — |  |  | — |
Total debt securities |  | $ | 47,558 |  |  | $ | 44,128 |  |  | $ | 740 |  |  | $ | 726 |
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, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 2,300 |  |  | $ | (28) |  |  | $ | 1,902 |  |  | $ | (255) |  |  | $ | 4,202 |  |  | $ | (283) |
State and municipal obligations |  | 2,769 |  |  | (46) |  |  | 3,324 |  |  | (381) |  |  | 6,093 |  |  | (427) |
Corporate obligations |  | 6,346 |  |  | (122) |  |  | 13,974 |  |  | (1,521) |  |  | 20,320 |  |  | (1,643) |
U.S. agency mortgage-backed securities |  | 3,111 |  |  | (79) |  |  | 4,314 |  |  | (720) |  |  | 7,425 |  |  | (799) |
Non-U.S. agency mortgage-backed securities |  | 577 |  |  | (15) |  |  | 2,239 |  |  | (289) |  |  | 2,816 |  |  | (304) |
Total debt securities - available-for-sale |  | $ | 15,103 |  |  | $ | (290) |  |  | $ | 25,753 |  |  | $ | (3,166) |  |  | $ | 40,856 |  |  | $ | (3,456) |
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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