Investments (Tables)

6 Months Ended

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)