Investments (Tables)

9 Months Ended

Sep. 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
September 30, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations	$	5,739	$	—	$	(340)	$	5,399
State and municipal obligations	7,695		1		(643)		7,053
Corporate obligations	23,511		5		(1,857)		21,659
U.S. agency mortgage-backed securities	8,632		—		(1,158)		7,474
Non-U.S. agency mortgage-backed securities	3,091		—		(324)		2,767
Total debt securities - available-for-sale	48,668		6		(4,322)		44,352
Debt securities - held-to-maturity:
U.S. government and agency obligations	466		—		(10)		456
State and municipal obligations	28		—		(5)		23
Corporate obligations	188		—		—		188
Total debt securities - held-to-maturity	682		—		(15)		667
Total debt securities	$	49,350	$	6	$	(4,337)	$	45,019
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 September 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	$	5,372	$	5,340	$	375	$	372
Due after one year through five years	15,098		14,183		262		255
Due after five years through ten years	11,256		9,898		25		24
Due after ten years	5,219		4,690		20		16
U.S. agency mortgage-backed securities	8,632		7,474		—		—
Non-U.S. agency mortgage-backed securities	3,091		2,767		—		—
Total debt securities	$	48,668	$	44,352	$	682	$	667

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, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations	$	2,023	$	(34)	$	2,081	$	(306)	$	4,104	$	(340)
State and municipal obligations	2,872		(124)		4,042		(519)		6,914		(643)
Corporate obligations	5,563		(149)		14,821		(1,708)		20,384		(1,857)
U.S. agency mortgage-backed securities	2,562		(140)		4,867		(1,018)		7,429		(1,158)
Non-U.S. agency mortgage-backed securities	480		(21)		2,249		(303)		2,729		(324)
Total debt securities - available-for-sale	$	13,500	$	(468)	$	28,060	$	(3,854)	$	41,560	$	(4,322)
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)