XML 19 R9.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Fair Value (Notes)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value [Text Block] Fair Value
Certain assets and liabilities are measured at fair value in the Condensed Consolidated Financial Statements or have fair values disclosed in the Notes to the Condensed Consolidated Financial Statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP.
For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 4 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2023 10-K.
The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
(in millions)Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Fair and Carrying
Value
March 31, 2024
Cash and cash equivalents$28,367 $47 $— $28,414 
Debt securities - available-for-sale:
U.S. government and agency obligations4,275 194 — 4,469 
State and municipal obligations— 6,878 — 6,878 
Corporate obligations28 21,324 199 21,551 
U.S. agency mortgage-backed securities— 8,552 — 8,552 
Non-U.S. agency mortgage-backed securities— 2,682 — 2,682 
Total debt securities - available-for-sale4,303 39,630 199 44,132 
Equity securities1,640 16 69 1,725 
Assets under management 1,636 1,876 107 3,619 
Total assets at fair value$35,946 $41,569 $375 $77,890 
Percentage of total assets at fair value46 %53 %1 %100 %
December 31, 2023
Cash and cash equivalents$25,345 $82 $— $25,427 
Debt securities - available-for-sale:
U.S. government and agency obligations4,167 276 — 4,443 
State and municipal obligations— 7,353 — 7,353 
Corporate obligations15 21,800 202 22,017 
U.S. agency mortgage-backed securities— 8,296 — 8,296 
Non-U.S. agency mortgage-backed securities— 2,786 — 2,786 
Total debt securities - available-for-sale4,182 40,511 202 44,895 
Equity securities2,468 16 69 2,553 
Assets under management 1,505 2,140 110 3,755 
Total assets at fair value$33,500 $42,749 $381 $76,630 
Percentage of total assets at fair value44 %55 %1 %100 %
There were no transfers in or out of Level 3 financial assets or liabilities during the three months ended March 31, 2024 or 2023.
The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
(in millions)Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Fair
Value		Total Carrying Value
March 31, 2024
Debt securities - held-to-maturity$522 $67 $— $589 $597 
Long-term debt and other financing obligations$— $63,489 $— $63,489 $66,299 
December 31, 2023
Debt securities - held-to-maturity$524 $72 $— $596 $603 
Long-term debt and other financing obligations$— $59,851 $— $59,851 $61,449 
Nonfinancial assets and liabilities or financial assets and liabilities that are measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment. There were no significant fair value adjustments for these assets and liabilities recorded during the three months ended March 31, 2024 or 2023.