Investments (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	5,007	$	—	$	(264)	$	4,743
State and municipal obligations	7,299		4		(397)		6,906
Corporate obligations	23,193		14		(1,222)		21,985
U.S. agency mortgage-backed securities	9,320		3		(899)		8,424
Non-U.S. agency mortgage-backed securities	2,894		—		(218)		2,676
Total debt securities - available-for-sale	47,713		21		(3,000)		44,734
Debt securities - held-to-maturity:
U.S. government and agency obligations	413		—		(4)		409
State and municipal obligations	28		—		(3)		25
Corporate obligations	124		—		—		124
Total debt securities - held-to-maturity	565		—		(7)		558
Total debt securities	$	48,278	$	21	$	(3,007)	$	45,292
December 31, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations	$	4,674	$	3	$	(234)	$	4,443
State and municipal obligations	7,636		39		(322)		7,353
Corporate obligations	23,136		67		(1,186)		22,017
U.S. agency mortgage-backed securities	8,982		22		(708)		8,296
Non-U.S. agency mortgage-backed securities	3,023		3		(240)		2,786
Total debt securities - available-for-sale	47,451		134		(2,690)		44,895
Debt securities - held-to-maturity:
U.S. government and agency obligations	506		1		(6)		501
State and municipal obligations	28		—		(2)		26
Corporate obligations	69		—		—		69
Total debt securities - held-to-maturity	603		1		(8)		596
Total debt securities	$	48,054	$	135	$	(2,698)	$	45,491

Investments by Contractual Maturity [Table Text Block]

The amortized cost and fair value of debt securities as of June 30, 2024, 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	$	5,172	$	5,137	$	363	$	362
Due after one year through five years	14,656		14,021		171		168
Due after five years through ten years	10,930		10,044		14		13
Due after ten years	4,741		4,432		17		15
U.S. agency mortgage-backed securities	9,320		8,424		—		—
Non-U.S. agency mortgage-backed securities	2,894		2,676		—		—
Total debt securities	$	47,713	$	44,734	$	565	$	558

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, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,187	$	(9)	$	2,773	$	(255)	$	3,960	$	(264)
State and municipal obligations	1,942		(30)		4,584		(367)		6,526		(397)
Corporate obligations	5,334		(49)		13,570		(1,173)		18,904		(1,222)
U.S. agency mortgage-backed securities	2,511		(45)		5,757		(854)		8,268		(899)
Non-U.S. agency mortgage-backed securities	403		(4)		2,157		(214)		2,560		(218)
Total debt securities - available-for-sale	$	11,377	$	(137)	$	28,841	$	(2,863)	$	40,218	$	(3,000)
December 31, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,270	$	(7)	$	2,077	$	(227)	$	3,347	$	(234)
State and municipal obligations	907		(7)		4,063		(315)		4,970		(322)
Corporate obligations	1,826		(17)		14,696		(1,169)		16,522		(1,186)
U.S. agency mortgage-backed securities	1,337		(12)		5,069		(696)		6,406		(708)
Non-U.S. agency mortgage-backed securities	279		(6)		2,202		(234)		2,481		(240)
Total debt securities - available-for-sale	$	5,619	$	(49)	$	28,107	$	(2,641)	$	33,726	$	(2,690)