XML 31 R21.htm IDEA: XBRL DOCUMENT
v3.24.3

Investments (Tables) | 9 Months Ended
--- | ---
Sep. 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
September 30, 2024 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 5,005 |  |  | $ | 5 |  |  | $ | (182) |  |  | $ | 4,828 |
State and municipal obligations |  | 7,301 |  |  | 23 |  |  | (256) |  |  | 7,068 |
Corporate obligations |  | 23,752 |  |  | 82 |  |  | (781) |  |  | 23,053 |
U.S. agency mortgage-backed securities |  | 9,209 |  |  | 21 |  |  | (600) |  |  | 8,630 |
Non-U.S. agency mortgage-backed securities |  | 2,832 |  |  | 6 |  |  | (154) |  |  | 2,684 |
Total debt securities - available-for-sale |  | 48,099 |  |  | 137 |  |  | (1,973) |  |  | 46,263 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 414 |  |  | 1 |  |  | (2) |  |  | 413 |
State and municipal obligations |  | 28 |  |  | — |  |  | (2) |  |  | 26 |
Corporate obligations |  | 22 |  |  | — |  |  | — |  |  | 22 |
Total debt securities - held-to-maturity |  | 464 |  |  | 1 |  |  | (4) |  |  | 461 |
Total debt securities |  | $ | 48,563 |  |  | $ | 138 |  |  | $ | (1,977) |  |  | $ | 46,724 |
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 September 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 |  | $ | 4,881 |  |  | $ | 4,861 |  |  | $ | 320 |  |  | $ | 319 |
Due after one year through five years |  | 15,152 |  |  | 14,810 |  |  | 113 |  |  | 114 |
Due after five years through ten years |  | 10,993 |  |  | 10,432 |  |  | 14 |  |  | 13 |
Due after ten years |  | 5,032 |  |  | 4,846 |  |  | 17 |  |  | 15 |
U.S. agency mortgage-backed securities |  | 9,209 |  |  | 8,630 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 2,832 |  |  | 2,684 |  |  | — |  |  | — |
Total debt securities |  | $ | 48,099 |  |  | $ | 46,263 |  |  | $ | 464 |  |  | $ | 461 |
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, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 894 |  |  | $ | (7) |  |  | $ | 2,448 |  |  | $ | (175) |  |  | $ | 3,342 |  |  | $ | (182) |
State and municipal obligations |  | 726 |  |  | (6) |  |  | 4,278 |  |  | (250) |  |  | 5,004 |  |  | (256) |
Corporate obligations |  | 3,499 |  |  | (18) |  |  | 12,174 |  |  | (763) |  |  | 15,673 |  |  | (781) |
U.S. agency mortgage-backed securities |  | 2,140 |  |  | (20) |  |  | 5,018 |  |  | (580) |  |  | 7,158 |  |  | (600) |
Non-U.S. agency mortgage-backed securities |  | 138 |  |  | (1) |  |  | 1,990 |  |  | (153) |  |  | 2,128 |  |  | (154) |
Total debt securities - available-for-sale |  | $ | 7,397 |  |  | $ | (52) |  |  | $ | 25,908 |  |  | $ | (1,921) |  |  | $ | 33,305 |  |  | $ | (1,973) |
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) |

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration