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)