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v3.25.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
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
March 31, 2025 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 4,276 |  |  | $ | 1 |  |  | $ | (212) |  |  | $ | 4,065 |
State and municipal obligations |  | 7,110 |  |  | 4 |  |  | (367) |  |  | 6,747 |
Corporate obligations |  | 24,097 |  |  | 65 |  |  | (924) |  |  | 23,238 |
U.S. agency mortgage-backed securities |  | 10,410 |  |  | 5 |  |  | (812) |  |  | 9,603 |
Non-U.S. agency mortgage-backed securities |  | 2,939 |  |  | 3 |  |  | (148) |  |  | 2,794 |
Total debt securities - available-for-sale |  | 48,832 |  |  | 78 |  |  | (2,463) |  |  | 46,447 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 447 |  |  | 1 |  |  | (1) |  |  | 447 |
State and municipal obligations |  | 27 |  |  | — |  |  | (3) |  |  | 24 |
Corporate obligations |  | 18 |  |  | — |  |  | — |  |  | 18 |
Total debt securities - held-to-maturity |  | 492 |  |  | 1 |  |  | (4) |  |  | 489 |
Total debt securities |  | $ | 49,324 |  |  | $ | 79 |  |  | $ | (2,467) |  |  | $ | 46,936 |
December 31, 2024 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 4,600 |  |  | $ | 1 |  |  | $ | (274) |  |  | $ | 4,327 |
State and municipal obligations |  | 7,357 |  |  | 2 |  |  | (375) |  |  | 6,984 |
Corporate obligations |  | 24,391 |  |  | 56 |  |  | (1,140) |  |  | 23,307 |
U.S. agency mortgage-backed securities |  | 10,577 |  |  | 1 |  |  | (994) |  |  | 9,584 |
Non-U.S. agency mortgage-backed securities |  | 2,890 |  |  | 2 |  |  | (175) |  |  | 2,717 |
Total debt securities - available-for-sale |  | 49,815 |  |  | 62 |  |  | (2,958) |  |  | 46,919 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 444 |  |  | — |  |  | (2) |  |  | 442 |
State and municipal obligations |  | 28 |  |  | — |  |  | (2) |  |  | 26 |
Corporate obligations |  | 40 |  |  | — |  |  | — |  |  | 40 |
Total debt securities - held-to-maturity |  | 512 |  |  | — |  |  | (4) |  |  | 508 |
Total debt securities |  | $ | 50,327 |  |  | $ | 62 |  |  | $ | (2,962) |  |  | $ | 47,427 |
Investments by Contractual Maturity [Table Text Block] | The amortized cost and fair value of debt securities as of March 31, 2025, 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 |  | $ | 3,693 |  |  | $ | 3,670 |  |  | $ | 341 |  |  | $ | 341 |
Due after one year through five years |  | 14,251 |  |  | 13,885 |  |  | 120 |  |  | 121 |
Due after five years through ten years |  | 12,248 |  |  | 11,536 |  |  | 14 |  |  | 13 |
Due after ten years |  | 5,291 |  |  | 4,959 |  |  | 17 |  |  | 14 |
U.S. agency mortgage-backed securities |  | 10,410 |  |  | 9,603 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 2,939 |  |  | 2,794 |  |  | — |  |  | — |
Total debt securities |  | $ | 48,832 |  |  | $ | 46,447 |  |  | $ | 492 |  |  | $ | 489 |
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
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 1,540 |  |  | $ | (28) |  |  | $ | 1,944 |  |  | $ | (184) |  |  | $ | 3,484 |  |  | $ | (212) |
State and municipal obligations |  | 2,111 |  |  | (67) |  |  | 4,150 |  |  | (300) |  |  | 6,261 |  |  | (367) |
Corporate obligations |  | 6,855 |  |  | (146) |  |  | 10,705 |  |  | (778) |  |  | 17,560 |  |  | (924) |
U.S. agency mortgage-backed securities |  | 4,032 |  |  | (114) |  |  | 4,660 |  |  | (698) |  |  | 8,692 |  |  | (812) |
Non-U.S. agency mortgage-backed securities |  | 557 |  |  | (4) |  |  | 1,745 |  |  | (144) |  |  | 2,302 |  |  | (148) |
Total debt securities - available-for-sale |  | $ | 15,095 |  |  | $ | (359) |  |  | $ | 23,204 |  |  | $ | (2,104) |  |  | $ | 38,299 |  |  | $ | (2,463) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 1,475 |  |  | $ | (51) |  |  | $ | 2,152 |  |  | $ | (223) |  |  | $ | 3,627 |  |  | $ | (274) |
State and municipal obligations |  | 2,593 |  |  | (58) |  |  | 4,085 |  |  | (317) |  |  | 6,678 |  |  | (375) |
Corporate obligations |  | 7,402 |  |  | (213) |  |  | 11,449 |  |  | (927) |  |  | 18,851 |  |  | (1,140) |
U.S. agency mortgage-backed securities |  | 4,791 |  |  | (191) |  |  | 4,674 |  |  | (803) |  |  | 9,465 |  |  | (994) |
Non-U.S. agency mortgage-backed securities |  | 416 |  |  | (5) |  |  | 1,863 |  |  | (170) |  |  | 2,279 |  |  | (175) |
Total debt securities - available-for-sale |  | $ | 16,677 |  |  | $ | (518) |  |  | $ | 24,223 |  |  | $ | (2,440) |  |  | $ | 40,900 |  |  | $ | (2,958) |

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