Investments (Tables)

3 Months Ended

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)