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v3.25.2

Investments (Tables) | 6 Months Ended
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Jun. 30, 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
June 30, 2025 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 4,189 |  |  | $ | 3 |  |  | $ | (186) |  |  | $ | 4,006 |
State and municipal obligations |  | 7,234 |  |  | 7 |  |  | (375) |  |  | 6,866 |
Corporate obligations |  | 24,044 |  |  | 106 |  |  | (735) |  |  | 23,415 |
U.S. agency mortgage-backed securities |  | 10,341 |  |  | 8 |  |  | (783) |  |  | 9,566 |
Non-U.S. agency mortgage-backed securities |  | 2,875 |  |  | 7 |  |  | (127) |  |  | 2,755 |
Total debt securities - available-for-sale |  | 48,683 |  |  | 131 |  |  | (2,206) |  |  | 46,608 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 448 |  |  | 1 |  |  | (1) |  |  | 448 |
State and municipal obligations |  | 26 |  |  | — |  |  | (3) |  |  | 23 |
Corporate obligations |  | 19 |  |  | — |  |  | — |  |  | 19 |
Total debt securities - held-to-maturity |  | 493 |  |  | 1 |  |  | (4) |  |  | 490 |
Total debt securities |  | $ | 49,176 |  |  | $ | 132 |  |  | $ | (2,210) |  |  | $ | 47,098 |
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 June 30, 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 |  | $ | 3,530 |  |  | $ | 3,506 |  |  | $ | 319 |  |  | $ | 319 |
Due after one year through five years |  | 14,415 |  |  | 14,106 |  |  | 152 |  |  | 152 |
Due after five years through ten years |  | 11,983 |  |  | 11,485 |  |  | 5 |  |  | 5 |
Due after ten years |  | 5,539 |  |  | 5,190 |  |  | 17 |  |  | 14 |
U.S. agency mortgage-backed securities |  | 10,341 |  |  | 9,566 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 2,875 |  |  | 2,755 |  |  | — |  |  | — |
Total debt securities |  | $ | 48,683 |  |  | $ | 46,608 |  |  | $ | 493 |  |  | $ | 490 |
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, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 1,377 |  |  | $ | (21) |  |  | $ | 1,833 |  |  | $ | (165) |  |  | $ | 3,210 |  |  | $ | (186) |
State and municipal obligations |  | 2,116 |  |  | (93) |  |  | 4,037 |  |  | (282) |  |  | 6,153 |  |  | (375) |
Corporate obligations |  | 4,988 |  |  | (80) |  |  | 10,214 |  |  | (655) |  |  | 15,202 |  |  | (735) |
U.S. agency mortgage-backed securities |  | 3,914 |  |  | (110) |  |  | 4,561 |  |  | (673) |  |  | 8,475 |  |  | (783) |
Non-U.S. agency mortgage-backed securities |  | 300 |  |  | (2) |  |  | 1,636 |  |  | (125) |  |  | 1,936 |  |  | (127) |
Total debt securities - available-for-sale |  | $ | 12,695 |  |  | $ | (306) |  |  | $ | 22,281 |  |  | $ | (1,900) |  |  | $ | 34,976 |  |  | $ | (2,206) |
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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