XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.25.3

Investments (Tables) | 9 Months Ended
--- | ---
Sep. 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
September 30, 2025 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,893 |  |  | $ | 2 |  |  | $ | (167) |  |  | $ | 3,728 |
State and municipal obligations |  | 6,747 |  |  | 20 |  |  | (273) |  |  | 6,494 |
Corporate obligations |  | 24,731 |  |  | 156 |  |  | (578) |  |  | 24,309 |
U.S. agency mortgage-backed securities |  | 10,258 |  |  | 25 |  |  | (651) |  |  | 9,632 |
Non-U.S. agency mortgage-backed securities |  | 2,757 |  |  | 11 |  |  | (109) |  |  | 2,659 |
Total debt securities - available-for-sale |  | 48,386 |  |  | 214 |  |  | (1,778) |  |  | 46,822 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 459 |  |  | 1 |  |  | (1) |  |  | 459 |
State and municipal obligations |  | 26 |  |  | — |  |  | (2) |  |  | 24 |
Corporate obligations |  | 3 |  |  | — |  |  | — |  |  | 3 |
Total debt securities - held-to-maturity |  | 488 |  |  | 1 |  |  | (3) |  |  | 486 |
Total debt securities |  | $ | 48,874 |  |  | $ | 215 |  |  | $ | (1,781) |  |  | $ | 47,308 |
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 September 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 |  | $ | 3,485 |  |  | $ | 3,466 |  |  | $ | 264 |  |  | $ | 264 |
Due after one year through five years |  | 13,603 |  |  | 13,360 |  |  | 202 |  |  | 202 |
Due after five years through ten years |  | 11,582 |  |  | 11,243 |  |  | 5 |  |  | 5 |
Due after ten years |  | 6,701 |  |  | 6,462 |  |  | 17 |  |  | 15 |
U.S. agency mortgage-backed securities |  | 10,258 |  |  | 9,632 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 2,757 |  |  | 2,659 |  |  | — |  |  | — |
Total debt securities |  | $ | 48,386 |  |  | $ | 46,822 |  |  | $ | 488 |  |  | $ | 486 |
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, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 525 |  |  | $ | (5) |  |  | $ | 2,561 |  |  | $ | (162) |  |  | $ | 3,086 |  |  | $ | (167) |
State and municipal obligations |  | 1,346 |  |  | (47) |  |  | 3,825 |  |  | (226) |  |  | 5,171 |  |  | (273) |
Corporate obligations |  | 1,610 |  |  | (16) |  |  | 11,293 |  |  | (562) |  |  | 12,903 |  |  | (578) |
U.S. agency mortgage-backed securities |  | 1,044 |  |  | (11) |  |  | 6,434 |  |  | (640) |  |  | 7,478 |  |  | (651) |
Non-U.S. agency mortgage-backed securities |  | 188 |  |  | — |  |  | 1,471 |  |  | (109) |  |  | 1,659 |  |  | (109) |
Total debt securities - available-for-sale |  | $ | 4,713 |  |  | $ | (79) |  |  | $ | 25,584 |  |  | $ | (1,699) |  |  | $ | 30,297 |  |  | $ | (1,778) |
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) |

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