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Investments (Notes)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments [Text Block] Investments
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 obligations6,747 20 (273)6,494 
Corporate obligations24,731 156 (578)24,309 
U.S. agency mortgage-backed securities10,258 25 (651)9,632 
Non-U.S. agency mortgage-backed securities2,757 11 (109)2,659 
Total debt securities - available-for-sale48,386 214 (1,778)46,822 
Debt securities - held-to-maturity:
U.S. government and agency obligations459 1 (1)459 
State and municipal obligations26 — (2)24 
Corporate obligations3 — — 3 
Total debt securities - held-to-maturity488 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 obligations7,357 2 (375)6,984 
Corporate obligations24,391 56 (1,140)23,307 
U.S. agency mortgage-backed securities10,577 1 (994)9,584 
Non-U.S. agency mortgage-backed securities2,890 2 (175)2,717 
Total debt securities - available-for-sale49,815 62 (2,958)46,919 
Debt securities - held-to-maturity:
U.S. government and agency obligations444 — (2)442 
State and municipal obligations28 — (2)26 
Corporate obligations40 — — 40 
Total debt securities - held-to-maturity512 — (4)508 
Total debt securities$50,327 $62 $(2,962)$47,427 
The Company held $5.6 billion and $4.9 billion of equity securities as of September 30, 2025 and December 31, 2024, respectively. The Company’s investments in equity securities primarily consist of venture investments and employee savings plan related investments. Additionally, the Company’s investments included $3.5 billion and $3.8 billion of equity method investments primarily in operating businesses in the health care sector as of September 30, 2025 and December 31, 2024, respectively. The allowance for credit losses on held-to-maturity securities at September 30, 2025 and December 31, 2024 was not material.
The amortized cost and fair value of debt securities as of September 30, 2025, by contractual maturity, were as follows:
Available-for-SaleHeld-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 years13,603 13,360 202 202 
Due after five years through ten years11,582 11,243 5 5 
Due after ten years6,701 6,462 17 15 
U.S. agency mortgage-backed securities10,258 9,632 — — 
Non-U.S. agency mortgage-backed securities2,757 2,659 — — 
Total debt securities$48,386 $46,822 $488 $486 
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 Months12 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 obligations1,346 (47)3,825 (226)5,171 (273)
Corporate obligations1,610 (16)11,293 (562)12,903 (578)
U.S. agency mortgage-backed securities1,044 (11)6,434 (640)7,478 (651)
Non-U.S. agency mortgage-backed securities188 — 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 obligations2,593 (58)4,085 (317)6,678 (375)
Corporate obligations7,402 (213)11,449 (927)18,851 (1,140)
U.S. agency mortgage-backed securities4,791 (191)4,674 (803)9,465 (994)
Non-U.S. agency mortgage-backed securities416 (5)1,863 (170)2,279 (175)
Total debt securities - available-for-sale$16,677 $(518)$24,223 $(2,440)$40,900 $(2,958)
The Company’s unrealized losses from debt securities as of September 30, 2025 were generated from approximately 25,000 positions out of a total of 41,000 positions. The Company believes that it will timely collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities which impacted the Company’s assessment on collectability of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers, noting no significant credit deterioration since purchase. As of September 30, 2025, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities at September 30, 2025 and December 31, 2024 was not material.