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v3.26.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2026
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, 2026 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 3,605 |  |  | $ | — |  |  | $ | (168) |  |  | $ | 3,437 |
State and municipal obligations |  | 6,027 |  |  | 14 |  |  | (262) |  |  | 5,779 |
Corporate obligations |  | 28,157 |  |  | 80 |  |  | (699) |  |  | 27,538 |
U.S. agency mortgage-backed securities |  | 10,901 |  |  | 17 |  |  | (643) |  |  | 10,275 |
Non-U.S. agency mortgage-backed securities |  | 3,177 |  |  | 5 |  |  | (105) |  |  | 3,077 |
Total debt securities - available-for-sale |  | 51,867 |  |  | 116 |  |  | (1,877) |  |  | 50,106 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 445 |  |  | 1 |  |  | (1) |  |  | 445 |
State and municipal obligations |  | 26 |  |  | — |  |  | (3) |  |  | 23 |
Corporate obligations |  | 3 |  |  | — |  |  | — |  |  | 3 |
Total debt securities - held-to-maturity |  | 474 |  |  | 1 |  |  | (4) |  |  | 471 |
Total debt securities |  | $ | 52,341 |  |  | $ | 117 |  |  | $ | (1,881) |  |  | $ | 50,577 |
December 31, 2025 |  |  |  |  |  |  |  |
Debt securities - available-for-sale: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 4,086 |  |  | $ | 2 |  |  | $ | (156) |  |  | $ | 3,932 |
State and municipal obligations |  | 6,533 |  |  | 24 |  |  | (232) |  |  | 6,325 |
Corporate obligations |  | 25,927 |  |  | 159 |  |  | (540) |  |  | 25,546 |
U.S. agency mortgage-backed securities |  | 10,284 |  |  | 33 |  |  | (598) |  |  | 9,719 |
Non-U.S. agency mortgage-backed securities |  | 2,748 |  |  | 11 |  |  | (99) |  |  | 2,660 |
Total debt securities - available-for-sale |  | 49,578 |  |  | 229 |  |  | (1,625) |  |  | 48,182 |
Debt securities - held-to-maturity: |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | 461 |  |  | 2 |  |  | (1) |  |  | 462 |
State and municipal obligations |  | 26 |  |  | — |  |  | (2) |  |  | 24 |
Corporate obligations |  | 3 |  |  | — |  |  | — |  |  | 3 |
Total debt securities - held-to-maturity |  | 490 |  |  | 2 |  |  | (3) |  |  | 489 |
Total debt securities |  | $ | 50,068 |  |  | $ | 231 |  |  | $ | (1,628) |  |  | $ | 48,671 |
Investments by Contractual Maturity [Table Text Block] | The amortized cost and fair value of debt securities as of March 31, 2026, 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 |  | $ | 3,334 |  |  | $ | 3,316 |  |  | $ | 267 |  |  | $ | 268 |
Due after one year through five years |  | 14,106 |  |  | 13,770 |  |  | 186 |  |  | 185 |
Due after five years through ten years |  | 12,664 |  |  | 12,254 |  |  | 4 |  |  | 4 |
Due after ten years |  | 7,685 |  |  | 7,414 |  |  | 17 |  |  | 14 |
U.S. agency mortgage-backed securities |  | 10,901 |  |  | 10,275 |  |  | — |  |  | — |
Non-U.S. agency mortgage-backed securities |  | 3,177 |  |  | 3,077 |  |  | — |  |  | — |
Total debt securities |  | $ | 51,867 |  |  | $ | 50,106 |  |  | $ | 474 |  |  | $ | 471 |
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, 2026 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 1,076 |  |  | $ | (10) |  |  | 1,959 |  |  | $ | (158) |  |  | $ | 3,035 |  |  | $ | (168) |
State and municipal obligations |  | 1,402 |  |  | (27) |  |  | 3,418 |  |  | (235) |  |  | 4,820 |  |  | (262) |
Corporate obligations |  | 11,495 |  |  | (130) |  |  | 9,010 |  |  | (569) |  |  | 20,505 |  |  | (699) |
U.S. agency mortgage-backed securities |  | 3,295 |  |  | (44) |  |  | 5,195 |  |  | (599) |  |  | 8,490 |  |  | (643) |
Non-U.S. agency mortgage-backed securities |  | 1,007 |  |  | (6) |  |  | 1,286 |  |  | (99) |  |  | 2,293 |  |  | (105) |
Total debt securities - available-for-sale |  | $ | 18,275 |  |  | $ | (217) |  |  | $ | 20,868 |  |  | $ | (1,660) |  |  | $ | 39,143 |  |  | $ | (1,877) |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 500 |  |  | $ | (4) |  |  | $ | 2,339 |  |  | $ | (152) |  |  | $ | 2,839 |  |  | $ | (156) |
State and municipal obligations |  | 523 |  |  | (8) |  |  | 4,342 |  |  | (224) |  |  | 4,865 |  |  | (232) |
Corporate obligations |  | 2,661 |  |  | (16) |  |  | 10,399 |  |  | (524) |  |  | 13,060 |  |  | (540) |
U.S. agency mortgage-backed securities |  | 346 |  |  | (1) |  |  | 6,665 |  |  | (597) |  |  | 7,011 |  |  | (598) |
Non-U.S. agency mortgage-backed securities |  | 184 |  |  | (1) |  |  | 1,355 |  |  | (98) |  |  | 1,539 |  |  | (99) |
Total debt securities - available-for-sale |  | $ | 4,214 |  |  | $ | (30) |  |  | $ | 25,100 |  |  | $ | (1,595) |  |  | $ | 29,314 |  |  | $ | (1,625) |

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