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Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon observable or unobservable inputs used to estimate fair value. Level inputs are as follows: 
Level Input:Input Definition:
Level IInputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
Level IIInputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.
Level IIIUnobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.

The following table summarizes fair value measurements by level at December 31, 2022, for assets and liabilities measured at fair value on a recurring basis ($ in millions):
 Level ILevel IILevel IIITotal
Assets    
Cash and cash equivalents$12,074 $— $— $12,074 
Investments:    
U.S. Treasury securities and obligations of U.S. government corporations and agencies$366 $5 $— $371 
Corporate securities— 9,328 — 9,328 
Municipal securities— 3,165 — 3,165 
Short-term time deposits— 204 — 204 
Asset-backed securities— 1,326 — 1,326 
Residential mortgage-backed securities— 1,046 — 1,046 
Commercial mortgage-backed securities— 862 — 862 
Equity securities3 2 — 5 
Total investments$369 $15,938 $— $16,307 
Restricted deposits:    
Cash and cash equivalents$256 $— $— $256 
U.S. Treasury securities and obligations of U.S. government corporations and agencies308 — — 308 
Corporate securities— 33 — 33 
Certificates of deposit— 4 — 4 
Municipal securities— 616 — 616 
Total restricted deposits$564 $653 $— $1,217 
Total assets at fair value$13,007 $16,591 $— $29,598 
The following table summarizes fair value measurements by level at December 31, 2021, for assets and liabilities measured at fair value on a recurring basis ($ in millions):
 Level ILevel IILevel IIITotal
Assets    
Cash and cash equivalents$13,118 $— $— $13,118 
Investments:
U.S. Treasury securities and obligations of U.S. government corporations and agencies$171 $— $— $171 
Corporate securities— 8,170 — 8,170 
Municipal securities— 2,999 — 2,999 
Short-term time deposits— 109 — 109 
Asset-backed securities— 1,308 — 1,308 
Residential mortgage-backed securities— 853 — 853 
Commercial mortgage-backed securities— 873 — 873 
Equity securities324 2 — 326 
Total investments$495 $14,314 $— $14,809 
Restricted deposits:    
Cash and cash equivalents$96 $— $— $96 
U.S. Treasury securities and obligations of U.S. government corporations and agencies469 — — 469 
Corporate securities— 30 — 30 
Certificates of deposit— 4 — 4 
Municipal securities— 469 — 469 
Total restricted deposits$565 $503 $— $1,068 
Other long-term assets:
Foreign currency swap agreement$— $15 $— $15 
Total assets at fair value$14,178 $14,832 $— $29,010 
 
The Company utilizes matrix pricing services to estimate fair value for securities which are not actively traded on the measurement date. The Company designates these securities as Level II fair value measurements. In addition, the aggregate carrying amount of the Company's private equity investments and life insurance contracts, which approximates fair value, was $698 million and $773 million as of December 31, 2022, and December 31, 2021, respectively.