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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
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, 2024, for assets and liabilities measured at fair value on a recurring basis ($ in millions):
 Level ILevel IILevel IIITotal
Assets    
Cash and cash equivalents$14,063 $— $— $14,063 
Investments:    
U.S. Treasury securities and obligations of U.S. government corporations and agencies$58 $— $— $58 
Corporate securities— 10,505 — 10,505 
Municipal securities— 3,272 — 3,272 
Short-term time deposits— 425 — 425 
Asset-backed securities— 1,812 — 1,812 
Residential mortgage-backed securities— 1,679 — 1,679 
Commercial mortgage-backed securities— 1,239 — 1,239 
Equity securities13 1 — 14 
Total investments$71 $18,933 $— $19,004 
Restricted deposits:    
Cash and cash equivalents$93 $— $— $93 
U.S. Treasury securities and obligations of U.S. government corporations and agencies533 — 533 
Corporate securities— 2 — 2 
Certificates of deposit— 4 — 4 
Municipal securities— 758 — 758 
Total restricted deposits$626 $764 $— $1,390 
Total assets at fair value$14,760 $19,697 $— $34,457 
The following table summarizes fair value measurements by level at December 31, 2023, for assets and liabilities measured at fair value on a recurring basis ($ in millions):
 Level ILevel IILevel IIITotal
Assets    
Cash and cash equivalents$17,193 $— $— $17,193 
Investments:
U.S. Treasury securities and obligations of U.S. government corporations and agencies$62 $— $— $62 
Corporate securities— 9,564 — 9,564 
Municipal securities— 3,232 — 3,232 
Short-term time deposits— 746 — 746 
Asset-backed securities— 1,638 — 1,638 
Residential mortgage-backed securities— 1,407 — 1,407 
Commercial mortgage-backed securities— 1,072 — 1,072 
Equity securities15 2 — 17 
Total investments$77 $17,661 $— $17,738 
Restricted deposits:    
Cash and cash equivalents$259 $— $— $259 
U.S. Treasury securities and obligations of U.S. government corporations and agencies333 — — 333 
Corporate securities— 37 — 37 
Certificates of deposit— 4 — 4 
Municipal securities— 753 — 753 
Total restricted deposits$592 $794 $— $1,386 
Total assets at fair value$17,862 $18,455 $— $36,317 
Liabilities
Accounts payable and accrued expenses:
Foreign currency swap agreement$— $13 $— $13 
Total liabilities at fair value$— $13 $— $13 
 
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 $1,047 million and $1,007 million as of December 31, 2024 and December 31, 2023, respectively.