Short-term and Long-term Investments, Restricted Deposits (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-term and Long-term Investments and Restricted Deposits by Investment Type

Short-term and long-term investments and restricted deposits by investment type consist of the following ($ in millions):


	December 31, 2024								December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	593	$	2	$	(4)	$	591	$	403	$	—	$	(8)	$	395
Corporate securities	10,820		47		(360)		10,507		9,984		78		(461)		9,601
Restricted certificates of deposit	4		—		—		4		4		—		—		4
Restricted cash equivalents	93		—		—		93		259		—		—		259
Short-term time deposits	425		—		—		425		746		—		—		746
Municipal securities	4,174		7		(151)		4,030		4,135		21		(171)		3,985
Asset-backed securities	1,820		13		(21)		1,812		1,665		8		(35)		1,638
Residential mortgage-backed securities	1,807		1		(129)		1,679		1,503		7		(103)		1,407
Commercial mortgage-backed securities	1,298		3		(62)		1,239		1,149		5		(82)		1,072
Equity securities	14		—		—		14		17		—		—		17
Private equity investments	851		—		—		851		833		—		—		833
Life insurance contracts	196		—		—		196		174		—		—		174
Total	$	22,095	$	73	$	(727)	$	21,441	$	20,872	$	119	$	(860)	$	20,131

Schedule of Fair Value of Available-for-sale Debt Securities with Gross Unrealized Losses by Investment Type in a Continuous Unrealized Loss Position

The fair value of available-for-sale debt securities with gross unrealized losses by investment type and length of time that individual securities have been in a continuous unrealized loss position were as follows ($ in millions):


	December 31, 2024								December 31, 2023
	Less Than 12 Months				12 Months or More				Less Than 12 Months				12 Months or More
	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	(1)	$	60	$	(3)	$	144	$	—	$	79	$	(8)	$	232
Corporate securities	(41)		2,621		(319)		4,782		(6)		658		(455)		6,260
Municipal securities	(16)		1,217		(135)		2,073		(4)		553		(167)		2,237
Asset-backed securities	(4)		301		(17)		331		(2)		197		(33)		855
Residential mortgage-backed securities	(18)		786		(111)		738		(2)		153		(101)		814
Commercial mortgage-backed securities	(4)		210		(58)		666		(2)		114		(80)		754
Short-term time deposits	—		—		—		—		—		31		—		—
Total	$	(84)	$	5,195	$	(643)	$	8,734	$	(16)	$	1,785	$	(844)	$	11,152

Schedule of Contractual Maturities of Short-term and Long-term Investments and Restricted Deposits

The contractual maturities of short-term and long-term debt securities and restricted deposits are as follows ($ in millions):


	December 31, 2024								December 31, 2023
	Investments				Restricted Deposits				Investments				Restricted Deposits
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	2,383	$	2,365	$	477	$	475	$	2,308	$	2,284	$	566	$	564
One year through five years	7,799		7,563		610		593		7,738		7,431		527		504
Five years through ten years	4,343		4,172		301		291		3,905		3,735		298		283
Greater than ten years	165		160		31		31		155		154		34		35
Asset-backed securities	4,925		4,730		—		—		4,317		4,117		—		—
Total	$	19,615	$	18,990	$	1,419	$	1,390	$	18,423	$	17,721	$	1,425	$	1,386