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Short-term and Long-term Investments, Restricted Deposits
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Short-term and Long-term Investments, Restricted Deposits Short-term and Long-term Investments, Restricted Deposits
Short-term and long-term investments and restricted deposits by investment type consist of the following ($ in millions):
 December 31, 2025December 31, 2024
 Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair ValueAmortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities and obligations of
U.S. government corporations and agencies
$533 $3 $(1)$535 $593 $2 $(4)$591 
Corporate securities10,642 166 (146)10,662 10,820 47 (360)10,507 
Restricted certificates of deposit1 — — 1 4 — — 4 
Restricted cash equivalents69 — — 69 93 — — 93 
Short-term time deposits205 — — 205 425 — — 425 
Municipal securities3,790 37 (69)3,758 4,174 7 (151)4,030 
Asset-backed securities1,656 20 (10)1,666 1,820 13 (21)1,812 
Residential mortgage-backed securities1,763 21 (70)1,714 1,807 1 (129)1,679 
Commercial mortgage-backed securities1,156 9 (29)1,136 1,298 3 (62)1,239 
Equity securities1 — — 1 14 — — 14 
Private equity investments915 — — 915 851 — — 851 
Life insurance contracts217 — — 217 196 — — 196 
Total$20,948 $256 $(325)$20,879 $22,095 $73 $(727)$21,441 

The Company's investments are debt securities classified as available-for-sale with the exception of equity securities, certain private equity investments and life insurance contracts. Private equity investments include direct investments in private equity securities as well as private equity funds. In December 2024, the Company impaired a private equity investment for $50 million. The Company's investment policies are designed to provide liquidity, preserve capital and maximize total return on invested assets with a focus on high credit quality securities. The Company limits the size of investment in any single issuer other than U.S. treasury securities and obligations of U.S. government corporations and agencies. As of December 31, 2025, 99% of the Company's investments in rated securities carry an investment grade rating by nationally recognized statistical rating organizations. At December 31, 2025, the Company held certificates of deposit, equity securities, private equity investments and life insurance contracts, which did not carry a credit rating. Accrued interest income on available-for-sale debt securities was $180 million and $178 million at December 31, 2025 and 2024, respectively, and is included in other current assets in the Consolidated Balance Sheets.

The Company's residential mortgage-backed securities are primarily issued by the Federal National Mortgage Association, Government National Mortgage Association or Federal Home Loan Mortgage Corporation, which carry implicit or explicit guarantees of the U.S. government. The Company's commercial mortgage-backed securities are primarily senior tranches with a weighted average rating of AA+ and a weighted average duration of 3 years at December 31, 2025.
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, 2025December 31, 2024
 Less Than 12 Months12 Months or MoreLess Than 12 Months12 Months or More
 Unrealized LossesFair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized LossesFair Value
U.S. Treasury securities and obligations of
U.S. government corporations and agencies
$— $88 $(1)$43 $(1)$60 $(3)$144 
Corporate securities(2)464 (144)3,226 (41)2,621 (319)4,782 
Municipal securities(1)241 (68)1,550 (16)1,217 (135)2,073 
Asset-backed securities(2)114 (8)180 (4)301 (17)331 
Residential mortgage-backed securities— 120 (70)687 (18)786 (111)738 
Commercial mortgage-backed securities— 156 (29)480 (4)210 (58)666 
Total$(5)$1,183 $(320)$6,166 $(84)$5,195 $(643)$8,734 

As of December 31, 2025, the gross unrealized losses were generated from 3,236 positions out of a total of 6,176 positions. The change in fair value of available-for-sale debt securities is primarily a result of movement in interest rates subsequent to the purchase of the security.

For each security in an unrealized loss position, the Company assesses whether it intends to sell the security or if it is more likely than not the Company will be required to sell the security before recovery of the amortized cost basis for reasons such as liquidity, contractual or regulatory purposes. If the security meets this criterion, the decline in fair value is recorded in earnings. The Company does not intend to sell these securities prior to maturity and it is not likely that the Company will be required to sell these securities prior to maturity; therefore, the Company did not record an impairment for these securities.

In addition, the Company monitors available-for-sale debt securities for credit losses. Certain investments have experienced a decline in fair value due to changes in credit quality, market interest rates and/or general economic conditions. The Company recognizes an allowance when evidence demonstrates that the decline in fair value is credit related. Evidence of a credit-related loss may include rating agency actions, adverse conditions specifically related to the security or failure of the issuer of the security to make scheduled payments.

The contractual maturities of short-term and long-term debt securities and restricted deposits are as follows ($ in millions):
 December 31, 2025December 31, 2024
 InvestmentsRestricted DepositsInvestmentsRestricted Deposits
 Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
One year or less$2,201 $2,190 $464 $464 $2,383 $2,365 $477 $475 
One year through five years7,266 7,219 574 566 7,799 7,563 610 593 
Five years through ten years4,198 4,252 334 339 4,343 4,172 301 291 
Greater than ten years160 157 43 43 165 160 31 31 
Asset-backed securities4,575 4,516 — — 4,925 4,730 — — 
Total$18,400 $18,334 $1,415 $1,412 $19,615 $18,990 $1,419 $1,390 
 
Actual maturities may differ from contractual maturities due to call or prepayment options. Equity securities, private equity investments and life insurance contracts are excluded from the table above because they do not have a contractual maturity. The Company has an option to redeem substantially all of the securities included in the greater than ten years category listed above at amortized cost.