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

12 Months Ended

Dec. 31, 2025

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, 2025								December 31, 2024
	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	$	533	$	3	$	(1)	$	535	$	593	$	2	$	(4)	$	591
Corporate securities	10,642		166		(146)		10,662		10,820		47		(360)		10,507
Restricted certificates of deposit	1		—		—		1		4		—		—		4
Restricted cash equivalents	69		—		—		69		93		—		—		93
Short-term time deposits	205		—		—		205		425		—		—		425
Municipal securities	3,790		37		(69)		3,758		4,174		7		(151)		4,030
Asset-backed securities	1,656		20		(10)		1,666		1,820		13		(21)		1,812
Residential mortgage-backed securities	1,763		21		(70)		1,714		1,807		1		(129)		1,679
Commercial mortgage-backed securities	1,156		9		(29)		1,136		1,298		3		(62)		1,239
Equity securities	1		—		—		1		14		—		—		14
Private equity investments	915		—		—		915		851		—		—		851
Life insurance contracts	217		—		—		217		196		—		—		196
Total	$	20,948	$	256	$	(325)	$	20,879	$	22,095	$	73	$	(727)	$	21,441

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, 2025								December 31, 2024
	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	$	—	$	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

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, 2025								December 31, 2024
	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	$	2,201	$	2,190	$	464	$	464	$	2,383	$	2,365	$	477	$	475
One year through five years	7,266		7,219		574		566		7,799		7,563		610		593
Five years through ten years	4,198		4,252		334		339		4,343		4,172		301		291
Greater than ten years	160		157		43		43		165		160		31		31
Asset-backed securities	4,575		4,516		—		—		4,925		4,730		—		—
Total	$	18,400	$	18,334	$	1,415	$	1,412	$	19,615	$	18,990	$	1,419	$	1,390