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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2026
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 I |  | Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
Level II |  | Inputs 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 III |  | Unobservable 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 March 31, 2026, for assets and liabilities measured at fair value on a recurring basis ($ in millions):
| Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 21,264 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,264 |
Investments: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 53 |  |  | $ | — |  |  | $ | — |  |  | $ | 53 |
Corporate securities | — |  |  | 10,558 |  |  | — |  |  | 10,558 |
Municipal securities | — |  |  | 2,860 |  |  | — |  |  | 2,860 |
Short-term time deposits | — |  |  | 68 |  |  | — |  |  | 68 |
Asset-backed securities | — |  |  | 1,612 |  |  | — |  |  | 1,612 |
Residential mortgage-backed securities | — |  |  | 1,703 |  |  | — |  |  | 1,703 |
Commercial mortgage-backed securities | — |  |  | 1,115 |  |  | — |  |  | 1,115 |
Equity securities | — |  |  | 1 |  |  | — |  |  | 1 |
Total investments | $ | 53 |  |  | $ | 17,917 |  |  | $ | — |  |  | $ | 17,970 |
Restricted deposits: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 89 |  |  | $ | — |  |  | $ | — |  |  | $ | 89 |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 479 |  |  | — |  |  | — |  |  | 479 |
Corporate securities | — |  |  | 34 |  |  | — |  |  | 34 |
Certificates of deposit | — |  |  | 1 |  |  | — |  |  | 1 |
Municipal securities | — |  |  | 829 |  |  | — |  |  | 829 |
Total restricted deposits | $ | 568 |  |  | $ | 864 |  |  | $ | — |  |  | $ | 1,432 |
Total assets at fair value | $ | 21,885 |  |  | $ | 18,781 |  |  | $ | — |  |  | $ | 40,666 |
The following table summarizes fair value measurements by level at December 31, 2025, for assets and liabilities measured at fair value on a recurring basis ($ in millions):
| Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 17,888 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,888 |
Investments: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 55 |  |  | $ | — |  |  | $ | — |  |  | $ | 55 |
Corporate securities | — |  |  | 10,652 |  |  | — |  |  | 10,652 |
Municipal securities | — |  |  | 2,906 |  |  | — |  |  | 2,906 |
Short-term time deposits | — |  |  | 205 |  |  | — |  |  | 205 |
Asset-backed securities | — |  |  | 1,666 |  |  | — |  |  | 1,666 |
Residential mortgage-backed securities | — |  |  | 1,714 |  |  | — |  |  | 1,714 |
Commercial mortgage-backed securities | — |  |  | 1,136 |  |  | — |  |  | 1,136 |
Equity securities | — |  |  | 1 |  |  | — |  |  | 1 |
Total investments | $ | 55 |  |  | $ | 18,280 |  |  | $ | — |  |  | $ | 18,335 |
Restricted deposits: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 69 |  |  | $ | — |  |  | $ | — |  |  | $ | 69 |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 480 |  |  | — |  |  | — |  |  | 480 |
Corporate securities | — |  |  | 10 |  |  | — |  |  | 10 |
Certificates of deposit | — |  |  | 1 |  |  | — |  |  | 1 |
Municipal securities | — |  |  | 852 |  |  | — |  |  | 852 |
Total restricted deposits | $ | 549 |  |  | $ | 863 |  |  | $ | — |  |  | $ | 1,412 |
Total assets at fair value | $ | 18,492 |  |  | $ | 19,143 |  |  | $ | — |  |  | $ | 37,635 |
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 $1,106 million and $1,132 million as of March 31, 2026 and December 31, 2025, respectively.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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