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

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026								December 31, 2025
	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	$	532	$	1	$	(1)	$	532	$	533	$	3	$	(1)	$	535
Corporate securities	10,676		89		(173)		10,592		10,642		166		(146)		10,662
Restricted certificates of deposit	1		—		—		1		1		—		—		1
Restricted cash equivalents	89		—		—		89		69		—		—		69
Short-term time deposits	68		—		—		68		205		—		—		205
Municipal securities	3,736		25		(72)		3,689		3,790		37		(69)		3,758
Asset-backed securities	1,612		13		(13)		1,612		1,656		20		(10)		1,666
Residential mortgage-backed securities	1,764		14		(75)		1,703		1,763		21		(70)		1,714
Commercial mortgage-backed securities	1,140		6		(31)		1,115		1,156		9		(29)		1,136
Equity securities	1		—		—		1		1		—		—		1
Private equity investments	896		—		—		896		915		—		—		915
Life insurance contracts	210		—		—		210		217		—		—		217
Total	$	20,725	$	148	$	(365)	$	20,508	$	20,948	$	256	$	(325)	$	20,879

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):


	March 31, 2026								December 31, 2025
	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)	$	203	$	—	$	28	$	—	$	88	$	(1)	$	43
Corporate securities	(20)		2,130		(153)		2,933		(2)		464		(144)		3,226
Municipal securities	(4)		582		(68)		1,431		(1)		241		(68)		1,550
Asset-backed securities	(3)		307		(10)		159		(2)		114		(8)		180
Residential mortgage-backed securities	(3)		267		(72)		618		—		120		(70)		687
Commercial mortgage-backed securities	(2)		235		(29)		457		—		156		(29)		480

Total	$	(33)	$	3,724	$	(332)	$	5,626	$	(5)	$	1,183	$	(320)	$	6,166

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):


	March 31, 2026								December 31, 2025
	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	$	2,231	$	2,217	$	466	$	465	$	2,201	$	2,190	$	464	$	464
One year through five years	7,211		7,109		611		600		7,266		7,219		574		566
Five years through ten years	4,058		4,057		348		349		4,198		4,252		334		339
Greater than ten years	159		156		18		18		160		157		43		43
Asset-backed securities	4,516		4,430		—		—		4,575		4,516		—		—
Total	$	18,175	$	17,969	$	1,443	$	1,432	$	18,400	$	18,334	$	1,415	$	1,412