Investments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Short-Term and Long-Term Investments [Table Text Block] |
A summary of debt securities by major security type is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair
Value | | June 30, 2025 | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | | U.S. government and agency obligations | | $ | 4,189 | | | $ | 3 | | | $ | (186) | | | $ | 4,006 | | | State and municipal obligations | | 7,234 | | | 7 | | | (375) | | | 6,866 | | | Corporate obligations | | 24,044 | | | 106 | | | (735) | | | 23,415 | | | U.S. agency mortgage-backed securities | | 10,341 | | | 8 | | | (783) | | | 9,566 | | | Non-U.S. agency mortgage-backed securities | | 2,875 | | | 7 | | | (127) | | | 2,755 | | | Total debt securities - available-for-sale | | 48,683 | | | 131 | | | (2,206) | | | 46,608 | | | Debt securities - held-to-maturity: | | | | | | | | | | U.S. government and agency obligations | | 448 | | | 1 | | | (1) | | | 448 | | | State and municipal obligations | | 26 | | | — | | | (3) | | | 23 | | | Corporate obligations | | 19 | | | — | | | — | | | 19 | | | Total debt securities - held-to-maturity | | 493 | | | 1 | | | (4) | | | 490 | | | Total debt securities | | $ | 49,176 | | | $ | 132 | | | $ | (2,210) | | | $ | 47,098 | | | December 31, 2024 | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | | U.S. government and agency obligations | | $ | 4,600 | | | $ | 1 | | | $ | (274) | | | $ | 4,327 | | | State and municipal obligations | | 7,357 | | | 2 | | | (375) | | | 6,984 | | | Corporate obligations | | 24,391 | | | 56 | | | (1,140) | | | 23,307 | | | U.S. agency mortgage-backed securities | | 10,577 | | | 1 | | | (994) | | | 9,584 | | | Non-U.S. agency mortgage-backed securities | | 2,890 | | | 2 | | | (175) | | | 2,717 | | | Total debt securities - available-for-sale | | 49,815 | | | 62 | | | (2,958) | | | 46,919 | | | Debt securities - held-to-maturity: | | | | | | | | | | U.S. government and agency obligations | | 444 | | | — | | | (2) | | | 442 | | | State and municipal obligations | | 28 | | | — | | | (2) | | | 26 | | | Corporate obligations | | 40 | | | — | | | — | | | 40 | | | Total debt securities - held-to-maturity | | 512 | | | — | | | (4) | | | 508 | | | Total debt securities | | $ | 50,327 | | | $ | 62 | | | $ | (2,962) | | | $ | 47,427 | |
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| Investments by Contractual Maturity [Table Text Block] |
The amortized cost and fair value of debt securities as of June 30, 2025, by contractual maturity, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Available-for-Sale | | Held-to-Maturity | | (in millions) | | Amortized
Cost | | Fair
Value | | Amortized
Cost | | Fair
Value | | Due in one year or less | | $ | 3,530 | | | $ | 3,506 | | | $ | 319 | | | $ | 319 | | | Due after one year through five years | | 14,415 | | | 14,106 | | | 152 | | | 152 | | | Due after five years through ten years | | 11,983 | | | 11,485 | | | 5 | | | 5 | | | Due after ten years | | 5,539 | | | 5,190 | | | 17 | | | 14 | | | U.S. agency mortgage-backed securities | | 10,341 | | | 9,566 | | | — | | | — | | | Non-U.S. agency mortgage-backed securities | | 2,875 | | | 2,755 | | | — | | | — | | | Total debt securities | | $ | 48,683 | | | $ | 46,608 | | | $ | 493 | | | $ | 490 | |
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| Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value |
The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Greater | | Total | | (in millions) | | Fair
Value | | Gross
Unrealized
Losses | | Fair
Value | | Gross
Unrealized
Losses | | Fair
Value | | Gross
Unrealized
Losses | | June 30, 2025 | | | | | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | | | | | | U.S. government and agency obligations | | $ | 1,377 | | | $ | (21) | | | $ | 1,833 | | | $ | (165) | | | $ | 3,210 | | | $ | (186) | | | State and municipal obligations | | 2,116 | | | (93) | | | 4,037 | | | (282) | | | 6,153 | | | (375) | | | Corporate obligations | | 4,988 | | | (80) | | | 10,214 | | | (655) | | | 15,202 | | | (735) | | | U.S. agency mortgage-backed securities | | 3,914 | | | (110) | | | 4,561 | | | (673) | | | 8,475 | | | (783) | | | Non-U.S. agency mortgage-backed securities | | 300 | | | (2) | | | 1,636 | | | (125) | | | 1,936 | | | (127) | | | Total debt securities - available-for-sale | | $ | 12,695 | | | $ | (306) | | | $ | 22,281 | | | $ | (1,900) | | | $ | 34,976 | | | $ | (2,206) | | | December 31, 2024 | | | | | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | | | | | | U.S. government and agency obligations | | $ | 1,475 | | | $ | (51) | | | $ | 2,152 | | | $ | (223) | | | $ | 3,627 | | | $ | (274) | | | State and municipal obligations | | 2,593 | | | (58) | | | 4,085 | | | (317) | | | 6,678 | | | (375) | | | Corporate obligations | | 7,402 | | | (213) | | | 11,449 | | | (927) | | | 18,851 | | | (1,140) | | | U.S. agency mortgage-backed securities | | 4,791 | | | (191) | | | 4,674 | | | (803) | | | 9,465 | | | (994) | | | Non-U.S. agency mortgage-backed securities | | 416 | | | (5) | | | 1,863 | | | (170) | | | 2,279 | | | (175) | | | Total debt securities - available-for-sale | | $ | 16,677 | | | $ | (518) | | | $ | 24,223 | | | $ | (2,440) | | | $ | 40,900 | | | $ | (2,958) | |
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