v3.26.1
Fair Value (Notes)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value [Text Block] Fair Value
Certain assets and liabilities are measured at fair value in the Condensed Consolidated Financial Statements or have fair values disclosed in the Notes to the Condensed Consolidated Financial Statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP.
For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 4 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2025 10-K.
The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
(in millions)Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Fair and Carrying
Value
March 31, 2026
Cash and cash equivalents$21,576$6,425$—$28,001
Debt securities - available-for-sale:
U.S. government and agency obligations3,261176—3,437
State and municipal obligations—5,779—5,779
Corporate obligations—27,10543327,538
U.S. agency mortgage-backed securities—10,275—10,275
Non-U.S. agency mortgage-backed securities—3,077—3,077
Total debt securities - available-for-sale3,26146,41243350,106
Equity securities1,89022651,977
Loan receivables——880880
Total assets at fair value$26,727$52,859$1,378$80,964
Percentage of total assets at fair value33 %65 %2 %100 %
December 31, 2025
Cash and cash equivalents$19,848$4,517$—$24,365
Debt securities - available-for-sale:
U.S. government and agency obligations3,778154—3,932
State and municipal obligations—6,325—6,325
Corporate obligations—25,12342325,546
U.S. agency mortgage-backed securities—9,719—9,719
Non-U.S. agency mortgage-backed securities—2,660—2,660
Total debt securities - available-for-sale3,77843,98142348,182
Equity securities2,08320672,170
Loan receivables——882882
Total assets at fair value$25,709$48,518$1,372$75,599
Percentage of total assets at fair value34 %64 %2 %100 %
There were no transfers in or out of Level 3 financial assets or liabilities during the three months ended March 31, 2026 or 2025.
The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
(in millions)Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Fair
Value		Total Carrying Value
March 31, 2026
Debt securities - held-to-maturity$447 $24 $— $471 $474 
Loan receivables— 1,750 7,484 9,234 9,415 
Long-term debt and other financing obligations— 69,323 — 69,323 74,537 
December 31, 2025
Debt securities - held-to-maturity$463 $26 $— $489 $490 
Loan receivables— 1,700 6,923 8,623 8,860 
Long-term debt and other financing obligations— 72,143 — 72,143 76,140 
Nonfinancial assets and liabilities or financial assets and liabilities that are measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment. The assets and liabilities within businesses held for sale as of March 31, 2026 were measured at the lower of carrying value or fair value less cost to sell. Fair value is measured based upon unobservable amounts, such as estimated selling price derived from Company-specific information, market conditions and third-party indications. There were no significant fair value adjustments for assets and liabilities recorded during the three months ended March 31, 2026 or 2025.