v3.19.3.a.u2
Investments (Tables)
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12 Months Ended |
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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 | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | U.S. government and agency obligations | | $ | 3,502 |
| | $ | 55 |
| | $ | (4 | ) | | $ | 3,553 |
| State and municipal obligations | | 5,680 |
| | 251 |
| | (5 | ) | | 5,926 |
| Corporate obligations | | 17,910 |
| | 343 |
| | (11 | ) | | 18,242 |
| U.S. agency mortgage-backed securities | | 6,425 |
| | 109 |
| | (6 | ) | | 6,528 |
| Non-U.S. agency mortgage-backed securities | | 1,811 |
| | 37 |
| | (3 | ) | | 1,845 |
| Total debt securities - available-for-sale | | 35,328 |
| | 795 |
| | (29 | ) | | 36,094 |
| Debt securities - held-to-maturity: | | | | | | | | | U.S. government and agency obligations | | 402 |
| | 2 |
| | — |
| | 404 |
| State and municipal obligations | | 32 |
| | 2 |
| | — |
| | 34 |
| Corporate obligations | | 538 |
| | — |
| | (1 | ) | | 537 |
| Total debt securities - held-to-maturity | | 972 |
| | 4 |
| | (1 | ) | | 975 |
| Total debt securities | | $ | 36,300 |
| | $ | 799 |
| | $ | (30 | ) | | $ | 37,069 |
| | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | U.S. government and agency obligations | | $ | 3,434 |
| | $ | 13 |
| | $ | (42 | ) | | $ | 3,405 |
| State and municipal obligations | | 7,117 |
| | 61 |
| | (57 | ) | | 7,121 |
| Corporate obligations | | 15,366 |
| | 14 |
| | (218 | ) | | 15,162 |
| U.S. agency mortgage-backed securities | | 4,947 |
| | 11 |
| | (106 | ) | | 4,852 |
| Non-U.S. agency mortgage-backed securities | | 1,376 |
| | 2 |
| | (20 | ) | | 1,358 |
| Total debt securities - available-for-sale | | 32,240 |
| | 101 |
| | (443 | ) | | 31,898 |
| Debt securities - held-to-maturity: | | | | | | | | | U.S. government and agency obligations | | 255 |
| | 1 |
| | (2 | ) | | 254 |
| State and municipal obligations | | 11 |
| | — |
| | — |
| | 11 |
| Corporate obligations | | 355 |
| | — |
| | — |
| | 355 |
| Total debt securities - held-to-maturity | | 621 |
| | 1 |
| | (2 | ) | | 620 |
| Total debt securities | | $ | 32,861 |
| | $ | 102 |
| | $ | (445 | ) | | $ | 32,518 |
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Investments by Contractual Maturity [Table Text Block] |
The amortized cost and fair value of debt securities as of December 31, 2019, 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 | | $ | 3,382 |
| | $ | 3,388 |
| | $ | 314 |
| | $ | 314 |
| Due after one year through five years | | 11,966 |
| | 12,159 |
| | 391 |
| | 392 |
| Due after five years through ten years | | 8,307 |
| | 8,643 |
| | 144 |
| | 144 |
| Due after ten years | | 3,437 |
| | 3,531 |
| | 123 |
| | 125 |
| U.S. agency mortgage-backed securities | | 6,425 |
| | 6,528 |
| | — |
| | — |
| Non-U.S. agency mortgage-backed securities | | 1,811 |
| | 1,845 |
| | — |
| | — |
| Total debt securities | | $ | 35,328 |
| | $ | 36,094 |
| | $ | 972 |
| | $ | 975 |
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Fair Value of Available-for-Sale Investments with Gross Unrealized Losses by Investment Type and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position [Table Text Block] |
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 | | | | | | | | | | | | | | U.S. government and agency obligations | | $ | 616 |
| | $ | (4 | ) | | $ | — |
| | $ | — |
| | $ | 616 |
| | $ | (4 | ) | State and municipal obligations | | 440 |
| | (5 | ) | | — |
| | — |
| | 440 |
| | (5 | ) | Corporate obligations | | 1,903 |
| | (7 | ) | | 740 |
| | (4 | ) | | 2,643 |
| | (11 | ) | U.S. agency mortgage-backed securities | | 657 |
| | (3 | ) | | 333 |
| | (3 | ) | | 990 |
| | (6 | ) | Non-U.S. agency mortgage-backed securities | | 406 |
| | (3 | ) | | — |
| | — |
| | 406 |
| | (3 | ) | Total debt securities - available-for-sale | | $ | 4,022 |
| | $ | (22 | ) | | $ | 1,073 |
| | $ | (7 | ) | | $ | 5,095 |
| | $ | (29 | ) | | | | | | | | | | | | | | U.S. government and agency obligations | | $ | 998 |
| | $ | (7 | ) | | $ | 1,425 |
| | $ | (35 | ) | | $ | 2,423 |
| | $ | (42 | ) | State and municipal obligations | | 1,334 |
| | (11 | ) | | 2,491 |
| | (46 | ) | | 3,825 |
| | (57 | ) | Corporate obligations | | 8,105 |
| | (109 | ) | | 4,239 |
| | (109 | ) | | 12,344 |
| | (218 | ) | U.S. agency mortgage-backed securities | | 1,296 |
| | (22 | ) | | 2,388 |
| | (84 | ) | | 3,684 |
| | (106 | ) | Non-U.S. agency mortgage-backed securities | | 622 |
| | (7 | ) | | 459 |
| | (13 | ) | | 1,081 |
| | (20 | ) | Total debt securities - available-for-sale | | $ | 12,355 |
| | $ | (156 | ) | | $ | 11,002 |
| | $ | (287 | ) | | $ | 23,357 |
| | $ | (443 | ) |
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X |
- DefinitionTabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.
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