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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Investments by category and current or long-term classification
The following table summarizes the Company's investments by category and current or long-term classification:
March 31, 2024December 31, 2023
(In millions)CurrentLong-termTotalCurrentLong-termTotal
Debt securities$604 $8,876 $9,480 $590 $9,265 $9,855 
Equity securities18 1,553 1,571 31 3,331 3,362 
Commercial mortgage loans197 1,365 1,562 182 1,351 1,533 
Policy loans— 1,186 1,186 — 1,211 1,211 
Other long-term investments— 4,301 4,301 — 4,181 4,181 
Short-term investments374 — 374 206 — 206 
Total$1,193 $17,281 $18,474 $1,009 $19,339 $20,348 
Investments classified as assets of businesses held for sale (1)
(85)(1,256)(1,341)(84)(1,354)(1,438)
Investments per Consolidated Balance Sheets$1,108 $16,025 $17,133 $925 $17,985 $18,910 
(1) Investments related to the HCSC transaction that were held for sale as of March 31, 2024. These investments were primarily comprised of debt securities and commercial mortgage loans, and to a lesser extent, other long-term investments.
Debt Securities by Contractual Maturity
The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of March 31, 2024:
(In millions)Amortized
Cost		Fair
Value
Due in one year or less$633 $619 
Due after one year through five years3,768 3,587 
Due after five years through ten years3,144 2,921 
Due after ten years2,186 2,000 
Mortgage and other asset-backed securities389 353 
Total$10,120 $9,480 
Gross Unrealized Appreciation (Depreciation) on Debt Securities
Gross unrealized appreciation (depreciation) on debt securities by type of issuer is shown below:
(In millions)Amortized
Cost		Allowance for Credit LossUnrealized
Appreciation		Unrealized
Depreciation		Fair
Value
March 31, 2024
Federal government and agency$289 $— $21 $(10)$300 
State and local government37 — 2 (1)38 
Foreign government354 — 8 (14)348 
Corporate9,051 (50)122 (682)8,441 
Mortgage and other asset-backed389 — — (36)353 
Total$10,120 $(50)$153 $(743)$9,480 
December 31, 2023
Federal government and agency$251 $— $24 $(8)$267 
State and local government37 — 2 (1)38 
Foreign government355 — 10 (13)352 
Corporate9,338 (33)158 (630)8,833 
Mortgage and other asset-backed398 — 1 (34)365 
Total$10,379 $(33)$195 $(686)$9,855 
Summary of Debt Securities with a Decline in Fair Value
The table below summarizes debt securities with a decline in fair value from amortized cost for which an allowance for credit losses has not been recorded, by investment grade and the length of time these securities have been in an unrealized loss position. Unrealized depreciation on these debt securities is primarily due to declines in fair value resulting from increasing interest rates since these securities were purchased.
March 31, 2024December 31, 2023
(Dollars in millions)Fair
Value		Amortized
Cost		Unrealized
Depreciation		Number
of Issues		Fair
Value		Amortized
Cost		Unrealized
Depreciation		Number
of Issues
One year or less
Investment grade$562 $576 $(14)232$330 $338 $(8)142 
Below investment grade133 137 (4)253161 170 (9)135 
More than one year
Investment grade5,284 5,946 (662)1,5615,441 6,036 (595)1,590 
Below investment grade598 661 (63)367701 775 (74)486 
Total$6,577 $7,320 $(743)2,413 $6,633 $7,319 $(686)2,353 
Equity Security Investments
The following table provides the values of the Company's equity security investments as of March 31, 2024 and December 31, 2023:
March 31, 2024 December 31, 2023
(In millions) CostCarrying Value CostCarrying Value
Equity securities with readily determinable fair values$647 $39 $656 $51 
Equity securities with no readily determinable fair value3,281 1,532 3,248 3,311 
Total$3,928 $1,571 $3,904 $3,362 
Summary of the Credit Risk Profile of the Commercial Mortgage Loan Portfolio
The following table summarizes the credit risk profile of the Company's commercial mortgage loan portfolio:
(Dollars in millions)March 31, 2024December 31, 2023
Loan-to-Value RatioCarrying ValueAverage Debt Service Coverage RatioAverage Loan-to-Value RatioCarrying ValueAverage Debt Service Coverage RatioAverage Loan-to-Value Ratio
Below 60%$810 2.12$802 2.13
60% to 79%594 1.75574 1.77
80% to 100%158 0.63157 0.65
Total$1,562 1.8164 %$1,533 1.8264 %
Carrying Value Information for Other Long-Term Investments The following table provides the carrying value information for these investments:
Carrying Value as of
(In millions)March 31, 2024December 31, 2023
Real estate investments$1,696 $1,606 
Securities partnerships2,423 2,400 
Other182 175 
Total$4,301 $4,181