Short-term and Long-term Investments, Restricted Deposits (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | 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 | $ | 592 | | | $ | 6 | | | $ | (4) | | | $ | 594 | | | $ | 403 | | | $ | — | | | $ | (8) | | | $ | 395 | | | Corporate securities | 10,808 | | | 158 | | | (277) | | | 10,689 | | | 9,984 | | | 78 | | | (461) | | | 9,601 | | Restricted certificates of deposit | 3 | | | — | | | — | | | 3 | | | 4 | | | — | | | — | | | 4 | | Restricted cash equivalents | 73 | | | — | | | — | | | 73 | | | 259 | | | — | | | — | | | 259 | | Short-term time deposits | 875 | | | — | | | — | | | 875 | | | 746 | | | — | | | — | | | 746 | | | Municipal securities | 4,224 | | | 32 | | | (114) | | | 4,142 | | | 4,135 | | | 21 | | | (171) | | | 3,985 | | | Asset-backed securities | 1,773 | | | 22 | | | (17) | | | 1,778 | | | 1,665 | | | 8 | | | (35) | | | 1,638 | | | Residential mortgage-backed securities | 1,725 | | | 24 | | | (81) | | | 1,668 | | | 1,503 | | | 7 | | | (103) | | | 1,407 | | Commercial mortgage-backed securities | 1,231 | | | 10 | | | (52) | | | 1,189 | | | 1,149 | | | 5 | | | (82) | | | 1,072 | | | Equity securities | 15 | | | — | | | — | | | 15 | | | 17 | | | — | | | — | | | 17 | | Private equity investments | 913 | | | — | | | — | | | 913 | | | 833 | | | — | | | — | | | 833 | | Life insurance contracts | 196 | | | — | | | — | | | 196 | | | 174 | | | — | | | — | | | 174 | | | Total | $ | 22,428 | | | $ | 252 | | | $ | (545) | | | $ | 22,135 | | | $ | 20,872 | | | $ | 119 | | | $ | (860) | | | $ | 20,131 | | | | | | | | | | | | | | | | | | |
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| Fair value of available-for-sale investments with gross unrealized losses by investment type and length of time |
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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | 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 | $ | — | | | $ | 11 | | | $ | (4) | | | $ | 163 | | | $ | — | | | $ | 79 | | | $ | (8) | | | $ | 232 | | | Corporate securities | (1) | | | 437 | | | (276) | | | 5,025 | | | (6) | | | 658 | | | (455) | | | 6,260 | | | Municipal securities | (1) | | | 287 | | | (113) | | | 2,176 | | | (4) | | | 553 | | | (167) | | | 2,237 | | | Asset-backed securities | — | | | 43 | | | (17) | | | 381 | | | (2) | | | 197 | | | (33) | | | 855 | | | Residential mortgage-backed securities | — | | | 41 | | | (81) | | | 795 | | | (2) | | | 153 | | | (101) | | | 814 | | | Commercial mortgage-backed securities | — | | | 38 | | | (52) | | | 714 | | | (2) | | | 114 | | | (80) | | | 754 | | | Short-term time deposits | — | | | — | | | — | | | — | | | — | | | 31 | | | — | | | — | | | Total | $ | (2) | | | $ | 857 | | | $ | (543) | | | $ | 9,254 | | | $ | (16) | | | $ | 1,785 | | | $ | (844) | | | $ | 11,152 | |
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| 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | 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 | $ | 2,751 | | | $ | 2,733 | | | $ | 400 | | | $ | 399 | | | $ | 2,308 | | | $ | 2,284 | | | $ | 566 | | | $ | 564 | | | One year through five years | 7,795 | | | 7,667 | | | 685 | | | 677 | | | 7,738 | | | 7,431 | | | 527 | | | 504 | | | Five years through ten years | 4,354 | | | 4,318 | | | 311 | | | 306 | | | 3,905 | | | 3,735 | | | 298 | | | 283 | | | Greater than ten years | 209 | | | 206 | | | 70 | | | 70 | | | 155 | | | 154 | | | 34 | | | 35 | | | Asset-backed securities | 4,729 | | | 4,635 | | | — | | | — | | | 4,317 | | | 4,117 | | | — | | | — | | | Total | $ | 19,838 | | | $ | 19,559 | | | $ | 1,466 | | | $ | 1,452 | | | $ | 18,423 | | | $ | 17,721 | | | $ | 1,425 | | | $ | 1,386 | |
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