
	March 31, 2025								December 31, 2024
	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	$	571	$	3	$	(2)	$	572	$	593	$	2	$	(4)	$	591
Corporate securities	11,350		82		(275)		11,157		10,820		47		(360)		10,507
Restricted certificates of deposit	4		—		—		4		4		—		—		4
Restricted cash equivalents	72		—		—		72		93		—		—		93
Short-term time deposits	193		—		—		193		425		—		—		425
Municipal securities	4,187		14		(125)		4,076		4,174		7		(151)		4,030
Asset-backed securities	1,955		18		(15)		1,958		1,820		13		(21)		1,812
Residential mortgage-backed securities	1,841		7		(99)		1,749		1,807		1		(129)		1,679
Commercial mortgage-backed securities	1,330		6		(50)		1,286		1,298		3		(62)		1,239
Equity securities	13		—		—		13		14		—		—		14
Private equity investments	878		—		—		878		851		—		—		851
Life insurance contracts	191		—		—		191		196		—		—		196
Total	$	22,585	$	130	$	(566)	$	22,149	$	22,095	$	73	$	(727)	$	21,441

The Company's investments are debt securities classified as available-for-sale with the exception of equity securities, certain private equity investments and life insurance contracts. Private equity investments include direct investments in private equity securities as well as private equity funds. The Company's investment policies are designed to provide liquidity, preserve capital and maximize total return on invested assets with a focus on high credit quality securities. The Company limits the size of investment in any single issuer other than U.S. treasury securities and obligations of U.S. government corporations and agencies. As of March 31, 2025, 99% of the Company's investments in rated securities carry an investment grade rating by nationally recognized statistical rating organizations. At March 31, 2025, the Company held certificates of deposit, equity securities, private equity investments and life insurance contracts, which did not carry a credit rating. Accrued interest income on available-for-sale debt securities was $183 million and $178 million at March 31, 2025 and December 31, 2024, respectively, and is included in other current assets in the Consolidated Balance Sheets.

The Company's residential mortgage-backed securities are primarily issued by the Federal National Mortgage Association, Government National Mortgage Association or Federal Home Loan Mortgage Corporation, which carry implicit or explicit guarantees of the U.S. government. The Company's commercial mortgage-backed securities are primarily senior tranches with a weighted average rating of AA+ and a weighted average duration of 3 years at March 31, 2025.


	March 31, 2025								December 31, 2024
	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	$	—	$	83	$	(2)	$	99	$	(1)	$	60	$	(3)	$	144
Corporate securities	(17)		1,783		(258)		4,443		(41)		2,621		(319)		4,782
Municipal securities	(9)		790		(116)		2,075		(16)		1,217		(135)		2,073
Asset-backed securities	(1)		258		(14)		286		(4)		301		(17)		331
Residential mortgage-backed securities	(6)		426		(93)		729		(18)		786		(111)		738
Commercial mortgage-backed securities	(2)		248		(48)		624		(4)		210		(58)		666

Total	$	(35)	$	3,588	$	(531)	$	8,256	$	(84)	$	5,195	$	(643)	$	8,734

As of March 31, 2025, the gross unrealized losses were generated from 4,683 positions out of a total of 6,741 positions. The change in fair value of available-for-sale debt securities is primarily a result of movement in interest rates subsequent to the purchase of the security.

For each security in an unrealized loss position, the Company assesses whether it intends to sell the security or if it is more likely than not the Company will be required to sell the security before recovery of the amortized cost basis for reasons such as liquidity, contractual or regulatory purposes. If the security meets this criterion, the decline in fair value is recorded in earnings. The Company does not intend to sell these securities prior to maturity and it is not likely that the Company will be required to sell these securities prior to maturity; therefore, the Company did not record an impairment for these securities.

In addition, the Company monitors available-for-sale debt securities for credit losses. Certain investments have experienced a decline in fair value due to changes in credit quality, market interest rates and/or general economic conditions. The Company recognizes an allowance when evidence demonstrates that the decline in fair value is credit related. Evidence of a credit-related loss may include rating agency actions, adverse conditions specifically related to the security or failure of the issuer of the security to make scheduled payments.


	March 31, 2025								December 31, 2024
	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	$	2,249	$	2,231	$	463	$	463	$	2,383	$	2,365	$	477	$	475
One year through five years	8,132		7,958		594		578		7,799		7,563		610		593
Five years through ten years	4,413		4,324		284		281		4,343		4,172		301		291
Greater than ten years	155		152		87		87		165		160		31		31
Asset-backed securities	5,126		4,993		—		—		4,925		4,730		—		—
Total	$	20,075	$	19,658	$	1,428	$	1,409	$	19,615	$	18,990	$	1,419	$	1,390

Actual maturities may differ from contractual maturities due to call or prepayment options. Equity securities, private equity investments and life insurance contracts are excluded from the table above because they do not have a contractual maturity. The Company has an option to redeem substantially all of the securities included in the greater than ten years category listed above at amortized cost.