Short-term and Long-term Investments, Restricted Deposits (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | | | | | | | | | | | | | | | | |
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| Schedule of Fair Value of Available-for-sale Debt Securities with Gross Unrealized Losses by Investment Type in a Continuous Unrealized Loss Position |
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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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| Schedule of 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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