v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Level Input and Input Definitions
Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon observable or unobservable inputs used to estimate fair value. Level inputs are as follows:
Level Input:Input Definition:
Level IInputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
 
Level IIInputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.
 
Level IIIUnobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.
Schedule of Fair Value Measurements by Level for Assets Measured at Fair Value on a Recurring Basis
The following table summarizes fair value measurements by level at March 31, 2025, for assets and liabilities measured at fair value on a recurring basis ($ in millions):
 Level ILevel IILevel IIITotal
Assets    
Cash and cash equivalents$14,815 $— $— $14,815 
Investments:    
U.S. Treasury securities and obligations of U.S. government corporations and agencies$66 $— $— $66 
Corporate securities— 11,155 — 11,155 
Municipal securities— 3,251 — 3,251 
Short-term time deposits— 193 — 193 
Asset-backed securities— 1,958 — 1,958 
Residential mortgage-backed securities— 1,749 — 1,749 
Commercial mortgage-backed securities— 1,286 — 1,286 
Equity securities12 1 — 13 
Total investments$78 $19,593 $— $19,671 
Restricted deposits:    
Cash and cash equivalents$72 $— $— $72 
U.S. Treasury securities and obligations of U.S. government corporations and agencies506 — — 506 
Corporate securities— 2 — 2 
Certificates of deposit— 4 — 4 
Municipal securities— 825 — 825 
Total restricted deposits$578 $831 $— $1,409 
Total assets at fair value$15,471 $20,424 $— $35,895 
The following table summarizes fair value measurements by level at December 31, 2024, for assets and liabilities measured at fair value on a recurring basis ($ in millions):
 Level ILevel IILevel IIITotal
Assets    
Cash and cash equivalents$14,063 $— $— $14,063 
Investments:    
U.S. Treasury securities and obligations of U.S. government corporations and agencies$58 $— $— $58 
Corporate securities— 10,505 — 10,505 
Municipal securities— 3,272 — 3,272 
Short-term time deposits— 425 — 425 
Asset-backed securities— 1,812 — 1,812 
Residential mortgage-backed securities— 1,679 — 1,679 
Commercial mortgage-backed securities— 1,239 — 1,239 
Equity securities13 1 — 14 
Total investments$71 $18,933 $— $19,004 
Restricted deposits:    
Cash and cash equivalents$93 $— $— $93 
U.S. Treasury securities and obligations of U.S. government corporations and agencies533 — — 533 
Corporate securities— 2 — 2 
Certificates of deposit— 4 — 4 
Municipal securities— 758 — 758 
Total restricted deposits$626 $764 $— $1,390 
Total assets at fair value$14,760 $19,697 $— $34,457