Short-term and Long-term Investments, Restricted Deposits (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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, 2023								December 31, 2022
	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	$	421	$	—	$	(13)	$	408	$	695	$	—	$	(16)	$	679
Corporate securities	9,922		2		(750)		9,174		10,127		12		(778)		9,361
Restricted certificates of deposit	4		—		—		4		4		—		—		4
Restricted cash equivalents	260		—		—		260		256		—		—		256
Short-term time deposits	470		—		—		470		204		—		—		204
Municipal securities	3,931		1		(294)		3,638		4,055		6		(280)		3,781
Asset-backed securities	1,633		2		(52)		1,583		1,396		—		(70)		1,326
Residential mortgage-backed securities	1,475		—		(172)		1,303		1,165		2		(121)		1,046
Commercial mortgage-backed securities	1,100		—		(112)		988		961		—		(99)		862
Equity securities	2		—		—		2		5		—		—		5
Private equity investments	810		—		—		810		529		—		—		529
Life insurance contracts	178		—		—		178		169		—		—		169
Total	$	20,206	$	5	$	(1,393)	$	18,818	$	19,566	$	20	$	(1,364)	$	18,222

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, 2023								December 31, 2022
	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	$	(1)	$	161	$	(12)	$	247	$	(5)	$	342	$	(11)	$	184
Corporate securities	(76)		2,470		(674)		6,393		(340)		5,368		(438)		3,400
Municipal securities	(44)		1,308		(250)		2,211		(142)		2,437		(138)		995
Asset-backed securities	(7)		486		(45)		946		(29)		786		(41)		486
Residential mortgage-backed securities	(23)		517		(149)		786		(55)		629		(66)		352
Commercial mortgage-backed securities	(11)		228		(101)		748		(49)		513		(50)		330
Total	$	(162)	$	5,170	$	(1,231)	$	11,331	$	(620)	$	10,075	$	(744)	$	5,747

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, 2023								December 31, 2022
	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	$	2,121	$	2,091	$	537	$	534	$	2,207	$	2,179	$	534	$	532
One year through five years	7,421		6,906		531		496		7,651		7,147		524		490
Five years through ten years	3,931		3,501		312		282		4,066		3,613		224		195
Greater than ten years	123		113		32		31		135		129		—		—
Asset-backed securities	4,208		3,874		—		—		3,522		3,234		—		—
Total	$	17,804	$	16,485	$	1,412	$	1,343	$	17,581	$	16,302	$	1,282	$	1,217