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Investments (Notes)
 9 Months Ended
Sep. 30, 2017
Investments [Abstract]  
Investments [Text Block]
Investments
A summary of short-term and long-term investments by major security type is as follows:
(in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
September 30, 2017
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
2,708

 
$
3

 
$
(24
)
 
$
2,687

State and municipal obligations
 
6,997

 
117

 
(20
)
 
7,094

Corporate obligations
 
13,092

 
88

 
(26
)
 
13,154

U.S. agency mortgage-backed securities
 
3,946

 
13

 
(28
)
 
3,931

Non-U.S. agency mortgage-backed securities
 
1,018

 
5

 
(4
)
 
1,019

Total debt securities - available-for-sale
 
27,761

 
226

 
(102
)
 
27,885

Equity securities
 
1,949

 
30

 
(38
)
 
1,941

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
259

 
—

 
—

 
259

State and municipal obligations
 
4

 
—

 
—

 
4

Corporate obligations
 
285

 
—

 
—

 
285

Total debt securities - held-to-maturity
 
548

 
—

 
—

 
548

Total investments
 
$
30,258

 
$
256

 
$
(140
)
 
$
30,374

December 31, 2016
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
2,294

 
$
1

 
$
(31
)
 
$
2,264

State and municipal obligations
 
7,120

 
40

 
(101
)
 
7,059

Corporate obligations
 
10,944

 
41

 
(58
)
 
10,927

U.S. agency mortgage-backed securities
 
2,963

 
7

 
(43
)
 
2,927

Non-U.S. agency mortgage-backed securities
 
1,009

 
3

 
(10
)
 
1,002

Total debt securities - available-for-sale
 
24,330

 
92

 
(243
)
 
24,179

Equity securities
 
2,036

 
52

 
(47
)
 
2,041

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
250

 
1

 
—

 
251

State and municipal obligations
 
5

 
—

 
—

 
5

Corporate obligations
 
238

 
—

 
—

 
238

Total debt securities - held-to-maturity
 
493

 
1

 
—

 
494

Total investments
 
$
26,859

 
$
145

 
$
(290
)
 
$
26,714


The amortized cost and fair value of debt securities as of September 30, 2017, by contractual maturity, were as follows:
 
 
Available-for-Sale
 
Held-to-Maturity
(in millions)
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in one year or less
 
$
3,650

 
$
3,651

 
$
165

 
$
165

Due after one year through five years
 
10,607

 
10,645

 
125

 
125

Due after five years through ten years
 
6,476

 
6,540

 
113

 
113

Due after ten years
 
2,064

 
2,099

 
145

 
145

U.S. agency mortgage-backed securities
 
3,946

 
3,931

 
—

 
—

Non-U.S. agency mortgage-backed securities
 
1,018

 
1,019

 
—

 
—

Total debt securities
 
$
27,761

 
$
27,885

 
$
548

 
$
548


The fair value of available-for-sale investments with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:
 
 
Less Than 12 Months
 
12 Months or Greater
 
 Total
(in millions)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
1,635

 
$
(11
)
 
$
532

 
$
(13
)
 
$
2,167

 
$
(24
)
State and municipal obligations
 
1,910

 
(15
)
 
429

 
(5
)
 
2,339

 
(20
)
Corporate obligations
 
3,958

 
(17
)
 
496

 
(9
)
 
4,454

 
(26
)
U.S. agency mortgage-backed securities
 
2,233

 
(24
)
 
146

 
(4
)
 
2,379

 
(28
)
Non-U.S. agency mortgage-backed securities
 
351

 
(3
)
 
49

 
(1
)
 
400

 
(4
)
Total debt securities - available-for-sale
 
$
10,087

 
$
(70
)
 
$
1,652

 
$
(32
)
 
$
11,739

 
$
(102
)
Equity securities
 
$
59

 
$
(4
)
 
$
97

 
$
(34
)
 
$
156

 
$
(38
)
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
1,794

 
$
(31
)
 
$
—

 
$
—

 
$
1,794

 
$
(31
)
State and municipal obligations
 
4,376

 
(101
)
 
—

 
—

 
4,376

 
(101
)
Corporate obligations
 
5,128

 
(56
)
 
137

 
(2
)
 
5,265

 
(58
)
U.S. agency mortgage-backed securities
 
2,247

 
(40
)
 
79

 
(3
)
 
2,326

 
(43
)
Non-U.S. agency mortgage-backed securities
 
544

 
(7
)
 
97

 
(3
)
 
641

 
(10
)
Total debt securities - available-for-sale
 
$
14,089

 
$
(235
)
 
$
313

 
$
(8
)
 
$
14,402

 
$
(243
)
Equity securities
 
$
93

 
$
(5
)
 
$
91

 
$
(42
)
 
$
184

 
$
(47
)

The Company’s unrealized losses from all securities as of September 30, 2017 were generated from 9,000 positions out of a total of 29,000 positions. The Company believes that it will collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, noting no significant deterioration since purchase. As of September 30, 2017, the Company did not have the intent to sell any of the securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary.
The Company’s investments in equity securities consist of investments in Brazilian real denominated fixed-income funds, employee savings plan related investments, venture capital funds, and dividend paying stocks. The Company evaluated its investments in equity securities for severity and duration of unrealized loss, overall market volatility and other market factors. Additionally, as of September 30, 2017, the Company’s investments included $854 million of equity method investments in operating businesses in the health care sector.