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Investments (Notes)
 9 Months Ended
Sep. 30, 2019
Investments [Abstract]  
Investments [Text Block] Investments
A summary of debt securities by major security type is as follows:
(in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
September 30, 2019
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
3,591

 
$
83

 
$
(2
)
 
$
3,672

State and municipal obligations
 
5,657

 
256

 
(3
)
 
5,910

Corporate obligations
 
17,824

 
352

 
(9
)
 
18,167

U.S. agency mortgage-backed securities
 
6,361

 
113

 
(6
)
 
6,468

Non-U.S. agency mortgage-backed securities
 
1,685

 
48

 
(1
)
 
1,732

Total debt securities - available-for-sale
 
35,118

 
852

 
(21
)
 
35,949

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
272

 
2

 
—

 
274

State and municipal obligations
 
32

 
1

 
—

 
33

Corporate obligations
 
547

 
—

 
—

 
547

Total debt securities - held-to-maturity
 
851

 
3

 
—

 
854

Total debt securities
 
$
35,969

 
$
855

 
$
(21
)
 
$
36,803

December 31, 2018
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
3,434

 
$
13

 
$
(42
)
 
$
3,405

State and municipal obligations
 
7,117

 
61

 
(57
)
 
7,121

Corporate obligations
 
15,366

 
14

 
(218
)
 
15,162

U.S. agency mortgage-backed securities
 
4,947

 
11

 
(106
)
 
4,852

Non-U.S. agency mortgage-backed securities
 
1,376

 
2

 
(20
)
 
1,358

Total debt securities - available-for-sale
 
32,240

 
101

 
(443
)
 
31,898

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
255

 
1

 
(2
)
 
254

State and municipal obligations
 
11

 
—

 
—

 
11

Corporate obligations
 
355

 
—

 
—

 
355

Total debt securities - held-to-maturity
 
621

 
1

 
(2
)
 
620

Total debt securities
 
$
32,861

 
$
102

 
$
(445
)
 
$
32,518


The Company held $2.0 billion of equity securities as of both September 30, 2019 and December 31, 2018. The Company’s investments in equity securities primarily consist of employee savings plan related investments, shares of Brazilian real denominated fixed-income funds and dividend paying stocks with readily determinable fair values. Additionally, the Company’s investments included $1.4 billion and $1.5 billion of equity method investments in operating businesses in the health care sector as of September 30, 2019 and December 31, 2018, respectively.
The amortized cost and fair value of debt securities as of September 30, 2019, 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
 
$
3,571

 
$
3,577

 
$
313

 
$
313

Due after one year through five years
 
11,904

 
12,084

 
258

 
259

Due after five years through ten years
 
8,303

 
8,669

 
141

 
141

Due after ten years
 
3,294

 
3,419

 
139

 
141

U.S. agency mortgage-backed securities
 
6,361

 
6,468

 
—

 
—

Non-U.S. agency mortgage-backed securities
 
1,685

 
1,732

 
—

 
—

Total debt securities
 
$
35,118

 
$
35,949

 
$
851

 
$
854


The fair value of available-for-sale debt securities with gross unrealized losses by 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, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
286

 
$
(1
)
 
$
228

 
$
(1
)
 
$
514

 
$
(2
)
State and municipal obligations
 
296

 
(2
)
 
83

 
(1
)
 
379

 
(3
)
Corporate obligations
 
1,360

 
(5
)
 
1,022

 
(4
)
 
2,382

 
(9
)
U.S. agency mortgage-backed securities
 
570

 
(2
)
 
518

 
(4
)
 
1,088

 
(6
)
Non-U.S. agency mortgage-backed securities
 
217

 
(1
)
 
—

 
—

 
217

 
(1
)
Total debt securities - available-for-sale
 
$
2,729

 
$
(11
)
 
$
1,851

 
$
(10
)
 
$
4,580

 
$
(21
)
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
998

 
$
(7
)
 
$
1,425

 
$
(35
)
 
$
2,423

 
$
(42
)
State and municipal obligations
 
1,334

 
(11
)
 
2,491

 
(46
)
 
3,825

 
(57
)
Corporate obligations
 
8,105

 
(109
)
 
4,239

 
(109
)
 
12,344

 
(218
)
U.S. agency mortgage-backed securities
 
1,296

 
(22
)
 
2,388

 
(84
)
 
3,684

 
(106
)
Non-U.S. agency mortgage-backed securities
 
622

 
(7
)
 
459

 
(13
)
 
1,081

 
(20
)
Total debt securities - available-for-sale
 
$
12,355

 
$
(156
)
 
$
11,002

 
$
(287
)
 
$
23,357

 
$
(443
)

The Company’s unrealized losses from debt securities as of September 30, 2019 were generated from 4,000 positions out of a total of 32,000 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, 2019, 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.