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Investments (Notes)
 3 Months Ended
Mar. 31, 2020
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
March 31, 2020
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
3,146

 
$
183

 
$
(1
)
 
$
3,328

State and municipal obligations
 
5,724

 
214

 
(20
)
 
5,918

Corporate obligations
 
17,923

 
182

 
(411
)
 
17,694

U.S. agency mortgage-backed securities
 
6,508

 
260

 
—

 
6,768

Non-U.S. agency mortgage-backed securities
 
1,932

 
28

 
(36
)
 
1,924

Total debt securities - available-for-sale
 
35,233

 
867

 
(468
)
 
35,632

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
410

 
9

 
—

 
419

State and municipal obligations
 
31

 
2

 
—

 
33

Corporate obligations
 
284

 
—

 
(1
)
 
283

Total debt securities - held-to-maturity
 
725

 
11

 
(1
)
 
735

Total debt securities
 
$
35,958

 
$
878

 
$
(469
)
 
$
36,367

December 31, 2019
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
3,502

 
$
55

 
$
(4
)
 
$
3,553

State and municipal obligations
 
5,680

 
251

 
(5
)
 
5,926

Corporate obligations
 
17,910

 
343

 
(11
)
 
18,242

U.S. agency mortgage-backed securities
 
6,425

 
109

 
(6
)
 
6,528

Non-U.S. agency mortgage-backed securities
 
1,811

 
37

 
(3
)
 
1,845

Total debt securities - available-for-sale
 
35,328

 
795

 
(29
)
 
36,094

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
402

 
2

 
—

 
404

State and municipal obligations
 
32

 
2

 
—

 
34

Corporate obligations
 
538

 
—

 
(1
)
 
537

Total debt securities - held-to-maturity
 
972

 
4

 
(1
)
 
975

Total debt securities
 
$
36,300

 
$
799

 
$
(30
)
 
$
37,069


The Company held $1.7 billion and $2.0 billion of equity securities as of March 31, 2020 and December 31, 2019, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments and shares of Brazilian real denominated fixed-income funds with readily determinable fair values. Additionally, the Company’s investments included $1.4 billion of equity method investments in operating businesses in the health care sector as of March 31, 2020 and December 31, 2019. The allowance for credit losses on held-to-maturity securities at March 31, 2020 was not material.
The amortized cost and fair value of debt securities as of March 31, 2020, 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
 
$
3,010

 
$
3,011

 
$
319

 
$
320

Due after one year through five years
 
11,565

 
11,604

 
352

 
359

Due after five years through ten years
 
8,563

 
8,669

 
28

 
28

Due after ten years
 
3,655

 
3,656

 
26

 
28

U.S. agency mortgage-backed securities
 
6,508

 
6,768

 
—

 
—

Non-U.S. agency mortgage-backed securities
 
1,932

 
1,924

 
—

 
—

Total debt securities
 
$
35,233

 
$
35,632

 
$
725

 
$
735


The fair value of available-for-sale debt securities 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
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
56

 
$
(1
)
 
$
—

 
$
—

 
$
56

 
$
(1
)
State and municipal obligations
 
810

 
(20
)
 
—

 
—

 
810

 
(20
)
Corporate obligations
 
9,294

 
(382
)
 
391

 
(29
)
 
9,685

 
(411
)
Non-U.S. agency mortgage-backed securities
 
841

 
(33
)
 
30

 
(3
)
 
871

 
(36
)
Total debt securities - available-for-sale
 
$
11,001

 
$
(436
)
 
$
421

 
$
(32
)
 
$
11,422

 
$
(468
)
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
616

 
$
(4
)
 
$
—

 
$
—

 
$
616

 
$
(4
)
State and municipal obligations
 
440

 
(5
)
 
—

 
—

 
440

 
(5
)
Corporate obligations
 
1,903

 
(7
)
 
740

 
(4
)
 
2,643

 
(11
)
U.S. agency mortgage-backed securities
 
657

 
(3
)
 
333

 
(3
)
 
990

 
(6
)
Non-U.S. agency mortgage-backed securities
 
406

 
(3
)
 
—

 
—

 
406

 
(3
)
Total debt securities - available-for-sale
 
$
4,022

 
$
(22
)
 
$
1,073

 
$
(7
)
 
$
5,095

 
$
(29
)

The Company’s unrealized losses from debt securities as of March 31, 2020 were generated from approximately 10,000 positions out of a total of 32,000 positions. The Company believes that it will collect the timely 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 that impacted our assessment on collectability of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers, and the potential economic impacts of COVID-19 on the issuers, noting no significant credit deterioration since purchase. As of March 31, 2020, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities at March 31, 2020 was not material.