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Investments (Notes)
 6 Months Ended
Jun. 30, 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
June 30, 2020
Debt securities - available-for-sale:
U.S. government and agency obligations$3,402  $178  $—  $3,580  
State and municipal obligations5,872  330  (3) 6,199  
Corporate obligations17,324  728  (68) 17,984  
U.S. agency mortgage-backed securities6,005  274  —  6,279  
Non-U.S. agency mortgage-backed securities1,875  83  (14) 1,944  
Total debt securities - available-for-sale34,478  1,593  (85) 35,986  
Debt securities - held-to-maturity:
U.S. government and agency obligations421  8  —  429  
State and municipal obligations31  2  —  33  
Corporate obligations285  —  —  285  
Total debt securities - held-to-maturity737  10  —  747  
Total debt securities$35,215  $1,603  $(85) $36,733  
December 31, 2019
Debt securities - available-for-sale:
U.S. government and agency obligations$3,502  $55  $(4) $3,553  
State and municipal obligations5,680  251  (5) 5,926  
Corporate obligations17,910  343  (11) 18,242  
U.S. agency mortgage-backed securities6,425  109  (6) 6,528  
Non-U.S. agency mortgage-backed securities1,811  37  (3) 1,845  
Total debt securities - available-for-sale35,328  795  (29) 36,094  
Debt securities - held-to-maturity:
U.S. government and agency obligations402  2  —  404  
State and municipal obligations32  2  —  34  
Corporate obligations538  —  (1) 537  
Total debt securities - held-to-maturity972  4  (1) 975  
Total debt securities$36,300  $799  $(30) $37,069  
The Company held $2.0 billion of equity securities as of June 30, 2020 and December 31, 2019. 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 June 30, 2020 and December 31, 2019. The allowance for credit losses on held-to-maturity securities at June 30, 2020 was not material.
The amortized cost and fair value of debt securities as of June 30, 2020, by contractual maturity, were as follows:
Available-for-SaleHeld-to-Maturity
(in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$3,414  $3,433  $429  $429  
Due after one year through five years10,974  11,365  255  261  
Due after five years through ten years8,481  9,083  31  33  
Due after ten years3,729  3,882  22  24  
U.S. agency mortgage-backed securities6,005  6,279  —  —  
Non-U.S. agency mortgage-backed securities1,875  1,944  —  —  
Total debt securities$34,478  $35,986  $737  $747  
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 Months12 Months or Greater Total
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
June 30, 2020
Debt securities - available-for-sale:
State and municipal obligations$284  $(3) $—  $—  $284  $(3) 
Corporate obligations1,908  (58) 375  (10) 2,283  (68) 
Non-U.S. agency mortgage-backed securities
249  (12) 42  (2) 291  (14) 
Total debt securities - available-for-sale$2,441  $(73) $417  $(12) $2,858  $(85) 
December 31, 2019
Debt securities - available-for-sale:
U.S. government and agency obligations
$616  $(4) $—  $—  $616  $(4) 
State and municipal obligations440  (5) —  —  440  (5) 
Corporate obligations1,903  (7) 740  (4) 2,643  (11) 
U.S. agency mortgage-backed securities657  (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 June 30, 2020 were generated from approximately 3,000 positions out of a total of 31,000 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 June 30, 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 June 30, 2020 was not material.