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Investments (Notes)
 9 Months Ended
Sep. 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
September 30, 2020
Debt securities - available-for-sale:
U.S. government and agency obligations$3,374 $160 $— $3,534 
State and municipal obligations6,311 377 (4)6,684 
Corporate obligations18,461 778 (35)19,204 
U.S. agency mortgage-backed securities6,523 270 (3)6,790 
Non-U.S. agency mortgage-backed securities2,033 98 (6)2,125 
Total debt securities - available-for-sale36,702 1,683 (48)38,337 
Debt securities - held-to-maturity:
U.S. government and agency obligations422 7 — 429 
State and municipal obligations31 2 — 33 
Corporate obligations245 1 — 246 
Total debt securities - held-to-maturity698 10 — 708 
Total debt securities$37,400 $1,693 $(48)$39,045 
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 $2.1 billion and $2.0 billion of equity securities as of September 30, 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 $1.3 billion and $1.4 billion of equity method investments in operating businesses in the health care sector as of September 30, 2020 and December 31, 2019, respectively. The allowance for credit losses on held-to-maturity securities at September 30, 2020 was not material.
The amortized cost and fair value of debt securities as of September 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$3,388 $3,407 $400 $401 
Due after one year through five years11,253 11,678 246 252 
Due after five years through ten years9,179 9,826 30 31 
Due after ten years4,326 4,511 22 24 
U.S. agency mortgage-backed securities6,523 6,790 — — 
Non-U.S. agency mortgage-backed securities2,033 2,125 — — 
Total debt securities$36,702 $38,337 $698 $708 
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
September 30, 2020
Debt securities - available-for-sale:
State and municipal obligations$366 $(4)$— $— $366 $(4)
Corporate obligations2,314 (30)400 (5)2,714 (35)
U.S. agency mortgage-backed securities687 (3)— — 687 (3)
Non-U.S. agency mortgage-backed securities
278 (3)55 (3)333 (6)
Total debt securities - available-for-sale$3,645 $(40)$455 $(8)$4,100 $(48)
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 September 30, 2020 were generated from approximately 3,000 positions out of a total of 34,000 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 September 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 September 30, 2020 was not material.