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INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
Investment securities classified as current and long-term were as follows at December 31, 2022 and 2021, respectively:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in millions)
December 31, 2022
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$1,093 $1 $(55)$1,039 
Mortgage-backed securities3,697 4 (471)3,230 
Tax-exempt municipal securities765 — (37)728 
Mortgage-backed securities:
Residential477 — (76)401 
Commercial1,554 — (155)1,399 
Asset-backed securities1,809 1 (79)1,731 
Corporate debt securities6,551 3 (828)5,726 
Total debt securities$15,946 $9 $(1,701)14,254 
Common stock7 
Total investment securities$14,261 
December 31, 2021
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$611 $1 $(10)$602 
Mortgage-backed securities3,265 33 (69)3,229 
Tax-exempt municipal securities810 33 (2)841 
Mortgage-backed securities:
Residential373 — (6)367 
Commercial1,394 27 (11)1,410 
Asset-backed securities1,346 6 (4)1,348 
Corporate debt securities5,641 118 (59)5,700 
Total debt securities$13,440 $218 $(161)13,497 
Common stock475 
Total investment securities$13,972 
In August 2022, we purchased certain corporate debt securities of KAH Hospice subsequent to the sale. The book value and fair value are $280 million and $278 million, respectively, at December 31, 2022.
Gross unrealized losses and fair values aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position were as follows at December 31, 2022 and 2021, respectively:
 Less than 12 months12 months or moreTotal
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
December 31, 2022
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$512 $(5)$397 $(50)$909 $(55)
Mortgage-backed securities1,231 (104)1,683 (367)2,914 (471)
Tax-exempt municipal securities64 (2)615 (36)679 (38)
Mortgage-backed securities:
Residential124 (16)274 (60)398 (76)
Commercial243 (13)1,157 (142)1,400 (155)
Asset-backed securities620 (32)1,011 (46)1,631 (78)
Corporate debt securities1,625 (98)3,825 (730)5,450 (828)
Total debt securities$4,419 $(270)$8,962 $(1,431)$13,381 $(1,701)
December 31, 2021
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$201 $(3)$355 $(7)$556 $(10)
Mortgage-backed securities2,082 (49)556 (20)2,638 (69)
Tax-exempt municipal securities68 (1)34 (1)102 (2)
Mortgage-backed securities:
Residential358 (6)8 — 366 (6)
Commercial295 (4)400 (7)695 (11)
Asset-backed securities530 (3)425 (1)955 (4)
Corporate debt securities1,456 (28)769 (31)2,225 (59)
Total debt securities$4,990 $(94)$2,547 $(67)$7,537 $(161)
Approximately 96% of our debt securities were investment-grade quality, with a weighted average credit rating of AA- by S&P at December 31, 2022. Most of the debt securities that were below investment-grade were rated BB-, the higher end of the below investment-grade rating scale. Tax-exempt municipal securities were diversified among general obligation bonds of states and local municipalities in the United States as well as special revenue bonds issued by municipalities to finance specific public works projects such as utilities, water and sewer, transportation, or education. Our general obligation bonds are diversified across the United States with no individual state exceeding 1% of our total debt securities. Our investment policy limits investments in a single issuer and requires diversification among various asset types.     
Our unrealized loss from all debt securities was generated from approximately 1,625 positions out of a total of approximately 1,710 positions at December 31, 2022. All issuers of debt securities we own that were trading at an
unrealized loss at December 31, 2022 remain current on all contractual payments. After taking into account these and other factors previously described, we believe these unrealized losses primarily were caused by an increase in market interest rates in the current markets since the time the debt securities were purchased. At December 31, 2022, we did not intend to sell any debt securities with an unrealized loss position in accumulated other comprehensive income, and it is not likely that we will be required to sell these debt securities before recovery of their amortized cost basis. Additionally, we did not record any material credit allowances for debt securities that were in an unrealized loss position at December 31, 2022, 2021 or 2020.
The detail of realized gains (losses) related to investment securities and included within investment income was as follows for the years ended December 31, 2022, 2021, and 2020:
202220212020
(in millions)
Gross gains on investment securities$62 $219 $110 
Gross losses on investment securities(144)(8)(18)
Gross gains on equity securities51 23 746 
Gross losses on equity securities(174)(364)— 
Net recognized (losses) gains on investment securities$(205)$(130)$838 
The gains and losses related to equity securities for the years ended December 31, 2022, 2021 and 2020 was as follows:
202220212020
(in millions)
Net (losses) gains recognized on equity securities during the period$(123)$(341)$746 
Less: Net losses recognized on equity securities sold during the period(105)(13)— 
Unrealized (losses) gains recognized on equity securities still held at the end of the period$(18)$(328)$746 
All purchases of and proceeds from investment securities for the year ended December 31, 2020 relate to debt securities.
The contractual maturities of debt securities available for sale at December 31, 2022, regardless of their balance sheet classification, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost		Fair
Value
 (in millions)
Due within one year$529 $525 
Due after one year through five years3,399 3,210 
Due after five years through ten years3,231 2,764 
Due after ten years1,250 994 
Mortgage and asset-backed securities7,537 6,761 
Total debt securities$15,946 $14,254