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INVESTMENT SECURITIES
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
Investment securities classified as current and long-term were as follows at March 31, 2023 and December 31, 2022, respectively:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in millions)
March 31, 2023
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$1,394 $9 $(47)$1,356 
Mortgage-backed securities3,919 7 (423)3,503 
Tax-exempt municipal securities762 1 (27)736 
Mortgage-backed securities:
Residential470 — (73)397 
Commercial1,562 — (149)1,413 
Asset-backed securities1,915 2 (64)1,853 
Corporate debt securities6,725 16 (696)6,045 
Total debt securities$16,747 $35 $(1,479)15,303 
Common stock— 
Total investment securities$15,303 
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 0 (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 
We held certain corporate debt securities of Gentiva Hospice at March 31, 2023 with amortized cost and fair value of approximately $281 million and $286 million, respectively.
Gross unrealized losses and fair values aggregated by investment category and length of time of individual debt securities that have been in a continuous unrealized loss position for which no allowances for credit loss has been recorded were as follows at March 31, 2023 and December 31, 2022, 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)
March 31, 2023
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$290 $(2)$396 $(45)$686 $(47)
Mortgage-backed securities867 (17)2,123 (406)2,990 (423)
Tax-exempt municipal securities343 (5)314 (22)657 (27)
Mortgage-backed securities:
Residential25 (2)369 (71)394 (73)
Commercial119 (4)1,275 (145)1,394 (149)
Asset-backed securities583 (21)971 (43)1,554 (64)
Corporate debt securities1,453 (47)3,634 (649)5,087 (696)
Total debt securities$3,680 $(98)$9,082 $(1,381)$12,762 $(1,479)
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)

Approximately 98% of our debt securities were investment-grade quality, with a weighted average credit rating of AA by Standard & Poor's Rating Service, or S&P, at March 31, 2023. 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 losses from all debt securities were generated from approximately 1,550 positions out of a total of approximately 1,950 positions at March 31, 2023. All issuers of debt securities we own that were trading at an unrealized loss at March 31, 2023 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 these debt securities were purchased. At March 31, 2023, 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 for the three months ended March 31, 2023 or 2022.
The detail of (losses) gains related to investment securities and included within investment income was as follows for the three months ended March 31, 2023 and 2022:
 Three months ended March 31,
 20232022
 (in millions)
Gross gains on investment securities$— $33 
Gross losses on investment securities(61)(1)
Gross gains on equity securities1 — 
Gross losses on equity securities— (108)
Net recognized losses on investment securities$(60)$(76)
The gains and losses related to equity securities for the three months ended March 31, 2023 and 2022 was as follows:
Three months ended March 31,
20232022
(in millions)
Net gains (losses) recognized on equity securities during the period$1 $(108)
Less: Net gains (losses) recognized on equity securities sold during the period1 (59)
Unrealized losses recognized on equity securities still held at the end of the period$— $(49)
The contractual maturities of debt securities available for sale at March 31, 2023, 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$500 $495 
Due after one year through five years4,116 3,941 
Due after five years through ten years3,014 2,650 
Due after ten years1,251 1,051 
Mortgage and asset-backed securities7,866 7,166 
Total debt securities$16,747 $15,303 
For additional information regarding our investment securities, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.