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INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
Investment securities classified as current and long-term were as follows at December 31, 2023 and 2022, respectively:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in millions)
December 31, 2023
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$2,717 $1 $(51)$2,667 
Mortgage-backed securities3,946 1 (425)3,522 
Tax-exempt municipal securities879 1 (22)858 
Mortgage-backed securities:
Residential465 1 (66)400 
Commercial1,471 — (126)1,345 
Asset-backed securities1,813 2 (44)1,771 
Corporate debt securities7,011 28 (594)6,445 
Total debt securities$18,302 $34 $(1,328)17,008 
Common stock— 
Total investment securities$17,008 
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 
We own certain corporate debt securities of Gentiva Hospice. The book value and fair value are $379 million and $398 million, respectively, at December 31, 2023. The book value and fair value were $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, 2023 and 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)
December 31, 2023
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$1,899 $(12)$431 $(39)$2,330 $(51)
Mortgage-backed securities958 (12)2,269 (413)3,227 (425)
Tax-exempt municipal securities160 (1)523 (21)683 (22)
Mortgage-backed securities:
Residential— — 373 (66)373 (66)
Commercial18 — 1,303 (126)1,321 (126)
Asset-backed securities120 (1)1,364 (43)1,484 (44)
Corporate debt securities466 (2)4,783 (592)5,249 (594)
Total debt securities$3,621 $(28)$11,046 $(1,300)$14,667 $(1,328)
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 97% of our debt securities were investment-grade quality, with a weighted average credit rating of AA- by S&P at December 31, 2023. Most of the debt securities that were below investment-grade were rated B+, 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 approximately 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 1,560 positions out of a total of approximately 2,060 positions at December 31, 2023. All issuers of debt securities we own that were trading at an unrealized loss at December 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 the debt securities were purchased. At December 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 at December 31, 2023, 2022 or 2021.
The detail of realized gains (losses) related to investment securities and included within investment income was as follows for the years ended December 31, 2023, 2022, and 2021:
202320222021
(in millions)
Gross gains on investment securities$46 $62 $219 
Gross losses on investment securities(101)(144)(8)
Gross gains on equity securities1 51 23 
Gross losses on equity securities— (174)(364)
Net recognized losses on investment securities$(54)$(205)$(130)
The gains and losses related to equity securities for the years ended December 31, 2023, 2022 and 2021 was as follows:
202320222021
(in millions)
Net gains (losses) recognized on equity securities during the period$1 $(123)$(341)
Less: Net gains (losses) recognized on equity securities sold during the period1 (105)(13)
Unrealized losses recognized on equity securities still held at the end of the period$— $(18)$(328)
The contractual maturities of debt securities available for sale at December 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$1,243 $1,239 
Due after one year through five years5,279 5,112 
Due after five years through ten years2,936 2,657 
Due after ten years1,149 962 
Mortgage and asset-backed securities7,695 7,038 
Total debt securities$18,302 $17,008