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Investments (Notes)
 6 Months Ended
Jun. 30, 2015
Investments [Abstract]  
Investments [Text Block]
Investments
A summary of short-term and long-term investments by major security type is as follows:
(in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
June 30, 2015
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
1,859

 
$
6

 
$
(4
)
 
$
1,861

State and municipal obligations
 
6,196

 
127

 
(17
)
 
6,306

Corporate obligations
 
7,654

 
76

 
(31
)
 
7,699

U.S. agency mortgage-backed securities
 
2,091

 
25

 
(14
)
 
2,102

Non-U.S. agency mortgage-backed securities
 
837

 
8

 
(5
)
 
840

Total debt securities - available-for-sale
 
18,637

 
242

 
(71
)
 
18,808

Equity securities - available-for-sale
 
1,559

 
36

 
(38
)
 
1,557

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
182

 
3

 
—

 
185

State and municipal obligations
 
15

 
—

 
—

 
15

Corporate obligations
 
349

 
—

 
—

 
349

Total debt securities - held-to-maturity
 
546

 
3

 
—

 
549

Total investments
 
$
20,742

 
$
281

 
$
(109
)
 
$
20,914

December 31, 2014
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
1,614

 
$
7

 
$
(1
)
 
$
1,620

State and municipal obligations
 
6,456

 
217

 
(5
)
 
6,668

Corporate obligations
 
7,241

 
112

 
(26
)
 
7,327

U.S. agency mortgage-backed securities
 
2,022

 
39

 
(5
)
 
2,056

Non-U.S. agency mortgage-backed securities
 
872

 
12

 
(4
)
 
880

Total debt securities - available-for-sale
 
18,205

 
387

 
(41
)
 
18,551

Equity securities - available-for-sale
 
1,511

 
36

 
(25
)
 
1,522

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
178

 
2

 
—

 
180

State and municipal obligations
 
19

 
—

 
—

 
19

Corporate obligations
 
298

 
—

 
—

 
298

Total debt securities - held-to-maturity
 
495

 
2

 
—

 
497

Total investments
 
$
20,211

 
$
425

 
$
(66
)
 
$
20,570


The amortized cost and fair value of available-for-sale debt securities as of June 30, 2015, by contractual maturity, were as follows:
(in millions)
 
Amortized
Cost
 
Fair
Value
Due in one year or less
 
$
2,010

 
$
2,014

Due after one year through five years
 
6,943

 
7,009

Due after five years through ten years
 
5,016

 
5,067

Due after ten years
 
1,740

 
1,776

U.S. agency mortgage-backed securities
 
2,091

 
2,102

Non-U.S. agency mortgage-backed securities
 
837

 
840

Total debt securities - available-for-sale
 
$
18,637

 
$
18,808


The amortized cost and fair value of held-to-maturity debt securities as of June 30, 2015, by contractual maturity, were as follows:
(in millions)
 
Amortized
Cost
 
Fair
Value
Due in one year or less
 
$
126

 
$
126

Due after one year through five years
 
204

 
205

Due after five years through ten years
 
106

 
107

Due after ten years
 
110

 
111

Total debt securities - held-to-maturity
 
$
546

 
$
549


The fair value of available-for-sale investments 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 Months
 
12 Months or Greater
 
 Total
(in millions)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
529

 
$
(4
)
 
$
—

 
$
—

 
$
529

 
$
(4
)
State and municipal obligations
 
1,561

 
(16
)
 
22

 
(1
)
 
1,583

 
(17
)
Corporate obligations
 
3,126

 
(27
)
 
229

 
(4
)
 
3,355

 
(31
)
U.S. agency mortgage-backed securities
 
752

 
(10
)
 
126

 
(4
)
 
878

 
(14
)
Non-U.S. agency mortgage-backed securities
 
364

 
(4
)
 
77

 
(1
)
 
441

 
(5
)
Total debt securities - available-for-sale
 
$
6,332

 
$
(61
)
 
$
454

 
$
(10
)
 
$
6,786

 
$
(71
)
Equity securities - available-for-sale
 
$
148

 
$
(9
)
 
$
82

 
$
(29
)
 
$
230

 
$
(38
)
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
420

 
$
(1
)
 
$
—

 
$
—

 
$
420

 
$
(1
)
State and municipal obligations
 
711

 
(4
)
 
99

 
(1
)
 
810

 
(5
)
Corporate obligations
 
2,595

 
(17
)
 
464

 
(9
)
 
3,059

 
(26
)
U.S. agency mortgage-backed securities
 
—

 
—

 
272

 
(5
)
 
272

 
(5
)
Non-U.S. agency mortgage-backed securities
 
254

 
(2
)
 
114

 
(2
)
 
368

 
(4
)
Total debt securities - available-for-sale
 
$
3,980

 
$
(24
)
 
$
949

 
$
(17
)
 
$
4,929

 
$
(41
)
Equity securities - available-for-sale
 
$
107

 
$
(6
)
 
$
88

 
$
(19
)
 
$
195

 
$
(25
)

The Company’s unrealized losses from all securities as of June 30, 2015 were generated from approximately 7,100 positions out of a total of 23,000 positions. The Company believes that it will collect the 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. At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, noting neither a significant deterioration since purchase nor other factors leading to an other-than-temporary impairment (OTTI). As of June 30, 2015, the Company did not have the intent to sell any of the securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary.
The Company’s investments in equity securities consist of investments in Brazilian real denominated fixed-income funds, employee savings plan related investments, venture capital funds, and dividend paying stocks. The Company evaluated its investments in equity securities for severity and duration of unrealized loss, overall market volatility and other market factors.
Net realized gains reclassified out of accumulated other comprehensive income were from the following sources:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in millions)
 
2015
 
2014
 
2015
 
2014
Total OTTI
 
$
(3
)
 
$
(4
)
 
$
(4
)
 
$
(7
)
Portion of loss recognized in other comprehensive income
 
—

 
—

 
—

 
—

Net OTTI recognized in earnings
 
(3
)
 
(4
)
 
(4
)

(7
)
Gross realized losses from sales
 
(5
)
 
(29
)
 
(11
)
 
(39
)
Gross realized gains from sales
 
76

 
140

 
86

 
199

Net realized gains (included in investment and other income on the Condensed Consolidated Statements of Operations)
 
68

 
107

 
71

 
153

Income tax effect (included in provision for income taxes on the Condensed Consolidated Statements of Operations)
 
(25
)
 
(39
)
 
(26
)
 
(56
)
Realized gains, net of taxes
 
$
43

 
$
68

 
$
45

 
$
97