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Investments (Notes)
 6 Months Ended
Jun. 30, 2019
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
June 30, 2019
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
3,684

 
$
80

 
$
(5
)
 
$
3,759

State and municipal obligations
 
6,532

 
237

 
(1
)
 
6,768

Corporate obligations
 
16,597

 
265

 
(12
)
 
16,850

U.S. agency mortgage-backed securities
 
5,662

 
83

 
(15
)
 
5,730

Non-U.S. agency mortgage-backed securities
 
1,593

 
39

 
(1
)
 
1,631

Total debt securities - available-for-sale
 
34,068

 
704

 
(34
)
 
34,738

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
275

 
2

 
—

 
277

State and municipal obligations
 
31

 
1

 
—

 
32

Corporate obligations
 
435

 
1

 
—

 
436

Total debt securities - held-to-maturity
 
741

 
4

 
—

 
745

Total debt securities
 
$
34,809

 
$
708

 
$
(34
)
 
$
35,483

December 31, 2018
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
3,434

 
$
13

 
$
(42
)
 
$
3,405

State and municipal obligations
 
7,117

 
61

 
(57
)
 
7,121

Corporate obligations
 
15,366

 
14

 
(218
)
 
15,162

U.S. agency mortgage-backed securities
 
4,947

 
11

 
(106
)
 
4,852

Non-U.S. agency mortgage-backed securities
 
1,376

 
2

 
(20
)
 
1,358

Total debt securities - available-for-sale
 
32,240

 
101

 
(443
)
 
31,898

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
255

 
1

 
(2
)
 
254

State and municipal obligations
 
11

 
—

 
—

 
11

Corporate obligations
 
355

 
—

 
—

 
355

Total debt securities - held-to-maturity
 
621

 
1

 
(2
)
 
620

Total debt securities
 
$
32,861

 
$
102

 
$
(445
)
 
$
32,518


The Company held $2.2 billion and $2.0 billion of equity securities as of June 30, 2019 and December 31, 2018, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments, shares of Brazilian real denominated fixed-income funds and dividend paying stocks with readily determinable fair values. Additionally, the Company’s investments included $1.5 billion of equity method investments in operating businesses in the health care sector as of both June 30, 2019 and December 31, 2018.
The amortized cost and fair value of debt securities as of June 30, 2019, by contractual maturity, were as follows:
 
 
Available-for-Sale
 
Held-to-Maturity
(in millions)
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in one year or less
 
$
3,647

 
$
3,652

 
$
182

 
$
182

Due after one year through five years
 
12,150

 
12,298

 
283

 
285

Due after five years through ten years
 
8,084

 
8,394

 
136

 
136

Due after ten years
 
2,932

 
3,033

 
140

 
142

U.S. agency mortgage-backed securities
 
5,662

 
5,730

 
—

 
—

Non-U.S. agency mortgage-backed securities
 
1,593

 
1,631

 
—

 
—

Total debt securities
 
$
34,068

 
$
34,738

 
$
741

 
$
745


The fair value of available-for-sale debt securities with gross unrealized losses by 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, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
—

 
$
—

 
$
655

 
$
(5
)
 
$
655

 
$
(5
)
State and municipal obligations
 
—

 
—

 
366

 
(1
)
 
366

 
(1
)
Corporate obligations
 
703

 
(3
)
 
2,352

 
(9
)
 
3,055

 
(12
)
U.S. agency mortgage-backed securities
 
—

 
—

 
1,562

 
(15
)
 
1,562

 
(15
)
Non-U.S. agency mortgage-backed securities
 
—

 
—

 
128

 
(1
)
 
128

 
(1
)
Total debt securities - available-for-sale
 
$
703

 
$
(3
)
 
$
5,063

 
$
(31
)
 
$
5,766

 
$
(34
)
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
998

 
$
(7
)
 
$
1,425

 
$
(35
)
 
$
2,423

 
$
(42
)
State and municipal obligations
 
1,334

 
(11
)
 
2,491

 
(46
)
 
3,825

 
(57
)
Corporate obligations
 
8,105

 
(109
)
 
4,239

 
(109
)
 
12,344

 
(218
)
U.S. agency mortgage-backed securities
 
1,296

 
(22
)
 
2,388

 
(84
)
 
3,684

 
(106
)
Non-U.S. agency mortgage-backed securities
 
622

 
(7
)
 
459

 
(13
)
 
1,081

 
(20
)
Total debt securities - available-for-sale
 
$
12,355

 
$
(156
)
 
$
11,002

 
$
(287
)
 
$
23,357

 
$
(443
)

The Company’s unrealized losses from debt securities as of June 30, 2019 were generated from 5,000 positions out of a total of 31,000 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 no significant deterioration since purchase. As of June 30, 2019, 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.