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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2011
Investment Securities (Tables) [Abstract] |
Schedule of Available for Sale Securities by Type | The following is a summary of investment securities as of June 30, 2011 and December 31, 2010:
|  |  |  | 2011 |  | 2010
|  |  |  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated
|  |  |  |  |  |  | Unrealized |  | Unrealized |  |  | Fair |  |  |  | Unrealized |  | Unrealized |  |  | Fair
(Millions) |  |  | Cost |  | Gains |  | Losses |  |  | Value |  | Cost |  | Gains |  | Losses |  |  | Value
State and municipal obligations |  | $ | 5,363 |  | $ | 40 |  | $ | (246) |  | $ | 5,157 |  | $ | 6,140 |  | $ | 24 |  | $ | (367) |  | $ | 5,797
U.S. Government agency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | obligations |  |  | 352 |  |  | 5 |  |  | ― |  |  | 357 |  |  | 3,402 |  |  | 12 |  |  | (1) |  |  | 3,413
U.S. Government treasury |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | obligations |  |  | 1,935 |  |  | 8 |  |  | ― |  |  | 1,943 |  |  | 2,450 |  |  | 6 |  |  | ― |  |  | 2,456
Corporate debt securities(a) |  |  | 1,011 |  |  | 15 |  |  | ― |  |  | 1,026 |  |  | 1,431 |  |  | 15 |  |  | (1) |  |  | 1,445
Mortgage-backed securities(b) |  |  | 277 |  |  | 9 |  |  | (1) |  |  | 285 |  |  | 272 |  |  | 6 |  |  | (2) |  |  | 276
Equity securities(c) |  |  | 98 |  |  | 386 |  |  | ― |  |  | 484 |  |  | 98 |  |  | 377 |  |  | ― |  |  | 475
Foreign government bonds and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | obligations |  |  | 111 |  |  | 6 |  |  | ― |  |  | 117 |  |  | 95 |  |  | 4 |  |  | ― |  |  | 99
Other(d) |  |  | 60 |  |  | ― |  |  | ― |  |  | 60 |  |  | 49 |  |  | ― |  |  | ― |  |  | 49
Total |  | $ | 9,207 |  | $ | 469 |  | $ | (247) |  | $ | 9,429 |  | $ | 13,937 |  | $ | 444 |  | $ | (371) |  | $ | 14,010
(a) The June 30, 2011 and December 31, 2010 balances include, on a cost basis, $0.9 billion and $1.3 billion, respectively, of corporate debt obligations issued under the Temporary Liquidity Guarantee Program (TLGP) that are guaranteed by the Federal Deposit Insurance Corporation (FDIC). (b) Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. (c) Represents the Company's investment in Industrial and Commercial Bank of China (ICBC). (d) Other is comprised of investments in various mutual funds.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following table provides information about the Company's investment securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2011 and December 31, 2010:
|  |  |  | 2011 |  | 2010
(Millions) |  | Less than 12 months |  | 12 months or more |  | Less than 12 months |  | 12 months or more
|  |  |  |  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross
|  |  |  |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
Description of Securities |  |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  |  | Fair Value |  | Losses |  | Fair Value |  | Losses
State and municipal obligations |  | $ | 1,601 |  | $ | (72) |  | $ | 1,094 |  | $ | (174) |  | $ | 2,535 |  | $ | (156) |  | $ | 1,076 |  | $ | (211)
U.S. Government agency obligations |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | 299 |  |  | (1) |  |  | ― |  |  | ―
Corporate debt securities |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | 3 |  |  | (1)
Mortgage-backed securities |  |  | 46 |  |  | (1) |  |  | ― |  |  | ― |  |  | 71 |  |  | (2) |  |  | ― |  |  | ―
Total |  | $ | 1,647 |  | $ | (73) |  | $ | 1,094 |  | $ | (174) |  | $ | 2,905 |  | $ | (159) |  | $ | 1,079 |  | $ | (212)
Available for Sale Securities Ratio of Fair Value to Amortized Cost | The following table summarizes the gross unrealized losses due to temporary impairments by ratio of fair value to amortized cost as of June 30, 2011 and December 31, 2010:
(Millions) |  | Less than 12 months |  | 12 months or more |  | Total
|  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross
Ratio of Fair Value to |  | Number of |  | Estimated |  | Unrealized |  | Number of |  | Estimated |  | Unrealized |  | Number of |  | Estimated |  | Unrealized
Amortized Cost |  | Securities |  | Fair Value |  | Losses |  | Securities |  | Fair Value |  | Losses |  | Securities |  | Fair Value |  | Losses
2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | 280 |  | $ | 1,576 |  | $ | (61) |  | 64 |  | $ | 353 |  | $ | (30) |  | 344 |  | $ | 1,929 |  | $ | (91)
Less than 90% |  | 11 |  |  | 71 |  |  | (12) |  | 73 |  |  | 741 |  |  | (144) |  | 84 |  |  | 812 |  |  | (156)
Total as of June 30, 2011 |  | 291 |  | $ | 1,647 |  | $ | (73) |  | 137 |  | $ | 1,094 |  | $ | (174) |  | 428 |  | $ | 2,741 |  | $ | (247)
2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | 457 |  | $ | 2,554 |  | $ | (113) |  | 31 |  | $ | 79 |  | $ | (7) |  | 488 |  | $ | 2,633 |  | $ | (120)
Less than 90% |  | 48 |  |  | 351 |  |  | (46) |  | 115 |  |  | 1,000 |  |  | (205) |  | 163 |  |  | 1,351 |  |  | (251)
Total as of December 31, 2010 |  | 505 |  | $ | 2,905 |  | $ | (159) |  | 146 |  | $ | 1,079 |  | $ | (212) |  | 651 |  | $ | 3,984 |  | $ | (371)
Contractual maturities of investment securities | Contractual maturities of investment securities, excluding equity securities and other securities, as of June 30, 2011 we re as follows:
|  |  |  |  |  |  | Estimated
(Millions) |  | Cost |  | Fair Value
Due within 1 year |  | $ | 2,549 |  | $ | 2,560
Due after 1 year but within 5 years |  |  | 824 |  |  | 839
Due after 5 years but within 10 years |  |  | 268 |  |  | 279
Due after 10 years |  |  | 5,408 |  |  | 5,207
Total |  | $ | 9,049 |  | $ | 8,885

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