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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2011
Investment Securities (Tables) [Abstract] |
Schedule of Available for Sale Securities by Type | The following is a summary of investment securities as of September 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 |  | $ | 5,205 |  | $ | 82 |  | $ | (102) |  | $ | 5,185 |  | $ | 6,140 |  | $ | 24 |  | $ | (367) |  | $ | 5,797
U.S. Government agency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | obligations |  |  | 352 |  |  | 3 |  |  | ― |  |  | 355 |  |  | 3,402 |  |  | 12 |  |  | (1) |  |  | 3,413
U.S. Government treasury |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | obligations |  |  | 1,932 |  |  | 11 |  |  | ― |  |  | 1,943 |  |  | 2,450 |  |  | 6 |  |  | ― |  |  | 2,456
Corporate debt securities(a) |  |  | 1,006 |  |  | 11 |  |  | (3) |  |  | 1,014 |  |  | 1,431 |  |  | 15 |  |  | (1) |  |  | 1,445
Mortgage-backed securities(b) |  |  | 272 |  |  | 16 |  |  | ― |  |  | 288 |  |  | 272 |  |  | 6 |  |  | (2) |  |  | 276
Equity securities(c) |  |  | 98 |  |  | 215 |  |  | ― |  |  | 313 |  |  | 98 |  |  | 377 |  |  | ― |  |  | 475
Foreign government bonds and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | obligations |  |  | 107 |  |  | 6 |  |  | ― |  |  | 113 |  |  | 95 |  |  | 4 |  |  | ― |  |  | 99
Other(d) |  |  | 57 |  |  | 1 |  |  | ― |  |  | 58 |  |  | 49 |  |  | ― |  |  | ― |  |  | 49
Total |  | $ | 9,029 |  | $ | 345 |  | $ | (105) |  | $ | 9,269 |  | $ | 13,937 |  | $ | 444 |  | $ | (371) |  | $ | 14,010
(a) The September 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 the Industrial and Commercial Bank of China (ICBC). E ffective August 1, 2011, the Company has hedged its exposure to changes in fair value on its investment in ICBC, and as a result from August 1, 2011, unrealized gains (losses) are recorded in other revenues in the Consolidated Statement of Income. Refer to Note 9 for further information. (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 September 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 |  | $ | 370 |  | $ | (10) |  | $ | 1,112 |  | $ | (92) |  | $ | 2,535 |  | $ | (156) |  | $ | 1,076 |  | $ | (211)
U.S. Government agency obligations |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | 299 |  |  | (1) |  |  | ― |  |  | ―
Corporate debt securities |  |  | 95 |  |  | (2) |  |  | 2 |  |  | (1) |  |  | ― |  |  | ― |  |  | 3 |  |  | (1)
Mortgage-backed securities |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | 71 |  |  | (2) |  |  | ― |  |  | ―
Total |  | $ | 465 |  | $ | (12) |  | $ | 1,114 |  | $ | (93) |  | $ | 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 September 30, 2011 and December 31, 2010:
(Dollars in 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% |  | 79 |  | $ | 430 |  | $ | (8) |  | 105 |  | $ | 812 |  | $ | (39) |  | 184 |  | $ | 1,242 |  | $ | (47)
Less than 90% |  | 2 |  |  | 35 |  |  | (4) |  | 32 |  |  | 302 |  |  | (54) |  | 34 |  |  | 337 |  |  | (58)
Total as of September 30, 2011 |  | 81 |  | $ | 465 |  | $ | (12) |  | 137 |  | $ | 1,114 |  | $ | (93) |  | 218 |  | $ | 1,579 |  | $ | (105)
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 September 30, 2011 we re as follows:
|  |  |  |  |  |  | Estimated
(Millions) |  | Cost |  | Fair Value
Due within 1 year |  | $ | 2,641 |  | $ | 2,649
Due after 1 year but within 5 years |  |  | 728 |  |  | 741
Due after 5 years but within 10 years |  |  | 242 |  |  | 253
Due after 10 years |  |  | 5,263 |  |  | 5,255
Total |  | $ | 8,874 |  | $ | 8,898

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