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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2014
Investment Securities (Tables) [Abstract] |
Schedule of Available for Sale Securities by Type | The following is a summary of investment securities as of September 30, 2014 and December 31, 2013:
|  |  | 2014 |  | 2013
|  |  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated
|  |  |  |  |  | Unrealized |  | Unrealized |  |  | Fair |  |  |  | Unrealized |  | Unrealized |  |  | Fair
Description of Securities (Millions) |  |  | Cost |  | Gains |  | Losses |  |  | Value |  | Cost |  | Gains |  | Losses |  |  | Value
State and municipal obligations |  | $ | 3,628 |  | $ | 130 |  | $ | (3) |  | $ | 3,755 |  | $ | 4,060 |  | $ | 54 |  | $ | (79) |  | $ | 4,035
U.S. Government agency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| obligations |  |  | 3 |  |  | ― |  |  | ― |  |  | 3 |  |  | 3 |  |  | ― |  |  | ― |  |  | 3
U.S. Government treasury |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| obligations |  |  | 346 |  |  | 4 |  |  | (1) |  |  | 349 |  |  | 318 |  |  | 3 |  |  | (1) |  |  | 320
Corporate debt securities |  |  | 39 |  |  | 3 |  |  | ― |  |  | 42 |  |  | 43 |  |  | 3 |  |  | ― |  |  | 46
Mortgage-backed securities (a) |  |  | 137 |  |  | 7 |  |  | ― |  |  | 144 |  |  | 160 |  |  | 5 |  |  | (1) |  |  | 164
Equity securities (b) |  |  | ― |  |  | 1 |  |  | ― |  |  | 1 |  |  | 29 |  |  | 95 |  |  | ― |  |  | 124
Foreign government bonds and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| obligations |  |  | 399 |  |  | 8 |  |  | ― |  |  | 407 |  |  | 272 |  |  | 5 |  |  | (1) |  |  | 276
Other (c) |  |  | 50 |  |  | ― |  |  | (1) |  |  | 49 |  |  | 50 |  |  | ― |  |  | (2) |  |  | 48
Total |  | $ | 4,602 |  | $ | 153 |  | $ | (5) |  | $ | 4,750 |  | $ | 4,935 |  | $ | 165 |  | $ | (84) |  | $ | 5,016
Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. Primarily represents the Company’s investment in the Industrial and Commercial Bank of China (ICBC) as of December 31, 2013. Other comprises 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, 2014 and December 31, 2013:
|  |  | 2014 |  | 2013
|  |  | 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 (Millions) |  |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  |  | Fair Value |  | Losses |  | Fair Value |  | Losses
State and municipal obligations |  | $ | ― |  | $ | ― |  | $ | 72 |  | $ | (3) |  | $ | 1,320 |  | $ | (63) |  | $ | 106 |  | $ | (16)
Foreign government bonds and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| obligations |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | 208 |  |  | (1) |  |  | ― |  |  | ―
U.S. Government treasury |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| obligations |  |  | 127 |  |  | (1) |  |  | ― |  |  | ― |  |  | 166 |  |  | (1) |  |  | ― |  |  | ―
Mortgage-backed securities |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | 35 |  |  | (1) |  |  | ― |  |  | ―
Other |  |  | ― |  |  | ― |  |  | 32 |  |  | (1) |  |  | 30 |  |  | (1) |  |  | 17 |  |  | (1)
Total |  | $ | 127 |  | $ | (1) |  | $ | 104 |  | $ | (4) |  | $ | 1,759 |  | $ | (67) |  | $ | 123 |  | $ | (17)
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, 2014 and December 31, 2013:
|  | Less than 12 months |  | 12 months or more |  | Total
Ratio of Fair Value to |  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross
Amortized Cost |  | Number of |  | Estimated |  | Unrealized |  | Number of |  | Estimated |  | Unrealized |  | Number of |  | Estimated |  | Unrealized
(Dollars in millions) |  | Securities |  | Fair Value |  | Losses |  | Securities |  | Fair Value |  | Losses |  | Securities |  | Fair Value |  | Losses
2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | 6 |  | $ | 127 |  | $ | (1) |  | 17 |  | $ | 104 |  | $ | (4) |  | 23 |  | $ | 231 |  | $ | (5)
Total as of September 30, 2014 |  | 6 |  | $ | 127 |  | $ | (1) |  | 17 |  | $ | 104 |  | $ | (4) |  | 23 |  | $ | 231 |  | $ | (5)
2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | 228 |  | $ | 1,665 |  | $ | (53) |  | 6 |  | $ | 24 |  | $ | (2) |  | 234 |  | $ | 1,689 |  | $ | (55)
Less than 90% |  | 13 |  |  | 94 |  |  | (14) |  | 5 |  |  | 99 |  |  | (15) |  | 18 |  |  | 193 |  |  | (29)
Total as of December 31, 2013 |  | 241 |  | $ | 1,759 |  | $ | (67) |  | 11 |  | $ | 123 |  | $ | (17) |  | 252 |  | $ | 1,882 |  | $ | (84)
Contractual maturities of investment securities | Contractual maturities of investment securities, excluding equity securities and other securities, as of September 30, 2014 were as follows:
|  |  |  |  |  |  | Estimated
(Millions) |  | Cost |  | Fair Value
Due within 1 year |  | $ | 579 |  | $ | 580
Due after 1 year but within 5 years |  |  | 435 |  |  | 442
Due after 5 years but within 10 years |  |  | 235 |  |  | 251
Due after 10 years |  |  | 3,303 |  |  | 3,427
Total |  | $ | 4,552 |  | $ | 4,700

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 + Details
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