XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.19.1

Investment Securities | 3 Months Ended
--- | ---
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 5. Investment Securities Investment securities principally include available-for-sale debt securities carried at fair value on the Consolidated Balance Sheets, with unrealize d gains and losses recorded in AOCI, net of income taxes. Realized gains and losses are recognized upon disposition of the securities using the specific identification method. Investment securities also include equity securities carried at fair value on the Consolidated Balance Sheets. The unrealized gains and l osses on equity securities are recorded in the Consolidated Statements of Income. The following is a summary of investment securities as of March 31, 2019 and December 31, 2018:
|  |  | 2019 |  | 2018
|  |  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated
Description of Securities |  |  |  |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  |  |  |  | Unrealized |  |  | Unrealized |  |  | Fair
(Millions) |  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| State and municipal obligations |  | $ | 342 |  | $ | 6 |  | $ | (1) |  | $ | 347 |  | $ | 594 |  | $ | 4 |  | $ | (2) |  | $ | 596
| U.S. Government agency obligations |  |  | 10 |  |  | ― |  |  | ― |  |  | 10 |  |  | 10 |  |  | ― |  |  | ― |  |  | 10
| U.S. Government treasury obligations |  |  | 5,404 |  |  | 14 |  |  | (9) |  |  | 5,409 |  |  | 3,452 |  |  | 5 |  |  | (17) |  |  | 3,440
| Corporate debt securities |  |  | 29 |  |  | ― |  |  | ― |  |  | 29 |  |  | 28 |  |  | ― |  |  | ― |  |  | 28
| Mortgage-backed securities (a) |  |  | 48 |  |  | 1 |  |  | ― |  |  | 49 |  |  | 50 |  |  | 1 |  |  | ― |  |  | 51
| Foreign government bonds and obligations |  |  | 565 |  |  | 1 |  |  | ― |  |  | 566 |  |  | 474 |  |  | ― |  |  | ― |  |  | 474
Equity securities (b) |  |  | 50 |  |  | ― |  |  | (3) |  |  | 47 |  |  | 51 |  |  | ― |  |  | (3) |  |  | 48
Total |  | $ | 6,448 |  | $ | 22 |  | $ | (13) |  | $ | 6,457 |  | $ | 4,659 |  | $ | 10 |  | $ | (22) |  | $ | 4,647
Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. Equity securities comprise investments in common stock and mutual funds. The following table provides information about our investment securities with gross unrealized losses and the length of time that individual securities have been in a n unrealized loss position as of March 31, 2019 and December 31, 2018:
|  |  | 2019 |  | 2018
|  |  | Less than 12 months |  | 12 months or more |  | Less than 12 months |  | 12 months or more
|  |  |  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross
Description of Securities (Millions) |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses
State and municipal obligations |  | $ | ― |  | $ | ― |  | $ | 52 |  | $ | (1) |  | $ | ― |  | $ | ― |  | $ | 82 |  | $ | (1)
U.S. Government treasury obligations |  |  | ― |  |  | ― |  |  | 998 |  |  | (9) |  |  | 224 |  |  | (2) |  |  | 791 |  |  | (15)
Total |  | $ | ― |  | $ | ― |  | $ | 1,050 |  | $ | (10) |  | $ | 224 |  | $ | (2) |  | $ | 873 |  | $ | (16)
The following table summarizes the gross unrealized losses due to temporary impairments by ratio of fair value to amortized cost as of March 31, 2019 and December 31, 2018:
|  | 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
2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | ― |  | $ | ― |  | $ | ― |  | 26 |  | $ | 1,050 |  | $ | (10) |  | 26 |  | $ | 1,050 |  | $ | (10)
Total as of March 31, 2019 |  | ― |  | $ | ― |  | $ | ― |  | 26 |  | $ | 1,050 |  | $ | (10) |  | 26 |  | $ | 1,050 |  | $ | (10)
2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | 2 |  | $ | 224 |  | $ | (2) |  | 29 |  | $ | 873 |  | $ | (16) |  | 31 |  | $ | 1,097 |  | $ | (18)
Total as of December 31, 2018 |  | 2 |  | $ | 224 |  | $ | (2) |  | 29 |  | $ | 873 |  | $ | (16) |  | 31 |  | $ | 1,097 |  | $ | (18)
The gross unrealized l osses for available-for-sale debt securities are attributed to wider credit spreads for specific iss uers, adverse changes in benchmark interest rates, or a combination thereof, all compared to those prevailing when the inv estment securities were purchased. Overall, for the available-for-sale debt securities in gross unrealized loss positions, (i) we do no t intend to sell the securities, (ii) it is more l ikely than not that we will not be required to sell the securities before recov ery of the unrealiz ed losses, and (iii) we expect that the contractual principal and interest wi ll be received on the secu rities. As a result, we recognized no other-than-temporary impairment during the periods presented. Contractual maturities for invest ment securities with stated maturities as of March 31, 2019 were as follows:
|  |  |  |  |  |  | Estimated
(Millions) |  | Cost |  | Fair Value
Due within 1 year |  | $ | 4,599 |  | $ | 4,600
Due after 1 year but within 5 years |  |  | 1,315 |  |  | 1,319
Due after 5 years but within 10 years |  |  | 179 |  |  | 181
Due after 10 years |  |  | 305 |  |  | 310
Total |  | $ | 6,398 |  | $ | 6,410
The expected payments on state and municipal obligations and mortgage-backed securities may not coincide with their contractual maturities because the issuers have the right to call or prepay certain obligations.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration