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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available for Sale Securities by Type | The following is a summary of investment securities as of December 31:
|  | 2021 |  | 2020
Description of Securities (Millions) |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | $ | 106 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 111 |  |  | $ | 172 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 179 |
U.S. Government agency obligations |  | 6 |  |  | — |  |  | — |  |  | 6 |  |  | 7 |  |  | — |  |  | — |  |  | 7 |
U.S. Government treasury obligations |  | 1,680 |  |  | 25 |  |  | (1) |  |  | 1,704 |  |  | 20,655 |  |  | 76 |  |  | — |  |  | 20,731 |
Mortgage-backed securities (a) |  | 17 |  |  | 1 |  |  | — |  |  | 18 |  |  | 28 |  |  | 2 |  |  | — |  |  | 30 |
Foreign government bonds and obligations |  | 630 |  |  | — |  |  | — |  |  | 630 |  |  | 581 |  |  | — |  |  | — |  |  | 581 |
Other (b) |  | 43 |  |  | — |  |  | — |  |  | 43 |  |  | 22 |  |  | — |  |  | — |  |  | 22 |
Equity securities (c) |  | 66 |  |  | 17 |  |  | (4) |  |  | 79 |  |  | 56 |  |  | 27 |  |  | (2) |  |  | 81 |
Total |  | $ | 2,548 |  |  | $ | 48 |  |  | $ | (5) |  |  | $ | 2,591 |  |  | $ | 21,521 |  |  | $ | 112 |  |  | $ | (2) |  |  | $ | 21,631 |
(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. (b)Represents investments in Corporate debt securities and debt securities issued by Community Development Financial Institutions. (c)Equity securities comprise investments in common stock, exchange-traded funds and mutual funds.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following table provides information about our available-for-sale debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2021. There were no available-for-sale debt securities with gross unrealized losses as of December 31, 2020.
|  | 2021 |  |
|  | Less than 12 months |  | 12 months or more |  |  |  |
Description of Securities (Millions) |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |
U.S. Government treasury obligations |  | 477 |  |  | (1) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Total |  | $ | 477 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Available for Sale Securities Ratio of Fair Value to Amortized Cost | The following table summarizes the gross unrealized losses by ratio of fair value to amortized cost as of December 31, 2021. There were no available-for-sale debt securities with gross unrealized losses as of December 31, 2020.
|  | Less than 12 months |  | 12 months or more |  | Total
Ratio of Fair Value to Amortized Cost (Dollars in millions) |  | Number of Securities |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Gross Unrealized Losses
2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | 5 |  | $ | 477 |  |  | $ | (1) |  |  | — |  | $ | — |  |  | $ | — |  |  | 5 |  | $ | 477 |  |  | $ | (1) |
Total as of December 31, 2021 |  | 5 |  | $ | 477 |  |  | $ | (1) |  |  | — |  | $ | — |  |  | $ | — |  |  | 5 |  | $ | 477 |  |  | $ | (1) |
Contractual Maturities of Investment Securities | Weighted average yields and contractual maturities for investment securities with stated maturities as of December 31, 2021 were as follows:
(Millions) |  | Due within 1 year |  | Due after 1 year but within 5 years |  | Due after 5 years but within 10 years |  | Due after 10 years |  | Total
State and municipal obligations (a) |  | $ | 6 |  |  | $ | 5 |  |  | $ | 30 |  |  | $ | 70 |  |  | $ | 111 |
U.S. Government agency obligations (a) |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 6 |
U.S. Government treasury obligations |  | 832 |  |  | 862 |  |  | 10 |  |  | — |  |  | 1,704 |
Mortgage-backed securities (a)(b) |  | — |  |  | — |  |  | — |  |  | 18 |  |  | 18 |
Foreign government bonds and obligations |  | 628 |  |  | 1 |  |  | 1 |  |  | — |  |  | 630 |
Other (c) |  | 11 |  |  | 32 |  |  | — |  |  | — |  |  | 43 |
Total Estimated Fair Value |  | $ | 1,477 |  |  | $ | 900 |  |  | $ | 41 |  |  | $ | 94 |  |  | $ | 2,512 |
Total Cost |  | $ | 1,476 |  |  | $ | 879 |  |  | $ | 35 |  |  | $ | 92 |  |  | $ | 2,482 |
Weighted average yields (d) |  | 1.74 | % |  | 2.42 | % |  | 5.46 | % |  | 3.10 | % |  | 2.08 | %
(a)The expected payments on state and municipal obligations, U.S. Government agency obligations and mortgage-backed securities may not coincide with their contractual maturities because the issuers have the right to call or prepay certain obligations. (b)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. (c)Represents investments in corporate debt securities and debt securities issued by Community Development Financial Institutions. (d)Average yields for investment securities have been calculated using the effective yield on the date of purchase. Yields on tax-exempt investment securities have been computed on a tax-equivalent basis using the U.S. federal statutory tax rate of 21 percent.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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