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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of available for sale securities by type | The following is a summary of investment securities as of March 31, 2022 and December 31, 2021:
|  | 2022 |  | 2021
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 |  | $ | 74 |  |  | $ | 2 |  |  | $ | (4) |  |  | $ | 72 |  |  | $ | 106 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 111 |
U.S. Government agency obligations |  | 6 |  |  | — |  |  | — |  |  | 6 |  |  | 6 |  |  | — |  |  | — |  |  | 6 |
U.S. Government treasury obligations |  | 3,240 |  |  | 7 |  |  | (12) |  |  | 3,235 |  |  | 1,680 |  |  | 25 |  |  | (1) |  |  | 1,704 |
Mortgage-backed securities (a) |  | 15 |  |  | 1 |  |  | — |  |  | 16 |  |  | 17 |  |  | 1 |  |  | — |  |  | 18 |
Foreign government bonds and obligations |  | 636 |  |  | — |  |  | (1) |  |  | 635 |  |  | 630 |  |  | — |  |  | — |  |  | 630 |
Other (b) |  | 39 |  |  | — |  |  | — |  |  | 39 |  |  | 43 |  |  | — |  |  | — |  |  | 43 |
Equity securities (c) |  | 61 |  |  | 1 |  |  | (7) |  |  | 55 |  |  | 66 |  |  | 17 |  |  | (4) |  |  | 79 |
Total |  | $ | 4,071 |  |  | $ | 11 |  |  | $ | (24) |  |  | $ | 4,058 |  |  | $ | 2,548 |  |  | $ | 48 |  |  | $ | (5) |  |  | $ | 2,591 |
(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 March 31, 2022 and December 31, 2021. There were no securities in a gross unrealized loss position for 12 months or more as of both March 31, 2022 and December 31, 2021.
|  | 2022 |  | 2021
|  | Less than 12 months |  |  |  | Less than 12 months |  |
Description of Securities (Millions) |  | Estimated Fair Value |  | Gross Unrealized Losses |  |  |  |  |  | Estimated Fair Value |  | Gross Unrealized Losses |  |  |  |
State and municipal obligations |  | $ | 44 |  |  | $ | (4) |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  |
U.S. Government treasury obligations |  | 2,554 |  |  | (12) |  |  |  |  |  |  | 477 |  |  | (1) |  |  |  |  |
Foreign government bonds and obligations |  | 440 |  |  | (1) |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Total |  | $ | 3,038 |  |  | $ | (17) |  |  |  |  |  |  | $ | 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 March 31, 2022 and December 31, 2021:
|  | Less than 12 months |  |  |  |
Ratio of Fair Value to Amortized Cost (Dollars in millions) |  | Number of Securities |  | Estimated Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |  |  |  |  |
2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90–100% |  | 44 |  |  | $ | 3,032 |  |  | $ | (16) |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 90% |  | 4 |  |  | 6 |  |  | (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Total as of March 31, 2022 |  | 48 |  |  | $ | 3,038 |  |  | $ | (17) |  |  |  |  |  |  |  |  |  |  |  |  |
2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90–100% |  | 5 |  |  | $ | 477 |  |  | $ | (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Total as of December 31, 2021 |  | 5 |  |  | $ | 477 |  |  | $ | (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturities of investment securities | Contractual maturities for available-for-sale debt securities with stated maturities as of March 31, 2022 were as follows:
(Millions) |  | Cost |  | Estimated Fair Value
Due within 1 year |  | $ | 1,740 |  |  | $ | 1,745 |
Due after 1 year but within 5 years |  | 2,167 |  |  | 2,155 |
Due after 5 years but within 10 years |  | 35 |  |  | 38 |
Due after 10 years |  | 68 |  |  | 65 |
Total |  | $ | 4,010 |  |  | $ | 4,003 |

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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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