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v3.23.3

Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of available for sale securities by type | The following is a summary of investment securities as of September 30, 2023 and December 31, 2022:
|  | 2023 |  | 2022
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 |  | $ | 62 |  |  | $ | — |  |  | $ | (10) |  |  | $ | 52 |  |  | $ | 64 |  |  | $ | — |  |  | $ | (10) |  |  | $ | 54 |
U.S. Government agency obligations |  | 4 |  |  | — |  |  | — |  |  | 4 |  |  | 5 |  |  | — |  |  | — |  |  | 5 |
U.S. Government treasury obligations (a) |  | 2,214 |  |  | — |  |  | (27) |  |  | 2,187 |  |  | 3,859 |  |  | — |  |  | (73) |  |  | 3,786 |
Mortgage-backed securities (b) |  | 12 |  |  | — |  |  | (1) |  |  | 11 |  |  | 13 |  |  | — |  |  | — |  |  | 13 |
Foreign government bonds and obligations |  | 777 |  |  | — |  |  | (1) |  |  | 776 |  |  | 633 |  |  | — |  |  | (1) |  |  | 632 |
Other (c) |  | 64 |  |  | — |  |  | — |  |  | 64 |  |  | 47 |  |  | — |  |  | — |  |  | 47 |
Equity securities (d)(e) |  | 60 |  |  | 20 |  |  | (14) |  |  | 66 |  |  | 50 |  |  | — |  |  | (9) |  |  | 41 |
Total |  | $ | 3,193 |  |  | $ | 20 |  |  | $ | (53) |  |  | $ | 3,160 |  |  | $ | 4,671 |  |  | $ | — |  |  | $ | (93) |  |  | $ | 4,578 |
(a)Excludes approximately $1 billion of U.S. Government treasury obligations that matured on September 30, 2023, for which cash was received on October 2, 2023. As of September 30, 2023, these investments were derecognized and a corresponding receivable was recorded in Other assets on the Consolidated Balance Sheets; this non-cash movement is not reflected in the Consolidated Statements of Cash Flows. (b)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. (c)Represents investments in debt securities issued by Community Development Financial Institutions. (d)Equity securities comprise investments in common stock, exchange-traded funds and mutual funds. (e)During the third quarter of 2023, certain equity securities were reclassified from Other assets to Investment securities following the completion of transactions pursuant to which the issuers of the securities became public companies. The investments had a fair value of $26 million with an associated cost basis of $10 million as of September 30, 2023. The gross unrealized gain and loss amounts include net unrealized gains of $37 million that were recognized prior to such transactions.
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 September 30, 2023 and December 31, 2022:
|  | 2023 |  | 2022
|  | Less than 12 months |  | 12 months or more |  | Less than 12 months |  | 12 months or more
Description of Securities (Millions) |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
State and municipal obligations |  | $ | 20 |  |  | $ | (1) |  |  | $ | 30 |  |  | $ | (9) |  |  | $ | 52 |  |  | $ | (10) |  |  | $ | — |  |  | $ | — |
U.S. Government treasury obligations |  | — |  |  | — |  |  | 2,098 |  |  | (27) |  |  | 3,710 |  |  | (72) |  |  | 52 |  |  | (1) |
Mortgage-backed securities |  | — |  |  | — |  |  | 7 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign government bonds and obligations |  | 679 |  |  | (1) |  |  | — |  |  | — |  |  | 549 |  |  | (1) |  |  | — |  |  | — |
Total |  | $ | 699 |  |  | $ | (2) |  |  | $ | 2,135 |  |  | $ | (37) |  |  | $ | 4,311 |  |  | $ | (83) |  |  | $ | 52 |  |  | $ | (1) |
Available for sale securities ratio of fair value to amortized cost | The following table summarizes the gross unrealized losses for available-for-sale debt securities by ratio of fair value to amortized cost as of September 30, 2023 and December 31, 2022:
|  | 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
2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90–100% |  | 53 |  |  | $ | 699 |  |  | $ | (2) |  |  | 44 |  | $ | 2,107 |  |  | $ | (27) |  |  | 97 |  |  | $ | 2,806 |  |  | $ | (29) |
Less than 90% |  | — |  |  | $ | — |  |  | $ | — |  |  | 32 |  |  | $ | 28 |  |  | $ | (10) |  |  | 32 |  |  | $ | 28 |  |  | $ | (10) |
Total as of September 30, 2023 |  | 53 |  |  | $ | 699 |  |  | $ | (2) |  |  | 76 |  |  | $ | 2,135 |  |  | $ | (37) |  |  | 129 |  |  | $ | 2,834 |  |  | $ | (39) |
2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90–100% |  | 74 |  |  | $ | 4,287 |  |  | $ | (74) |  |  | 3 |  |  | $ | 52 |  |  | $ | (1) |  |  | 77 |  |  | $ | 4,339 |  |  | $ | (75) |
Less than 90% |  | 14 |  |  | $ | 24 |  |  | $ | (9) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 14 |  |  | $ | 24 |  |  | $ | (9) |
Total as of December 31, 2022 |  | 88 |  |  | $ | 4,311 |  |  | $ | (83) |  |  | 3 |  |  | $ | 52 |  |  | $ | (1) |  |  | 91 |  |  | $ | 4,363 |  |  | $ | (84) |
Contractual maturities of investment securities | Contractual maturities for available-for-sale debt securities with stated maturities as of September 30, 2023 were as follows:
(Millions) |  | Cost |  | Estimated Fair Value
Due within 1 year |  | $ | 2,804 |  |  | $ | 2,784 |
Due after 1 year but within 5 years |  | 233 |  |  | 226 |
Due after 5 years but within 10 years |  | 40 |  |  | 39 |
Due after 10 years |  | 56 |  |  | 45 |
Total |  | $ | 3,133 |  |  | $ | 3,094 |

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