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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 and December 31, 2023:
|  | 2024 |  | 2023
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 |  | $ | 60 |  |  | $ | — |  |  | $ | (7) |  |  | $ | 53 |  |  | $ | 61 |  |  | $ | — |  |  | $ | (6) |  |  | $ | 55 |
U.S. Government agency obligations |  | 4 |  |  | — |  |  | — |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
U.S. Government treasury obligations |  | 1,219 |  |  | — |  |  | (8) |  |  | 1,211 |  |  | 1,217 |  |  | 1 |  |  | (12) |  |  | 1,206 |
Mortgage-backed securities (a) |  | 12 |  |  | — |  |  | (1) |  |  | 11 |  |  | 12 |  |  | — |  |  | (1) |  |  | 11 |
Foreign government bonds and obligations |  | 815 |  |  | — |  |  | — |  |  | 815 |  |  | 770 |  |  | — |  |  | — |  |  | 770 |
Other (b) |  | 74 |  |  | — |  |  | — |  |  | 74 |  |  | 74 |  |  | — |  |  | — |  |  | 74 |
Equity securities (c) |  | 59 |  |  | 17 |  |  | (12) |  |  | 64 |  |  | 60 |  |  | 16 |  |  | (10) |  |  | 66 |
Total |  | $ | 2,243 |  |  | $ | 17 |  |  | $ | (28) |  |  | $ | 2,232 |  |  | $ | 2,198 |  |  | $ | 17 |  |  | $ | (29) |  |  | $ | 2,186 |
(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. (b)Represents investments in 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, 2024 and December 31, 2023:
|  | 2024 |  | 2023
|  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 30 |  |  | $ | (7) |  |  | $ | — |  |  | $ | — |  |  | $ | 33 |  |  | $ | (6) |
U.S. Government treasury obligations |  | — |  |  | — |  |  | 1,095 |  |  | (8) |  |  | — |  |  | — |  |  | 1,114 |  |  | (12) |
Mortgage-backed securities |  | — |  |  | — |  |  | 9 |  |  | (1) |  |  | — |  |  | — |  |  | 7 |  |  | (1) |
Total |  | $ | — |  |  | $ | — |  |  | $ | 1,134 |  |  | $ | (16) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,154 |  |  | $ | (19) |
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 March 31, 2024 and December 31, 2023:
|  | 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
2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90–100% |  | — |  |  | $ | — |  |  | $ | — |  |  | 68 |  | $ | 1,119 |  |  | $ | (10) |  |  | 68 |  |  | $ | 1,119 |  |  | $ | (10) |
Less than 90% |  | — |  |  | $ | — |  |  | $ | — |  |  | 8 |  |  | $ | 15 |  |  | $ | (6) |  |  | 8 |  |  | $ | 15 |  |  | $ | (6) |
Total as of March 31, 2024 |  | — |  |  | $ | — |  |  | $ | — |  |  | 76 |  |  | $ | 1,134 |  |  | $ | (16) |  |  | 76 |  |  | $ | 1,134 |  |  | $ | (16) |
2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90–100% |  | — |  |  | $ | — |  |  | $ | — |  |  | 69 |  |  | $ | 1,140 |  |  | $ | (14) |  |  | 69 |  |  | $ | 1,140 |  |  | $ | (14) |
Less than 90% |  | — |  |  | $ | — |  |  | $ | — |  |  | 2 |  |  | $ | 14 |  |  | $ | (5) |  |  | 2 |  |  | $ | 14 |  |  | $ | (5) |
Total as of December 31, 2023 |  | — |  |  | $ | — |  |  | $ | — |  |  | 71 |  |  | $ | 1,154 |  |  | $ | (19) |  |  | 71 |  |  | $ | 1,154 |  |  | $ | (19) |
Contractual maturities of investment securities | Contractual maturities for available-for-sale debt securities with stated maturities as of March 31, 2024 were as follows:
(Millions) |  | Cost |  | Estimated Fair Value
Due within 1 year |  | $ | 1,832 |  |  | $ | 1,828 |
Due after 1 year but within 5 years |  | 267 |  |  | 262 |
Due after 5 years but within 10 years |  | 31 |  |  | 31 |
Due after 10 years |  | 54 |  |  | 47 |
Total |  | $ | 2,184 |  |  | $ | 2,168 |

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