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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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 |  | $ | 57 |  |  | $ | 1 |  |  | $ | (8) |  |  | $ | 50 |  |  | $ | 61 |  |  | $ | — |  |  | $ | (6) |  |  | $ | 55 |
U.S. Government agency obligations |  | 4 |  |  | — |  |  | — |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
U.S. Government treasury obligations |  | 270 |  |  | 1 |  |  | (2) |  |  | 269 |  |  | 1,217 |  |  | 1 |  |  | (12) |  |  | 1,206 |
Mortgage-backed securities (a) |  | 11 |  |  | — |  |  | — |  |  | 11 |  |  | 12 |  |  | — |  |  | (1) |  |  | 11 |
Foreign government bonds and obligations |  | 817 |  |  | — |  |  | — |  |  | 817 |  |  | 770 |  |  | — |  |  | — |  |  | 770 |
Other (b) |  | 74 |  |  | — |  |  | — |  |  | 74 |  |  | 74 |  |  | — |  |  | — |  |  | 74 |
Equity securities (c) |  | 50 |  |  | — |  |  | (7) |  |  | 43 |  |  | 60 |  |  | 16 |  |  | (10) |  |  | 66 |
Total |  | $ | 1,283 |  |  | $ | 2 |  |  | $ | (17) |  |  | $ | 1,268 |  |  | $ | 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 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 September 30, 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 |  | $ | — |  |  | $ | — |  |  | $ | 23 |  |  | $ | (8) |  |  | $ | — |  |  | $ | — |  |  | $ | 33 |  |  | $ | (6) |
U.S. Government treasury obligations |  | — |  |  | — |  |  | 122 |  |  | (2) |  |  | — |  |  | — |  |  | 1,114 |  |  | (12) |
Mortgage-backed securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | (1) |
Total |  | $ | — |  |  | $ | — |  |  | $ | 145 |  |  | $ | (10) |  |  | $ | — |  |  | $ | — |  |  | $ | 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 September 30, 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% |  | — |  |  | $ | — |  |  | $ | — |  |  | 7 |  | $ | 129 |  |  | $ | (2) |  |  | 7 |  |  | $ | 129 |  |  | $ | (2) |
Less than 90% |  | — |  |  | $ | — |  |  | $ | — |  |  | 3 |  |  | $ | 16 |  |  | $ | (8) |  |  | 3 |  |  | $ | 16 |  |  | $ | (8) |
Total as of September 30, 2024 |  | — |  |  | $ | — |  |  | $ | — |  |  | 10 |  |  | $ | 145 |  |  | $ | (10) |  |  | 10 |  |  | $ | 145 |  |  | $ | (10) |
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 September 30, 2024 were as follows:
(Millions) |  | Cost |  | Estimated Fair Value
Due within 1 year |  | $ | 867 |  |  | $ | 867 |
Due after 1 year but within 5 years |  | 285 |  |  | 284 |
Due after 5 years but within 10 years |  | 32 |  |  | 33 |
Due after 10 years |  | 49 |  |  | 41 |
Total |  | $ | 1,233 |  |  | $ | 1,225 |

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