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Financing Receivables (Tables) | 9 Months Ended
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Sep. 30, 2021
Financing Receivables |
Rollforward of allowance for loan losses |
| Commercial Loans |  | Consumer Loans |  | Total
(in millions)
Balance, January 1, 2021 | $ | 66 |  |  | $ | 2 |  |  | $ | 68 |
Provisions | (14) |  |  | 1 |  |  | (13) |
Charge-offs | (6) |  |  | (1) |  |  | (7) |
Recoveries | — |  |  | 1 |  |  | 1 |
Other | 2 |  |  | — |  |  | 2 |
Balance, September 30, 2021 | $ | 48 |  |  | $ | 3 |  |  | $ | 51 |
| Commercial Loans |  | Consumer Loans |  | Total
(in millions)
Balance, December 31, 2019 (1) | $ | 51 |  |  | $ | — |  |  | $ | 51 |
Cumulative effect of adoption of current expected credit losses guidance | 2 |  |  | 3 |  |  | 5 |
Balance, January 1, 2020 | 53 |  |  | 3 |  |  | 56 |
Provisions | 16 |  |  | 3 |  |  | 19 |
Charge-offs | (2) |  |  | (2) |  |  | (4) |
Balance, September 30, 2020 | $ | 67 |  |  | $ | 4 |  |  | $ | 71 |
(1) Prior to January 1, 2020, the allowance for credit losses was based on an incurred loss model that did not require estimating expected credit losses over the expected life of the asset.
Schedule of concentrations of credit risk of loans by region and property type | Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
| Loans |  | Percentage
September 30, 2021 |  | December 31, 2020 | September 30, 2021 |  | December 31, 2020
(in millions) |  |  |  |
East North Central | $ | 187 |  |  | $ | 259 |  |  | 10 | % |  | 10 | %
East South Central | 69 |  |  | 115 |  |  | 4 |  |  | 4 |
Middle Atlantic | 125 |  |  | 178 |  |  | 7 |  |  | 7 |
Mountain | 124 |  |  | 247 |  |  | 6 |  |  | 9 |
New England | 29 |  |  | 54 |  |  | 2 |  |  | 2 |
Pacific | 608 |  |  | 825 |  |  | 32 |  |  | 30 |
South Atlantic | 496 |  |  | 681 |  |  | 26 |  |  | 25 |
West North Central | 140 |  |  | 198 |  |  | 7 |  |  | 7 |
West South Central | 123 |  |  | 168 |  |  | 6 |  |  | 6 |
| 1,901 |  |  | 2,725 |  |  | 100 | % |  | 100 | %
Less: allowance for credit losses | 14 |  |  | 29 |  |  |  |  |
Total | $ | 1,887 |  |  | $ | 2,696 |  |  |  |  |
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
| Loans |  | Percentage
September 30, 2021 |  | December 31, 2020 | September 30, 2021 |  | December 31, 2020
(in millions) |  |  |  |
Apartments | $ | 499 |  |  | $ | 713 |  |  | 26 | % |  | 26 | %
Hotel | 15 |  |  | 50 |  |  | 1 |  |  | 2 |
Industrial | 306 |  |  | 427 |  |  | 16 |  |  | 16 |
Mixed use | 68 |  |  | 87 |  |  | 4 |  |  | 3 |
Office | 272 |  |  | 372 |  |  | 14 |  |  | 14 |
Retail | 625 |  |  | 881 |  |  | 33 |  |  | 32 |
Other | 116 |  |  | 195 |  |  | 6 |  |  | 7 |
| 1,901 |  |  | 2,725 |  |  | 100 | % |  | 100 | %
Less: allowance for credit losses | 14 |  |  | 29 |  |  |  |  |
Total | $ | 1,887 |  |  | $ | 2,696 |  |  |  |  |
Commercial Loans | Commercial mortgage loans |
Financing Receivables |
Schedule of amortized cost basis of loans and credit quality information |
|  | September 30, 2021
Loan-to-Value Ratio |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
| (in millions)
> 100% |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 30 |  |  | $ | 60 |
80% - 100% |  | 9 |  |  | 14 |  |  | 9 |  |  | 6 |  |  | — |  |  | 37 |  |  | 75 |
60% - 80% |  | 95 |  |  | 69 |  |  | 68 |  |  | 29 |  |  | 61 |  |  | 133 |  |  | 455 |
40% - 60% |  | 23 |  |  | 34 |  |  | 95 |  |  | 69 |  |  | 60 |  |  | 420 |  |  | 701 |
< 40% |  | 9 |  |  | 7 |  |  | 41 |  |  | 3 |  |  | 56 |  |  | 494 |  |  | 610 |
Total |  | $ | 136 |  |  | $ | 124 |  |  | $ | 233 |  |  | $ | 117 |  |  | $ | 177 |  |  | $ | 1,114 |  |  | $ | 1,901 |
|  | December 31, 2020
Loan-to-Value Ratio |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Total
| (in millions)
> 100% |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | 12 |
80% - 100% |  | 15 |  |  | 16 |  |  | 12 |  |  | 3 |  |  | 7 |  |  | 15 |  |  | 68 |
60% - 80% |  | 89 |  |  | 166 |  |  | 27 |  |  | 32 |  |  | 46 |  |  | 144 |  |  | 504 |
40% - 60% |  | 23 |  |  | 57 |  |  | 74 |  |  | 155 |  |  | 113 |  |  | 551 |  |  | 973 |
< 40% |  | 7 |  |  | 23 |  |  | 80 |  |  | 99 |  |  | 64 |  |  | 895 |  |  | 1,168 |
Total |  | $ | 134 |  |  | $ | 262 |  |  | $ | 195 |  |  | $ | 289 |  |  | $ | 230 |  |  | $ | 1,615 |  |  | $ | 2,725 |
Commercial Loans | Syndicated loans |
Financing Receivables |
Schedule of amortized cost basis of loans and credit quality information |
|  | September 30, 2021
Internal Risk Rating |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
| (in millions)
Risk 5 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Risk 4 |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 4 |
Risk 3 |  | — |  |  | — |  |  | 4 |  |  | 4 |  |  | 5 |  |  | 9 |  |  | 22 |
Risk 2 |  | 16 |  |  | 5 |  |  | 9 |  |  | 11 |  |  | 16 |  |  | 9 |  |  | 66 |
Risk 1 |  | 9 |  |  | 3 |  |  | 7 |  |  | 9 |  |  | 16 |  |  | 16 |  |  | 60 |
Total |  | $ | 25 |  |  | $ | 8 |  |  | $ | 21 |  |  | $ | 25 |  |  | $ | 38 |  |  | $ | 35 |  |  | $ | 152 |
|  | December 31, 2020
Internal Risk Rating |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Total
| (in millions)
Risk 5 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |
Risk 4 |  | — |  |  | — |  |  | 4 |  |  | 9 |  |  | — |  |  | 10 |  |  | 23 |
Risk 3 |  | — |  |  | 9 |  |  | 8 |  |  | 25 |  |  | 13 |  |  | 25 |  |  | 80 |
Risk 2 |  | 30 |  |  | 57 |  |  | 62 |  |  | 69 |  |  | 14 |  |  | 41 |  |  | 273 |
Risk 1 |  | 17 |  |  | 32 |  |  | 47 |  |  | 58 |  |  | 22 |  |  | 40 |  |  | 216 |
Total |  | $ | 47 |  |  | $ | 98 |  |  | $ | 121 |  |  | $ | 161 |  |  | $ | 49 |  |  | $ | 119 |  |  | $ | 595 |
Commercial Loans | Loans to financial advisors |
Financing Receivables |
Schedule of amortized cost basis of loans and credit quality information |
|  | September 30, 2021
Termination Status |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
| (in millions)
Active |  | $ | 104 |  |  | $ | 155 |  |  | $ | 124 |  |  | $ | 91 |  |  | $ | 119 |  |  | $ | 128 |  |  | $ | 721 |
Terminated |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 7 |  |  | 10 |
Total |  | $ | 106 |  |  | $ | 155 |  |  | $ | 124 |  |  | $ | 91 |  |  | $ | 120 |  |  | $ | 135 |  |  | $ | 731 |
|  | December 31, 2020
Termination Status |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Total
| (in millions)
Active |  | $ | 171 |  |  | $ | 137 |  |  | $ | 101 |  |  | $ | 127 |  |  | $ | 83 |  |  | $ | 86 |  |  | $ | 705 |
Terminated |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 8 |  |  | 10 |
Total |  | $ | 171 |  |  | $ | 137 |  |  | $ | 101 |  |  | $ | 128 |  |  | $ | 84 |  |  | $ | 94 |  |  | $ | 715 |
Consumer Loans | Credit card receivables |
Financing Receivables |
Schedule of amortized cost basis of loans and credit quality information |
| September 30, 2021 |  | December 31, 2020
(in millions)
> 800 | $ | 27 |  |  | $ | 28 |
750 - 799 | 23 |  |  | 23 |
700 - 749 | 24 |  |  | 25 |
650 - 699 | 14 |  |  | 15 |
< 650 | 5 |  |  | 5 |
Total | $ | 93 |  |  | $ | 96 |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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