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v3.22.1

Financing Receivables (Tables) | 3 Months Ended
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Mar. 31, 2022
Financing Receivables |
Rollforward of allowance for credit losses | The following tables present a rollforward of the allowance for credit losses:
| Commercial Loans |  | Consumer Loans |  | Total
(in millions)
Balance, January 1, 2022 | $ | 47 |  |  | $ | 3 |  |  | $ | 50 |
Provisions | (2) |  |  | — |  |  | (2) |
Balance, March 31, 2022 | $ | 45 |  |  | $ | 3 |  |  | $ | 48 |
| Commercial Loans |  | Consumer Loans |  | Total
(in millions)
Balance, January 1, 2021 | $ | 66 |  |  | $ | 2 |  |  | $ | 68 |
Provisions | — |  |  | 1 |  |  | 1 |
Charge-offs | (1) |  |  | — |  |  | (1) |
Balance, March 31, 2021 | $ | 65 |  |  | $ | 3 |  |  | $ | 68 |
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
March 31, 2022 |  | December 31, 2021 | March 31, 2022 |  | December 31, 2021
(in millions) |  |  |  |
East North Central | $ | 205 |  |  | $ | 194 |  |  | 11 | % |  | 10 | %
East South Central | 56 |  |  | 57 |  |  | 3 |  |  | 3 |
Middle Atlantic | 121 |  |  | 122 |  |  | 6 |  |  | 6 |
Mountain | 118 |  |  | 119 |  |  | 6 |  |  | 6 |
New England | 27 |  |  | 28 |  |  | 1 |  |  | 2 |
Pacific | 637 |  |  | 627 |  |  | 33 |  |  | 33 |
South Atlantic | 503 |  |  | 497 |  |  | 26 |  |  | 26 |
West North Central | 139 |  |  | 141 |  |  | 7 |  |  | 7 |
West South Central | 128 |  |  | 131 |  |  | 7 |  |  | 7 |
| 1,934 |  |  | 1,916 |  |  | 100 | % |  | 100 | %
Less: allowance for credit losses | 12 |  |  | 12 |  |  |  |  |
Total | $ | 1,922 |  |  | $ | 1,904 |  |  |  |  |
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
| Loans |  | Percentage
March 31, 2022 |  | December 31, 2021 | March 31, 2022 |  | December 31, 2021
(in millions) |  |  |  |
Apartments | $ | 512 |  |  | $ | 496 |  |  | 26 | % |  | 26 | %
Hotel | 15 |  |  | 14 |  |  | 1 |  |  | 1 |
Industrial | 321 |  |  | 319 |  |  | 17 |  |  | 17 |
Mixed use | 67 |  |  | 68 |  |  | 3 |  |  | 3 |
Office | 266 |  |  | 271 |  |  | 14 |  |  | 14 |
Retail | 617 |  |  | 617 |  |  | 32 |  |  | 32 |
Other | 136 |  |  | 131 |  |  | 7 |  |  | 7 |
| 1,934 |  |  | 1,916 |  |  | 100 | % |  | 100 | %
Less: allowance for credit losses | 12 |  |  | 12 |  |  |  |  |
Total | $ | 1,922 |  |  | $ | 1,904 |  |  |  |  |
Commercial Loans | Commercial mortgage loans |
Financing Receivables |
Schedule of amortized cost basis of loans and credit quality information | The tables below present the amortized cost basis of commercial mortgage loans by the year of origination and loan-to-value ratio :
|  | March 31, 2022
Loan-to-Value Ratio |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
| (in millions)
> 100% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | 10 |  |  | $ | 15 |  |  | $ | 36 |
80% - 100% |  | — |  |  | 9 |  |  | — |  |  | 26 |  |  | 2 |  |  | 39 |  |  | 76 |
60% - 80% |  | 21 |  |  | 99 |  |  | 66 |  |  | 48 |  |  | 22 |  |  | 164 |  |  | 420 |
40% - 60% |  | 17 |  |  | 81 |  |  | 30 |  |  | 87 |  |  | 63 |  |  | 478 |  |  | 756 |
< 40% |  | 4 |  |  | 14 |  |  | 26 |  |  | 2 |  |  | 71 |  |  | 529 |  |  | 646 |
Total |  | $ | 42 |  |  | $ | 203 |  |  | $ | 122 |  |  | $ | 174 |  |  | $ | 168 |  |  | $ | 1,225 |  |  | $ | 1,934 |
|  | December 31, 2021
Loan-to-Value Ratio |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
| (in millions)
> 100% |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 29 |  |  | $ | 59 |
80% - 100% |  | 9 |  |  | 2 |  |  | 9 |  |  | 2 |  |  | — |  |  | 29 |  |  | 51 |
60% - 80% |  | 142 |  |  | 80 |  |  | 60 |  |  | 23 |  |  | 61 |  |  | 138 |  |  | 504 |
40% - 60% |  | 42 |  |  | 33 |  |  | 86 |  |  | 74 |  |  | 57 |  |  | 401 |  |  | 693 |
< 40% |  | 11 |  |  | 8 |  |  | 48 |  |  | 6 |  |  | 58 |  |  | 478 |  |  | 609 |
Total |  | $ | 204 |  |  | $ | 123 |  |  | $ | 223 |  |  | $ | 115 |  |  | $ | 176 |  |  | $ | 1,075 |  |  | $ | 1,916 |
Commercial Loans | Syndicated loans |
Financing Receivables |
Schedule of amortized cost basis of loans and credit quality information | The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
|  | March 31, 2022
Internal Risk Rating |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
| (in millions)
Risk 5 |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Risk 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Risk 3 |  | — |  |  | 4 |  |  | — |  |  | 9 |  |  | 5 |  |  | 12 |  |  | 30 |
Risk 2 |  | — |  |  | 15 |  |  | 6 |  |  | 7 |  |  | 7 |  |  | 32 |  |  | 67 |
Risk 1 |  | — |  |  | 5 |  |  | 1 |  |  | 3 |  |  | 12 |  |  | 24 |  |  | 45 |
Total |  | $ | 1 |  |  | $ | 24 |  |  | $ | 7 |  |  | $ | 19 |  |  | $ | 24 |  |  | $ | 71 |  |  | $ | 146 |
|  | December 31, 2021
Internal Risk Rating |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
| (in millions)
Risk 5 |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Risk 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 2 |  |  | 3 |
Risk 3 |  | — |  |  | — |  |  | 4 |  |  | 5 |  |  | 5 |  |  | 6 |  |  | 20 |
Risk 2 |  | 15 |  |  | 4 |  |  | 12 |  |  | 10 |  |  | 18 |  |  | 12 |  |  | 71 |
Risk 1 |  | 8 |  |  | 3 |  |  | 3 |  |  | 11 |  |  | 16 |  |  | 13 |  |  | 54 |
Total |  | $ | 23 |  |  | $ | 7 |  |  | $ | 20 |  |  | $ | 26 |  |  | $ | 40 |  |  | $ | 33 |  |  | $ | 149 |
Commercial Loans | Loans to financial advisors |
Financing Receivables |
Schedule of amortized cost basis of loans and credit quality information | The tables below present the amortized cost basis of advisor loans by origination year and termination status:
|  | March 31, 2022
Termination Status |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
| (in millions)
Active |  | $ | 40 |  |  | $ | 131 |  |  | $ | 142 |  |  | $ | 114 |  |  | $ | 86 |  |  | $ | 212 |  |  | $ | 725 |
Terminated |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 6 |  |  | 8 |
Total |  | $ | 40 |  |  | $ | 131 |  |  | $ | 143 |  |  | $ | 115 |  |  | $ | 86 |  |  | $ | 218 |  |  | $ | 733 |
|  | December 31, 2021
Termination Status |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
| (in millions)
Active |  | $ | 136 |  |  | $ | 147 |  |  | $ | 119 |  |  | $ | 89 |  |  | $ | 116 |  |  | $ | 113 |  |  | $ | 720 |
Terminated |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 8 |
Total |  | $ | 137 |  |  | $ | 148 |  |  | $ | 119 |  |  | $ | 89 |  |  | $ | 116 |  |  | $ | 119 |  |  | $ | 728 |
Consumer Loans | Credit card receivables |
Financing Receivables |
Schedule of amortized cost basis of loans and credit quality information | The table below presents the amortized cost basis of credit card receivables by FICO score:
| March 31, 2022 |  | December 31, 2021
(in millions)
> 800 | $ | 28 |  |  | $ | 30 |
750 - 799 | 23 |  |  | 24 |
700 - 749 | 23 |  |  | 25 |
650 - 699 | 14 |  |  | 14 |
< 650 | 5 |  |  | 5 |
Total | $ | 93 |  |  | $ | 98 |

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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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