XML 59 R28.htm IDEA: XBRL DOCUMENT
v3.22.1

Variable Interest Entities (Tables) - Consolidated investment entities | 3 Months Ended
--- | ---
Mar. 31, 2022
Assets and liabilities measured at fair value |
Schedule of balances of assets and liabilities measured at fair value on a recurring basis | The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
| March 31, 2022
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Common stocks | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Syndicated loans | — |  |  | 2,077 |  |  | 97 |  |  | 2,174 |
Total investments | — |  |  | 2,080 |  |  | 97 |  |  | 2,177 |
Receivables | — |  |  | 22 |  |  | — |  |  | 22 |
Other assets | — |  |  | 2 |  |  | — |  |  | 2 |
Total assets at fair value | $ | — |  |  | $ | 2,104 |  |  | $ | 97 |  |  | $ | 2,201 |
Liabilities |  |  |  |  |  |  |
Debt (1) | $ | — |  |  | $ | 2,156 |  |  | $ | — |  |  | $ | 2,156 |
Other liabilities | — |  |  | 146 |  |  | — |  |  | 146 |
Total liabilities at fair value | $ | — |  |  | $ | 2,302 |  |  | $ | — |  |  | $ | 2,302 |
| December 31, 2021
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Common stocks | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Syndicated loans | — |  |  | 2,117 |  |  | 64 |  |  | 2,181 |
Total investments | — |  |  | 2,120 |  |  | 64 |  |  | 2,184 |
Receivables | — |  |  | 17 |  |  | — |  |  | 17 |
Other assets | — |  |  | — |  |  | 3 |  |  | 3 |
Total assets at fair value | $ | — |  |  | $ | 2,137 |  |  | $ | 67 |  |  | $ | 2,204 |
Liabilities |  |  |  |  |  |  |
Debt (1) | $ | — |  |  | $ | 2,164 |  |  | $ | — |  |  | $ | 2,164 |
Other liabilities | — |  |  | 137 |  |  | — |  |  | 137 |
Total liabilities at fair value | $ | — |  |  | $ | 2,301 |  |  | $ | — |  |  | $ | 2,301 |
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.1 billion and $2.2 billion as of March 31, 2022 and December 31, 2021, respectively.
Summary of changes in Level 3 assets measured at fair value on a recurring basis | The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:
| Syndicated Loans |  | Other Assets
(in millions)
Balance, January 1, 2022 | $ | 64 |  |  | $ | 3 |
Total gains (losses) included in: |  |  |
Net income | (1) |  | (1) | — |
Purchases | 15 |  |  | — |
Sales | (1) |  |  | — |
Transfers into Level 3 | 62 |  |  | — |
Transfers out of Level 3 | (42) |  |  | (3) |
Balance, March 31, 2022 | $ | 97 |  |  | $ | — |
Changes in unrealized gains (losses) included in income relating to assets held at March 31, 2022 | $ | (1) |  | (1) | $ | — |
| Syndicated Loans |  | Other Assets
(in millions)
Balance, January 1, 2021 | $ | 92 |  |  | $ | 2 |
Total gains (losses) included in: |  |  |
Net income | 2 |  | (1) | — |
Purchases | 59 |  |  | — |
Sales | (10) |  |  | — |
Settlements | (20) |  |  | — |
Transfers into Level 3 | 57 |  |  | — |
Transfers out of Level 3 | (25) |  |  | (2) |
Balance, March 31, 2021 | $ | 155 |  |  | $ | — |
Changes in unrealized gains (losses) included in income relating to assets held at March 31, 2021 | $ | 1 |  | (1) | $ | — |
(1) Included in Net investment income.
Schedule of fair value and unpaid principal balance of loans and debt for which fair value option has been elected | The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
| March 31, 2022 |  | December 31, 2021
(in millions)
Syndicated loans |  |  |
Unpaid principal balance | $ | 2,242 |  |  | $ | 2,233 |
Excess unpaid principal over fair value | (68) |  |  | (52) |
Fair value | $ | 2,174 |  |  | $ | 2,181 |
Fair value of loans more than 90 days past due | $ | — |  |  | $ | — |
Fair value of loans in nonaccrual status | 11 |  |  | 13 |
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | 5 |  |  | 10 |
Debt |  |  |
Unpaid principal balance | $ | 2,295 |  |  | $ | 2,296 |
Excess unpaid principal over fair value | (139) |  |  | (132) |
Carrying value (1) | $ | 2,156 |  |  | $ | 2,164 |
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.1 billion and $2.2 billion as of March 31, 2022 and December 31, 2021, respectively.
Schedule of debt and stated interest rates | Debt of the consolidated investment entities and the stated interest rates were as follows:
| Carrying Value |  | Weighted Average Interest Rate
March 31, 2022 |  | December 31, 2021 | March 31, 2022 |  | December 31, 2021
(in millions) |
Debt of consolidated CLOs due 2028-2034 | $ | 2,156 |  |  | $ | 2,164 |  |  | 1.9 | % |  | 1.7 | %

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14210-108612 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14217-108612 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612 + Details
Name: | us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |