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v3.22.4

Financing Receivables (Tables) | 12 Months Ended
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Dec. 31, 2022
Financing Receivables |
Rollforward of allowance for credit losses | The following table presents a rollforward of the allowance for credit losses:
| Commercial Loans |  | Consumer Loans |  | Total
(in millions)
Balance at December 31, 2019 (1) | $ | 51 |  |  | $ | — |  |  | $ | 51 |
Cumulative effect of adoption of current expected credit losses guidance | 2 |  |  | 3 |  |  | 5 |
Balance at January 1, 2020 | 53 |  |  | 3 |  |  | 56 |
Provisions | 19 |  |  | 2 |  |  | 21 |
Charge-offs | (6) |  |  | (3) |  |  | (9) |
Balance at December 31, 2020 | 66 |  |  | 2 |  |  | 68 |
Provisions | (13) |  |  | 2 |  |  | (11) |
Charge-offs | (8) |  |  | (2) |  |  | (10) |
Recoveries | — |  |  | 1 |  |  | 1 |
Other | 2 |  |  | — |  |  | 2 |
Balance at December 31, 2021 | 47 |  |  | 3 |  |  | 50 |
Provisions | 10 |  |  | 3 |  |  | 13 |
Charge-offs | (3) |  |  | (1) |  |  | (4) |
Balance at December 31, 2022 | $ | 54 |  |  | $ | 5 |  |  | $ | 59 |
(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
December 31, | December 31,
2022 |  | 2021 | 2022 |  | 2021
(in millions) |  |  |
East North Central | $ | 201 |  |  | $ | 194 |  |  | 11 | % |  | 10 | %
East South Central | 54 |  |  | 57 |  |  | 3 |  |  | 3 |
Middle Atlantic | 114 |  |  | 122 |  |  | 6 |  |  | 6 |
Mountain | 129 |  |  | 119 |  |  | 7 |  |  | 6 |
New England | 23 |  |  | 28 |  |  | 1 |  |  | 2 |
Pacific | 638 |  |  | 627 |  |  | 34 |  |  | 33 |
South Atlantic | 479 |  |  | 497 |  |  | 25 |  |  | 26 |
West North Central | 120 |  |  | 141 |  |  | 6 |  |  | 7 |
West South Central | 124 |  |  | 131 |  |  | 7 |  |  | 7 |
| 1,882 |  |  | 1,916 |  |  | 100 | % |  | 100 | %
Less: allowance for credit losses | 11 |  |  | 12 |  |  |
Total | $ | 1,871 |  |  | $ | 1,904 |
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
| Loans |  | Percentage
December 31, |  | December 31,
2022 |  | 2021 |  | 2022 |  | 2021
(in millions) |  |  |  |
Apartments | $ | 495 |  |  | $ | 496 |  |  | 26 | % |  | 26 | %
Hotel | 14 |  |  | 14 |  |  | 1 |  |  | 1 |
Industrial | 321 |  |  | 319 |  |  | 17 |  |  | 17 |
Mixed use | 66 |  |  | 68 |  |  | 4 |  |  | 3 |
Office | 259 |  |  | 271 |  |  | 14 |  |  | 14 |
Retail | 594 |  |  | 617 |  |  | 31 |  |  | 32 |
Other | 133 |  |  | 131 |  |  | 7 |  |  | 7 |
| 1,882 |  |  | 1,916 |  |  | 100 | % |  | 100 | %
Less: allowance for credit losses | 11 |  |  | 12 |  |  |
Total | $ | 1,871 |  |  | $ | 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:
|  | December 31, 2022
Loan-to-Value Ratio |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
| (in millions)
> 100% |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 39 |  |  | $ | 46 |
80% - 100% |  | 7 |  |  | 9 |  |  | 2 |  |  | 20 |  |  | 8 |  |  | 29 |  |  | 75 |
60% - 80% |  | 39 |  |  | 87 |  |  | 17 |  |  | 52 |  |  | 9 |  |  | 107 |  |  | 311 |
40% - 60% |  | 48 |  |  | 89 |  |  | 69 |  |  | 90 |  |  | 57 |  |  | 435 |  |  | 788 |
< 40% |  | 18 |  |  | 12 |  |  | 30 |  |  | 46 |  |  | 85 |  |  | 471 |  |  | 662 |
Total |  | $ | 112 |  |  | $ | 197 |  |  | $ | 120 |  |  | $ | 210 |  |  | $ | 162 |  |  | $ | 1,081 |  |  | $ | 1,882 |
|  | 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:
|  | December 31, 2022
Internal Risk Rating |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
| (in millions)
Risk 5 |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Risk 4 |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | 4 |
Risk 3 |  | — |  |  | 9 |  |  | 1 |  |  | 6 |  |  | 5 |  |  | 8 |  |  | 29 |
Risk 2 |  | 8 |  |  | 21 |  |  | 7 |  |  | 12 |  |  | 5 |  |  | 28 |  |  | 81 |
Risk 1 |  | 6 |  |  | 9 |  |  | 4 |  |  | 6 |  |  | 13 |  |  | 22 |  |  | 60 |
Total |  | $ | 15 |  |  | $ | 39 |  |  | $ | 12 |  |  | $ | 26 |  |  | $ | 23 |  |  | $ | 60 |  |  | $ | 175 |
|  | 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:
|  | December 31, 2022
Termination Status |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
| (in millions)
Active |  | $ | 359 |  |  | $ | 178 |  |  | $ | 133 |  |  | $ | 99 |  |  | $ | 76 |  |  | $ | 158 |  |  | $ | 1,003 |
Terminated |  | — |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |  |  | 5 |  |  | 10 |
Total |  | $ | 359 |  |  | $ | 179 |  |  | $ | 134 |  |  | $ | 101 |  |  | $ | 77 |  |  | $ | 163 |  |  | $ | 1,013 |
|  | December 31, 2021
Termination Status |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
| (in millions)
Active |  | $ | 231 |  |  | $ | 184 |  |  | $ | 120 |  |  | $ | 89 |  |  | $ | 116 |  |  | $ | 113 |  |  | $ | 853 |
Terminated |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 8 |
Total |  | $ | 232 |  |  | $ | 185 |  |  | $ | 120 |  |  | $ | 89 |  |  | $ | 116 |  |  | $ | 119 |  |  | $ | 861 |
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:
| December 31,
2022 |  | 2021
(in millions)
> 800 | $ | 32 |  |  | $ | 30 |
750 - 799 | 27 |  |  | 24 |
700 - 749 | 28 |  |  | 25 |
650 - 699 | 17 |  |  | 14 |
< 650 | 6 |  |  | 5 |
Total | $ | 110 |  |  | $ | 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 https://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 https://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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