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Financing Receivables (Tables) | 6 Months Ended
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Jun. 30, 2024
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 at January 1, 2024 | $ | 54 |  |  | $ | 9 |  |  | $ | 63 |
Provisions | (5) |  |  | 2 |  |  | (3) |
Charge-offs | (2) |  |  | (1) |  |  | (3) |
Balance at June 30, 2024 | $ | 47 |  |  | $ | 10 |  |  | $ | 57 |
Balance at January 1, 2023 | $ | 54 |  |  | $ | 5 |  |  | $ | 59 |
Provisions | 1 |  |  | 3 |  |  | 4 |
Charge-offs | (1) |  |  | (1) |  |  | (2) |
Balance at June 30, 2023 | $ | 54 |  |  | $ | 7 |  |  | $ | 61 |
Commercial 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 year of origination and loan-to-value ratio:
|  | June 30, 2024
Loan-to-Value Ratio |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
| (in millions)
> 100% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | 21 |  |  | $ | 31 |
80% - 100% |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49 |  |  | 55 |
60% - 80% |  | 48 |  |  | 44 |  |  | 18 |  |  | 11 |  |  | 5 |  |  | 137 |  |  | 263 |
40% - 60% |  | 28 |  |  | 22 |  |  | 45 |  |  | 72 |  |  | 44 |  |  | 368 |  |  | 579 |
< 40% |  | 11 |  |  | 10 |  |  | 46 |  |  | 101 |  |  | 48 |  |  | 711 |  |  | 927 |
Total |  | $ | 93 |  |  | $ | 76 |  |  | $ | 109 |  |  | $ | 184 |  |  | $ | 107 |  |  | $ | 1,286 |  |  | $ | 1,855 |
|  | December 31, 2023
Loan-to-Value Ratio |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
| (in millions)
> 100% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 22 |  |  | $ | 24 |
80% - 100% |  | — |  |  | 5 |  |  | — |  |  | 2 |  |  | 11 |  |  | 50 |  |  | 68 |
60% - 80% |  | 59 |  |  | 26 |  |  | 6 |  |  | 14 |  |  | 40 |  |  | 106 |  |  | 251 |
40% - 60% |  | 8 |  |  | 47 |  |  | 133 |  |  | 53 |  |  | 70 |  |  | 348 |  |  | 659 |
< 40% |  | 10 |  |  | 32 |  |  | 49 |  |  | 40 |  |  | 80 |  |  | 619 |  |  | 830 |
Total |  | $ | 77 |  |  | $ | 110 |  |  | $ | 188 |  |  | $ | 109 |  |  | $ | 203 |  |  | $ | 1,145 |  |  | $ | 1,832 |
Commercial Loans | Commercial mortgage loans |
Financing Receivables |
Schedule of amortized cost basis of loans and credit quality information | Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
| Loans |  | Percentage
June 30, 2024 |  | December 31, 2023 | June 30, 2024 |  | December 31, 2023
(in millions) |  |  |  |
East North Central | $ | 188 |  |  | $ | 189 |  |  | 10 | % |  | 10 | %
East South Central | 47 |  |  | 52 |  |  | 3 |  |  | 3 |
Middle Atlantic | 117 |  |  | 112 |  |  | 6 |  |  | 6 |
Mountain | 147 |  |  | 138 |  |  | 8 |  |  | 8 |
New England | 26 |  |  | 28 |  |  | 2 |  |  | 2 |
Pacific | 626 |  |  | 624 |  |  | 34 |  |  | 34 |
South Atlantic | 472 |  |  | 465 |  |  | 25 |  |  | 25 |
West North Central | 116 |  |  | 109 |  |  | 6 |  |  | 6 |
West South Central | 116 |  |  | 115 |  |  | 6 |  |  | 6 |
Total | $ | 1,855 |  |  | $ | 1,832 |  |  | 100 | % |  | 100 | %
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
| Loans |  | Percentage
June 30, 2024 |  | December 31, 2023 | June 30, 2024 |  | December 31, 2023
(in millions) |  |  |  |
Apartments | $ | 495 |  |  | $ | 485 |  |  | 27 | % |  | 26 | %
Hotel | 25 |  |  | 13 |  |  | 1 |  |  | 1 |
Industrial | 333 |  |  | 317 |  |  | 18 |  |  | 17 |
Mixed use | 63 |  |  | 64 |  |  | 3 |  |  | 4 |
Office | 221 |  |  | 241 |  |  | 12 |  |  | 13 |
Retail | 565 |  |  | 561 |  |  | 31 |  |  | 31 |
Other | 153 |  |  | 151 |  |  | 8 |  |  | 8 |
Total | $ | 1,855 |  |  | $ | 1,832 |  |  | 100 | % |  | 100 | %
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:
|  | June 30, 2024
Internal Risk Rating |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
| (in millions)
Risk 5 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Risk 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Risk 3 |  | — |  |  | 1 |  |  | — |  |  | 10 |  |  | 1 |  |  | 3 |  |  | 15 |
Risk 2 |  | 31 |  |  | 12 |  |  | 1 |  |  | 7 |  |  | 2 |  |  | 10 |  |  | 63 |
Risk 1 |  | 15 |  |  | 14 |  |  | — |  |  | 7 |  |  | 2 |  |  | 7 |  |  | 45 |
Total |  | $ | 46 |  |  | $ | 27 |  |  | $ | 1 |  |  | $ | 24 |  |  | $ | 5 |  |  | $ | 22 |  |  | $ | 125 |
|  | December 31, 2023
Internal Risk Rating |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
| (in millions)
Risk 5 |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Risk 4 |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 3 |
Risk 3 |  | 2 |  |  | — |  |  | 12 |  |  | 2 |  |  | 2 |  |  | 10 |  |  | 28 |
Risk 2 |  | 26 |  |  | 3 |  |  | 17 |  |  | 5 |  |  | 11 |  |  | 2 |  |  | 64 |
Risk 1 |  | 14 |  |  | 5 |  |  | 15 |  |  | 3 |  |  | 10 |  |  | 2 |  |  | 49 |
Total |  | $ | 42 |  |  | $ | 9 |  |  | $ | 44 |  |  | $ | 11 |  |  | $ | 25 |  |  | $ | 14 |  |  | $ | 145 |
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:
|  | June 30, 2024
Termination Status |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
| (in millions)
Active |  | $ | 197 |  |  | $ | 377 |  |  | $ | 288 |  |  | $ | 136 |  |  | $ | 93 |  |  | $ | 191 |  |  | $ | 1,282 |
Terminated |  | — |  |  | — |  |  | 2 |  |  | 3 |  |  | 3 |  |  | 9 |  |  | 17 |
Total |  | $ | 197 |  |  | $ | 377 |  |  | $ | 290 |  |  | $ | 139 |  |  | $ | 96 |  |  | $ | 200 |  |  | $ | 1,299 |
|  | December 31, 2023
Termination Status |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
| (in millions)
Active |  | $ | 395 |  |  | $ | 310 |  |  | $ | 151 |  |  | $ | 107 |  |  | $ | 79 |  |  | $ | 157 |  |  | $ | 1,199 |
Terminated |  | — |  |  | 2 |  |  | 1 |  |  | 1 |  |  | 4 |  |  | 4 |  |  | 12 |
Total |  | $ | 395 |  |  | $ | 312 |  |  | $ | 152 |  |  | $ | 108 |  |  | $ | 83 |  |  | $ | 161 |  |  | $ | 1,211 |
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:
FICO Score | June 30, 2024 |  | December 31, 2023
(in millions)
> 800 | $ | 32 |  |  | $ | 32 |
750 - 799 | 29 |  |  | 28 |
700 - 749 | 30 |  |  | 30 |
650 - 699 | 19 |  |  | 19 |
< 650 | 8 |  |  | 8 |
Total | $ | 118 |  |  | $ | 117 |
Consumer Loans | Residential mortgage loans |
Financing Receivables |
Schedule of amortized cost basis of loans and credit quality information | The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:
FICO Score | June 30, 2024
2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  |  |  | Total
(in millions)
> 810 | $ | 2 |  |  | $ | 9 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 1 |  |  |  |  | $ | 17 |
780 - 809 | 41 |  |  | 62 |  |  | 29 |  |  | 8 |  |  | 6 |  |  |  |  | 146 |
740 - 779 | 31 |  |  | 82 |  |  | 26 |  |  | 8 |  |  | 5 |  |  |  |  | 152 |
720 - 739 | 11 |  |  | 16 |  |  | 5 |  |  | 5 |  |  | — |  |  |  |  | 37 |
700 - 719 | 2 |  |  | 9 |  |  | 5 |  |  | 3 |  |  | 1 |  |  |  |  | 20 |
< 699 | 6 |  |  | 7 |  |  | 4 |  |  | 3 |  |  | — |  |  |  |  | 20 |
Total | $ | 93 |  |  | $ | 185 |  |  | $ | 72 |  |  | $ | 29 |  |  | $ | 13 |  |  |  |  | $ | 392 |
FICO Score | December 31, 2023
2023 |  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  | Total
(in millions)
> 810 | $ | 9 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | — |  |  |  |  |  |  | $ | 14 |
780 - 809 | 65 |  |  | 29 |  |  | 8 |  |  | 6 |  |  |  |  |  |  | 108 |
740 - 779 | 80 |  |  | 26 |  |  | 8 |  |  | 6 |  |  |  |  |  |  | 120 |
720 - 739 | 15 |  |  | 6 |  |  | 4 |  |  | 1 |  |  |  |  |  |  | 26 |
700 - 719 | 8 |  |  | 5 |  |  | 4 |  |  | 1 |  |  |  |  |  |  | 18 |
< 699 | 7 |  |  | 4 |  |  | 3 |  |  | — |  |  |  |  |  |  | 14 |
Total | $ | 184 |  |  | $ | 73 |  |  | $ | 29 |  |  | $ | 14 |  |  |  |  |  |  | $ | 300 |
The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:
| Loans |  | Percentage
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
(in millions) |  |  |  |
Minnesota | $ | 240 |  |  | $ | 178 |  |  | 61 | % |  | 59 | %
Other U.S. States | 152 |  |  | 122 |  |  | 39 |  |  | 41 |
Total | $ | 392 |  |  | $ | 300 |  |  | 100 | % |  | 100 | %

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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://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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