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Financing Receivables (Tables)

6 Months Ended

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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Tabular disclosure of allowance for credit loss on financing receivable.

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Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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-Publisher FASB
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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Topic 326
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-Section 50
-Paragraph 5
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