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Financing Receivables (Tables)

9 Months Ended

Sep. 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			(4)						3						(1)
Charge-offs			(3)						(3)						(6)
Balance at September 30, 2024			$	47					$	9					$	56
Balance at January 1, 2023			$	54					$	5					$	59
Provisions			4						4						8
Charge-offs			(2)						(1)						(3)
Balance at September 30, 2023			$	56					$	8					$	64

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:

						September 30, 2024
Loan-to-Value Ratio						2024						2023						2022						2021						2020						Prior						Total
						(in millions)
> 100%						$	—					$	—					$	—					$	—					$	—					$	17					$	17
80% - 100%						—						—						—						—						10						51						61
60% - 80%						66						44						18						9						6						140						283
40% - 60%						68						22						39						73						41						355						598
< 40%						11						10						49						100						50						708						928
Total						$	145					$	76					$	106					$	182					$	107					$	1,271					$	1,887

						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
			September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
			(in millions)
East North Central			$	186					$	189					10		%				10		%
East South Central			46						52						2						3
Middle Atlantic			132						112						7						6
Mountain			146						138						8						8
New England			30						28						2						2
Pacific			633						624						33						34
South Atlantic			487						465						26						25
West North Central			114						109						6						6
West South Central			113						115						6						6
Total			$	1,887					$	1,832					100		%				100		%

Concentrations of credit risk of commercial mortgage loans by property type were as follows:

			Loans												Percentage
			September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
			(in millions)
Apartments			$	519					$	485					27		%				26		%
Hotel			33						13						2						1
Industrial			344						317						18						17
Mixed use			68						64						4						4
Office			219						241						12						13
Retail			552						561						29						31
Other			152						151						8						8
Total			$	1,887					$	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:

						September 30, 2024
Internal Risk Rating						2024						2023						2022						2021						2020						Prior						Total
						(in millions)
Risk 5						$	—					$	—					$	—					$	—					$	—					$	—					$	—
Risk 4						—						—						—						—						—						2						2
Risk 3						1						1						—						9						1						2						14
Risk 2						32						7						1						4						—						9						53
Risk 1						21						9						—						3						2						5						40
Total						$	54					$	17					$	1					$	16					$	3					$	18					$	109

						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:

						September 30, 2024
Termination Status						2024						2023						2022						2021						2020						Prior						Total
						(in millions)
Active						$	270					$	366					$	275					$	128					$	87					$	168					$	1,294
Terminated						—						—						2						2						4						6						14
Total						$	270					$	366					$	277					$	130					$	91					$	174					$	1,308

						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 | 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			September 30, 2024
			2024						2023						2022						2021						2020												Total
			(in millions)
> 810			$	2					$	9					$	3					$	2					$	1											$	17
780 - 809			64						61						29						7						6												167
740 - 779			45						80						25						8						5												163
720 - 739			13						15						5						5						—												38
700 - 719			4						8						5						3						1												21
< 699			5						7						3						3						—												18
Total			$	133					$	180					$	70					$	28					$	13											$	424

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
			September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
			(in millions)
Minnesota			$	254					$	178					60		%				59		%
Other U.S. States			170						122						40						41
Total			$	424					$	300					100		%				100		%

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			September 30, 2024						December 31, 2023
			(in millions)
> 800			$	34					$	32
750 - 799			32						28
700 - 749			29						30
650 - 699			16						19
< 650			8						8
Total			$	119					$	117

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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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-Section 50
-Paragraph 13
-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
-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
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