XML 34 R25.htm IDEA: XBRL DOCUMENT
v3.23.2

INVESTMENT SECURITIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investment Securities Classified as Current and Long-Term | Investment securities classified as current and long-term were as follows at June 30, 2023 and December 31, 2022, respectively:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (in millions)
June 30, 2023 |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |
U.S. Treasury and agency obligations | $ | 1,807 |  |  | $ | — |  |  | $ | (65) |  |  | $ | 1,742 |
Mortgage-backed securities | 3,961 |  |  | 1 |  |  | (468) |  |  | 3,494 |
Tax-exempt municipal securities | 793 |  |  | — |  |  | (31) |  |  | 762 |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential | 470 |  |  | — |  |  | (75) |  |  | 395 |
Commercial | 1,551 |  |  | — |  |  | (160) |  |  | 1,391 |
Asset-backed securities | 1,894 |  |  | — |  |  | (67) |  |  | 1,827 |
Corporate debt securities | 6,754 |  |  | 12 |  |  | (737) |  |  | 6,029 |
Total debt securities | $ | 17,230 |  |  | $ | 13 |  |  | $ | (1,603) |  |  | 15,640 |
Common stock |  |  |  |  |  |  | — |
Total investment securities |  |  |  |  |  |  | $ | 15,640 |
December 31, 2022 |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |
U.S. Treasury and agency obligations | $ | 1,093 |  |  | $ | 1 |  |  | $ | (55) |  |  | $ | 1,039 |
Mortgage-backed securities | 3,697 |  |  | 4 |  |  | (471) |  |  | 3,230 |
Tax-exempt municipal securities | 765 |  |  | — |  |  | (37) |  |  | 728 |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential | 477 |  |  | — |  |  | (76) |  |  | 401 |
Commercial | 1,554 |  |  | — |  |  | (155) |  |  | 1,399 |
Asset-backed securities | 1,809 |  |  | 1 |  |  | (79) |  |  | 1,731 |
Corporate debt securities | 6,551 |  |  | 3 |  |  | (828) |  |  | 5,726 |
Total debt securities | $ | 15,946 |  |  | $ | 9 |  |  | $ | (1,701) |  |  | 14,254 |
Common stock |  |  |  |  |  |  | 7 |
Total investment securities |  |  |  |  |  |  | $ | 14,261 |
Schedule of Gross Unrealized Losses and Fair Value of Securities | Gross unrealized losses and fair values aggregated by investment category and length of time of individual debt securities that have been in a continuous unrealized loss position for which no allowances for credit loss has been recorded were as follows at June 30, 2023 and December 31, 2022, respectively:
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (in millions)
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency obligations | $ | 1,334 |  |  | $ | (17) |  |  | $ | 408 |  |  | $ | (48) |  |  | $ | 1,742 |  |  | $ | (65) |
Mortgage-backed securities | 1,349 |  |  | (36) |  |  | 2,086 |  |  | (432) |  |  | 3,435 |  |  | (468) |
Tax-exempt municipal securities | 337 |  |  | (5) |  |  | 373 |  |  | (26) |  |  | 710 |  |  | (31) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential | 17 |  |  | (1) |  |  | 374 |  |  | (74) |  |  | 391 |  |  | (75) |
Commercial | 26 |  |  | (1) |  |  | 1,365 |  |  | (159) |  |  | 1,391 |  |  | (160) |
Asset-backed securities | 535 |  |  | (12) |  |  | 1,263 |  |  | (55) |  |  | 1,798 |  |  | (67) |
Corporate debt securities | 1,391 |  |  | (31) |  |  | 4,112 |  |  | (706) |  |  | 5,503 |  |  | (737) |
Total debt securities | $ | 4,989 |  |  | $ | (103) |  |  | $ | 9,981 |  |  | $ | (1,500) |  |  | $ | 14,970 |  |  | $ | (1,603) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency obligations | $ | 512 |  |  | $ | (5) |  |  | $ | 397 |  |  | $ | (50) |  |  | $ | 909 |  |  | $ | (55) |
Mortgage-backed securities | 1,231 |  |  | (104) |  |  | 1,683 |  |  | (367) |  |  | 2,914 |  |  | (471) |
Tax-exempt municipal securities | 64 |  |  | (2) |  |  | 615 |  |  | (36) |  |  | 679 |  |  | (38) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential | 124 |  |  | (16) |  |  | 274 |  |  | (60) |  |  | 398 |  |  | (76) |
Commercial | 243 |  |  | (13) |  |  | 1,157 |  |  | (142) |  |  | 1,400 |  |  | (155) |
Asset-backed securities | 620 |  |  | (32) |  |  | 1,011 |  |  | (46) |  |  | 1,631 |  |  | (78) |
Corporate debt securities | 1,625 |  |  | (98) |  |  | 3,825 |  |  | (730) |  |  | 5,450 |  |  | (828) |
Total debt securities | $ | 4,419 |  |  | $ | (270) |  |  | $ | 8,962 |  |  | $ | (1,431) |  |  | $ | 13,381 |  |  | $ | (1,701) |
Schedule of Realized Gains (Losses) Related to Investment Securities Included Within Investment Income | The detail of gains (losses) related to investment securities and included within investment income was as follows for the three and six months ended June 30, 2023 and 2022:
| Three months ended June 30, |  | Six months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions) |  | (in millions)
Gross gains on investment securities | $ | 15 |  |  | $ | 6 |  |  | $ | 15 |  |  | $ | 39 |
Gross losses on investment securities | — |  |  | (5) |  |  | (61) |  |  | (6) |
Gross gains on equity securities | — |  |  | — |  |  | 1 |  |  | — |
Gross losses on equity securities | — |  |  | (62) |  |  | — |  |  | (170) |
Net recognized gains (losses) on investment securities | $ | 15 |  |  | $ | (61) |  |  | $ | (45) |  |  | $ | (137) |
Schedule of Gain (Loss) on Equity Securities | The gains and losses related to equity securities for the three and six months ended June 30, 2023 and 2022 was as follows:
| Three months ended June 30, |  | Six months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions) |  | (in millions)
Net (losses) gains recognized on equity securities during the period | $ | — |  |  | $ | (62) |  |  | $ | 1 |  |  | $ | (170) |
Less: Net (losses) gains recognized on equity securities sold during the period | — |  |  | (2) |  |  | 1 |  |  | (61) |
Unrealized losses recognized on equity securities still held at the end of the period | $ | — |  |  | $ | (60) |  |  | $ | — |  |  | $ | (109) |
Schedule of Contractual Maturity of Debt Securities Available for Sale | The contractual maturities of debt securities available for sale at June 30, 2023, regardless of their balance sheet classification, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Amortized Cost |  | Fair Value
| (in millions)
Due within one year | $ | 561 |  |  | $ | 557 |
Due after one year through five years | 4,453 |  |  | 4,225 |
Due after five years through ten years | 3,109 |  |  | 2,727 |
Due after ten years | 1,231 |  |  | 1,024 |
Mortgage and asset-backed securities | 7,876 |  |  | 7,107 |
Total debt securities | $ | 17,230 |  |  | $ | 15,640 |

X
- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration