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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2024
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 December 31, 2024 and 2023, respectively:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (in millions)
December 31, 2024 |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |
U.S. Treasury and agency obligations | $ | 3,336 |  |  | $ | 1 |  |  | $ | (110) |  |  | $ | 3,227 |
Mortgage-backed securities | 4,504 |  |  | — |  |  | (509) |  |  | 3,995 |
Tax-exempt municipal securities | 548 |  |  | — |  |  | (22) |  |  | 526 |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential | 586 |  |  | — |  |  | (64) |  |  | 522 |
Commercial | 1,290 |  |  | 1 |  |  | (85) |  |  | 1,206 |
Asset-backed securities | 1,424 |  |  | 3 |  |  | (24) |  |  | 1,403 |
Corporate debt securities | 8,330 |  |  | 21 |  |  | (595) |  |  | 7,756 |
Total debt securities | $ | 20,018 |  |  | $ | 26 |  |  | $ | (1,409) |  |  | 18,635 |
December 31, 2023 |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |
U.S. Treasury and agency obligations | $ | 2,717 |  |  | $ | 1 |  |  | $ | (51) |  |  | $ | 2,667 |
Mortgage-backed securities | 3,946 |  |  | 1 |  |  | (425) |  |  | 3,522 |
Tax-exempt municipal securities | 879 |  |  | 1 |  |  | (22) |  |  | 858 |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential | 465 |  |  | 1 |  |  | (66) |  |  | 400 |
Commercial | 1,471 |  |  | — |  |  | (126) |  |  | 1,345 |
Asset-backed securities | 1,813 |  |  | 2 |  |  | (44) |  |  | 1,771 |
Corporate debt securities | 7,011 |  |  | 28 |  |  | (594) |  |  | 6,445 |
Total debt securities | $ | 18,302 |  |  | $ | 34 |  |  | $ | (1,328) |  |  | 17,008 |
Schedule of Gross Unrealized Losses and Fair Value by Investment Category | 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 December 31, 2024 and 2023, 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)
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency obligations | $ | 2,343 |  |  | $ | (68) |  |  | $ | 456 |  |  | $ | (42) |  |  | $ | 2,799 |  |  | $ | (110) |
Mortgage-backed securities | 1,766 |  |  | (50) |  |  | 2,203 |  |  | (459) |  |  | 3,969 |  |  | (509) |
Tax-exempt municipal securities | 97 |  |  | (1) |  |  | 405 |  |  | (21) |  |  | 502 |  |  | (22) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential | 130 |  |  | (2) |  |  | 343 |  |  | (62) |  |  | 473 |  |  | (64) |
Commercial | 58 |  |  | (1) |  |  | 992 |  |  | (84) |  |  | 1,050 |  |  | (85) |
Asset-backed securities | 419 |  |  | (5) |  |  | 436 |  |  | (19) |  |  | 855 |  |  | (24) |
Corporate debt securities | 2,385 |  |  | (51) |  |  | 4,269 |  |  | (544) |  |  | 6,654 |  |  | (595) |
Total debt securities | $ | 7,198 |  |  | $ | (178) |  |  | $ | 9,104 |  |  | $ | (1,231) |  |  | $ | 16,302 |  |  | $ | (1,409) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency obligations | $ | 1,899 |  |  | $ | (12) |  |  | $ | 431 |  |  | $ | (39) |  |  | $ | 2,330 |  |  | $ | (51) |
Mortgage-backed securities | 958 |  |  | (12) |  |  | 2,269 |  |  | (413) |  |  | 3,227 |  |  | (425) |
Tax-exempt municipal securities | 160 |  |  | (1) |  |  | 523 |  |  | (21) |  |  | 683 |  |  | (22) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential | — |  |  | — |  |  | 373 |  |  | (66) |  |  | 373 |  |  | (66) |
Commercial | 18 |  |  | — |  |  | 1,303 |  |  | (126) |  |  | 1,321 |  |  | (126) |
Asset-backed securities | 120 |  |  | (1) |  |  | 1,364 |  |  | (43) |  |  | 1,484 |  |  | (44) |
Corporate debt securities | 466 |  |  | (2) |  |  | 4,783 |  |  | (592) |  |  | 5,249 |  |  | (594) |
Total debt securities | $ | 3,621 |  |  | $ | (28) |  |  | $ | 11,046 |  |  | $ | (1,300) |  |  | $ | 14,667 |  |  | $ | (1,328) |
Schedule of Realized Gains (Losses) Related to Investment Securities Included Within Investment Income | The detail of realized gains (losses) related to investment securities and included within investment income was as follows for the years ended December 31, 2024, 2023, and 2022:
| 2024 |  | 2023 |  | 2022
| (in millions)
Gross gains on investment securities | $ | 37 |  |  | $ | 46 |  |  | $ | 62 |
Gross losses on investment securities | (13) |  |  | (101) |  |  | (144) |
Gross gains on equity securities | — |  |  | 1 |  |  | 51 |
Gross losses on equity securities | — |  |  | — |  |  | (174) |
Net recognized gains (losses) on investment securities | $ | 24 |  |  | $ | (54) |  |  | $ | (205) |
Schedule of Gain and Losses Related to Equity Securities | The gains and losses related to equity securities for the years ended December 31, 2024, 2023 and 2022 was as follows:
| 2024 |  | 2023 |  | 2022 |  |  |
| (in millions) |  |  |
Net gains (losses) recognized on equity securities during the period | $ | — |  |  | $ | 1 |  |  | $ | (123) |  |  |  |
Less: Net gains (losses) recognized on equity securities sold during the period | — |  |  | 1 |  |  | (105) |  |  |  |
Unrealized losses recognized on equity securities still held at the end of the period | $ | — |  |  | $ | — |  |  | $ | (18) |  |  |  |
Schedule of Contractual Maturities of Debt Securities Available for Sale | The contractual maturities of debt securities available for sale at December 31, 2024, 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 | $ | 1,070 |  |  | $ | 1,067 |
Due after one year through five years | 5,565 |  |  | 5,395 |
Due after five years through ten years | 4,292 |  |  | 3,978 |
Due after ten years | 1,287 |  |  | 1,069 |
Mortgage and asset-backed securities | 7,804 |  |  | 7,126 |
Total debt securities | $ | 20,018 |  |  | $ | 18,635 |

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