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INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025 and December 31, 2024, respectively:

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(in millions)
June 30, 2025
U.S. Treasury and other U.S. government     corporations and agencies:
U.S. Treasury and agency obligations			$	3,104					$	3					$	(49)					$	3,058
Mortgage-backed securities			4,434						4						(421)						4,017
Tax-exempt municipal securities			488						—						(24)						464
Mortgage-backed securities:
Residential			589						1						(54)						536
Commercial			1,113						1						(61)						1,053
Asset-backed securities			1,271						6						(16)						1,261
Corporate debt securities			8,115						37						(442)						7,710
Total debt securities			$	19,114					$	52					$	(1,067)					$	18,099
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

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 June 30, 2025 and December 31, 2024, 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, 2025
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations			$	1,958					$	(17)					$	422					$	(32)					$	2,380					$	(49)
Mortgage-backed securities			1,274						(22)						2,142						(399)						3,416						(421)
Tax-exempt municipal securities			58						(1)						370						(23)						428						(24)
Mortgage-backed securities:
Residential			46						—						331						(54)						377						(54)
Commercial			95						—						874						(61)						969						(61)
Asset-backed securities			181						(3)						329						(13)						510						(16)
Corporate debt securities			1,004						(10)						3,898						(432)						4,902						(442)
Total debt securities			$	4,616					$	(53)					$	8,366					$	(1,014)					$	12,982					$	(1,067)
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)

Schedule of 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, 2025 and 2024:

			Three months ended June 30,												Six months ended June 30,
			2025						2024						2025						2024
			(in millions)												(in millions)
Gross gains on investment securities			$	13					$	—					$	18					$	2
Gross losses on investment securities			(2)						(1)						(5)						(2)
Net recognized gains (losses) on investment securities			$	11					$	(1)					$	13					$	—

Schedule of Contractual Maturities of Debt Securities Available for Sale

The contractual maturities of debt securities available for sale at June 30, 2025, 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			$	854					$	851
Due after one year through five years			5,388						5,285
Due after five years through ten years			4,303						4,136
Due after ten years			1,162						960
Mortgage and asset-backed securities			7,407						6,867
Total debt securities			$	19,114					$	18,099

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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

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