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Debt Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments Debt And Equity Securities [Abstract] |
Investments in Debt Securities, Classified as Available-For-Sale | Investments in debt securities, classified as available-for-sale, are as follows:
|  | Amortized cost |  | Gross unrealized |  |  | Estimated fair value |  |
(in millions) |  |  | gains |  |  | losses |  |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 123 |  | $ | 1 |  |  | $ | (1 | ) |  | $ | 123 |  |
Municipal bonds |  |  | 1,607 |  |  | 59 |  |  |  | (17 | ) |  |  | 1,649 |  |
Foreign government bonds |  |  | 228 |  |  | 2 |  |  |  | (3 | ) |  |  | 227 |  |
Governmental agency bonds |  |  | 175 |  |  | 3 |  |  |  | (1 | ) |  |  | 177 |  |
Governmental agency mortgage-backed securities |  |  | 5,620 |  |  | 34 |  |  |  | (47 | ) |  |  | 5,607 |  |
U.S. corporate debt securities |  |  | 1,071 |  |  | 19 |  |  |  | (9 | ) |  |  | 1,081 |  |
Foreign corporate debt securities |  |  | 493 |  |  | 9 |  |  |  | (4 | ) |  |  | 498 |  |
|  | $ | 9,317 |  | $ | 127 |  |  | $ | (82 | ) |  | $ | 9,362 |  |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 80 |  | $ | 1 |  |  | $ | — |  |  | $ | 81 |  |
Municipal bonds |  |  | 1,168 |  |  | 81 |  |  |  | (1 | ) |  |  | 1,248 |  |
Foreign government bonds |  |  | 194 |  |  | 6 |  |  |  | (1 | ) |  |  | 199 |  |
Governmental agency bonds |  |  | 254 |  |  | 10 |  |  |  | — |  |  |  | 264 |  |
Governmental agency mortgage-backed securities |  |  | 3,402 |  |  | 74 |  |  |  | (2 | ) |  |  | 3,474 |  |
U.S. corporate debt securities |  |  | 638 |  |  | 44 |  |  |  | — |  |  |  | 682 |  |
Foreign corporate debt securities |  |  | 385 |  |  | 22 |  |  |  | — |  |  |  | 407 |  |
|  | $ | 6,121 |  | $ | 238 |  |  | $ | (4 | ) |  | $ | 6,355 |  |
Gross Unrealized Losses on Investments in Debt Securities | Investments in debt securities in an unrealized loss position, based on length of time, are as follows:
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
(in millions) |  | Estimated fair value |  |  | Unrealized losses |  |  | Estimated fair value |  |  | Unrealized losses |  |  | Estimated fair value |  |  | Unrealized losses |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 76 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 76 |  |  | $ | (1 | )
Municipal bonds |  |  | 684 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | 684 |  |  |  | (17 | )
Foreign government bonds |  |  | 103 |  |  |  | (1 | ) |  |  | 33 |  |  |  | (2 | ) |  |  | 136 |  |  |  | (3 | )
Governmental agency bonds |  |  | 73 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 73 |  |  |  | (1 | )
Governmental agency mortgage-backed securities |  |  | 4,036 |  |  |  | (47 | ) |  |  | — |  |  |  | — |  |  |  | 4,036 |  |  |  | (47 | )
U.S. corporate debt securities |  |  | 533 |  |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | 533 |  |  |  | (9 | )
Foreign corporate debt securities |  |  | 234 |  |  |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | 234 |  |  |  | (4 | )
|  | $ | 5,739 |  |  | $ | (80 | ) |  | $ | 33 |  |  | $ | (2 | ) |  | $ | 5,772 |  |  | $ | (82 | )
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  |  | 74 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | (1 | )
Foreign government bonds |  |  | 67 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 67 |  |  |  | (1 | )
Governmental agency mortgage-backed securities |  |  | 288 |  |  |  | (1 | ) |  |  | 100 |  |  |  | (1 | ) |  |  | 388 |  |  |  | (2 | )
|  | $ | 429 |  |  | $ | (3 | ) |  | $ | 100 |  |  | $ | (1 | ) |  | $ | 529 |  |  | $ | (4 | )
Investments in Debt Securities by Contractual Maturity | Investments in debt securities at December 31, 2021, by contractual maturities, are as follows:
(in millions) |  | Due in one year or less |  |  | Due after one through five years |  |  | Due after five through ten years |  |  | Due after ten years |  |  | Total |
U.S. Treasury bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 16 |  |  | $ | 58 |  |  | $ | 25 |  |  | $ | 24 |  |  | $ | 123 |
Estimated fair value |  | $ | 16 |  |  | $ | 58 |  |  | $ | 25 |  |  | $ | 24 |  |  | $ | 123 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 24 |  |  |  | 103 |  |  |  | 812 |  |  |  | 668 |  |  |  | 1,607 |
Estimated fair value |  |  | 25 |  |  |  | 107 |  |  |  | 829 |  |  |  | 688 |  |  |  | 1,649 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 38 |  |  |  | 107 |  |  |  | 73 |  |  |  | 10 |  |  |  | 228 |
Estimated fair value |  |  | 38 |  |  |  | 108 |  |  |  | 71 |  |  |  | 10 |  |  |  | 227 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 18 |  |  |  | 58 |  |  |  | 32 |  |  |  | 67 |  |  |  | 175 |
Estimated fair value |  |  | 18 |  |  |  | 59 |  |  |  | 32 |  |  |  | 68 |  |  |  | 177 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 45 |  |  |  | 546 |  |  |  | 402 |  |  |  | 78 |  |  |  | 1,071 |
Estimated fair value |  |  | 45 |  |  |  | 553 |  |  |  | 401 |  |  |  | 82 |  |  |  | 1,081 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 35 |  |  |  | 267 |  |  |  | 145 |  |  |  | 46 |  |  |  | 493 |
Estimated fair value |  |  | 36 |  |  |  | 269 |  |  |  | 145 |  |  |  | 48 |  |  |  | 498 |
Total debt securities, excluding mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 176 |  |  | $ | 1,139 |  |  | $ | 1,489 |  |  | $ | 893 |  |  | $ | 3,697 |
Estimated fair value |  | $ | 178 |  |  | $ | 1,154 |  |  | $ | 1,503 |  |  | $ | 920 |  |  | $ | 3,755 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,620 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,607 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,317 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,362 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at December 31, 2021, by credit rating, is as follows:
|  | A- or higher A |  |  | BBB+ to BBB- |  |  | Non-Investment Grade |  |  | Total |
(dollars in millions) |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 123 |  |  |  | 100.0 |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 123 |
Municipal bonds |  |  | 1,605 |  |  |  | 97.3 |  |  |  | 43 |  |  |  | 2.6 |  |  |  | 1 |  |  |  | 0.1 |  |  |  | 1,649 |
Foreign government bonds |  |  | 214 |  |  |  | 94.3 |  |  |  | 10 |  |  |  | 4.4 |  |  |  | 3 |  |  |  | 1.3 |  |  |  | 227 |
Governmental agency bonds |  |  | 177 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 177 |
Governmental agency mortgage-backed securities |  |  | 5,607 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,607 |
U.S. corporate debt securities |  |  | 447 |  |  |  | 41.4 |  |  |  | 436 |  |  |  | 40.3 |  |  |  | 198 |  |  |  | 18.3 |  |  |  | 1,081 |
Foreign corporate debt securities |  |  | 206 |  |  |  | 41.4 |  |  |  | 243 |  |  |  | 48.8 |  |  |  | 49 |  |  |  | 9.8 |  |  |  | 498 |
|  | $ | 8,379 |  |  |  | 89.5 |  |  | $ | 732 |  |  |  | 7.8 |  |  | $ | 251 |  |  |  | 2.7 |  |  | $ | 9,362 |
Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies | The composition of the debt securities portfolio in an unrealized loss position at December 31, 2021, by credit rating, is as follows:
|  | A- or higher A |  |  | BBB+ to BBB- |  |  | Non-Investment Grade |  |  | Total |
(dollars in millions) |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 76 |  |  |  | 100.0 |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 76 |
Municipal bonds |  |  | 666 |  |  |  | 97.4 |  |  |  | 17 |  |  |  | 2.5 |  |  |  | 1 |  |  |  | 0.1 |  |  |  | 684 |
Foreign government bonds |  |  | 131 |  |  |  | 96.4 |  |  |  | 4 |  |  |  | 2.9 |  |  |  | 1 |  |  |  | 0.7 |  |  |  | 136 |
Governmental agency bonds |  |  | 73 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 73 |
Governmental agency mortgage-backed securities |  |  | 4,036 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,036 |
U.S. corporate debt securities |  |  | 252 |  |  |  | 47.3 |  |  |  | 177 |  |  |  | 33.2 |  |  |  | 104 |  |  |  | 19.5 |  |  |  | 533 |
Foreign corporate debt securities |  |  | 115 |  |  |  | 49.2 |  |  |  | 93 |  |  |  | 39.7 |  |  |  | 26 |  |  |  | 11.1 |  |  |  | 234 |
|  | $ | 5,349 |  |  |  | 92.7 |  |  | $ | 291 |  |  |  | 5.0 |  |  | $ | 132 |  |  |  | 2.3 |  |  | $ | 5,772 |

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- Definition Tabular disclosure of the fair value of debt securities portfolio and in an unrealized loss position by credit quality indicator. The credit quality indicator is a statistic about the credit quality of investments. Examples include, but not limited to, credit-rating-agency ratings, an entity's internal credit risk grades, collateral, collection experience and other internal metrics. + References No definition available. + Details
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- Definition Tabular disclosure of the fair value of debt securities by credit quality indicator. The credit quality indicator is a statistic about the credit quality of investments. Examples include, but not limited to, credit-rating-agency ratings, an entity's internal credit risk grades, collateral, collection experience and other internal metrics. + References No definition available. + Details
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- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455 + Details
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- 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
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- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
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