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Debt Securities (Tables) | 6 Months Ended
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Jun. 30, 2022
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:
(in millions) |  | Amortized cost |  |  | Gross unrealized |  |  | Estimated fair value |
|  |  | Gains |  |  | Losses |  |  |
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 155 |  |  | $ | — |  |  | $ | (8 | ) |  | $ | 147 |
Municipal bonds |  |  | 1,609 |  |  |  | 2 |  |  |  | (149 | ) |  |  | 1,462 |
Foreign government bonds |  |  | 217 |  |  |  | — |  |  |  | (17 | ) |  |  | 200 |
Governmental agency bonds |  |  | 141 |  |  |  | — |  |  |  | (12 | ) |  |  | 129 |
Governmental agency mortgage-backed securities |  |  | 5,539 |  |  |  | 3 |  |  |  | (492 | ) |  |  | 5,050 |
U.S. corporate debt securities |  |  | 1,096 |  |  |  | — |  |  |  | (93 | ) |  |  | 1,003 |
Foreign corporate debt securities |  |  | 500 |  |  |  | — |  |  |  | (41 | ) |  |  | 459 |
|  | $ | 9,257 |  |  | $ | 5 |  |  | $ | (812 | ) |  | $ | 8,450 |
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 |
Gross Unrealized Losses on Investments in Debt Securities | Investments in debt securities in an unrealized loss position, based on length of time in such position, 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 |
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 114 |  |  | $ | (7 | ) |  | $ | 10 |  |  | $ | (1 | ) |  | $ | 124 |  |  | $ | (8 | )
Municipal bonds |  |  | 1,213 |  |  |  | (136 | ) |  |  | 58 |  |  |  | (13 | ) |  |  | 1,271 |  |  |  | (149 | )
Foreign government bonds |  |  | 136 |  |  |  | (10 | ) |  |  | 33 |  |  |  | (7 | ) |  |  | 169 |  |  |  | (17 | )
Governmental agency bonds |  |  | 125 |  |  |  | (11 | ) |  |  | 4 |  |  |  | (1 | ) |  |  | 129 |  |  |  | (12 | )
Governmental agency mortgage-backed securities |  |  | 4,304 |  |  |  | (414 | ) |  |  | 477 |  |  |  | (78 | ) |  |  | 4,781 |  |  |  | (492 | )
U.S. corporate debt securities |  |  | 887 |  |  |  | (88 | ) |  |  | 30 |  |  |  | (5 | ) |  |  | 917 |  |  |  | (93 | )
Foreign corporate debt securities |  |  | 420 |  |  |  | (38 | ) |  |  | 21 |  |  |  | (3 | ) |  |  | 441 |  |  |  | (41 | )
|  | $ | 7,199 |  |  | $ | (704 | ) |  | $ | 633 |  |  | $ | (108 | ) |  | $ | 7,832 |  |  | $ | (812 | )
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 | )
Investments in Debt Securities by Contractual Maturity | Investments in debt securities at June 30, 2022, 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 |  | $ | 60 |  |  | $ | 59 |  |  | $ | 25 |  |  | $ | 11 |  |  | $ | 155 |
Estimated fair value |  | $ | 60 |  |  | $ | 55 |  |  | $ | 22 |  |  | $ | 10 |  |  | $ | 147 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 21 |  |  |  | 146 |  |  |  | 813 |  |  |  | 629 |  |  |  | 1,609 |
Estimated fair value |  |  | 21 |  |  |  | 141 |  |  |  | 744 |  |  |  | 556 |  |  |  | 1,462 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 26 |  |  |  | 108 |  |  |  | 71 |  |  |  | 12 |  |  |  | 217 |
Estimated fair value |  |  | 26 |  |  |  | 105 |  |  |  | 60 |  |  |  | 9 |  |  |  | 200 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 1 |  |  |  | 74 |  |  |  | 7 |  |  |  | 59 |  |  |  | 141 |
Estimated fair value |  |  | 1 |  |  |  | 69 |  |  |  | 7 |  |  |  | 52 |  |  |  | 129 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 47 |  |  |  | 648 |  |  |  | 310 |  |  |  | 91 |  |  |  | 1,096 |
Estimated fair value |  |  | 47 |  |  |  | 603 |  |  |  | 278 |  |  |  | 75 |  |  |  | 1,003 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 35 |  |  |  | 297 |  |  |  | 116 |  |  |  | 52 |  |  |  | 500 |
Estimated fair value |  |  | 35 |  |  |  | 278 |  |  |  | 103 |  |  |  | 43 |  |  |  | 459 |
Total debt securities excluding mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 190 |  |  | $ | 1,332 |  |  | $ | 1,342 |  |  | $ | 854 |  |  | $ | 3,718 |
Estimated fair value |  | $ | 190 |  |  | $ | 1,251 |  |  | $ | 1,214 |  |  | $ | 745 |  |  | $ | 3,400 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,539 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,050 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,257 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,450 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at June 30, 2022, by credit rating, is as follows:
|  | A- or higher |  |  | 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 |  |
U.S. Treasury bonds |  | $ | 147 |  |  |  | 100.0 |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 147 |  |
Municipal bonds |  |  | 1,417 |  |  |  | 96.9 |  |  |  | 45 |  |  |  | 3.1 |  |  |  | — |  |  |  | — |  |  |  | 1,462 |  |
Foreign government bonds |  |  | 192 |  |  |  | 96.0 |  |  |  | 5 |  |  |  | 2.5 |  |  |  | 3 |  |  |  | 1.5 |  |  |  | 200 |  |
Governmental agency bonds |  |  | 129 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 129 |  |
Governmental agency mortgage-backed securities |  |  | 5,050 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,050 |  |
U.S. corporate debt securities |  |  | 434 |  |  |  | 43.3 |  |  |  | 390 |  |  |  | 38.9 |  |  |  | 179 |  |  |  | 17.8 |  |  |  | 1,003 |  |
Foreign corporate debt securities |  |  | 187 |  |  |  | 40.7 |  |  |  | 235 |  |  |  | 51.2 |  |  |  | 37 |  |  |  | 8.1 |  |  |  | 459 |  |
|  | $ | 7,556 |  |  |  | 89.4 |  |  | $ | 675 |  |  |  | 8.0 |  |  | $ | 219 |  |  |  | 2.6 |  |  | $ | 8,450 |  |
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 June 30, 2022, by credit rating, is as follows:
|  | A- or higher |  |  | 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 |  |
U.S. Treasury bonds |  | $ | 124 |  |  |  | 100.0 |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 124 |  |
Municipal bonds |  |  | 1,231 |  |  |  | 96.9 |  |  |  | 40 |  |  |  | 3.1 |  |  |  | — |  |  |  | — |  |  |  | 1,271 |  |
Foreign government bonds |  |  | 161 |  |  |  | 95.2 |  |  |  | 5 |  |  |  | 3.0 |  |  |  | 3 |  |  |  | 1.8 |  |  |  | 169 |  |
Governmental agency bonds |  |  | 129 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 129 |  |
Governmental agency mortgage-backed securities |  |  | 4,781 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,781 |  |
U.S. corporate debt securities |  |  | 380 |  |  |  | 41.4 |  |  |  | 359 |  |  |  | 39.2 |  |  |  | 178 |  |  |  | 19.4 |  |  |  | 917 |  |
Foreign corporate debt securities |  |  | 180 |  |  |  | 40.8 |  |  |  | 224 |  |  |  | 50.8 |  |  |  | 37 |  |  |  | 8.4 |  |  |  | 441 |  |
|  | $ | 6,986 |  |  |  | 89.2 |  |  | $ | 628 |  |  |  | 8.0 |  |  | $ | 218 |  |  |  | 2.8 |  |  | $ | 7,832 |  |

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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 https://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 https://asc.fasb.org/extlink&oid=126970911&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 https://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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