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Debt Securities (Tables)

6 Months Ended

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

X

- 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.

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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.

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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

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-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

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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