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Debt Securities (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | Amortized |  |  | Gross unrealized |  |  | Estimated |
(in millions) |  | cost |  |  | gains |  |  | losses |  |  | fair value |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 309 |  |  | $ | 1 |  |  | $ | (7 | ) |  | $ | 303 |
Municipal bonds |  |  | 1,671 |  |  |  | 3 |  |  |  | (195 | ) |  |  | 1,479 |
Foreign government bonds |  |  | 208 |  |  |  | — |  |  |  | (14 | ) |  |  | 194 |
Governmental agency bonds |  |  | 248 |  |  |  | — |  |  |  | (19 | ) |  |  | 229 |
Governmental agency mortgage-backed securities |  |  | 5,253 |  |  |  | 1 |  |  |  | (653 | ) |  |  | 4,601 |
U.S. corporate debt securities |  |  | 1,004 |  |  |  | 2 |  |  |  | (85 | ) |  |  | 921 |
Foreign corporate debt securities |  |  | 477 |  |  |  | 2 |  |  |  | (36 | ) |  |  | 443 |
|  | $ | 9,170 |  |  | $ | 9 |  |  | $ | (1,009 | ) |  | $ | 8,170 |
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, 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, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 108 |  |  | $ | (1 | ) |  | $ | 50 |  |  | $ | (6 | ) |  | $ | 158 |  |  | $ | (7 | )
Municipal bonds |  |  | 813 |  |  |  | (56 | ) |  |  | 540 |  |  |  | (139 | ) |  |  | 1,353 |  |  |  | (195 | )
Foreign government bonds |  |  | 142 |  |  |  | (6 | ) |  |  | 46 |  |  |  | (8 | ) |  |  | 188 |  |  |  | (14 | )
Governmental agency bonds |  |  | 173 |  |  |  | (8 | ) |  |  | 56 |  |  |  | (11 | ) |  |  | 229 |  |  |  | (19 | )
Governmental agency mortgage-backed securities |  |  | 1,860 |  |  |  | (141 | ) |  |  | 2,627 |  |  |  | (512 | ) |  |  | 4,487 |  |  |  | (653 | )
U.S. corporate debt securities |  |  | 528 |  |  |  | (38 | ) |  |  | 325 |  |  |  | (47 | ) |  |  | 853 |  |  |  | (85 | )
Foreign corporate debt securities |  |  | 241 |  |  |  | (17 | ) |  |  | 137 |  |  |  | (19 | ) |  |  | 378 |  |  |  | (36 | )
|  | $ | 3,865 |  |  | $ | (267 | ) |  | $ | 3,781 |  |  | $ | (742 | ) |  | $ | 7,646 |  |  | $ | (1,009 | )
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 December 31, 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 |  | $ | 143 |  |  | $ | 141 |  |  | $ | 6 |  |  | $ | 19 |  |  | $ | 309 |
Estimated fair value |  | $ | 143 |  |  | $ | 137 |  |  | $ | 5 |  |  | $ | 18 |  |  | $ | 303 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 21 |  |  |  | 288 |  |  |  | 758 |  |  |  | 604 |  |  |  | 1,671 |
Estimated fair value |  |  | 21 |  |  |  | 268 |  |  |  | 669 |  |  |  | 521 |  |  |  | 1,479 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 36 |  |  |  | 95 |  |  |  | 71 |  |  |  | 6 |  |  |  | 208 |
Estimated fair value |  |  | 36 |  |  |  | 93 |  |  |  | 60 |  |  |  | 5 |  |  |  | 194 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 26 |  |  |  | 157 |  |  |  | 7 |  |  |  | 58 |  |  |  | 248 |
Estimated fair value |  |  | 25 |  |  |  | 151 |  |  |  | 6 |  |  |  | 47 |  |  |  | 229 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 55 |  |  |  | 687 |  |  |  | 199 |  |  |  | 63 |  |  |  | 1,004 |
Estimated fair value |  |  | 54 |  |  |  | 629 |  |  |  | 186 |  |  |  | 52 |  |  |  | 921 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 20 |  |  |  | 300 |  |  |  | 116 |  |  |  | 41 |  |  |  | 477 |
Estimated fair value |  |  | 20 |  |  |  | 280 |  |  |  | 107 |  |  |  | 36 |  |  |  | 443 |
Total debt securities, excluding mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 301 |  |  | $ | 1,668 |  |  | $ | 1,157 |  |  | $ | 791 |  |  | $ | 3,917 |
Estimated fair value |  | $ | 299 |  |  | $ | 1,558 |  |  | $ | 1,033 |  |  | $ | 679 |  |  | $ | 3,569 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,253 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,601 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,170 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,170 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at December 31, 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 |  | $ | 303 |  |  |  | 100.0 |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 303 |
Municipal bonds |  |  | 1,432 |  |  |  | 96.8 |  |  |  | 47 |  |  |  | 3.2 |  |  |  | — |  |  |  | — |  |  |  | 1,479 |
Foreign government bonds |  |  | 190 |  |  |  | 98.0 |  |  |  | 2 |  |  |  | 1.0 |  |  |  | 2 |  |  |  | 1.0 |  |  |  | 194 |
Governmental agency bonds |  |  | 229 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 229 |
Governmental agency mortgage- backed securities |  |  | 4,601 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,601 |
U.S. corporate debt securities |  |  | 429 |  |  |  | 46.6 |  |  |  | 362 |  |  |  | 39.3 |  |  |  | 130 |  |  |  | 14.1 |  |  |  | 921 |
Foreign corporate debt securities |  |  | 193 |  |  |  | 43.6 |  |  |  | 211 |  |  |  | 47.6 |  |  |  | 39 |  |  |  | 8.8 |  |  |  | 443 |
|  | $ | 7,377 |  |  |  | 90.3 |  |  | $ | 622 |  |  |  | 7.6 |  |  | $ | 171 |  |  |  | 2.1 |  |  | $ | 8,170 |
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, 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 |  | $ | 158 |  |  |  | 100.0 |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 158 |
Municipal bonds |  |  | 1,315 |  |  |  | 97.2 |  |  |  | 38 |  |  |  | 2.8 |  |  |  | — |  |  |  | — |  |  |  | 1,353 |
Foreign government bonds |  |  | 184 |  |  |  | 97.9 |  |  |  | 1 |  |  |  | 0.5 |  |  |  | 3 |  |  |  | 1.6 |  |  |  | 188 |
Governmental agency bonds |  |  | 229 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 229 |
Governmental agency mortgage- backed securities |  |  | 4,487 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,487 |
U.S. corporate debt securities |  |  | 411 |  |  |  | 48.2 |  |  |  | 327 |  |  |  | 38.3 |  |  |  | 115 |  |  |  | 13.5 |  |  |  | 853 |
Foreign corporate debt securities |  |  | 169 |  |  |  | 44.7 |  |  |  | 175 |  |  |  | 46.3 |  |  |  | 34 |  |  |  | 9.0 |  |  |  | 378 |
|  | $ | 6,953 |  |  |  | 90.9 |  |  | $ | 541 |  |  |  | 7.1 |  |  | $ | 152 |  |  |  | 2.0 |  |  | $ | 7,646 |

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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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