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Debt Securities (Tables)

12 Months Ended

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.

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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
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-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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