XML 48 R29.htm IDEA: XBRL DOCUMENT
v3.23.2

Investments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Schedule of Investments [Abstract] |
Available-for-sale Securities | The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type:
| June 30, 2023
(In millions) | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS securities |  |  |  |  |  |  |  |  |
US government and agencies | $ | 5,564 |  |  | $ | — |  |  | $ | 3 |  |  | $ | (746) |  |  | $ | 4,821 |
US state, municipal and political subdivisions | 1,301 |  |  | — |  |  | — |  |  | (247) |  |  | 1,054 |
Foreign governments | 1,285 |  |  | (27) |  |  | 9 |  |  | (259) |  |  | 1,008 |
Corporate | 80,329 |  |  | (73) |  |  | 130 |  |  | (12,976) |  |  | 67,410 |
CLO | 19,320 |  |  | (3) |  |  | 174 |  |  | (970) |  |  | 18,521 |
ABS | 12,169 |  |  | (35) |  |  | 17 |  |  | (801) |  |  | 11,350 |
CMBS | 5,064 |  |  | (6) |  |  | 11 |  |  | (569) |  |  | 4,500 |
RMBS | 7,210 |  |  | (377) |  |  | 185 |  |  | (530) |  |  | 6,488 |
Total AFS securities | 132,242 |  |  | (521) |  |  | 529 |  |  | (17,098) |  |  | 115,152 |
AFS securities – related parties |  |  |  |  |  |  |  |  |
Corporate | 1,401 |  |  | — |  |  | — |  |  | (58) |  |  | 1,343 |
CLO | 3,980 |  |  | — |  |  | 21 |  |  | (195) |  |  | 3,806 |
ABS | 8,588 |  |  | (1) |  |  | 17 |  |  | (346) |  |  | 8,258 |
Total AFS securities – related parties | 13,969 |  |  | (1) |  |  | 38 |  |  | (599) |  |  | 13,407 |
Total AFS securities including related parties | $ | 146,211 |  |  | $ | (522) |  |  | $ | 567 |  |  | $ | (17,697) |  |  | $ | 128,559 |
| December 31, 2022
(In millions) | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS securities |  |  |  |  |  |  |  |  |
US government and agencies | $ | 3,333 |  |  | $ | — |  |  | $ | — |  |  | $ | (756) |  |  | $ | 2,577 |
US state, municipal and political subdivisions | 1,218 |  |  | — |  |  | — |  |  | (291) |  |  | 927 |
Foreign governments | 1,207 |  |  | (27) |  |  | 3 |  |  | (276) |  |  | 907 |
Corporate | 74,644 |  |  | (61) |  |  | 92 |  |  | (13,774) |  |  | 60,901 |
CLO | 17,722 |  |  | (7) |  |  | 115 |  |  | (1,337) |  |  | 16,493 |
ABS | 11,447 |  |  | (29) |  |  | 15 |  |  | (906) |  |  | 10,527 |
CMBS | 4,636 |  |  | (5) |  |  | 6 |  |  | (479) |  |  | 4,158 |
RMBS | 6,775 |  |  | (329) |  |  | 64 |  |  | (596) |  |  | 5,914 |
Total AFS securities | 120,982 |  |  | (458) |  |  | 295 |  |  | (18,415) |  |  | 102,404 |
AFS securities – related parties |  |  |  |  |  |  |  |  |
Corporate | 1,028 |  |  | — |  |  | 1 |  |  | (47) |  |  | 982 |
CLO | 3,346 |  |  | (1) |  |  | 10 |  |  | (276) |  |  | 3,079 |
ABS | 6,066 |  |  | — |  |  | 3 |  |  | (309) |  |  | 5,760 |
Total AFS securities – related parties | 10,440 |  |  | (1) |  |  | 14 |  |  | (632) |  |  | 9,821 |
Total AFS securities including related parties | $ | 131,422 |  |  | $ | (459) |  |  | $ | 309 |  |  | $ | (19,047) |  |  | $ | 112,225 |
The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded:
| June 30, 2023
| Unrealized loss position |  | Unrealized loss position 12 months or more
AFS securities | 9,345 |  |  | 7,580 |
AFS securities – related parties | 190 |  |  | 113 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | Allowance for Credit Losses—The following table summarizes the activity in the allowance for credit losses for AFS securities including purchased credit deteriorated (PCD) securities by asset type:
| Three months ended June 30, 2023
|  |  | Additions |  | Reductions |  |  |  |
(In millions) | Beginning balance |  | Initial credit losses |  | Initial credit losses on PCD securities |  | Securities sold during the period |  |  |  |  |  |  |  |  |  | Additions (reductions) to previously impaired securities |  | Ending balance
AFS securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments | $ | 27 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 27 |
Corporate | 79 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (6) |  |  | 73 |
CLO | 4 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (1) |  |  | 3 |
ABS | 31 |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | 3 |  |  | 35 |
CMBS | 5 |  |  | 2 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (1) |  |  | 6 |
RMBS | 356 |  |  | 8 |  |  | 11 |  |  | (4) |  |  |  |  |  |  |  |  |  |  | 6 |  |  | 377 |
Total AFS securities | 502 |  |  | 11 |  |  | 11 |  |  | (4) |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 521 |
AFS securities – related parties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (1) |  |  | — |
ABS | — |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | 1 |
Total AFS securities – related parties | 1 |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (1) |  |  | 1 |
Total AFS securities including related parties | $ | 503 |  |  | $ | 12 |  |  | $ | 11 |  |  | $ | (4) |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 522 |
| Three months ended June 30, 2022
|  |  | Additions |  | Reductions |  |  |  |
(In millions) | Beginning balance |  | Initial credit losses |  | Initial credit losses on PCD securities |  | Securities sold during the period |  |  |  |  |  |  |  |  |  | Additions (reductions) to previously impaired securities |  | Ending balance
AFS securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments | $ | 66 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | (5) |  |  | $ | 61 |
Corporate | 55 |  |  | 6 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | 9 |  |  | 70 |
CLO | 18 |  |  | 4 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | 85 |  |  | 107 |
ABS | 11 |  |  | 4 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (1) |  |  | 14 |
CMBS | 6 |  |  | 8 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (5) |  |  | 9 |
RMBS | 312 |  |  | 20 |  |  | 1 |  |  | (9) |  |  |  |  |  |  |  |  |  |  | 24 |  |  | 348 |
Total AFS securities | 468 |  |  | 42 |  |  | 1 |  |  | (9) |  |  |  |  |  |  |  |  |  |  | 107 |  |  | 609 |
AFS securities – related party |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO | 3 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | 16 |  |  | 19 |
ABS | 17 |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (17) |  |  | 1 |
Total AFS securities – related party | 20 |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (1) |  |  | 20 |
Total AFS securities including related parties | $ | 488 |  |  | $ | 43 |  |  | $ | 1 |  |  | $ | (9) |  |  |  |  |  |  |  |  |  |  | $ | 106 |  |  | $ | 629 |
| Six months ended June 30, 2023
|  |  | Additions |  | Reductions |  |  |  |
(In millions) | Beginning balance |  | Initial credit losses |  | Initial credit losses on PCD securities |  | Securities sold during the period |  |  |  |  |  |  |  |  |  | Additions (reductions) to previously impaired securities |  | Ending balance
AFS securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments | $ | 27 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 27 |
Corporate | 61 |  |  | 21 |  |  | — |  |  | (6) |  |  |  |  |  |  |  |  |  |  | (3) |  |  | 73 |
CLO | 7 |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (5) |  |  | 3 |
ABS | 29 |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | 5 |  |  | 35 |
CMBS | 5 |  |  | 3 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (2) |  |  | 6 |
RMBS | 329 |  |  | 11 |  |  | 39 |  |  | (8) |  |  |  |  |  |  |  |  |  |  | 6 |  |  | 377 |
Total AFS securities | 458 |  |  | 37 |  |  | 39 |  |  | (14) |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 521 |
AFS securities – related parties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (1) |  |  | — |
ABS | — |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | 1 |
Total AFS securities – related parties | 1 |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (1) |  |  | 1 |
Total AFS securities including related parties | $ | 459 |  |  | $ | 38 |  |  | $ | 39 |  |  | $ | (14) |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 522 |
| Six months ended June 30, 2022
|  |  | Additions |  | Reductions |  |  |  |
(In millions) | January 1, 2022 |  | Initial credit losses |  | Initial credit losses on PCD securities |  | Securities sold during the period |  |  |  |  |  |  |  |  |  | Additions (reductions) to previously impaired securities |  | Ending balance
AFS securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments | $ | — |  |  | $ | 66 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | (5) |  |  | $ | 61 |
Corporate | — |  |  | 61 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | 9 |  |  | 70 |
CLO | — |  |  | 22 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | 85 |  |  | 107 |
ABS | 5 |  |  | 9 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | 14 |
CMBS | — |  |  | 14 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (5) |  |  | 9 |
RMBS | 306 |  |  | 29 |  |  | 1 |  |  | (17) |  |  |  |  |  |  |  |  |  |  | 29 |  |  | 348 |
Total AFS securities | 311 |  |  | 201 |  |  | 1 |  |  | (17) |  |  |  |  |  |  |  |  |  |  | 113 |  |  | 609 |
AFS securities – related parties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO | — |  |  | 3 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | 16 |  |  | 19 |
ABS | — |  |  | 18 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (17) |  |  | 1 |
Total AFS securities – related party | — |  |  | 21 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  | (1) |  |  | 20 |
Total AFS securities including related parties | $ | 311 |  |  | $ | 222 |  |  | $ | 1 |  |  | $ | (17) |  |  |  |  |  |  |  |  |  |  | $ | 112 |  |  | $ | 629 |
Available-for-sale Securities by Contractual Maturity | The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:
| June 30, 2023
(In millions) | Amortized Cost |  | Fair Value
AFS securities |  |  |
Due in one year or less | $ | 1,701 |  |  | $ | 1,662 |
Due after one year through five years | 15,322 |  |  | 14,243 |
Due after five years through ten years | 22,000 |  |  | 18,953 |
Due after ten years | 49,456 |  |  | 39,435 |
CLO, ABS, CMBS and RMBS | 43,763 |  |  | 40,859 |
Total AFS securities | 132,242 |  |  | 115,152 |
AFS securities – related parties |  |  |
Due after one year through five years | 889 |  |  | 864 |
Due after five years through ten years | 131 |  |  | 128 |
Due after ten years | 381 |  |  | 351 |
CLO and ABS | 12,568 |  |  | 12,064 |
Total AFS securities – related parties | 13,969 |  |  | 13,407 |
Total AFS securities including related parties | $ | 146,211 |  |  | $ | 128,559 |
Fair Values and Unrealized Losses on Available-for-sale Securities | The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:
| June 30, 2023
| Less than 12 months |  | 12 months or more |  | Total
(In millions) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
AFS securities |  |  |  |  |  |  |  |  |  |  |
US government and agencies | $ | 2,092 |  |  | $ | (51) |  |  | $ | 2,365 |  |  | $ | (695) |  |  | $ | 4,457 |  |  | $ | (746) |
US state, municipal and political subdivisions | 116 |  |  | (4) |  |  | 898 |  |  | (243) |  |  | 1,014 |  |  | (247) |
Foreign governments | 137 |  |  | (2) |  |  | 829 |  |  | (256) |  |  | 966 |  |  | (258) |
Corporate | 14,711 |  |  | (729) |  |  | 47,967 |  |  | (12,225) |  |  | 62,678 |  |  | (12,954) |
CLO | 1,150 |  |  | (18) |  |  | 12,364 |  |  | (910) |  |  | 13,514 |  |  | (928) |
ABS | 4,147 |  |  | (131) |  |  | 4,363 |  |  | (573) |  |  | 8,510 |  |  | (704) |
CMBS | 819 |  |  | (24) |  |  | 1,670 |  |  | (443) |  |  | 2,489 |  |  | (467) |
RMBS | 754 |  |  | (22) |  |  | 1,798 |  |  | (263) |  |  | 2,552 |  |  | (285) |
Total AFS securities | 23,926 |  |  | (981) |  |  | 72,254 |  |  | (15,608) |  |  | 96,180 |  |  | (16,589) |
AFS securities – related parties |  |  |  |  |  |  |  |  |  |  |
Corporate | 732 |  |  | (25) |  |  | 361 |  |  | (32) |  |  | 1,093 |  |  | (57) |
CLO | 479 |  |  | (27) |  |  | 2,310 |  |  | (167) |  |  | 2,789 |  |  | (194) |
ABS | 3,840 |  |  | (159) |  |  | 2,059 |  |  | (176) |  |  | 5,899 |  |  | (335) |
Total AFS securities – related parties | 5,051 |  |  | (211) |  |  | 4,730 |  |  | (375) |  |  | 9,781 |  |  | (586) |
Total AFS securities including related parties | $ | 28,977 |  |  | $ | (1,192) |  |  | $ | 76,984 |  |  | $ | (15,983) |  |  | $ | 105,961 |  |  | $ | (17,175) |
| December 31, 2022
| Less than 12 months |  | 12 months or more |  | Total
(In millions) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
AFS securities |  |  |  |  |  |  |  |  |  |  |
US government and agencies | $ | 2,539 |  |  | $ | (756) |  |  | $ | — |  |  | $ | — |  |  | $ | 2,539 |  |  | $ | (756) |
US state, municipal and political subdivisions | 911 |  |  | (291) |  |  | — |  |  | — |  |  | 911 |  |  | (291) |
Foreign governments | 891 |  |  | (275) |  |  | — |  |  | — |  |  | 891 |  |  | (275) |
Corporate | 58,256 |  |  | (13,773) |  |  | — |  |  | — |  |  | 58,256 |  |  | (13,773) |
CLO | 13,486 |  |  | (1,277) |  |  | — |  |  | — |  |  | 13,486 |  |  | (1,277) |
ABS | 8,119 |  |  | (801) |  |  | — |  |  | — |  |  | 8,119 |  |  | (801) |
CMBS | 2,650 |  |  | (427) |  |  | — |  |  | — |  |  | 2,650 |  |  | (427) |
RMBS | 2,621 |  |  | (365) |  |  | — |  |  | — |  |  | 2,621 |  |  | (365) |
Total AFS securities | 89,473 |  |  | (17,965) |  |  | — |  |  | — |  |  | 89,473 |  |  | (17,965) |
AFS securities – related parties |  |  |  |  |  |  |  |  |  |  |
Corporate | 619 |  |  | (47) |  |  | — |  |  | — |  |  | 619 |  |  | (47) |
CLO | 2,752 |  |  | (273) |  |  | — |  |  | — |  |  | 2,752 |  |  | (273) |
ABS | 5,487 |  |  | (308) |  |  | — |  |  | — |  |  | 5,487 |  |  | (308) |
Total AFS securities – related parties | 8,858 |  |  | (628) |  |  | — |  |  | — |  |  | 8,858 |  |  | (628) |
Total AFS securities including related parties | $ | 98,331 |  |  | $ | (18,593) |  |  | $ | — |  |  | $ | — |  |  | $ | 98,331 |  |  | $ | (18,593) |
Net Investment Income | Net Investment Income—Net investment income by asset class consists of the following:
| Three months ended June 30, |  | Six months ended June 30, |  |  |  |
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
AFS securities | $ | 1,649 |  |  | $ | 932 |  |  | $ | 3,118 |  |  | $ | 1,808 |  |  |  |  |
Trading securities | 44 |  |  | 49 |  |  | 86 |  |  | 112 |  |  |  |  |
Equity securities | 25 |  |  | 9 |  |  | 40 |  |  | 24 |  |  |  |  |
Mortgage loans | 543 |  |  | 297 |  |  | 990 |  |  | 534 |  |  |  |  |
Investment funds | 29 |  |  | 104 |  |  | 72 |  |  | 408 |  |  |  |  |
Funds withheld at interest | 453 |  |  | 476 |  |  | 882 |  |  | 813 |  |  |  |  |
Other | 219 |  |  | 48 |  |  | 409 |  |  | 90 |  |  |  |  |
Investment revenue | 2,962 |  |  | 1,915 |  |  | 5,597 |  |  | 3,789 |  |  |  |  |
Investment expenses | (245) |  |  | (189) |  |  | (473) |  |  | (380) |  |  |  |  |
Net investment income | $ | 2,717 |  |  | $ | 1,726 |  |  | $ | 5,124 |  |  | $ | 3,409 |  |  |  |  |
Investment Related Gains (Losses) | Investment Related Gains (Losses)—Investment related gains (losses) by asset class consists of the following:
| Three months ended June 30, |  | Six months ended June 30, |  |  |  |
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
AFS securities 1 |  |  |  |  |  |  |  |  |  |  |
Gross realized gains on investment activity | $ | 141 |  |  | $ | 217 |  |  | $ | 324 |  |  | $ | 320 |  |  |  |  |
Gross realized losses on investment activity | (112) |  |  | (832) |  |  | (216) |  |  | (1,242) |  |  |  |  |
Net realized investment gains (losses) on AFS securities | 29 |  |  | (615) |  |  | 108 |  |  | (922) |  |  |  |  |
Net recognized investment gains (losses) on trading securities | (32) |  |  | (161) |  |  | 32 |  |  | (368) |  |  |  |  |
Net recognized investment losses on equity securities | (13) |  |  | (271) |  |  | (31) |  |  | (248) |  |  |  |  |
Net recognized investment gains (losses) on mortgage loans | (204) |  |  | (1,099) |  |  | 73 |  |  | (1,895) |  |  |  |  |
Derivative gains (losses) | 421 |  |  | (3,932) |  |  | 1,414 |  |  | (6,973) |  |  |  |  |
Provision for credit losses | (111) |  |  | (172) |  |  | (177) |  |  | (364) |  |  |  |  |
Other gains | 276 |  |  | 499 |  |  | 12 |  |  | 807 |  |  |  |  |
Investment related gains (losses) | $ | 366 |  |  | $ | (5,751) |  |  | $ | 1,431 |  |  | $ | (9,963) |  |  |  |  |
1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. |  |  |  |  |  |  |  |
The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related parties, we held as of the respective period end:
| Three months ended June 30, |  | Six months ended June 30,
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Trading securities | $ | (23) |  |  | $ | (160) |  |  | $ | 40 |  |  | $ | (349) |
Trading securities – related parties | (4) |  |  | (3) |  |  | (1) |  |  | (7) |
Equity securities | (7) |  |  | (255) |  |  | 3 |  |  | (238) |
Equity securities – related parties | 4 |  |  | (8) |  |  | (7) |  |  | (13) |
Mortgage Loans, Net | Mortgage loans includes both commercial and residential loans. In connection with the merger, we elected the fair value option on our mortgage loan portfolio. See Note 7 – Fair Value for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:
(In millions) | June 30, 2023 |  | December 31, 2022
Commercial mortgage loans | $ | 23,891 |  |  | $ | 21,061 |
Commercial mortgage loans under development | 966 |  |  | 790 |
Total commercial mortgage loans | 24,857 |  |  | 21,851 |
Mark to fair value | (1,986) |  |  | (1,743) |
Commercial mortgage loans | 22,871 |  |  | 20,108 |
Residential mortgage loans | 16,265 |  |  | 11,802 |
Mark to fair value | (1,059) |  |  | (1,099) |
Residential mortgage loans | 15,206 |  |  | 10,703 |
Mortgage loans | $ | 38,077 |  |  | $ | 30,811 |
The distribution of commercial mortgage loans, including those under development, by property type and geographic region, is as follows:
| June 30, 2023 |  | December 31, 2022
(In millions, except for percentages) | Fair Value |  | Percentage of Total |  | Fair Value |  | Percentage of Total
Property type |  |  |  |  |  |  |
Office building | $ | 4,426 |  |  | 19.4 | % |  | $ | 4,651 |  |  | 23.1 | %
Retail | 1,666 |  |  | 7.3 | % |  | 1,454 |  |  | 7.2 | %
Apartment | 8,217 |  |  | 35.9 | % |  | 6,692 |  |  | 33.3 | %
Hotels | 2,138 |  |  | 9.3 | % |  | 1,855 |  |  | 9.2 | %
Industrial | 2,609 |  |  | 11.4 | % |  | 2,047 |  |  | 10.2 | %
Other commercial | 3,815 |  |  | 16.7 | % |  | 3,409 |  |  | 17.0 | %
Total commercial mortgage loans | $ | 22,871 |  |  | 100.0 | % |  | $ | 20,108 |  |  | 100.0 | %
US region |  |  |  |  |  |  |
East North Central | $ | 1,471 |  |  | 6.4 | % |  | $ | 1,437 |  |  | 7.1 | %
East South Central | 429 |  |  | 1.9 | % |  | 413 |  |  | 2.1 | %
Middle Atlantic | 5,960 |  |  | 26.1 | % |  | 5,183 |  |  | 25.8 | %
Mountain | 987 |  |  | 4.3 | % |  | 898 |  |  | 4.5 | %
New England | 1,123 |  |  | 4.9 | % |  | 1,076 |  |  | 5.4 | %
Pacific | 4,231 |  |  | 18.5 | % |  | 3,781 |  |  | 18.8 | %
South Atlantic | 3,802 |  |  | 16.6 | % |  | 2,756 |  |  | 13.7 | %
West North Central | 203 |  |  | 0.9 | % |  | 231 |  |  | 1.1 | %
West South Central | 1,034 |  |  | 4.5 | % |  | 1,085 |  |  | 5.4 | %
Total US region | 19,240 |  |  | 84.1 | % |  | 16,860 |  |  | 83.9 | %
International region |  |  |  |  |  |  |
United Kingdom | 2,167 |  |  | 9.5 | % |  | 1,898 |  |  | 9.4 | %
Other international 1 | 1,464 |  |  | 6.4 | % |  | 1,350 |  |  | 6.7 | %
Total international region | 3,631 |  |  | 15.9 | % |  | 3,248 |  |  | 16.1 | %
Total commercial mortgage loans | $ | 22,871 |  |  | 100.0 | % |  | $ | 20,108 |  |  | 100.0 | %
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.
Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:
| June 30, 2023 |  | December 31, 2022
US States |  |  |
California | 28.6 | % |  | 28.9 | %
Florida | 10.7 | % |  | 9.7 | %
New York | 6.4 | % |  | 5.6 | %
New Jersey | 5.3 | % |  | 5.3 | %
Texas | 5.1 | % |  | 4.3 | %
Arizona | 4.5 | % |  | 5.1 | %
Other 1 | 28.8 | % |  | 27.4 | %
Total US residential mortgage loan percentage | 89.4 | % |  | 86.3 | %
International |  |  |
United Kingdom | 4.4 | % |  | 5.4 | %
Other 2 | 6.2 | % |  | 8.3 | %
Total international residential mortgage loan percentage | 10.6 | % |  | 13.7 | %
Total residential mortgage loan percentage | 100.0 | % |  | 100.0 | %
1 Represents all other states, with each individual state comprising less than 5% of the portfolio.
2 Represents all other countries, with each individual country comprising less than 5% of the portfolio.
Investment Funds | The following summarizes our investment funds, including related parties and consolidated VIEs:
| June 30, 2023 |  | December 31, 2022
(In millions, except for percentages) | Carrying value |  | Percent of total |  | Carrying value |  | Percent of total
Investment funds |  |  |  |  |  |  |
Equity | $ | 89 |  |  | 72.4 | % |  | $ | 46 |  |  | 58.2 | %
Hybrid | 24 |  |  | 19.5 | % |  | 32 |  |  | 40.5 | %
Other | 10 |  |  | 8.1 | % |  | 1 |  |  | 1.3 | %
Total investment funds | 123 |  |  | 100.0 | % |  | 79 |  |  | 100.0 | %
Investment funds – related parties |  |  |  |  |  |  |
Strategic origination platforms | 43 |  |  | 2.6 | % |  | 34 |  |  | 2.2 | %
Strategic insurance platforms | 1,315 |  |  | 80.4 | % |  | 1,259 |  |  | 80.2 | %
Apollo and other fund investments |  |  |  |  |  |  |
Equity | 252 |  |  | 15.4 | % |  | 246 |  |  | 15.7 | %
Yield | 6 |  |  | 0.4 | % |  | 5 |  |  | 0.3 | %
Other | 20 |  |  | 1.2 | % |  | 25 |  |  | 1.6 | %
Total investment funds – related parties | 1,636 |  |  | 100.0 | % |  | 1,569 |  |  | 100.0 | %
Investment funds – consolidated VIEs |  |  |  |  |  |  |
Strategic origination platforms | 5,094 |  |  | 36.1 | % |  | 4,829 |  |  | 38.7 | %
Strategic insurance platforms | 513 |  |  | 3.6 | % |  | 529 |  |  | 4.2 | %
Apollo and other fund investments |  |  |  |  |  |  |
Equity | 2,887 |  |  | 20.5 | % |  | 2,640 |  |  | 21.2 | %
Hybrid | 3,582 |  |  | 25.4 | % |  | 3,112 |  |  | 24.9 | %
Yield | 1,374 |  |  | 9.7 | % |  | 1,044 |  |  | 8.4 | %
Other | 659 |  |  | 4.7 | % |  | 326 |  |  | 2.6 | %
Total investment funds – consolidated VIEs | 14,109 |  |  | 100.0 | % |  | 12,480 |  |  | 100.0 | %
Total investment funds including related parties and funds owned by consolidated VIEs | $ | 15,868 |  |  |  |  | $ | 14,128 |  |  |
Schedule of Variable Interest Entities | The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:
| June 30, 2023 |  | December 31, 2022
(In millions) | Carrying Value |  | Maximum Loss Exposure |  | Carrying Value |  | Maximum Loss Exposure
Investment funds | $ | 123 |  |  | $ | 562 |  |  | $ | 79 |  |  | $ | 340 |
Investment in related parties – investment funds | 1,636 |  |  | 2,374 |  |  | 1,569 |  |  | 2,253 |
Assets of consolidated VIEs – investment funds | 14,109 |  |  | 20,804 |  |  | 12,480 |  |  | 20,278 |
Investment in fixed maturity securities | 41,220 |  |  | 44,604 |  |  | 37,454 |  |  | 40,992 |
Investment in related parties – fixed maturity securities | 12,931 |  |  | 16,136 |  |  | 9,717 |  |  | 10,290 |
Investment in related parties – equity securities | 313 |  |  | 313 |  |  | 279 |  |  | 279 |
Total non-consolidated investments | $ | 70,332 |  |  | $ | 84,793 |  |  | $ | 61,578 |  |  | $ | 74,432 |
The following summarizes the income statement activity of the consolidated VIEs:
| Three months ended June 30, |  | Six months ended June 30, |  |  |  |
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Trading securities | $ | 28 |  |  | $ | — |  |  | $ | 51 |  |  | $ | — |  |  |  |  |
Mortgage loans | 30 |  |  | 23 |  |  | 54 |  |  | 43 |  |  |  |  |
Investment funds | — |  |  | (6) |  |  | 35 |  |  | (9) |  |  |  |  |
Other investments | (3) |  |  | 13 |  |  | (5) |  |  | 13 |  |  |  |  |
Net investment income | $ | 55 |  |  | $ | 30 |  |  | $ | 135 |  |  | $ | 47 |  |  |  |  |
Net recognized investment gains (losses) on trading securities | $ | (5) |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  |  |  |
Net recognized investment gains (losses) on mortgage loans | (29) |  |  | (47) |  |  | (20) |  |  | (159) |  |  |  |  |
Net recognized investment gains on investment funds | 315 |  |  | 48 |  |  | 541 |  |  | 118 |  |  |  |  |
Other gains (losses) | 12 |  |  | 21 |  |  | (28) |  |  | 21 |  |  |  |  |
Investment related gains (losses) | $ | 293 |  |  | $ | 22 |  |  | $ | 494 |  |  | $ | (20) |  |  |  |  |
Schedule of Repurchase Agreements | The following table summarizes the remaining contractual maturities of our repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets:
(In millions) | June 30, 2023 |  | December 31, 2022 |  |  |  |
Less than 30 days | $ | 2,071 |  |  | $ | 608 |  |  |  |  |
30-90 days | 1,324 |  |  | 1,268 |  |  |  |  |
Greater than 1 year | 2,866 |  |  | 2,867 |  |  |  |  |
Payables for repurchase agreements | $ | 6,261 |  |  | $ | 4,743 |  |  |  |  |
The following table summarizes the securities pledged as collateral for repurchase agreements:
| June 30, 2023 |  | December 31, 2022
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
AFS securities |  |  |  |  |  |  |
US government and agencies | $ | 2,307 |  |  | $ | 1,792 |  |  | $ | 2,559 |  |  | $ | 1,941 |
Foreign governments | 141 |  |  | 103 |  |  | 146 |  |  | 107 |
Corporate | 3,923 |  |  | 3,197 |  |  | 1,940 |  |  | 1,605 |
CLO | 267 |  |  | 260 |  |  | 273 |  |  | 261 |
ABS | 1,216 |  |  | 1,076 |  |  | 1,243 |  |  | 1,082 |
Total securities pledged under repurchase agreements | $ | 7,854 |  |  | $ | 6,428 |  |  | $ | 6,161 |  |  | $ | 4,996 |
Schedules of Concentration of Risk, by Risk Factor | The following table represents our investment concentrations in excess of 10% of shareholders’ equity:
(In millions) | June 30, 2023
AT&T Inc. | $ | 1,509 |
PK AirFinance 1 | 1,445 |
Wheels Donlen 1 | 1,437 |
MFI Investments | 1,362 |
Athora 1 | 1,308 |
Atlas 1 | 1,004 |
AP Tundra | 877 |
(In millions) | December 31, 2022
Wheels Donlen 1 | $ | 1,288 |
Athora 1 | 1,232 |
PK AirFinance 1 | 999 |
AP Tundra | 896 |
MFI Investments | 878 |
SoftBank Vision Fund II | 789 |
MidCap 1 | 788 |
Cayman Universe | 756 |
1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in Note 13 – Related Parties.

X
- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-9 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ScheduleOfInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for repurchase agreements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRepurchaseAgreements
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-6 + Details
Name: | us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-21 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-20 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-18 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-20 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-16 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-21 + Details
Name: | us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration