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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of the cost/amortized cost, unrealized gains and losses, and fair value of available-for-sale securities by type
Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:

(dollars in millions)Cost/
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
March 31, 2020*    
Fixed maturity available-for-sale securities:    
U.S. government and government sponsored entities$11  $—  $—  $11  
Obligations of states, municipalities, and political subdivisions
88   —  89  
Commercial paper
76  —  —  76  
Non-U.S. government and government sponsored entities
136   (1) 139  
Corporate debt
1,061  25  (31) 1,055  
Mortgage-backed, asset-backed, and collateralized:
   
RMBS
212   (3) 217  
CMBS
64   (2) 63  
CDO/ABS
87   (6) 82  
Total$1,735  $40  $(43) $1,732  
* There was no allowance for credit losses related to our investment securities as of March 31, 2020.

(dollars in millions)Cost/
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
December 31, 2019*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities
$11  $—  $—  $11  
Obligations of states, municipalities, and political subdivisions
91   (1) 92  
Commercial paper91  —  —  91  
Non-U.S. government and government sponsored entities144   —  147  
Corporate debt1,054  45  (1) 1,098  
Mortgage-backed, asset-backed, and collateralized:
RMBS214   —  217  
CMBS56   —  57  
CDO/ABS84   —  85  
Total$1,745  $55  $(2) $1,798  
* The balances reported as of December 31, 2019 are not subject to the adoption of ASU 2016-13 on January 1, 2020 and continue to be reported under ASC 320, Investments – Debt and Equity Securities.

As of March 31, 2020, interest receivables reported in “Other assets” totaled $13 million, and no amounts were reversed from investment revenue for available-for-sale securities.
Schedule of fair value and unrealized losses on investment securities by type and length of time in a continuous unrealized loss position
Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:
 Less Than 12 Months12 Months or LongerTotal
(dollars in millions)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
March 31, 2020      
Obligations of states, municipalities, and political subdivisions
$20  $—  $—  $—  $20  $—  
Commercial paper
45  —  —  —  45  —  
Non-U.S. government and government sponsored entities
17  (1) —  —  17  (1) 
Corporate debt434  (31)  —  437  (31) 
Mortgage-backed, asset-backed, and collateralized:
RMBS53  (3) —  —  53  (3) 
CMBS31  (2)  —  34  (2) 
CDO/ABS57  (6) —  —  57  (6) 
Total$657  $(43) $ $—  $663  $(43) 
December 31, 2019*
      
U.S. government and government sponsored entities
$—  $—  $ $—  $ $—  
Obligations of states, municipalities, and political subdivisions
29  (1)  —  33  (1) 
Commercial paper
76  —  —  —  76  —  
Non-U.S. government and government sponsored entities
19  —  14  —  33  —  
Corporate debt63  (1) 13  —  76  (1) 
Mortgage-backed, asset-backed, and collateralized:
RMBS45  —  —  —  45  —  
CMBS15  —   —  22  —  
CDO/ABS14  —  —  —  14  —  
Total$261  $(2) $41  $—  $302  $(2) 

* The balances reported as of December 31, 2019 are not subject to the adoption of ASU 2016-13 on January 1, 2020 and continue to be reported under ASC 320, Investments – Debt and Equity Securities.
Schedule of contractual maturities of fixed-maturity available-for-sale securities
Contractual maturities of fixed-maturity available-for-sale securities at March 31, 2020 were as follows:
(dollars in millions)Fair
Value
Amortized
Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
  
Due in 1 year or less$190  $190  
Due after 1 year through 5 years550  551  
Due after 5 years through 10 years473  474  
Due after 10 years157  157  
Mortgage-backed, asset-backed, and collateralized securities362  363  
Total$1,732  $1,735  
Schedule of fair value of other securities by type
The fair value of other securities by type was as follows:
(dollars in millions)March 31, 2020December 31, 2019
Fixed maturity other securities: 
Bonds 
Non-U.S. government and government sponsored entities$ $ 
Corporate debt18  24  
Mortgage-backed, asset-backed, and collateralized bonds14  15  
Total bonds33  40  
Preferred stock *15  19  
Common stock *19  26  
Other long-term investments  
Total $68  $86  
* We employ an income equity strategy targeting investments in stocks with strong current dividend yields. Stocks included have a history of stable or increasing dividend payments.