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INVESTMENT SECURITIES (Tables)
12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities Classified as Current and Long-Term
Investment securities classified as current and long-term were as follows at December 31, 2021 and 2020, respectively:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
 (in millions)
December 31, 2021
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$611 $$(10)$602 
Mortgage-backed securities3,265 33 (69)3,229 
Tax-exempt municipal securities810 33 (2)841 
Mortgage-backed securities:
Residential373 — (6)367 
Commercial1,394 27 (11)1,410 
Asset-backed securities1,346 (4)1,348 
Corporate debt securities5,641 118 (59)5,700 
Total debt securities$13,440 $218 $(161)13,497 
Common stock475 
Total investment securities$13,972 
December 31, 2020
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$616 $$(1)$616 
Mortgage-backed securities3,115 140 (1)3,254 
Tax-exempt municipal securities1,393 54 — 1,447 
Mortgage-backed securities:
Residential17 — — 17 
Commercial1,260 59 (1)1,318 
Asset-backed securities1,364 10 (2)1,372 
Corporate debt securities4,672 256 (1)4,927 
Total debt securities$12,437 $520 $(6)12,951 
Common stock815 
Total investment securities$13,766 
Schedule of Gross Unrealized Losses and Fair Value of Securities
Gross unrealized losses and fair values aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position were as follows at December 31, 2021 and 2020, respectively:
 Less than 12 months12 months or moreTotal
 Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
 (in millions)
December 31, 2021
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$201 $(3)$355 $(7)$556 $(10)
Mortgage-backed securities2,082 (49)556 (20)2,638 (69)
Tax-exempt municipal securities68 (1)34 (1)102 (2)
Mortgage-backed securities:
Residential358 (6)— 366 (6)
Commercial295 (4)400 (7)695 (11)
Asset-backed securities530 (3)425 (1)955 (4)
Corporate debt securities1,456 (28)769 (31)2,225 (59)
Total debt securities$4,990 $(94)$2,547 $(67)$7,537 $(161)
December 31, 2020
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$225 $(1)$— $— $225 $(1)
Mortgage-backed securities199 (1)— — 199 (1)
Tax-exempt municipal securities16 — 19 — 35 — 
Mortgage-backed securities:
Residential17 — — — 17 — 
Commercial193 (1)43 — 236 (1)
Asset-backed securities65 — 498 (2)563 (2)
Corporate debt securities342 (1)16 — 358 (1)
Total debt securities$1,057 $(4)$576 $(2)$1,633 $(6)
Schedule of Realized Gains (Losses) Related to Investment Securities Included Within Investment Income
The detail of realized gains (losses) related to investment securities and included within investment income was as follows for the years ended December 31, 2021, 2020, and 2019:
202120202019
(in millions)
Gross gains on investment securities$219 $110 $129 
Gross losses on investment securities(8)(18)(67)
Gross gains on equity securities23 746 — 
Gross losses on equity securities(364)— — 
Net recognized (losses) gains on investment securities$(130)$838 $62 
Gain (Loss) on Equity Securities
The gains and losses related to equity securities for the years ended December 31, 2021 and 2020 was as follows:
20212020
(in millions)
Net (losses) gains recognized on equity securities during the period$(341)$746 
Less: Net losses recognized on equity securities sold during the period(13)— 
Unrealized (losses) gains recognized on equity securities still held at the end of the period$(328)$746 
Schedule of Contractual Maturities of Debt Securities Available for Sale
The contractual maturities of debt securities available for sale at December 31, 2021, regardless of their balance sheet classification, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost
Fair
Value
 (in millions)
Due within one year$459 $461 
Due after one year through five years2,200 2,251 
Due after five years through ten years3,043 3,057 
Due after ten years1,360 1,374 
Mortgage and asset-backed securities6,378 6,354 
Total debt securities$13,440 $13,497