XML 34 R25.htm IDEA: XBRL DOCUMENT v3.23.3
INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, respectively:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in millions)
September 30, 2023
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$2,043 $— $(105)$1,938 
Mortgage-backed securities3,890 — (637)3,253 
Tax-exempt municipal securities848 — (50)798 
Mortgage-backed securities:
Residential497 — (85)412 
Commercial1,475 — (155)1,320 
Asset-backed securities1,849 — (65)1,784 
Corporate debt securities6,864 14 (868)6,010 
Total debt securities$17,466 $14 $(1,965)15,515 
Common stock— 
Total investment securities$15,515 
December 31, 2022
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$1,093 $1 $(55)$1,039 
Mortgage-backed securities3,697 4 (471)3,230 
Tax-exempt municipal securities765 — (37)728 
Mortgage-backed securities:
Residential477 — (76)401 
Commercial1,554 — (155)1,399 
Asset-backed securities1,809 1 (79)1,731 
Corporate debt securities6,551 3 (828)5,726 
Total debt securities$15,946 $9 $(1,701)14,254 
Common stock7 
Total investment securities$14,261 
Schedule of Gross Unrealized Losses and Fair Value of Securities
Gross unrealized losses and fair values aggregated by investment category and length of time of individual debt securities that have been in a continuous unrealized loss position for which no allowances for credit loss has been recorded were as follows at September 30, 2023 and December 31, 2022, 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)
September 30, 2023
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$1,483 $(51)$407 $(54)$1,890 $(105)
Mortgage-backed securities1,084 (66)2,169 (571)3,253 (637)
Tax-exempt municipal securities278 (6)515 (44)793 (50)
Mortgage-backed securities:
Residential48 (1)363 (84)411 (85)
Commercial15 — 1,304 (155)1,319 (155)
Asset-backed securities343 (6)1,430 (59)1,773 (65)
Corporate debt securities961 (35)4,648 (833)5,609 (868)
Total debt securities$4,212 $(165)$10,836 $(1,800)$15,048 $(1,965)
December 31, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$512 $(5)$397 $(50)$909 $(55)
Mortgage-backed securities1,231 (104)1,683 (367)2,914 (471)
Tax-exempt municipal securities64 (2)615 (36)679 (38)
Mortgage-backed securities:
Residential124 (16)274 (60)398 (76)
Commercial243 (13)1,157 (142)1,400 (155)
Asset-backed securities620 (32)1,011 (46)1,631 (78)
Corporate debt securities1,625 (98)3,825 (730)5,450 (828)
Total debt securities$4,419 $(270)$8,962 $(1,431)$13,381 $(1,701)
Schedule of Realized Gains (Losses) Related to Investment Securities Included Within Investment Income
The detail of gains (losses) related to investment securities and included within investment income was as follows for the three and nine months ended September 30, 2023 and 2022:
 Three months ended September 30,Nine Months Ended September 30,
 2023202220232022
 (in millions)(in millions)
Gross gains on investment securities$— $2 $15 $41 
Gross losses on investment securities(4)(52)(65)(58)
Gross gains on equity securities— 51 1 51 
Gross losses on equity securities— — — (170)
Net recognized (losses) gains on investment securities$(4)$1 $(49)$(136)
Schedule of Gain (Loss) on Equity Securities
The gains and losses related to equity securities for the three and nine months ended September 30, 2023 and 2022 was as follows:
Three months ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)(in millions)
Net gains (losses) recognized on equity securities during the period$— $51 $1 $(119)
Less: Net gains (losses) recognized on equity securities sold during the period— 47 — (105)
Unrealized gains (losses) recognized on equity securities still held at the end of the period$— $4 $1 $(14)
Schedule of Contractual Maturity of Debt Securities Available for Sale
The contractual maturities of debt securities available for sale at September 30, 2023, 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$659 $654 
Due after one year through five years4,850 4,565 
Due after five years through ten years3,017 2,573 
Due after ten years1,229 954 
Mortgage and asset-backed securities7,711 6,769 
Total debt securities$17,466 $15,515