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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of available for sale securities by type
The following is a summary of investment securities as of September 30, 2023 and December 31, 2022:
20232022
Description of Securities
(Millions)
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Available-for-sale debt securities:
State and municipal obligations$62 $— $(10)$52 $64 $— $(10)$54 
U.S. Government agency obligations4 — — 4 5 — — 5 
U.S. Government treasury obligations (a)
2,214 — (27)2,187 3,859 — (73)3,786 
Mortgage-backed securities (b)
12 — (1)11 13 — — 13 
Foreign government bonds and obligations777 — (1)776 633 — (1)632 
Other (c)
64 — — 64 47 — — 47 
Equity securities (d)(e)
60 20 (14)66 50 — (9)41 
Total$3,193 $20 $(53)$3,160 $4,671 $— $(93)$4,578 
(a)Excludes approximately $1 billion of U.S. Government treasury obligations that matured on September 30, 2023, for which cash was received on October 2, 2023. As of September 30, 2023, these investments were derecognized and a corresponding receivable was recorded in Other assets on the Consolidated Balance Sheets; this non-cash movement is not reflected in the Consolidated Statements of Cash Flows.
(b)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
(c)Represents investments in debt securities issued by Community Development Financial Institutions.
(d)Equity securities comprise investments in common stock, exchange-traded funds and mutual funds.
(e)During the third quarter of 2023, certain equity securities were reclassified from Other assets to Investment securities following the completion of transactions pursuant to which the issuers of the securities became public companies. The investments had a fair value of $26 million with an associated cost basis of $10 million as of September 30, 2023. The gross unrealized gain and loss amounts include net unrealized gains of $37 million that were recognized prior to such transactions.
Available-for-sale securities, continuous unrealized loss position, fair value
The following table provides information about our available-for-sale debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2023 and December 31, 2022:
20232022
Less than 12 months12 months or moreLess than 12 months12 months or more
Description of Securities (Millions)
Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses
State and municipal obligations$20 $(1)$30 $(9)$52 $(10)$— $— 
U.S. Government treasury obligations— — 2,098 (27)3,710 (72)52 (1)
Mortgage-backed securities— — 7 (1)— — — — 
Foreign government bonds and obligations679 (1)— — 549 (1)— — 
Total$699 $(2)$2,135 $(37)$4,311 $(83)$52 $(1)
Available for sale securities ratio of fair value to amortized cost
The following table summarizes the gross unrealized losses for available-for-sale debt securities by ratio of fair value to amortized cost as of September 30, 2023 and December 31, 2022:    
Less than 12 months12 months or moreTotal
Ratio of Fair Value to
Amortized Cost
(Dollars in millions)
Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Losses		Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Losses		Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Losses
2023:
90–100%53 $699 $(2)44$2,107 $(27)97 $2,806 $(29)
Less than 90%— $— $— 32 $28 $(10)32 $28 $(10)
Total as of September 30, 202353 $699 $(2)76 $2,135 $(37)129 $2,834 $(39)
2022:
90–100%74 $4,287 $(74)3 $52 $(1)77 $4,339 $(75)
Less than 90%14 $24 $(9)— $— $— 14 $24 $(9)
Total as of December 31, 202288 $4,311 $(83)3 $52 $(1)91 $4,363 $(84)
Contractual maturities of investment securities
Contractual maturities for available-for-sale debt securities with stated maturities as of September 30, 2023 were as follows:
(Millions)CostEstimated
Fair Value
Due within 1 year$2,804 $2,784 
Due after 1 year but within 5 years233 226 
Due after 5 years but within 10 years40 39 
Due after 10 years56 45 
Total$3,133 $3,094