Investment Securities (Tables)

9 Months Ended

Sep. 30, 2014

Investment Securities (Tables) [Abstract]

Schedule of Available for Sale Securities by Type

The following is a summary of investment securities as of September 30, 2014and December 31, 2013:

		2014								2013
					Gross		Gross		Estimated				Gross		Gross		Estimated
					Unrealized		Unrealized		Fair				Unrealized		Unrealized		Fair
Description of Securities (Millions)			Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
State and municipal obligations		$	3,628	$	130	$	(3)	$	3,755	$	4,060	$	54	$	(79)	$	4,035
U.S. Government agency
	obligations		3		―		―		3		3		―		―		3
U.S. Government treasury
	obligations		346		4		(1)		349		318		3		(1)		320
Corporate debt securities			39		3		―		42		43		3		―		46
Mortgage-backed securities(a)			137		7		―		144		160		5		(1)		164
Equity securities(b)			―		1		―		1		29		95		―		124
Foreign government bonds and
	obligations		399		8		―		407		272		5		(1)		276
Other(c)			50		―		(1)		49		50		―		(2)		48
Total		$	4,602	$	153	$	(5)	$	4,750	$	4,935	$	165	$	(84)	$	5,016

• Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
• Primarily represents the Company’s investment in the Industrial and Commercial Bank of China (ICBC) as of December 31, 2013.
• Other comprises investments in various mutual funds.

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

The following table provides information about the Company’s investment 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, 2014and December 31, 2013:

		2014								2013
		Less than 12 months				12 months or more				Less than 12 months				12 months or more
					Gross				Gross				Gross				Gross
			Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
Description of Securities (Millions)			Fair Value		Losses		Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
State and municipal obligations		$	―	$	―	$	72	$	(3)	$	1,320	$	(63)	$	106	$	(16)
Foreign government bonds and
	obligations		―		―		―		―		208		(1)		―		―
U.S. Government treasury
	obligations		127		(1)		―		―		166		(1)		―		―
Mortgage-backed securities			―		―		―		―		35		(1)		―		―
Other			―		―		32		(1)		30		(1)		17		(1)
Total		$	127	$	(1)	$	104	$	(4)	$	1,759	$	(67)	$	123	$	(17)

Available for Sale Securities Ratio of Fair Value to Amortized Cost

The following table summarizes the gross unrealized losses due to temporary impairments by ratio of fair value to amortized cost as of September 30, 2014 and December 31, 2013:

	Less than 12 months					12 months or more					Total
Ratio of Fair Value to					Gross					Gross					Gross
Amortized Cost	Number of		Estimated		Unrealized	Number of		Estimated		Unrealized	Number of		Estimated		Unrealized
(Dollars in millions)	Securities		Fair Value		Losses	Securities		Fair Value		Losses	Securities		Fair Value		Losses
2014:
90%–100%	6	$	127	$	(1)	17	$	104	$	(4)	23	$	231	$	(5)
Total as of September 30, 2014	6	$	127	$	(1)	17	$	104	$	(4)	23	$	231	$	(5)
2013:
90%–100%	228	$	1,665	$	(53)	6	$	24	$	(2)	234	$	1,689	$	(55)
Less than 90%	13		94		(14)	5		99		(15)	18		193		(29)
Total as of December 31, 2013	241	$	1,759	$	(67)	11	$	123	$	(17)	252	$	1,882	$	(84)

Contractual maturities of investment securities

Contractual maturities of investment securities, excluding equity securities and other securities, as of September 30, 2014 were as follows:

				Estimated
(Millions)		Cost		Fair Value
Due within 1 year	$	579	$	580
Due after 1 year but within 5 years		435		442
Due after 5 years but within 10 years		235		251
Due after 10 years		3,303		3,427
Total	$	4,552	$	4,700