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INVESTMENT SECURITIES (Tables)
9 Months Ended
Sep. 30, 2020
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, 2020 and December 31, 2019, respectively:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
 (in millions)
September 30, 2020
U.S. Treasury and other U.S. government
corporations and agencies:
U.S. Treasury and agency obligations$1,195 $$(1)$1,196 
Mortgage-backed securities3,511 183 (2)3,692 
Tax-exempt municipal securities1,439 40 (3)1,476 
Commercial mortgage-backed securities1,020 54 (1)1,073 
Asset-backed securities1,278 (5)1,281 
Corporate debt securities4,199 218 (2)4,415 
Total debt securities$12,642 $505 $(14)13,133 
Common stock713 
Total investment securities$13,846 
December 31, 2019
U.S. Treasury and other U.S. government
corporations and agencies:
U.S. Treasury and agency obligations$353 $$— $354 
Mortgage-backed securities3,628 85 (3)3,710 
Tax-exempt municipal securities1,433 30 — 1,463 
Commercial mortgage-backed securities786 18 — 804 
Asset-backed securities1,093 (3)1,093 
Corporate debt securities3,867 82 (2)3,947 
Total debt securities$11,160 $219 $(8)11,371 
Common stock
Total investment securities$11,378 
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 were as follows at September 30, 2020 and December 31, 2019, 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, 2020
U.S. Treasury and other U.S.
government corporations
and agencies:
U.S. Treasury and agency
obligations
$662 $(1)$— $— $662 $(1)
Mortgage-backed
securities
450 (2)— — 450 (2)
Tax-exempt municipal
securities
127 (3)12 — 139 (3)
Commercial mortgage-backed securities181 — 36 (1)217 (1)
Asset-backed securities121 (1)537 (4)658 (5)
Corporate debt securities275 (1)98 (1)373 (2)
Total debt securities$1,816 $(8)$683 $(6)$2,499 $(14)
December 31, 2019
U.S. Treasury and other U.S.
government corporations
and agencies:
U.S. Treasury and agency
obligations
$48 $— $23 $— $71 $— 
Mortgage-backed
securities
315 (1)204 (2)519 (3)
Tax-exempt municipal
securities
58 — 75 — 133 — 
Commercial mortgage-backed securities118 — 36 — 154 — 
Asset-backed securities20 — 607 (3)627 (3)
Corporate debt securities589 (2)155 — 744 (2)
Total debt securities$1,148 $(3)$1,100 $(5)$2,248 $(8)
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, 2020 and 2019:
 Three months ended
September 30,
Nine months ended
September 30,
 2020201920202019
 (in millions)
Gross gains on investment securities$645 $41 $714 $59 
Gross losses on investment securities— (23)(18)(36)
Net gains on investment securities$645 $18 $696 $23 
Schedule of Contractual Maturity of Debt Securities Available for Sale
The contractual maturities of debt securities available for sale at September 30, 2020, 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$1,487 $1,490 
Due after one year through five years2,176 2,259 
Due after five years through ten years1,999 2,128 
Due after ten years1,171 1,210 
Mortgage and asset-backed securities5,809 6,046 
Total debt securities$12,642 $13,133