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INVESTMENT SECURITIES (Tables)
12 Months Ended
Dec. 31, 2024
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, 2024 and 2023, respectively:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
 (in millions)
December 31, 2024
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$3,336 $$(110)$3,227 
Mortgage-backed securities4,504 — (509)3,995 
Tax-exempt municipal securities548 — (22)526 
Mortgage-backed securities:
Residential586 — (64)522 
Commercial1,290 (85)1,206 
Asset-backed securities1,424 (24)1,403 
Corporate debt securities8,330 21 (595)7,756 
Total debt securities$20,018 $26 $(1,409)18,635 
December 31, 2023
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$2,717 $$(51)$2,667 
Mortgage-backed securities3,946 (425)3,522 
Tax-exempt municipal securities879 (22)858 
Mortgage-backed securities:
Residential465 (66)400 
Commercial1,471 — (126)1,345 
Asset-backed securities1,813 (44)1,771 
Corporate debt securities7,011 28 (594)6,445 
Total debt securities$18,302 $34 $(1,328)17,008 
Schedule of Gross Unrealized Losses and Fair Value by Investment Category
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 December 31, 2024 and 2023, 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, 2024
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$2,343 $(68)$456 $(42)$2,799 $(110)
Mortgage-backed securities1,766 (50)2,203 (459)3,969 (509)
Tax-exempt municipal securities97 (1)405 (21)502 (22)
Mortgage-backed securities:
Residential130 (2)343 (62)473 (64)
Commercial58 (1)992 (84)1,050 (85)
Asset-backed securities419 (5)436 (19)855 (24)
Corporate debt securities2,385 (51)4,269 (544)6,654 (595)
Total debt securities$7,198 $(178)$9,104 $(1,231)$16,302 $(1,409)
December 31, 2023
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$1,899 $(12)$431 $(39)$2,330 $(51)
Mortgage-backed securities958 (12)2,269 (413)3,227 (425)
Tax-exempt municipal securities160 (1)523 (21)683 (22)
Mortgage-backed securities:
Residential— — 373 (66)373 (66)
Commercial18 — 1,303 (126)1,321 (126)
Asset-backed securities120 (1)1,364 (43)1,484 (44)
Corporate debt securities466 (2)4,783 (592)5,249 (594)
Total debt securities$3,621 $(28)$11,046 $(1,300)$14,667 $(1,328)
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, 2024, 2023, and 2022:
202420232022
(in millions)
Gross gains on investment securities$37 $46 $62 
Gross losses on investment securities(13)(101)(144)
Gross gains on equity securities— 51 
Gross losses on equity securities— — (174)
Net recognized gains (losses) on investment securities$24 $(54)$(205)
Schedule of Gain and Losses Related to Equity Securities
The gains and losses related to equity securities for the years ended December 31, 2024, 2023 and 2022 was as follows:
202420232022
(in millions)
Net gains (losses) recognized on equity securities during the period$— $$(123)
Less: Net gains (losses) recognized on equity securities sold during the period— (105)
Unrealized losses recognized on equity securities still held at the end of the period$— $— $(18)
Schedule of Contractual Maturities of Debt Securities Available for Sale
The contractual maturities of debt securities available for sale at December 31, 2024, 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$1,070 $1,067 
Due after one year through five years5,565 5,395 
Due after five years through ten years4,292 3,978 
Due after ten years1,287 1,069 
Mortgage and asset-backed securities7,804 7,126 
Total debt securities$20,018 $18,635