XML 70 R29.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Investment Securities (Tables)
6 Months Ended
Jun. 30, 2011
Investment Securities (Tables) [Abstract]  
Schedule of Available for Sale Securities by Type

The following is a summary of investment securities as of June 30, 2011 and December 31, 2010:

    2011 2010
        Gross  Gross  Estimated     Gross  Gross  Estimated
       Unrealized Unrealized  Fair   Unrealized Unrealized  Fair
(Millions)  Cost Gains Losses  Value Cost Gains Losses  Value
State and municipal obligations $ 5,363 $ 40 $ (246) $ 5,157 $ 6,140 $ 24 $ (367) $ 5,797
U.S. Government agency                         
  obligations   352   5     357   3,402   12   (1)   3,413
U.S. Government treasury                         
  obligations   1,935   8     1,943   2,450   6     2,456
Corporate debt securities(a)   1,011   15     1,026   1,431   15   (1)   1,445
Mortgage-backed securities(b)   277   9   (1)   285   272   6   (2)   276
Equity securities(c)   98   386     484   98   377     475
Foreign government bonds and                         
  obligations   111   6     117   95   4     99
Other(d)   60       60   49       49
Total $ 9,207 $ 469 $ (247) $ 9,429 $13,937 $444 $(371) $14,010
                           

(a) The June 30, 2011 and December 31, 2010 balances include, on a cost basis, $0.9 billion and $1.3 billion, respectively, of corporate debt obligations issued under the Temporary Liquidity Guarantee Program (TLGP) that are guaranteed by the Federal Deposit Insurance Corporation (FDIC).

(b) Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.

(c) Represents the Company's investment in Industrial and Commercial Bank of China (ICBC).

(d) Other is comprised of 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 June 30, 2011 and December 31, 2010:

    2011 2010
(Millions) 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  Fair Value Losses Fair Value Losses  Fair Value Losses Fair Value Losses
State and municipal obligations $ 1,601 $ (72) $ 1,094 $ (174) $ 2,535 $ (156) $ 1,076 $ (211)
U.S. Government agency obligations          299   (1)    
Corporate debt securities               3   (1)
Mortgage-backed securities   46   (1)       71   (2)    
Total $ 1,647 $ (73) $ 1,094 $ (174) $2,905 $(159) $1,079 $(212)
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 June 30, 2011 and December 31, 2010:

 

(Millions) Less than 12 months 12 months or more Total
        Gross       Gross       Gross
Ratio of Fair Value to Number of Estimated Unrealized Number of Estimated Unrealized Number of Estimated Unrealized
Amortized Cost Securities Fair Value Losses Securities Fair Value Losses Securities Fair Value Losses
2011:                        
90%–100%  280 $ 1,576 $ (61)  64 $ 353 $ (30)  344 $ 1,929 $ (91)
Less than 90%  11   71   (12)  73   741   (144)  84   812   (156)
Total as of June 30, 2011  291 $ 1,647 $ (73)  137 $ 1,094 $ (174)  428 $ 2,741 $ (247)
2010:                        
90%–100% 457 $2,554 $(113) 31 $79 $(7) 488 $2,633 $(120)
Less than 90% 48  351  (46) 115  1,000  (205) 163  1,351  (251)
Total as of December 31, 2010 505 $2,905 $(159) 146 $1,079 $(212) 651 $3,984 $(371)
                          
Contractual maturities of investment securities

Contractual maturities of investment securities, excluding equity securities and other securities, as of June 30, 2011 were as follows:

       Estimated
(Millions) Cost  Fair Value
Due within 1 year $ 2,549 $ 2,560
Due after 1 year but within 5 years   824   839
Due after 5 years but within 10 years   268   279
Due after 10 years   5,408   5,207
Total $ 9,049 $ 8,885