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Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Assets and Liabilities Related to Consolidated Variable Interest Entities

The following table summarizes assets and liabilities related to our consolidated VIEs at September 30, 2025 and December 31, 2024 which are consolidated on our balance sheet. Assets and liabilities exclude intercompany balances that eliminate in consolidation.


	September 30, 2025				December 31, 2024
	Consolidated Assets		Consolidated Liabilities		Consolidated Assets		Consolidated Liabilities
	(in millions)
Low income housing limited liability partnership:
Other assets	$	7	$	—	$	11	$	—

Interest, taxes and other liabilities	—		14		—		4






Total	$	7	$	14	$	11	$	4

Variable Interests Held by Us and Our Maximum Exposure to Loss Rising From Our Involvements in Those VIEs

The following table provides additional information on these unconsolidated VIEs, including the variable interests held by us and our maximum exposure to loss arising from our involvement in these VIEs, at September 30, 2025 and December 31, 2024:


	Total Assets Held by Unconsolidated VIEs		Carrying Value of Variable Interests Held Reported as				Maximum Exposure to Loss
			Assets		Liabilities
	(in millions)
At September 30, 2025

Limited partnership investments(1)	$	7,777	$	1,284	$	725	$	1,284
Asset-backed financing SPEs	934		390		—		394

Total	$	8,711	$	1,674	$	725	$	1,678
At December 31, 2024

Limited partnership investments(1)	$	7,506	$	971	$	427	$	971
Asset-backed financing SPEs	1,047		645		—		650
Total	$	8,553	$	1,616	$	427	$	1,621

(1)The carrying value of variable interests held reported as assets includes low income housing investments which totaled $1,251 million and $934 million at September 30, 2025 and December 31, 2024, respectively.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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