v3.24.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
The Company’s other short-term investments and investment securities consist of the following (dollars in millions):
December 31,
20232022
U.S. Treasury(1) and U.S. GSE(2) securities
$12,937 $11,423 
Residential mortgage-backed securities - Agency(3)
718 785 
Total investment securities$13,655 $12,208 
(1)$320 million and $97 million of U.S. Treasury securities pledged as swap collateral as of December 31, 2023 and 2022, respectively.
(2)Consists of securities issued by the Federal Home Loan Bank (“FHLB”).
(3)Consists of securities issued by Fannie Mae, Freddie Mac, or Ginnie Mae.
Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value
The amortized cost, gross unrealized gains and losses and fair value of available-for-sale and held-to-maturity investment securities are as follows (dollars in millions):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
December 31, 2023
Available-for-Sale Investment Securities(1)
U.S. Treasury and U.S. GSE securities$12,971 $52 $(86)$12,937 
Residential mortgage-backed securities - Agency480 — (15)465 
Total available-for-sale investment securities$13,451 $52 $(101)$13,402 
Held-to-Maturity Investment Securities(2)
Residential mortgage-backed securities - Agency(3)
$253 $— $(19)$234 
Total held-to-maturity investment securities$253 $— $(19)$234 
December 31, 2022
Available-for-Sale Investment Securities(1)
U.S. Treasury and U.S. GSE securities$11,580 $21 $(178)$11,423 
Residential mortgage-backed securities - Agency587 — (23)564 
Total available-for-sale investment securities$12,167 $21 $(201)$11,987 
Held-to-Maturity Investment Securities(2)
Residential mortgage-backed securities - Agency(3)
$221 $— $(22)$199 
Total held-to-maturity investment securities$221 $— $(22)$199 
(1)Available-for-sale investment securities are reported at fair value.
(2)Held-to-maturity investment securities are reported at amortized cost.
(3)Amounts represent residential mortgage-backed securities (“RMBS”) that were classified as held-to-maturity as they were entered into as a part of the Company’s community reinvestment initiatives.
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table provides information about available-for-sale investment securities with aggregate gross unrealized losses and the length of time that individual investment securities have been in a continuous unrealized loss position (dollars in millions):
Less than 12 monthsMore than 12 months
Number of Securities in a Loss PositionFair ValueUnrealized LossesFair ValueUnrealized Losses
December 31, 2023
Available-for-Sale Investment Securities
U.S. Treasury and U.S. GSE securities105 $3,513 $(13)$3,978 $(73)
Residential mortgage-backed securities - Agency31 $— $— $465 $(15)
December 31, 2022
Available-for-Sale Investment Securities
U.S. Treasury and U.S. GSE securities123 $9,060 $(175)$106 $(3)
Residential mortgage-backed securities - Agency34 $559 $(22)$5 $(1)
Schedule of Maturities and Weighted Average Yields of Available-for-Sale Debt Securities and Held-to-Maturity Debt Securities
Maturities and weighted-average yields of available-for-sale debt securities and held-to-maturity debt securities are provided in the following tables (dollars in millions):
At December 31, 2023One Year
or
Less		After One
Year
Through
Five Years		After Five
Years
Through
Ten Years		After Ten
Years		Total
Available-for-Sale Investment Securities — Amortized Cost
U.S. Treasury and U.S. GSE securities$2,127 $10,634 $210 $— $12,971 
Residential mortgage-backed securities - Agency(1)
— 73 26 381 480 
Total available-for-sale investment securities$2,127 $10,707 $236 $381 $13,451 
Held-to-Maturity Investment Securities — Amortized Cost
Residential mortgage-backed securities - Agency(1)
$— $— $— $253 $253 
Total held-to-maturity investment securities$— $— $— $253 $253 
Available-for-Sale Investment Securities — Fair Values
U.S. Treasury and U.S. GSE securities$2,093 $10,628 $216 $— $12,937 
Residential mortgage-backed securities - Agency(1)
— 70 25 370 465 
Total available-for-sale investment securities$2,093 $10,698 $241 $370 $13,402 
Held-to-Maturity Investment Securities — Fair Values
Residential mortgage-backed securities - Agency(1)
$— $— $— $234 $234 
Total held-to-maturity investment securities$— $— $— $234 $234 
Available-for-Sale Investment Securities — Weighted-Average Yields(2)
U.S. Treasury and U.S. GSE securities2.14 %3.87 %4.37 %— %3.59 %
Residential mortgage-backed securities - Agency(1)
— %2.09 %3.35 %3.53 %3.30 %
Total available-for-sale investment securities2.14 %3.86 %4.26 %3.53 %3.58 %
Held-to-Maturity Investment Securities — Weighted-Average Yields
Residential mortgage-backed securities - Agency(1)
— %— %— %3.56 %3.56 %
Total held-to-maturity investment securities— %— %— %3.56 %3.56 %
(1)Maturities of RMBS are reflective of the contractual maturities of the investment.
(2)The weighted-average yield for available-for-sale investment securities is calculated based on the amortized cost.