INVESTMENT SECURITIES (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| 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, 2019 and 2018, respectively: | | | | | | | | | | | | | | | | | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair
Value | | (in millions) | December 31, 2019 | | | | | | | | U.S. Treasury and other U.S. government
corporations and agencies: | | | | | | | | U.S. Treasury and agency obligations | $ | 353 |
| | $ | 1 |
| | $ | — |
| | $ | 354 |
| Mortgage-backed securities | 3,628 |
| | 85 |
| | (3 | ) | | 3,710 |
| Tax-exempt municipal securities | 1,433 |
| | 30 |
| | — |
| | 1,463 |
| Mortgage-backed securities: | | | | | | | | Commercial | 786 |
| | 18 |
| | — |
| | 804 |
| Asset-backed securities | 1,093 |
| | 3 |
| | (3 | ) | | 1,093 |
| Corporate debt securities | 3,867 |
| | 82 |
| | (2 | ) | | 3,947 |
| Total debt securities | $ | 11,160 |
| | $ | 219 |
| | $ | (8 | ) | | $ | 11,371 |
| December 31, 2018 | | | | | | | | U.S. Treasury and other U.S. government
corporations and agencies: | | | | | | | | U.S. Treasury and agency obligations | $ | 419 |
| | $ | 1 |
| | $ | (3 | ) | | $ | 417 |
| Mortgage-backed securities | 2,595 |
| | 3 |
| | (54 | ) | | 2,544 |
| Tax-exempt municipal securities | 2,805 |
| | 3 |
| | (37 | ) | | 2,771 |
| Mortgage-backed securities: | | | | | | | | Residential | 55 |
| | — |
| | — |
| | 55 |
| Commercial | 537 |
| | — |
| | (14 | ) | | 523 |
| Asset-backed securities | 991 |
| | 1 |
| | (7 | ) | | 985 |
| Corporate debt securities | 3,239 |
| | 1 |
| | (98 | ) | | 3,142 |
| Total debt securities | $ | 10,641 |
| | $ | 9 |
| | $ | (213 | ) | | $ | 10,437 |
|
|
| Schedule of Gross Unrealized Losses and Fair Value of Securities |
Gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows at December 31, 2019 and 2018, respectively: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | | | Fair
Value | | Gross
Unrealized
Losses | | Fair
Value | | Gross
Unrealized
Losses | | Fair
Value | | Gross
Unrealized
Losses | | | | | | (in millions) | | | 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 |
| | — |
| | | Mortgage-backed securities: | | | | | | | | | | | | | | Commercial | 118 |
| | — |
| | 36 |
| | — |
| | 154 |
| | — |
| | | Asset-backed securities | 20 |
| | — |
| | 607 |
| | (3 | ) | | 627 |
| | (3 | ) | | | Corporate debt securities | 589 |
| | (2 | ) | | 155 |
| | — |
| | 744 |
| | (2 | ) | | | Total debt securities | $ | 1,148 |
| | $ | (3 | ) | | $ | 1,100 |
| | $ | (5 | ) | | $ | 2,248 |
| | $ | (8 | ) | | | December 31, 2018 | | | | | | | | | | | | | | U.S. Treasury and other U.S. government
corporations and agencies: | | | | | | | | | | | | | | U.S. Treasury and agency obligations | $ | 179 |
| | $ | (1 | ) | | $ | 153 |
| | $ | (2 | ) | | $ | 332 |
| | $ | (3 | ) | | | Mortgage-backed securities | 956 |
| | (16 | ) | | 1,019 |
| | (38 | ) | | 1,975 |
| | (54 | ) | | | Tax-exempt municipal securities | 809 |
| | (9 | ) | | 1,648 |
| | (28 | ) | | 2,457 |
| | (37 | ) | | | Mortgage-backed securities: | | | | | | | | | | | | | | Residential | — |
| | — |
| | 15 |
| | — |
| | 15 |
| | — |
| | | Commercial | 372 |
| | (8 | ) | | 133 |
| | (6 | ) | | 505 |
| | (14 | ) | | | Asset-backed securities | 824 |
| | (7 | ) | | 40 |
| | — |
| | 864 |
| | (7 | ) | | | Corporate debt securities | 1,434 |
| | (35 | ) | | 1,439 |
| | (63 | ) | | 2,873 |
| | (98 | ) | | | Total debt securities | $ | 4,574 |
| | $ | (76 | ) | | $ | 4,447 |
| | $ | (137 | ) | | $ | 9,021 |
| | $ | (213 | ) |
|
| 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, 2019, 2018, and 2017: | | | | | | | | | | | | | | 2019 | | 2018 | | 2017 | | (in millions) | Gross realized gains | $ | 129 |
| | $ | 106 |
| | $ | 35 |
| Gross realized losses | (67 | ) | | (16 | ) | | (21 | ) | Net realized capital gains | $ | 62 |
| | $ | 90 |
| | $ | 14 |
|
|
| Schedule of Contractual Maturity of Debt Securities Available for Sale |
The contractual maturities of debt securities available for sale at December 31, 2019, 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 | $ | 1,316 |
| | $ | 1,317 |
| Due after one year through five years | 1,974 |
| | 2,013 |
| Due after five years through ten years | 1,724 |
| | 1,780 |
| Due after ten years | 639 |
| | 654 |
| Mortgage and asset-backed securities | 5,507 |
| | 5,607 |
| Total debt securities | $ | 11,160 |
| | $ | 11,371 |
|
|