|
INVESTMENT SECURITIES (Tables)
|
6 Months Ended |
|
Jun. 30, 2012
|
| Schedule Of Investment Securities Classified As Current And Long-Term |
Investment
securities classified as current and long-term were as follows at
June 30, 2012 and December 31, 2011,
respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| |
|
(in
millions) |
|
|
June 30,
2012
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and other
U.S. government corporations and agencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and agency
obligations
|
|
$ |
536 |
|
|
$ |
17 |
|
|
$ |
0 |
|
|
$ |
553 |
|
|
Mortgage-backed
securities
|
|
|
1,865 |
|
|
|
91 |
|
|
|
(1 |
) |
|
|
1,955 |
|
|
Tax-exempt municipal
securities
|
|
|
2,722 |
|
|
|
166 |
|
|
|
(2 |
) |
|
|
2,886 |
|
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
38 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
38 |
|
|
Commercial
|
|
|
414 |
|
|
|
34 |
|
|
|
0 |
|
|
|
448 |
|
|
Asset-backed
securities
|
|
|
43 |
|
|
|
1 |
|
|
|
0 |
|
|
|
44 |
|
|
Corporate debt
securities
|
|
|
3,425 |
|
|
|
325 |
|
|
|
(9 |
) |
|
|
3,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
securities
|
|
$ |
9,043 |
|
|
$ |
635 |
|
|
$ |
(13 |
) |
|
$ |
9,665 |
|
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|
|
|
|
|
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|
December 31,
2011
|
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|
|
|
|
|
|
|
|
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|
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|
|
|
|
U.S. Treasury and other
U.S. government corporations and agencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and agency
obligations
|
|
$ |
705 |
|
|
$ |
20 |
|
|
$ |
0 |
|
|
$ |
725 |
|
|
Mortgage-backed
securities
|
|
|
1,701 |
|
|
|
85 |
|
|
|
(2 |
) |
|
|
1,784 |
|
|
Tax-exempt municipal
securities
|
|
|
2,709 |
|
|
|
149 |
|
|
|
(2 |
) |
|
|
2,856 |
|
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
46 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
44 |
|
|
Commercial
|
|
|
356 |
|
|
|
25 |
|
|
|
0 |
|
|
|
381 |
|
|
Asset-backed
securities
|
|
|
82 |
|
|
|
1 |
|
|
|
0 |
|
|
|
83 |
|
|
Corporate debt
securities
|
|
|
3,329 |
|
|
|
262 |
|
|
|
(11 |
) |
|
|
3,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
securities
|
|
$ |
8,928 |
|
|
$ |
542 |
|
|
$ |
(17 |
) |
|
$ |
9,453 |
|
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|
|
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|
| Schedule Of Gross Unrealized Losses And Fair Values 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
June 30, 2012 and December 31, 2011,
respectively:
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|
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|
|
|
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| |
|
Less than 12 months |
|
|
12 months or
more |
|
|
Total |
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| |
|
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
| |
|
(in
millions) |
|
|
June 30,
2012
|
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|
|
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|
U.S. Treasury and other
U.S. government corporations and agencies:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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|
U.S. Treasury and agency
obligations
|
|
$ |
94 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
94 |
|
|
$ |
0 |
|
|
Mortgage-backed
securities
|
|
|
244 |
|
|
|
0 |
|
|
|
22 |
|
|
|
(1 |
) |
|
|
266 |
|
|
|
(1 |
) |
|
Tax-exempt municipal
securities
|
|
|
100 |
|
|
|
(1 |
) |
|
|
26 |
|
|
|
(1 |
) |
|
|
126 |
|
|
|
(2 |
) |
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Residential
|
|
|
0 |
|
|
|
0 |
|
|
|
22 |
|
|
|
(1 |
) |
|
|
22 |
|
|
|
(1 |
) |
|
Commercial
|
|
|
9 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
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|
9 |
|
|
|
0 |
|
|
Asset-backed
securities
|
|
|
10 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
10 |
|
|
|
0 |
|
|
Corporate debt
securities
|
|
|
206 |
|
|
|
(9 |
) |
|
|
14 |
|
|
|
0 |
|
|
|
220 |
|
|
|
(9 |
) |
|
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|
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|
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|
Total debt
securities
|
|
$ |
663 |
|
|
$ |
(10 |
) |
|
$ |
84 |
|
|
$ |
(3 |
) |
|
$ |
747 |
|
|
$ |
(13 |
) |
|
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|
December 31,
2011
|
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|
U.S. Treasury and other
U.S. government corporations and agencies:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
U.S. Treasury and agency
obligations
|
|
$ |
117 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
117 |
|
|
$ |
0 |
|
|
Mortgage-backed
securities
|
|
|
67 |
|
|
|
(1 |
) |
|
|
18 |
|
|
|
(1 |
) |
|
|
85 |
|
|
|
(2 |
) |
|
Tax-exempt municipal
securities
|
|
|
53 |
|
|
|
0 |
|
|
|
48 |
|
|
|
(2 |
) |
|
|
101 |
|
|
|
(2 |
) |
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Residential
|
|
|
3 |
|
|
|
0 |
|
|
|
24 |
|
|
|
(2 |
) |
|
|
27 |
|
|
|
(2 |
) |
|
Commercial
|
|
|
14 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
14 |
|
|
|
0 |
|
|
Asset-backed
securities
|
|
|
16 |
|
|
|
0 |
|
|
|
4 |
|
|
|
0 |
|
|
|
20 |
|
|
|
0 |
|
|
Corporate debt
securities
|
|
|
355 |
|
|
|
(10 |
) |
|
|
41 |
|
|
|
(1 |
) |
|
|
396 |
|
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
securities
|
|
$ |
625 |
|
|
$ |
(11 |
) |
|
$ |
135 |
|
|
$ |
(6 |
) |
|
$ |
760 |
|
|
$ |
(17 |
) |
|
|
|
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|
| 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 three and
six months ended June 30, 2012 and 2011:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the three months
ended June 30, |
|
|
For the six months
ended June 30, |
|
| |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
| |
|
(in
millions) |
|
|
Gross realized
gains
|
|
$ |
11 |
|
|
$ |
6 |
|
|
$ |
16 |
|
|
$ |
11 |
|
|
Gross realized
losses
|
|
|
(1 |
) |
|
|
(5 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized capital
gains
|
|
$ |
10 |
|
|
$ |
1 |
|
|
$ |
14 |
|
|
$ |
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule Of Contractual Maturities Of Debt Securities Available For Sale |
The contractual
maturities of debt securities available for sale at June 30,
2012, 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
|
|
$ |
374 |
|
|
$ |
377 |
|
|
Due after one year through
five years
|
|
|
1,844 |
|
|
|
1,917 |
|
|
Due after five years
through ten years
|
|
|
2,754 |
|
|
|
2,968 |
|
|
Due after ten
years
|
|
|
1,711 |
|
|
|
1,918 |
|
|
Mortgage and asset-backed
securities
|
|
|
2,360 |
|
|
|
2,485 |
|
|
|
|
|
|
|
|
|
|
|
Total debt
securities
|
|
$ |
9,043 |
|
|
$ |
9,665 |
|
|
|
|
|
|
|
|
|
|
|