Investment Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of available for sale securities by type

The following is a summary of investment securities as of June 30, 2026 and December 31, 2025:

Table 4.1: Investment Securities


	2026								2025
Description of Securities (Millions)	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale debt securities:
State and municipal obligations	$	53	$	1	$	(7)	$	47	$	54	$	1	$	(7)	$	48
U.S. Government agency obligations	3		—		—		3		3		—		—		3
U.S. Government treasury obligations	3,120		—		(21)		3,099		138		1		—		138
Mortgage-backed securities (a)	9		—		—		9		10		—		—		9
Foreign government bonds and obligations	790		1		—		791		717		—		—		717
Other (b)	81		—		—		81		81		—		—		81
Equity securities (c)	53		—		(9)		45		54		—		(8)		46
Total	$	4,110	$	2	$	(38)	$	4,073	$	1,056	$	2	$	(16)	$	1,043

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

(b)Represents investments in debt securities issued by Community Development Financial Institutions.

(c)Equity securities comprise investments in common stock and mutual funds.

Available-for-sale securities, continuous unrealized loss position, fair value

The following table provides information about our AFS debt 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, 2026 and December 31, 2025:

Table 4.2: AFS Debt Securities with Gross Unrealized Losses by Duration


	2026								2025
	Less than 12 months				12 months or more				Less than 12 months				12 months or more
Description of Securities (Millions)	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
State and municipal obligations	$	—	$	—	$	25	$	(7)	$	—	$	—	$	26	$	(7)
U.S. Government treasury obligations	2,533		(21)		—		—		—		—		—		—


Total	$	2,533	$	(21)	$	25	$	(7)	$	—	$	—	$	26	$	(7)

Contractual maturities of investment securities

Contractual maturities for AFS debt securities with stated maturities as of June 30, 2026 were as follows:

Table 4.3: Contractual Maturities of AFS Debt Securities


(Millions)	Cost		Estimated Fair Value
Due in 1 year or less	$	874	$	874
Due after 1 year through 5 years	3,133		3,113
Due after 5 years through 10 years	7		7
Due after 10 years	43		35
Total	$	4,056	$	4,029