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Investment Securities
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Investment Securities

note 3. INVESTMENT SECURITIES

20152014
GrossGrossGrossGross
AmortizedunrealizedunrealizedEstimatedAmortizedunrealizedunrealizedEstimated
December 31 (In millions)costgainslossesfair valuecostgainslossesfair value
GE
Debt
    U.S. corporate$2$-$-$3$12$-$-$12
    Corporate – non-U.S.1--11--1
    U.S. government and federal
       agency49--49----
    Equity8713(2)98694(2)71
13914(2)151824(2)84
GE Capital
Debt
   U.S. corporate19,9712,669(285)22,35519,8013,961(70)23,692
    State and municipal3,910407(73)4,2454,116554(52)4,618
    Mortgage and asset-backed(a)2,995157(35)3,1164,478328(29)4,777
    Corporate – non-U.S.75996(9)846844109(1)952
    Government – non-U.S.279136-415362129-491
    U.S. government and federal
       agency623104-72770556-761
Equity11216(4)12311223(1)134
28,6483,585(407)31,82730,4175,160(153)35,425
Eliminations(4)--(4)(4)--(4)
Total$28,783$3,599$(409)$31,973$30,496$5,164$(155)$35,505

(a) Included residential mortgage-backed securities substantially collateralized by U.S. mortgages. At December 31, 2015, $587 million related to securities issued by government-sponsored entities and $30 million related to securities of private-label issuers. Securities issued by private-label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions.

The fair value of investment securities decreased to $31,973 million at December 31, 2015, from $35,505 million at December 31, 2014, primarily due to a decline in unrealized gains resulting from higher interest rates, and net sales, primarily related to mortgage-backed securities.

ESTIMATED FAIR VALUE AND GROSS UNREALIZED LOSSES OF AVAILABLE-FOR-SALE INVESTMENT SECURITIES
In loss position for
Less than 12 months12 months or more
Gross Gross
EstimatedunrealizedEstimatedunrealized
(In millions)fair value(a)losses(a)(b)fair valuelosses(b)
December 31, 2015
Debt
   U.S. corporate$2,966$(218)$433$(67)
   State and municipal494(20)155(53)
   Mortgage and asset-backed719(20)84(16)
   Corporate – non-U.S.56(4)14(4)
Equity36(6)--
Total$4,273$(269)$686$(140)(c)
December 31, 2014
Debt
   U.S. corporate$556 $(17) $836 $(53)
   State and municipal67 (1) 274 (51)
Mortgage and asset-backed174 (1) 307 (28)
   Corporate – non-U.S.39 (1) - -
Equity10 (3) - -
Total$846 $(22) $1,417 $(132)

(a) Includes the estimated fair value of and gross unrealized losses on equity securities held by GE. At December 31, 2015, the estimated fair value of and gross unrealized losses on equity securities were $6 million and $(2) million, respectively. At December 31, 2014, the estimated fair value of and gross unrealized losses on equity securities were $4 million and $(2) million, respectively.

(b) Included gross unrealized losses of $(1) million related to securities that had other-than-temporary impairments previously recognized at December 31, 2015.

(c) Includes debt securities held to support obligations to holders of Guaranteed Investment Contracts (GICs) all of which are considered to be investment-grade by the major rating agencies at December 31, 2015.

Unrealized losses are not indicative of the amount of credit loss that would be recognized and at December 31, 2015 are primarily due to increases in market yields subsequent to our purchase of the securities. We presently do not intend to sell the vast majority of our debt securities that are in an unrealized loss position and believe that it is not more likely than not that we will be required to sell the vast majority of these securities before anticipated recovery of our amortized cost. The methodologies and significant inputs used to measure the amount of credit loss for our investment securities during 2015 have not changed.

Our corporate debt portfolio comprises securities issued by public and private corporations in various industries, primarily in the U.S. Substantially all of our corporate debt securities are rated investment grade by the major rating agencies.

Mortgage and asset-backed securities primarily comprise commercial and residential mortgage-backed securities.

Our commercial mortgage-backed securities (CMBS) portfolio is collateralized by both diversified pools of mortgages that were originated for securitization (conduit CMBS) and pools of large loans backed by high-quality properties (large loan CMBS), about half of which were originated in 2008 and prior. The vast majority of the securities in our CMBS portfolio have investment-grade credit ratings.

Our residential mortgage-backed securities (RMBS) portfolio is collateralized primarily by pools of individual, direct mortgage loans, of which substantially all are in a senior position in the capital structure of the deals, not other structured products such as collateralized debt obligations. Of the total RMBS held at December 31, 2015, $587 million and $30 million related to agency and non-agency securities, respectively. Additionally, $57 million was related to residential subprime credit securities, primarily supporting obligations to annuitants and policyholders in our run-off insurance operations. Substantially all of the subprime exposure is related to securities backed by mortgage loans originated in 2005 and prior and are investment grade.

PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES
(In millions)201520142013
Total pre-tax, OTTI recognized$64$316$201
Pre-tax, OTTI recognized in AOCI-(4)(31)
Pre-tax, OTTI recognized in earnings(a)$64$312$170

(a) Included pre-tax, other-than-temporary impairments recorded in earnings related to equity securities of $5 million, $219 million and an insignificant amount in 2015, 2014 and 2013, respectively

CHANGES IN CUMULATIVE CREDIT LOSS IMPAIRMENTS RECOGNIZED ON DEBT SECURITIES STILL HELD
(In millions)201520142013
Cumulative credit loss impairments recognized, beginning of period$176$473$391
Credit loss impairments recognized on securities not previously impaired311120
Incremental credit loss impairments recognized
on securities previously impaired-425
Less credit loss impairments previously recognized on securities sold
during the period or that we intend to sell 330163
Cumulative credit loss impairments recognized, end of period$205$176$473

CONTRACTUAL MATURITIES OF INVESTMENT IN AVAILABLE-FOR-SALE DEBT SECURITIES
(EXCLUDING MORTGAGE AND ASSET-BACKED SECURITIES)
AmortizedEstimated
(In millions)costfair value
Due
Within one year$495$501
After one year through five years2,5562,745
After five years through ten years 4,8465,097
After ten years 17,64820,248

We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations.

GROSS REALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE INVESTMENT SECURITIES
(In millions)201520142013
GE
Gains$7$3$1
Losses, including impairments(36)(218)(20)
Net(29)(215)(19)
GE Capital
Gains12187128
Losses, including impairments(51)(104)(156)
Net70(16)(28)
Total$41$(231)$(47)

Although we generally do not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing our investment securities portfolio, we may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders.

Proceeds from investment securities sales and early redemptions by issuers totaled $5,746 million, $1,898 million and $6,406 million for the years ended 2015, 2014 and 2013, respectively. In 2015, investment securities sales of U.S. government and federal agency securities, CMBS, and RMBS at Trinity totaled $4,254 million.