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Investment Securities
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Investment Securities

NOTE 3. INVESTMENT SECURITIES

Substantially all of our investment securities are classified as available-for-sale and comprise mainly investment-grade debt securities supporting obligations to annuitants and policyholders in our run-off insurance operations. We do not have any securities classified as held-to-maturity.

March 31, 2017December 31, 2016
GrossGrossGrossGross
AmortizedunrealizedunrealizedEstimatedAmortizedunrealizedunrealizedEstimated
(In millions)costgainslossesfair value (a)costgainslossesfair value (a)
Debt
U.S. corporate20,1973,165(84)23,27920,0493,081(85)23,046
Non-U.S. corporate9,46889(22)9,53511,91798(27)11,987
State and municipal3,921432(80)4,2743,916412(92)4,236
Mortgage and asset-backed2,723102(28)2,7972,787111(37)2,861
Government and agencies1,74486(27)1,8031,842160(26)1,976
Equity16795(1)26215455(1)208
Total38,2203,971(242)41,94940,6653,917(269)44,313

Includes $200 million and $137 million of investment securities held by GE at March 31, 2017 and December 31, 2016, respectively, of which $145 million and $86 million are equity 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 valuelossesfair valuelosses
March 31, 2017
Debt
   U.S. corporate$1,586$(57)$337$(26)
Non-U.S. corporate5,020(21)14(1)
   State and municipal480(21)161(59)
Mortgage and asset-backed830(20)92(8)
Government and agencies553(27)--
Equity3(1)--
Total$8,472$(148)$605$(95)
December 31, 2016
Debt
   U.S. corporate$1,692 $(55) $359 $(30)
Non-U.S. corporate5,352 (26) 14 (1)
   State and municipal674 (27) 158 (64)
Mortgage and asset-backed822 (21) 132 (16)
Government and agencies549 (26) - -
Equity9 (1) - -
Total$9,098 $(157) $663 $(111)

Unrealized losses are not indicative of the amount of credit loss that would be recognized and at March 31, 2017 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 unrealized loss positions 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 2017 have not changed.

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$7,446$7,446
After one year through five years5,0295,215
After five years through ten years 5,1345,556
After ten years 17,72120,673

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

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. Gross realized gains on available-for-sale investment securities were $106 million and $6 million, and gross realized losses were $(2) million and $(29) million in the three months ended March 31, 2017 and 2016, respectively.

Proceeds from investment securities sales and early redemptions by issuers totaled $1,073 million and $243 million in the three months ended March 31, 2017 and 2016, respectively primarily from sales