Investment Securities (Tables)

6 Months Ended

Jun. 30, 2019

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, 2019 and December 31, 2018:

	2019										2018
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	$	324	$	9		$	—		$	333	$	594	$	4	$	(2	)	$	596
U.S. Government agency obligations	10		—			—			10		10		—		—			10
U.S. Government treasury obligations	7,383		38			(3		)	7,418		3,452		5		(17		)	3,440
Corporate debt securities	28		—			—			28		28		—		—			28
Mortgage-backed securities (a)	45		2			—			47		50		1		—			51
Foreign government bonds and obligations	620		1			—			621		474		—		—			474
Equity securities (b)	61		27		(c)	(3		)	85		51		—		(3		)	48
Total	$	8,471	$	77		$	(6	)	8,542		$	4,659	$	10	$	(22	)	$	4,647

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

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

(c)

During the second quarter of 2019, an equity investment was reclassified from Other assets to Investment securities following the completion of an initial public offering by the issuer of the securities. The investment had a fair value of $37 million with an associated cost basis of $10 million as of June 30, 2019. The gross unrealized gains amount includes $29 million that was recognized during 2018.

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

The following table provides information about our investment securities with gross unrealized losses and the length of time that individual securities have been in an unrealized loss position as of June 30, 2019 and December 31, 2018:

	2019									2018
	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	$	—	$	—	$	—	$	—		$	—	$	—		$	82	$	(1	)
U.S. Government treasury obligations	—		—		477		(3		)	224		(2		)	791		(15		)
Total	$	—	$	—	$	477	$	(3	)	$	224	$	(2	)	$	873	$	(16	)

Available for Sale Securities Ratio of Fair Value to Amortized Cost

The following table summarizes the gross unrealized losses due to temporary impairments by ratio of fair value to amortized cost as of June 30, 2019 and December 31, 2018:

	Less than 12 months					12 months or more						Total
Ratio of Fair Value to Amortized Cost (Dollars in millions)	Number of Securities	Estimated Fair Value		Gross Unrealized Losses		Number of Securities	Estimated Fair Value		Gross Unrealized Losses			Number of Securities	Estimated Fair Value		Gross Unrealized Losses
2019:
90%–100%	—	$	—	$	—	7	$	477	$	(3	)	7	$	477	$	(3	)
Total as of June 30, 2019	—	$	—	$	—	7	$	477	$	(3	)	7	$	477	$	(3	)

2018:
90%–100%	2	$	224	$	(2	)	29	$	873	$	(16	)	31	$	1,097	$	(18	)
Total as of December 31, 2018	2	$	224	$	(2	)	29	$	873	$	(16	)	31	$	1,097	$	(18	)

Contractual maturities of investment securities

Contractual maturities for investment securities with stated maturities as of June 30, 2019 were as follows:

(Millions)	Cost		Estimated Fair Value
Due within 1 year	$	6,635	$	6,644
Due after 1 year but within 5 years	1,307		1,331
Due after 5 years but within 10 years	190		196
Due after 10 years	278		286
Total	$	8,410	$	8,457