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Investment Securities (Tables)
 9 Months Ended
Sep. 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 September 30, 2019 and December 31, 2018:
20192018
Description of Securities
(Millions)
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Available-for-sale debt securities:
State and municipal obligations$230  $10  $—  $240  $594  $4  $(2) $596  
U.S. Government agency obligations10  —  —  10  10  —  —  10  
U.S. Government treasury obligations7,401  40  (2) 7,439  3,452  5  (17) 3,440  
Corporate debt securities27  —  —  27  28  —  —  28  
Mortgage-backed securities (a)
41  2  —  43  50  1  —  51  
Foreign government bonds and obligations610  1  —  611  474  —  —  474  
Equity securities (b)
62  15  (c)
 (2) 75  51  —  (3) 48  
Total$8,381  $68  $(4) $8,445  $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 stocks, exchange-traded funds 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 $25 million with an associated cost basis of $10 million as of September 30, 2019. The gross unrealized gains amount includes $29 million that was recognized during 2018.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value
The following table provides information about our investment securities with gross unrealized losses and the length of time that individual securities have been in an unrealized loss position as of September 30, 2019 and December 31, 2018:
20192018
Less than 12 months12 months or moreLess than 12 months12 months or more
Description of Securities
(Millions)
Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses
State and municipal obligations$—  $—  $—  $—  $—  $—  $82  $(1) 
U.S. Government treasury obligations—  —  475  (2) 224  (2) 791  (15) 
Total$—  $—  $475  $(2) $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 September 30, 2019 and December 31, 2018:
Less than 12 months12 months or moreTotal
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%  —  $—  $—  5  $475  $(2) 5  $475  $(2) 
Total as of September 30, 2019—  $—  $—  5  $475  $(2) 5  $475  $(2) 

2018:
90%–100%2  $224  $(2) 29  $873  $(16) 31  $1,097  $(18) 
Total as of December 31, 20182  $224  $(2) 29  $873  $(16) 31  $1,097  $(18) 
Contractual Maturities of Investment Securities
Contractual maturities for investment securities with stated maturities as of September 30, 2019 were as follows:
(Millions)CostEstimated
Fair Value
Due within 1 year$6,642  $6,649  
Due after 1 year but within 5 years1,309  1,335  
Due after 5 years but within 10 years150  157  
Due after 10 years218  229  
Total$8,319  $8,370