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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2021
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, 2021 and December 31, 2020:
20212020
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$133 $6 $(1)$138 $172 $7 $— $179 
U.S. Government agency obligations6 — — 6 7 — — 7 
U.S. Government treasury obligations11,397 49 — 11,446 20,655 76 — 20,731 
Mortgage-backed securities (a)
22 2 — 24 28 2 — 30 
Foreign government bonds and obligations741 — — 741 581 — — 581 
Other (b)
37 — — 37 22 — — 22 
Equity securities (c)
52 1 (2)51 56 27 (2)81 
Total$12,388 $58 $(3)$12,443 $21,521 $112 $(2)$21,631 
(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
(b)Represents investments in Corporate debt securities and debt securities issued by Community Development Financial Institutions.
(c)Equity securities comprise investments in common stock, exchange-traded funds and mutual funds.
Available-for-sale securities, continuous unrealized loss position, fair value
The following table provides information about our available-for-sale 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, 2021. There were no available-for-sale debt securities with gross unrealized losses as of December 31, 2020.
2021
Less than 12 months12 months or more
Description of Securities
(Millions)
Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses
State and municipal obligations$26 $(1)$— $— 
Total$26 $(1)$— $— 
Available for sale securities ratio of fair value to amortized cost
The following table summarizes the gross unrealized losses by ratio of fair value to amortized cost as of June 30, 2021. There were no available-for-sale debt securities with gross unrealized losses as of December 31, 2020.
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
2021:
90%–100%6 $26 $(1)— $— $— 6 $26 $(1)
Less than 90%— — — — — — — — — 
Total as of June 30, 20216 $26 $(1)— $— $— 6 $26 $(1)
Contractual maturities of investment securities Contractual maturities for investment securities with stated maturities as of June 30, 2021 were as follows:
(Millions)CostEstimated
Fair Value
Due within 1 year$11,001 $11,014 
Due after 1 year but within 5 years1,201 1,235 
Due after 5 years but within 10 years35 42 
Due after 10 years99 101 
Total$12,336 $12,392