Investment Securities (Tables)

9 Months Ended

Sep. 30, 2016

Investment Securities (Tables) [Abstract]

Schedule of Available for Sale Securities by Type

The following is a summary of investment securities as of September 30, 2016 and December 31, 2015:

	2016								2015
				Gross		Gross		Estimated				Gross		Gross		Estimated
				Unrealized		Unrealized		Fair				Unrealized		Unrealized		Fair
Description of Securities (Millions)		Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
State and municipal obligations	$	2,255	$	50	$	―	$	2,305	$	2,813	$	85	$	(5)	$	2,893
U.S. Government agency obligations		12		―		―		12		2		―		―		2
U.S. Government treasury obligations		529		12		―		541		406		4		(1)		409
Corporate debt securities		20		1		―		21		29		1		―		30
Mortgage-backed securities(a)		103		5		―		108		117		4		―		121
Equity securities		1		―		―		1		1		―		―		1
Foreign government bonds and obligations		682		10		―		692		250		6		(1)		255
Other(b)		50		―		(2)		48		50		―		(2)		48
Total	$	3,652	$	78	$	(2)	$	3,728	$	3,668	$	100	$	(9)	$	3,759

• Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
• Other comprises investments in various mutual funds.

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

The following table provides information about the Company’s investment securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2016 and December 31, 2015:

	2016								2015
	Less than 12 months				12 months or more				Less than 12 months				12 months or more
				Gross				Gross				Gross				Gross
Description of Securities (Millions)		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and municipal obligations	$	―	$	―	$	―		―	$	100	$	(3)	$	13	$	(2)
U.S. Government treasury obligations		―		―		―		―		253		(1)		―		―
Foreign government bonds and obligations		―		―		―		―		99		(1)		―		―
Other		―		―		33		(1)		―		―		33		(2)
Total	$	―	$	―	$	33	$	(1)	$	452	$	(5)	$	46	$	(4)

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, 2016 and December 31, 2015:

	Less than 12 months					12 months or more					Total
Ratio of Fair Value to					Gross					Gross					Gross
Amortized Cost	Number of		Estimated		Unrealized	Number of		Estimated		Unrealized	Number of		Estimated		Unrealized
(Dollars in millions)	Securities		Fair Value		Losses	Securities		Fair Value		Losses	Securities		Fair Value		Losses
2016:
90%–100%	―	$	―	$	―	6	$	33	$	(1)	6	$	33	$	(1)
Total as of September 30, 2016	―	$	―	$	―	6	$	33	$	(1)	6	$	33	$	(1)
2015:
90%–100%	52	$	450	$	(5)	15	$	37	$	(2)	67	$	487	$	(7)
Less than 90%	―		―		―	2		9		(2)	2		9		(2)
Total as of December 31, 2015	52	$	450	$	(5)	17	$	46	$	(4)	69	$	496	$	(9)

Contractual maturities of investment securities

Contractual maturities of investment securities with stated maturities as of September 30, 2016 were as follows:

				Estimated
(Millions)		Cost		Fair Value
Due within 1 year	$	788	$	789
Due after 1 year but within 5 years		347		352
Due after 5 years but within 10 years		399		418
Due after 10 years		2,067		2,120
Total	$	3,601	$	3,679