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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Investment Securities, Amortized Cost and Fair Value, by Category

Table 4.1 provides the amortized cost and fair value by major categories of available-for-sale securities, which are carried at fair value, and held-to-maturity debt securities, which are carried at amortized cost. The net unrealized gains (losses) for available-for-sale securities are reported on an after-tax basis as a component of cumulative OCI.
Table 4.1: Amortized Cost and Fair Value
(in millions)
Amortized Cost

 
Gross
unrealized
gains

 
Gross
unrealized
losses

 
Fair
value

June 30, 2017
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
17,950

 
11

 
(65
)
 
17,896

Securities of U.S. states and political subdivisions
52,237

 
751

 
(975
)
 
52,013

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
136,336

 
1,009

 
(1,407
)
 
135,938

Residential
6,829

 
532

 
(2
)
 
7,359

Commercial
5,347

 
82

 
(16
)
 
5,413

Total mortgage-backed securities
148,512

 
1,623

 
(1,425
)
 
148,710

Corporate debt securities
9,261

 
424

 
(83
)
 
9,602

Collateralized loan and other debt obligations (1) 
33,168

 
298

 
(11
)
 
33,455

Other (2)
6,348

 
164

 
(14
)
 
6,498

Total debt securities
267,476

 
3,271

 
(2,573
)
 
268,174

Marketable equity securities:
 
 
 
 
 
 
 
Perpetual preferred securities
446

 
23

 
(4
)
 
465

Other marketable equity securities
168

 
398

 
(3
)
 
563

Total marketable equity securities
614

 
421

 
(7
)
 
1,028

Total available-for-sale securities
268,090

 
3,692

 
(2,580
)
 
269,202

Held-to-maturity securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
44,704

 
666

 
(35
)
 
45,335

Securities of U.S. states and political subdivisions
6,325

 
60

 
(55
)
 
6,330

    Federal agency and other mortgage-backed securities (3)
87,525

 
162

 
(806
)
 
86,881

Collateralized loan obligations
993

 
5

 
—

 
998

Other (2)
845

 
1

 
—

 
846

Total held-to-maturity securities
140,392

 
894

 
(896
)
 
140,390

Total
$
408,482

 
4,586

 
(3,476
)
 
409,592

December 31, 2016
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
25,874

 
54

 
(109
)
 
25,819

Securities of U.S. states and political subdivisions
52,121

 
551

 
(1,571
)
 
51,101

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
163,513

 
1,175

 
(3,458
)
 
161,230

Residential
7,375

 
449

 
(8
)
 
7,816

Commercial
8,475

 
101

 
(74
)
 
8,502

Total mortgage-backed securities
179,363

 
1,725

 
(3,540
)
 
177,548

Corporate debt securities
11,186

 
381

 
(110
)
 
11,457

Collateralized loan and other debt obligations (1)
34,764

 
287

 
(31
)
 
35,020

Other (2)
6,139

 
104

 
(35
)
 
6,208

Total debt securities
309,447

 
3,102

 
(5,396
)
 
307,153

Marketable equity securities:
 
 
 
 
 
 
 
Perpetual preferred securities
445

 
35

 
(11
)
 
469

Other marketable equity securities
261

 
481

 
—

 
742

Total marketable equity securities
706

 
516

 
(11
)
 
1,211

Total available-for-sale securities
310,153

 
3,618

 
(5,407
)
 
308,364

Held-to-maturity securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
44,690

 
466

 
(77
)
 
45,079

Securities of U.S. states and political subdivisions
6,336

 
17

 
(144
)
 
6,209

Federal agency and other mortgage-backed securities (3)
45,161

 
100

 
(804
)
 
44,457

Collateralized loan obligations
1,065

 
6

 
(1
)
 
1,070

Other (2)
2,331

 
10

 
(1
)
 
2,340

Total held-to-maturity securities
99,583

 
599

 
(1,027
)
 
99,155

Total
$
409,736

 
4,217

 
(6,434
)
 
407,519

(1)
The available-for-sale portfolio includes collateralized debt obligations (CDOs) with a cost basis and fair value of $923 million and $998 million, respectively, at June 30, 2017, and $819 million and $847 million, respectively, at December 31, 2016.
(2)
The “Other” category of available-for-sale securities largely includes asset-backed securities collateralized by student loans. Included in the “Other” category of held-to-maturity securities are asset-backed securities collateralized by automobile leases or loans and cash with a cost basis and fair value of $345 million each at June 30, 2017, and $1.3 billion each at December 31, 2016. Also included in the “Other” category of held-to-maturity securities are asset-backed securities collateralized by dealer floorplan loans with a cost basis and fair value of $500 million and $501 million, respectively at June 30, 2017, and $1.1 billion each at December 31, 2016.
(3)
Predominantly consists of federal agency mortgage-backed securities at both June 30, 2017 and December 31, 2016.
Investment Securities, Gross Unrealized Losses and Fair Value, Over and Under 12 Months
Table 4.2 shows the gross unrealized losses and fair value of securities in the investment securities portfolio by length of time that individual securities in each category have been in a continuous loss position. Debt securities on which we have taken credit-related OTTI write-downs are categorized as being “less than 12 months” or “12 months or more” in a continuous loss position based on the point in time that the fair value declined to below the cost basis and not the period of time since the credit-related OTTI write-down.
Table 4.2: Gross Unrealized Losses and Fair Value
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
(in millions)
Gross
unrealized
losses

 
Fair
value

 
Gross
unrealized
losses

 
Fair
value

 
Gross
unrealized
losses

 
Fair
value

June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(65
)
 
11,486

 
—

 
—

 
(65
)
 
11,486

Securities of U.S. states and political subdivisions
(38
)
 
8,048

 
(937
)
 
19,964

 
(975
)
 
28,012

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 

Federal agencies
(1,271
)
 
78,114

 
(136
)
 
5,900

 
(1,407
)
 
84,014

Residential
(1
)
 
90

 
(1
)
 
78

 
(2
)
 
168

Commercial
(2
)
 
369

 
(14
)
 
670

 
(16
)
 
1,039

Total mortgage-backed securities
(1,274
)
 
78,573

 
(151
)
 
6,648

 
(1,425
)
 
85,221

Corporate debt securities
(9
)
 
655

 
(74
)
 
665

 
(83
)
 
1,320

Collateralized loan and other debt obligations
(1
)
 
3,327

 
(10
)
 
682

 
(11
)
 
4,009

Other
(3
)
 
443

 
(11
)
 
978

 
(14
)
 
1,421

Total debt securities
(1,390
)
 
102,532

 
(1,183
)
 
28,937

 
(2,573
)
 
131,469

Marketable equity securities:
 
 
 
 
 
 
 
 

 

Perpetual preferred securities
(1
)
 
32

 
(3
)
 
50

 
(4
)
 
82

Other marketable equity securities
(3
)
 
10

 
—

 
—

 
(3
)
 
10

Total marketable equity securities
(4
)
 
42

 
(3
)
 
50

 
(7
)
 
92

Total available-for-sale securities
(1,394
)
 
102,574

 
(1,186
)
 
28,987

 
(2,580
)
 
131,561

Held-to-maturity securities:
 
 
 
 
 
 
 
 

 

Securities of U.S. Treasury and federal agencies
(35
)
 
3,347

 
—

 
—

 
(35
)
 
3,347

Securities of U.S. states and political subdivisions
(55
)
 
3,624

 
—

 
—

 
(55
)
 
3,624

Federal agency and other mortgage-backed
   securities
(806
)
 
63,110

 
—

 
—

 
(806
)
 
63,110

Collateralized loan obligations
—

 
—

 
—

 
—

 
—

 
—

Other
—

 
—

 
—

 
—

 
—

 
—

Total held-to-maturity securities
(896
)
 
70,081

 
—

 
—

 
(896
)
 
70,081

Total
$
(2,290
)
 
172,655

 
(1,186
)
 
28,987

 
(3,476
)
 
201,642

December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(109
)
 
10,816

 
—

 
—

 
(109
)
 
10,816

Securities of U.S. states and political subdivisions
(341
)
 
17,412

 
(1,230
)
 
16,213

 
(1,571
)
 
33,625

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
(3,338
)
 
120,735

 
(120
)
 
3,481

 
(3,458
)
 
124,216

Residential
(4
)
 
527

 
(4
)
 
245

 
(8
)
 
772

Commercial
(43
)
 
1,459

 
(31
)
 
1,690

 
(74
)
 
3,149

Total mortgage-backed securities
(3,385
)
 
122,721

 
(155
)
 
5,416

 
(3,540
)
 
128,137

Corporate debt securities
(11
)
 
946

 
(99
)
 
1,229

 
(110
)
 
2,175

Collateralized loan and other debt obligations
(2
)
 
1,899

 
(29
)
 
3,197

 
(31
)
 
5,096

Other
(9
)
 
971

 
(26
)
 
1,262

 
(35
)
 
2,233

Total debt securities
(3,857
)
 
154,765

 
(1,539
)
 
27,317

 
(5,396
)
 
182,082

Marketable equity securities:
 
 
 
 
 
 
 
 
 
 
 
Perpetual preferred securities
(3
)
 
41

 
(8
)
 
45

 
(11
)
 
86

Other marketable equity securities
—

 
—

 
—

 
—

 
—

 
—

Total marketable equity securities
(3
)
 
41

 
(8
)
 
45

 
(11
)
 
86

Total available-for-sale securities
(3,860
)
 
154,806

 
(1,547
)
 
27,362

 
(5,407
)
 
182,168

Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(77
)
 
6,351

 
—

 
—

 
(77
)
 
6,351

Securities of U.S. states and political subdivisions
(144
)
 
4,871

 
—

 
—

 
(144
)
 
4,871

Federal agency and other mortgage-backed securities
(804
)
 
40,095

 
—

 
—

 
(804
)
 
40,095

Collateralized loan obligations
—

 
—

 
(1
)
 
266

 
(1
)
 
266

Other
—

 
—

 
(1
)
 
633

 
(1
)
 
633

Total held-to-maturity securities
(1,025
)
 
51,317

 
(2
)
 
899

 
(1,027
)
 
52,216

Total
$
(4,885
)
 
206,123

 
(1,549
)
 
28,261

 
(6,434
)
 
234,384
Investment Securities, Gross Unrealized Losses and Fair Value, by Investment Grade
Table 4.3 shows the gross unrealized losses and fair value of debt and perpetual preferred investment securities by those rated investment grade and those rated less than investment grade, according to their lowest credit rating by Standard & Poor’s Rating Services (S&P) or Moody’s Investors Service (Moody’s). Credit ratings express opinions about the credit quality of a security. Securities rated investment grade, that is those rated BBB- or higher by S&P or Baa3 or higher by Moody’s, are generally considered by the rating agencies and market participants to be low credit risk. Conversely, securities rated below investment grade, labeled as “speculative grade” by the rating agencies, are considered to be distinctively higher credit risk than investment grade securities. We have also included securities not rated by S&P or Moody’s in the table below based on our internal credit grade of the securities (used for credit risk management purposes) equivalent to the credit rating assigned by major credit agencies. The unrealized losses and fair value of unrated securities categorized as investment grade based on internal credit grades were $32 million and $6.6 billion, respectively, at June 30, 2017, and $54 million and $7.0 billion, respectively, at December 31, 2016. If an internal credit grade was not assigned, we categorized the security as non-investment grade. 
Table 4.3: Gross Unrealized Losses and Fair Value by Investment Grade
 
Investment grade
 
 
Non-investment grade
 
(in millions)
Gross
unrealized
losses

 
Fair
value

 
Gross
unrealized
losses

 
Fair
value

June 30, 2017
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(65
)
 
11,486

 
—

 
—

Securities of U.S. states and political subdivisions
(932
)
 
27,640

 
(43
)
 
372

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
(1,407
)
 
84,014

 
—

 
—

Residential
(1
)
 
54

 
(1
)
 
114

Commercial
(3
)
 
728

 
(13
)
 
311

Total mortgage-backed securities
(1,411
)
 
84,796

 
(14
)
 
425

Corporate debt securities
(14
)
 
630

 
(69
)
 
690

Collateralized loan and other debt obligations
(11
)
 
4,009

 
—

 
—

Other
(10
)
 
997

 
(4
)
 
424

Total debt securities
(2,443
)
 
129,558

 
(130
)
 
1,911

Perpetual preferred securities
(3
)
 
63

 
(1
)
 
19

Total available-for-sale securities
(2,446
)

129,621


(131
)

1,930

Held-to-maturity securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(35
)
 
3,347

 
—

 
—

  Securities of U.S. states and political subdivisions
(55
)
 
3,624

 
—

 
—

Federal agency and other mortgage-backed securities
(805
)
 
63,075

 
(1
)
 
35

Collateralized loan obligations
—

 
—

 
—

 
—

Other
—

 
—

 
—

 
—

Total held-to-maturity securities
(895
)
 
70,046

 
(1
)
 
35

Total
$
(3,341
)
 
199,667

 
(132
)
 
1,965

December 31, 2016
 
 

 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(109
)
 
10,816

 
—

 
—

Securities of U.S. states and political subdivisions
(1,517
)
 
33,271

 
(54
)
 
354

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
(3,458
)
 
124,216

 
—

 
—

Residential
(1
)
 
176

 
(7
)
 
596

Commercial
(15
)
 
2,585

 
(59
)
 
564

Total mortgage-backed securities
(3,474
)
 
126,977

 
(66
)
 
1,160

Corporate debt securities
(31
)
 
1,238

 
(79
)
 
937

Collateralized loan and other debt obligations
(31
)
 
5,096

 
—

 
—

Other
(30
)
 
1,842

 
(5
)
 
391

Total debt securities
(5,192
)
 
179,240

 
(204
)
 
2,842

Perpetual preferred securities
(10
)
 
68

 
(1
)
 
18

Total available-for-sale securities
(5,202
)
 
179,308

 
(205
)
 
2,860

Held-to-maturity securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(77
)
 
6,351

 
—

 
—

Securities of U.S. states and political subdivisions
(144
)
 
4,871

 
—

 
—

Federal agency and other mortgage-backed securities
(803
)
 
40,078

 
(1
)
 
17

Collateralized loan obligations
(1
)
 
266

 
—

 
—

Other
(1
)
 
633


—

 
—

Total held-to-maturity securities
(1,026
)
 
52,199

 
(1
)
 
17

Total
$
(6,228
)
 
231,507

 
(206
)
 
2,877
Debt Securities Contractual Maturities
Table 4.4 shows the remaining contractual maturities and contractual weighted-average yields (taxable-equivalent basis) of available-for-sale debt securities. The remaining contractual principal maturities for MBS do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
 
Table 4.4: Contractual Maturities
  
  
 
 
Remaining contractual maturity
 
  
Total

 
  

 
Within one year
 
 
After one year
through five years
 
 
After five years
through ten years
 
 
After ten years
 
(in millions)

amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities (1): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
17,896

 
1.25
%
 
$
10,987

 
1.04
%
 
$
5,883

 
1.55
%
 
$
1,026

 
1.80
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
52,013

 
5.77

 
1,251

 
2.25

 
10,536

 
2.86

 
2,511

 
4.59

 
37,715

 
6.78

Mortgage-backed securities:
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
135,938

 
3.18

 
1

 
4.93

 
127

 
3.01

 
5,845

 
2.93

 
129,965

 
3.19

Residential
7,359

 
3.90

 
—

 
—

 
25

 
5.55

 
19

 
3.76

 
7,315

 
3.89

Commercial
5,413

 
4.18

 
—

 
—

 
—

 
—

 
45

 
2.90

 
5,368

 
4.19

Total mortgage-backed securities
148,710

 
3.25

 
1

 
4.93

 
152

 
3.42

 
5,909

 
2.93

 
142,648

 
3.27

Corporate debt securities
9,602

 
4.95

 
1,050

 
4.13

 
2,945

 
5.69

 
4,638

 
4.62

 
969

 
5.23

Collateralized loan and other debt obligations
33,455

 
2.89

 
—

 
—

 
146

 
2.10

 
17,739

 
2.82

 
15,570

 
2.99

Other
6,498

 
2.32

 
40

 
3.24

 
779

 
2.54

 
1,632

 
1.91

 
4,047

 
2.43

Total available-for-sale debt securities at fair value
$
268,174

 
3.60
%
 
$
13,329

 
1.40
%
 
$
20,441

 
2.88
%
 
$
33,455

 
3.15
%
 
$
200,949

 
3.90
%
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities (1):
 
 
 
 
 
 
 
 
`
 
 
 
 
 
 
 
 
 
 
Fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
25,819

 
1.44
%
 
$
1,328

 
0.92
%
 
$
23,477

 
1.45
%
 
$
1,014

 
1.80
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
51,101

 
5.65

 
2,990

 
1.69

 
9,299

 
2.74

 
2,391

 
4.71

 
36,421

 
6.78

Mortgage-backed securities:
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
161,230

 
3.09

 
—

 
—

 
128

 
2.98

 
5,363

 
3.16

 
155,739

 
3.09

Residential
7,816

 
3.84

 
—

 
—

 
25

 
5.21

 
35

 
4.34

 
7,756

 
3.83

Commercial
8,502

 
4.58

 
—

 
—

 
—

 
—

 
30

 
3.13

 
8,472

 
4.59

Total mortgage-backed securities
177,548

 
3.19

 
—

 
—

 
153

 
3.34

 
5,428

 
3.16

 
171,967

 
3.19

Corporate debt securities
11,457

 
4.81

 
2,043

 
2.90

 
3,374

 
5.89

 
4,741

 
4.71

 
1,299

 
5.38

Collateralized loan and other debt obligations
35,020

 
2.70

 
—

 
—

 
168

 
1.34

 
16,482

 
2.66

 
18,370

 
2.74

Other
6,208

 
2.18

 
57

 
3.06

 
971

 
2.35

 
1,146

 
2.04

 
4,034

 
2.17

Total available-for-sale debt securities at fair value
$
307,153

 
3.44
%
 
$
6,418

 
1.93
%
 
$
37,442

 
2.20
%
 
$
31,202

 
3.17
%
 
$
232,091

 
3.72
%
(1)
Weighted-average yields displayed by maturity bucket are weighted based on fair value and predominantly represent contractual coupon rates without effect for any related hedging derivatives.

Table 4.5 shows the amortized cost and weighted-average yields of held-to-maturity debt securities by contractual maturity.
Table 4.5: Amortized Cost by Contractual Maturity
  
  
 
 
Remaining contractual maturity
 
  
Total

 
  

 
Within one year
 
 
After one year
through five years
 
 
After five years
through ten years
 
 
After ten years
 
(in millions)
amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities (1): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
44,704

 
2.12
%
 
$
—

 
—
%
 
$
32,317

 
2.04
%
 
$
12,387

 
2.32
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
6,325

 
6.04

 
—

 
—

 
24

 
8.20

 
553

 
6.61

 
5,748

 
5.98

Federal agency and other mortgage-backed securities
87,525

 
3.11

 
—

 
—

 
—

 
—

 
—


—

 
87,525

 
3.11

Collateralized loan obligations
993

 
2.72

 
—

 
—

 
—

 
—

 
993

 
2.72

 
—

 
—

Other
845

 
2.03

 
—

 
—

 
845

 
2.03

 
—

 
—

 
—

 
—

Total held-to-maturity debt securities at amortized cost
$
140,392

 
2.92
%
 
$
—

 
—
%
 
$
33,186

 
2.04
%
 
$
13,933

 
2.52
%
 
$
93,273

 
3.29
%
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
44,690

 
2.12
%
 
$
—

 
—
%
 
$
31,956

 
2.05
%
 
$
12,734

 
2.30
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
6,336

 
6.04

 
—

 
—

 
24

 
8.20

 
436

 
6.76

 
5,876

 
5.98

Federal agency and other mortgage-backed securities
45,161

 
3.23

 
—

 
—

 
—

 
—

 
—

 
—

 
45,161

 
3.23

Collateralized loan obligations
1,065

 
2.58

 
—

 
—

 
—

 
—

 
1,065

 
2.58

 
—

 
—

Other
2,331

 
1.83

 
—

 
—

 
1,683

 
1.81

 
648

 
1.89

 
—

 
—

Total held-to-maturity debt securities at amortized cost
$
99,583

 
2.87
%
 
$
—

 
—
%
 
$
33,663

 
2.04
%
 
$
14,883

 
2.43
%
 
$
51,037

 
3.55
%
(1)
Weighted-average yields displayed by maturity bucket are weighted based on amortized cost and predominantly represent contractual coupon rates.

Table 4.6 shows the fair value of held-to-maturity debt securities by contractual maturity.

Table 4.6: Fair Value by Contractual Maturity
  
  

 
Remaining contractual maturity
 
  
Total

 
Within one year

 
After one year
through five years

 
After five years
through ten years

 
After ten years

(in millions)
amount

 
Amount

 
Amount

 
Amount

 
Amount

June 30, 2017
 
 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
Fair value:
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
45,335

 
—

 
32,774

 
12,561

 
—

Securities of U.S. states and political subdivisions
6,330

 
—

 
24

 
559

 
5,747

Federal agency and other mortgage-backed securities
86,881

 
—

 
—

 
—

 
86,881

Collateralized loan obligations
998

 
—

 
—

 
998

 
—

Other
846

 
—

 
846

 
—

 
—

Total held-to-maturity debt securities at fair value
$
140,390

 
—

 
33,644

 
14,118

 
92,628

December 31, 2016
  
 
 
 
 
 
 
 
 
Held-to-maturity securities:
  
 
 
 
 
 
 
 
 
Fair value:
  
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
45,079

 
—

 
32,313

 
12,766

 
—

Securities of U.S. states and political subdivisions
6,209

 
—

 
24

 
430

 
5,755

Federal agency and other mortgage-backed securities
44,457

 
—

 
—

 
—

 
44,457

Collateralized loan obligations
1,070

 
—

 
—

 
1,070

 
—

Other
2,340

 
—

 
1,688

 
652

 
—

Total held-to-maturity debt securities at fair value
$
99,155

 
—

 
34,025

 
14,918

 
50,212
Investment Securities and Nonmarketable Equity Investments, Realized Gains and Losses
Table 4.7 shows the gross realized gains and losses on sales and OTTI write-downs related to the available-for-sale securities portfolio, which includes marketable equity securities, as well as net realized gains and losses on nonmarketable equity investments (see Note 6 (Other Assets)).
Table 4.7: Realized Gains and Losses
  
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2017

 
2016

 
2017

 
2016

Gross realized gains
$
320

 
564

 
$
561

 
949

Gross realized losses
(48
)
 
(31
)
 
(84
)
 
(44
)
OTTI write-downs
(51
)
 
(26
)
 
(104
)
 
(95
)
Net realized gains from available-for-sale securities
221

 
507

 
373

 
810

Net realized gains from nonmarketable equity investments
87

 
129

 
374

 
314

Net realized gains from debt securities and equity investments
$
308

 
636

 
$
747

 
1,124
Investment Securities and Nonmarketable Equity Investments, Other Than Temporary Impairment
Table 4.8 shows the detail of total OTTI write-downs included in earnings for available-for-sale debt securities, marketable equity securities and nonmarketable equity investments. There were no OTTI write-downs on held-to-maturity securities during the first half of 2017 and 2016.
Table 4.8: OTTI Write-downs
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2017

 
2016

 
2017

 
2016

OTTI write-downs included in earnings
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
  
 
  
Securities of U.S. states and political subdivisions
$
—

 
6

 
$
8

 
10

Mortgage-backed securities:
 
 
 
 
  

 
  

Residential
3

 
12

 
6

 
24

Commercial
41

 
—

 
66

 
1

Corporate debt securities
4

 
5

 
20

 
50

Other debt securities
—

 
3

 
—

 
6

Total debt securities
48

 
26

 
100

 
91

Equity securities:
 
 
 
 
  

 
  

Marketable equity securities:
 
 
 
 
  

 
 
Other marketable equity securities
3

 
—

 
4

 
4

Total marketable equity securities
3

 
—

 
4

 
4

Total investment securities (1)
51

 
26

 
104

 
95

Nonmarketable equity investments (1)
22

 
104

 
98

 
233

Total OTTI write-downs included in earnings (1)
$
73

 
130

 
$
202

 
328


(1)
The quarters ended June 30, 2017 and 2016, include $19 million and $29 million, respectively, in OTTI write-downs of oil and gas investments, of which $7 million and $5 million, respectively, related to investment securities and $12 million and $24 million, respectively, related to nonmarketable equity investments. Oil and gas related OTTI for the first half of 2017 and 2016, totaled $58 million and $153 million, respectively, of which $22 million and $51 million, respectively, related to investment securities and $36 million and $102 million, respectively, related to nonmarketable equity investments.
Debt Securities Other Than Temporary Impairment Included in Earnings
Table 4.9 shows the detail of OTTI write-downs on available-for-sale debt securities included in earnings and the related changes in OCI for the same securities.
Table 4.9: OTTI Write-downs Included in Earnings
  
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2017

 
2016

 
2017

 
2016

OTTI on debt securities
 
 
 
 
  

 
  

Recorded as part of gross realized losses:
 
 
 
 
  

 
  

Credit-related OTTI
$
47

 
20

 
$
99

 
81

Intent-to-sell OTTI
1

 
6

 
1

 
10

Total recorded as part of gross realized losses
48

 
26

 
100

 
91

Changes to OCI for losses (reversal of losses) in non-credit-related OTTI (1):
 
 
 
 
  

 
 
Securities of U.S. states and political subdivisions
—

 
—

 
(5
)
 
—

Residential mortgage-backed securities
(3
)
 
(5
)
 
—

 
5

Commercial mortgage-backed securities
(40
)
 
(1
)
 
(47
)
 
2

Corporate debt securities
1

 
(9
)
 
1

 
(13
)
Other debt securities
—

 
—

 
—

 
2

Total changes to OCI for non-credit-related OTTI
(42
)
 
(15
)
 
(51
)
 
(4
)
Total OTTI losses recorded on debt securities
$
6

 
11

 
$
49

 
87

(1)
Represents amounts recorded to OCI for impairment, due to factors other than credit, on debt securities that have also had credit-related OTTI write-downs during the period. Increases represent initial or subsequent non-credit-related OTTI on debt securities. Decreases represent partial to full reversal of impairment due to recoveries in the fair value of securities due to non-credit factors.
Rollforward of Credit Loss Component Of Credit-Impaired Debt Securities
Table 4.10 presents a rollforward of the OTTI credit loss that has been recognized in earnings as a write-down of available-for-sale debt securities we still own (referred to as “credit-impaired” debt securities) and do not intend to sell. Recognized credit loss represents the difference between the present value of expected future cash flows discounted using the security’s current effective interest rate and the amortized cost basis of the security prior to considering credit loss.
Table 4.10: Rollforward of OTTI Credit Loss
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2017

 
2016

 
2017

 
2016

Credit loss recognized, beginning of period
$
1,086

 
1,145

 
$
1,043

 
1,092

Additions:
 
 
 
 
  
 
  
For securities with initial credit impairments
2

 
—

 
8

 
38

For securities with previous credit impairments
45

 
20

 
91

 
43

Total additions
47

 
20

 
99

 
81

Reductions:
 
 
 
 
  
 
  
For securities sold, matured, or intended/required to be sold
(11
)
 
(83
)
 
(18
)
 
(89
)
For recoveries of previous credit impairments (1)
(2
)
 
(2
)
 
(4
)
 
(4
)
Total reductions
(13
)
 
(85
)
 
(22
)
 
(93
)
Credit loss recognized, end of period
$
1,120

 
1,080

 
$
1,120

 
1,080

(1)
Recoveries of previous credit impairments result from increases in expected cash flows subsequent to credit loss recognition. Such recoveries are reflected prospectively as interest yield adjustments using the effective interest method.