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Investment Securities
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES
A summary of the Corporation’s investment securities follows:
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
December 31, 2020
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities$4,583 $76 $1 $4,658 
Residential mortgage-backed securities (a)10,169 203 2 10,370 
Total investment securities available-for-sale$14,752 $279 $3 $15,028 
December 31, 2019
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities$2,745 $47 $— $2,792 
Residential mortgage-backed securities (a)9,568 66 28 9,606 
Total investment securities available-for-sale$12,313 $113 $28 $12,398 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
A summary of the Corporation’s investment securities in an unrealized loss position as of December 31, 2020 and 2019 follows:
 Temporarily Impaired
 Less than 12 Months12 Months or moreTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
December 31, 2020
U.S. Treasury and other U.S. government agency securities$1,119 $1 $— $— $1,119 $1 
Residential mortgage-backed securities (a)952 2 — — 952 2 
Total temporarily impaired securities$2,071 $3 $— $— $2,071 $3 
December 31, 2019
Residential mortgage-backed securities (a)$1,494 $7 $1,906 $21 $3,400 $28 
Total temporarily impaired securities$1,494 $7 $1,906 $21 $3,400 $28 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
Unrealized losses resulted from changes in market interest rates and liquidity. The Corporation’s portfolio is comprised of securities issued or guaranteed by the U.S. government or government-sponsored enterprises. As such, it is expected that the securities would not be settled at a price less than the amortized cost of the investments. Further, the Corporation does not intend to sell the investments, and it is not more-likely-than-not that it will be required to sell the the investments before recovery of amortized costs. At December 31, 2020, the Corporation had 32 securities in an unrealized loss position with no allowance for credit losses, comprised of 11 U.S. Treasury securities and 21 residential mortgage-backed securities.
Interest receivable on investment securities totaled $18 million and $20 million at December 31, 2020 and 2019 and was included in accrued income and other assets on the Consolidated Balance Sheets.
Sales, calls and write-downs of investment securities available-for-sale, primarily from repositioning $1.0 billion and $1.3 billion of lower-yielding treasury securities in the years ended December 31, 2019 and 2018, respectively, resulted in the following gains and losses recorded in net securities losses on the Consolidated Statements of Income, computed based on the adjusted cost of the specific security.
(in millions)
Year Ended December 31202020192018
Securities gains$1 $1 $2 
Securities losses(1)(8)(21)
Net securities losses$— $(7)$(19)
The following table summarizes the amortized cost and fair values of debt securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(in millions)
December 31, 2020Amortized CostFair Value
Contractual maturity
Within one year$1,547 $1,571 
After one year through five years3,235 3,297 
After five years through ten years697 716 
After ten years9,273 9,444 
Total investment securities$14,752 $15,028 
Included in the contractual maturity distribution in the table above were residential mortgage-backed securities with a total amortized cost of $10.2 billion and a fair value of $10.4 billion. The actual cash flows of mortgage-backed securities may differ as borrowers of the underlying loans may exercise prepayment options.
At December 31, 2020, investment securities with a carrying value of $5.1 billion were pledged where permitted or required by law, including $4.4 billion pledged to the Federal Home Loan Bank (FHLB) as collateral for potential future borrowings of approximately $4.2 billion and $646 million to secure $488 million of liabilities, primarily public and other deposits of state and local government agencies and derivative instruments. For information on FHLB borrowings, refer to Note 12.