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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Securities Held to Maturity
The amortized cost, gross unrealized gains and losses, and fair value of AFS and HTM securities are as follows:
September 30, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Available for sale securities
 
 
 
 
 
 
 
 
U.S. agency mortgage-backed securities
 
$
24,010

 
$
47

 
$
102

 
$
23,955

U.S. Treasury securities
 
12,412

 
—

 
169

 
12,243

Asset-backed securities (1)
 
9,378

 
19

 
10

 
9,387

Corporate debt securities (2)
 
6,921

 
10

 
9

 
6,922

Certificates of deposit
 
2,765

 
4

 
—

 
2,769

U.S. agency notes
 
1,688

 
—

 
6

 
1,682

Commercial paper (2,3)
 
518

 
—

 
—

 
518

Foreign government agency securities
 
50

 
—

 
2

 
48

Non-agency commercial mortgage-backed securities
 
34

 
—

 
—

 
34

Total available for sale securities
 
$
57,776

 
$
80

 
$
298

 
$
57,558

Held to maturity securities
 
 
 
 
 
 
 
 
U.S. agency mortgage-backed securities
 
$
113,453

 
$
26

 
$
3,483

 
$
109,996

Asset-backed securities (1)
 
17,964

 
122

 
12

 
18,074

Corporate debt securities (2)
 
4,578

 
8

 
55

 
4,531

U.S. state and municipal securities
 
1,330

 
6

 
7

 
1,329

Non-agency commercial mortgage-backed securities
 
1,149

 
1

 
25

 
1,125

U.S. Treasury securities
 
223

 
—

 
11

 
212

Certificates of deposit
 
200

 
1

 
—

 
201

Foreign government agency securities
 
50

 
—

 
2

 
48

Other
 
5

 
—

 
—

 
5

Total held to maturity securities
 
$
138,952

 
$
164

 
$
3,595

 
$
135,521

December 31, 2017
 
 
 
 
 
 
 
 
Available for sale securities
 
 
 
 
 
  
 
 
U.S. agency mortgage-backed securities
 
$
20,915

 
$
53

 
$
39

 
$
20,929

U.S. Treasury securities
 
9,583

 
—

 
83

 
9,500

Asset-backed securities (1)
 
9,019

 
34

 
6

 
9,047

Corporate debt securities (2)
 
6,154

 
16

 
1

 
6,169

Certificates of deposit
 
2,040

 
2

 
1

 
2,041

U.S. agency notes
 
1,914

 
—

 
8

 
1,906

Commercial paper (2)
 
313

 
—

 
—

 
313

Foreign government agency securities
 
51

 
—

 
1

 
50

Non-agency commercial mortgage-backed securities
 
40

 
—

 
—

 
40

Total available for sale securities
 
$
50,029

 
$
105

 
$
139

 
$
49,995

Held to maturity securities
 
 
 
 
 
 
 
 
U.S. agency mortgage-backed securities
 
$
101,197

 
$
290

 
$
1,034

 
$
100,453

Asset-backed securities (1)
 
12,937

 
127

 
2

 
13,062

Corporate debt securities (2)
 
4,078

 
13

 
5

 
4,086

U.S. state and municipal securities
 
1,247

 
57

 
—

 
1,304

Non-agency commercial mortgage-backed securities
 
994

 
10

 
5

 
999

U.S. Treasury securities
 
223

 
—

 
3

 
220

Certificates of deposit
 
200

 
—

 
—

 
200

Foreign government agency securities
 
50

 
—

 
1

 
49

Total held to maturity securities
 
$
120,926

 
$
497

 
$
1,050

 
$
120,373


(1) Approximately 37% and 42% of asset-backed securities held as of September 30, 2018 and December 31, 2017, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 43% and 40% of the asset-backed securities held as of September 30, 2018 and December 31, 2017, respectively.
(2) As of September 30, 2018 and December 31, 2017, approximately 31% and 41%, respectively, of the total AFS and HTM investments in corporate debt securities and commercial paper were issued by institutions in the financial services industry. Approximately 18% and 22% of the holdings of these securities were issued by institutions in the information technology industry as of September 30, 2018 and December 31, 2017, respectively.
(3) Included in cash and cash equivalents on the condensed consolidated balance sheet, but excluded from this table is $2.0 billion of AFS commercial paper. These holdings have maturities of three months or less and an aggregate market value equal to amortized cost.
Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss
Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, are as follows:

Less than
 
12 months
 
 
 
 

12 months
 
or longer
 
Total
September 30, 2018
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Available for sale securities
 
 
 
 
 
 
 
 
 
 
 
U.S. agency mortgage-backed securities
$
10,119

 
$
68

 
$
1,988

 
$
34

 
$
12,107

 
$
102

U.S. Treasury securities
7,770

 
72

 
4,374

 
97

 
12,144

 
169

Asset-backed securities
1,841

 
4

 
601

 
6

 
2,442

 
10

Corporate debt securities
3,030

 
8

 
229

 
1

 
3,259

 
9

U.S. agency notes
566

 
2

 
1,116

 
4

 
1,682

 
6

Foreign government agency securities
—

 
—

 
48

 
2

 
48

 
2

Total
$
23,326

 
$
154

 
$
8,356

 
$
144

 
$
31,682

 
$
298

Held to maturity securities
 

 
 

 
 

 
 

 
 

 
 

U.S. agency mortgage-backed securities
$
59,643

 
$
1,247

 
$
40,279

 
$
2,236

 
$
99,922

 
$
3,483

Asset-backed securities
2,115

 
12

 
39

 
—

 
2,154

 
12

Corporate debt securities
2,862

 
52

 
77

 
3

 
2,939

 
55

U.S. state and municipal securities
471

 
5

 
14

 
2

 
485

 
7

Non-agency commercial mortgage-backed securities
651

 
15

 
279

 
10

 
930

 
25

U.S. Treasury securities
—

 
—

 
212

 
11

 
212

 
11

Foreign government agency securities
—

 
—

 
48

 
2

 
48

 
2

Total
$
65,742

 
$
1,331

 
$
40,948

 
$
2,264

 
$
106,690

 
$
3,595

Total securities with unrealized losses (1)
$
89,068

 
$
1,485

 
$
49,304

 
$
2,408

 
$
138,372

 
$
3,893

December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities
 
 
 
 
  
 
 
 
 
 
 
U.S. agency mortgage-backed securities
$
5,696

 
$
21

 
$
2,548

 
$
18

 
$
8,244

 
$
39

U.S. Treasury securities
4,625

 
11

 
4,875

 
72

 
9,500

 
83

Asset-backed securities
904

 
3

 
424

 
3

 
1,328

 
6

Corporate debt securities
736

 
1

 
120

 
—

 
856

 
1

Certificates of deposit
799

 
1

 
—

 
—

 
799

 
1

U.S. agency notes
99

 
—

 
1,807

 
8

 
1,906

 
8

Foreign government agency securities
50

 
1

 
—

 
—

 
50

 
1

Total
$
12,909

 
$
38

 
$
9,774

 
$
101

 
$
22,683

 
$
139

Held to maturity securities
 

 
 

 
 

 
 

 
 

 
 

U.S. agency mortgage-backed securities
$
42,102

 
$
310

 
$
24,753

 
$
724

 
$
66,855

 
$
1,034

Asset-backed securities
1,124

 
2

 
72

 
—

 
1,196

 
2

Corporate debt securities
1,078

 
5

 
—

 
—

 
1,078

 
5

Non-agency commercial mortgage-backed securities
607

 
5

 
—

 
—

 
607

 
5

U.S. Treasury securities
220

 
3

 
—

 
—

 
220

 
3

Foreign government agency securities
49

 
1

 
—

 
—

 
49

 
1

Total
$
45,180

 
$
326

 
$
24,825

 
$
724

 
$
70,005

 
$
1,050

Total securities with unrealized losses (2)
$
58,089

 
$
364

 
$
34,599

 
$
825

 
$
92,688

 
$
1,189

(1) The number of investment positions with unrealized losses totaled 413 for AFS securities and 1,800 for HTM securities.
(2) The number of investment positions with unrealized losses totaled 251 for AFS securities and 938 for HTM securities.
Maturities of Securities Available for Sale and Securities Held to Maturity
The maturities of AFS and HTM securities are as follows:
September 30, 2018
 
Within
1 year
 
After 1 year
through
5 years
 
After 5 years
through
10 years
 
After
10 years
 
Total
Available for sale securities
 
 
 
 
 
 
 
 
 
 
U.S. agency mortgage-backed securities (1)
 
$
169

 
$
3,669

 
$
10,571

 
$
9,546

 
$
23,955

U.S. Treasury securities
 
5,999

 
6,244

 
—

 
—

 
12,243

Asset-backed securities
 
250

 
6,968

 
1,750

 
419

 
9,387

Corporate debt securities
 
1,621

 
5,301

 
—

 
—

 
6,922

Certificates of deposit
 
866

 
1,903

 
—

 
—

 
2,769

U.S. agency notes
 
1,311

 
371

 
—

 
—

 
1,682

Commercial paper
 
518

 
—

 
—

 
—

 
518

Foreign government agency securities
 
—

 
48

 
—

 
—

 
48

Non-agency commercial mortgage-backed securities (1)
 
—

 
—

 
—

 
34

 
34

Total fair value
 
$
10,734

 
$
24,504

 
$
12,321

 
$
9,999

 
$
57,558

Total amortized cost
 
$
10,762

 
$
24,632

 
$
12,368

 
$
10,014

 
$
57,776

Held to maturity securities
 
 
 
 
 
 
 
 
 
 
U.S. agency mortgage-backed securities (1)
 
$
383

 
$
14,370

 
$
31,785

 
$
63,458

 
$
109,996

Asset-backed securities
 
5

 
1,611

 
9,373

 
7,085

 
18,074

Corporate debt securities
 
238

 
3,550

 
743

 
—

 
4,531

U.S. state and municipal securities
 
—

 
59

 
254

 
1,016

 
1,329

Non-agency commercial mortgage-backed securities (1)
 
—

 
353

 
—

 
772

 
1,125

U.S. Treasury securities
 
—

 
—

 
212

 
—

 
212

Certificates of deposit
 
—

 
201

 
—

 
—

 
201

Foreign government agency securities
 
—

 
48

 
—

 
—

 
48

Other
 
—

 
—

 
—

 
5

 
5

Total fair value
 
$
626

 
$
20,192

 
$
42,367

 
$
72,336

 
$
135,521

Total amortized cost
 
$
628

 
$
20,540

 
$
43,339

 
$
74,445

 
$
138,952

(1) Mortgage-backed securities have been allocated to maturity groupings based on final contractual maturities. Actual maturities will differ from final contractual maturities because borrowers on a certain portion of loans underlying these securities have the right to prepay their obligations.
Proceeds and Gross Realized Gains And Losses from Sales of Securities Available for Sale
Proceeds and gross realized gains and losses from sales of AFS securities are as follows:
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
 
 
 
2018
 
2017
 
2018
 
2017
Proceeds
 
$
—

 
$
288

 
$
115

 
$
5,773

Gross realized gains
 
—

 
—

 
—

 
7