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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
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 the Company’s investment securities are as follows:
March 31, 2020
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Available for sale securities
 
 
 
 
 
 
 
 
U.S. agency mortgage-backed securities
 
$
173,812

 
$
6,007

 
$
224

 
$
179,595

Asset-backed securities (1)
 
23,077

 
49

 
645

 
22,481

Corporate debt securities (2)
 
11,192

 
136

 
106

 
11,222

U.S. Treasury securities
 
3,616

 
48

 
—

 
3,664

U.S. state and municipal securities
 
1,493

 
96

 
11

 
1,578

Non-agency commercial mortgage-backed securities
 
1,215

 
16

 
5

 
1,226

Certificates of deposit
 
1,000

 
3

 
5

 
998

Commercial paper (2,3)
 
397

 
—

 
1

 
396

Foreign government agency securities
 
50

 
1

 
—

 
51

Other
 
21

 
—

 
—

 
21

Total available for sale securities
 
$
215,873

 
$
6,356

 
$
997

 
$
221,232

December 31, 2019
 
 
 
 
 
 
 
 
Available for sale securities
 
 
 
 
 
 
 
 
U.S. agency mortgage-backed securities
 
$
45,964

 
$
312

 
$
121

 
$
46,155

Corporate debt securities (2)
 
5,427

 
57

 
—

 
5,484

Asset-backed securities (1)
 
4,970

 
30

 
13

 
4,987

U.S. Treasury securities
 
3,387

 
3

 
6

 
3,384

Certificates of deposit
 
1,000

 
4

 
—

 
1,004

Commercial paper (2,3)
 
394

 
1

 
—

 
395

Non-agency commercial mortgage-backed securities
 
13

 
—

 
—

 
13

Total available for sale securities
 
$
61,155

 
$
407

 
$
140

 
$
61,422

Held to maturity securities
 
 
 
 
 
 
 
 
U.S. agency mortgage-backed securities
 
$
109,325

 
$
1,521

 
$
280

 
$
110,566

Asset-backed securities (1)
 
17,806

 
50

 
85

 
17,771

Corporate debt securities (2)
 
4,661

 
57

 
—

 
4,718

U.S. state and municipal securities
 
1,301

 
103

 
—

 
1,404

Non-agency commercial mortgage-backed securities
 
1,119

 
22

 
—

 
1,141

U.S. Treasury securities
 
223

 
5

 
—

 
228

Certificates of deposit
 
200

 
—

 
—

 
200

Foreign government agency securities
 
50

 
—

 
—

 
50

Other
 
21

 
—

 
—

 
21

Total held to maturity securities
 
$
134,706

 
$
1,758

 
$
365

 
$
136,099


(1) Approximately 42% and 43% of asset-backed securities held as of March 31, 2020 and December 31, 2019, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 43% and 42% of the asset-backed securities held as of March 31, 2020 and December 31, 2019, respectively.
(2) As of March 31, 2020 approximately 32% of the total AFS, and as of December 31, 2019 approximately 32%, of the total AFS and HTM investments in corporate debt securities and commercial paper were issued by institutions in the financial services industry.
(3) Included in cash and cash equivalents on the condensed consolidated balance sheets, but excluded from this table is $4.1 billion and $2.5 billion of AFS commercial paper as of March 31, 2020 and December 31, 2019, respectively. 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
 
 
 
March 31, 2020
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Available for sale securities
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
15,852

 
$
515

 
$
2,638

 
$
130

 
$
18,490

 
$
645

U.S. agency mortgage-backed securities
11,077

 
100

 
11,661

 
124

 
22,738

 
224

Corporate debt securities
4,835

 
106

 
—

 
—

 
4,835

 
106

Certificates of deposit
795

 
5

 
—

 
—

 
795

 
5

Non-agency commercial mortgage-backed securities
397

 
5

 
12

 
—

 
409

 
5

Commercial paper
396

 
1

 
—

 
—

 
396

 
1

U.S. state and municipal securities
182

 
11

 
—

 
—

 
182

 
11

Total
$
33,534

 
$
743

 
$
14,311

 
$
254

 
$
47,845

 
$
997

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities
 
 
 
 
  
 
 
 
 
 
 
U.S. agency mortgage-backed securities
$
16,023

 
$
94

 
$
6,592

 
$
27

 
$
22,615

 
$
121

Asset-backed securities
960

 
6

 
298

 
7

 
1,258

 
13

U.S. Treasury securities
510

 
—

 
1,243

 
6

 
1,753

 
6

Total
$
17,493

 
$
100

 
$
8,133

 
$
40

 
$
25,626

 
$
140

Held to maturity securities
 

 
 

 
 

 
 

 
 

 
 

U.S. agency mortgage-backed securities
$
16,183

 
$
100

 
$
18,910

 
$
180

 
$
35,093

 
$
280

Asset-backed securities
7,507

 
63

 
2,898

 
22

 
10,405

 
85

Total
$
23,690

 
$
163

 
$
21,808

 
$
202

 
$
45,498

 
$
365

Total securities with unrealized losses
$
41,183

 
$
263

 
$
29,941

 
$
242

 
$
71,124

 
$
505
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
 
 
 
March 31, 2020
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Available for sale securities
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
15,852

 
$
515

 
$
2,638

 
$
130

 
$
18,490

 
$
645

U.S. agency mortgage-backed securities
11,077

 
100

 
11,661

 
124

 
22,738

 
224

Corporate debt securities
4,835

 
106

 
—

 
—

 
4,835

 
106

Certificates of deposit
795

 
5

 
—

 
—

 
795

 
5

Non-agency commercial mortgage-backed securities
397

 
5

 
12

 
—

 
409

 
5

Commercial paper
396

 
1

 
—

 
—

 
396

 
1

U.S. state and municipal securities
182

 
11

 
—

 
—

 
182

 
11

Total
$
33,534

 
$
743

 
$
14,311

 
$
254

 
$
47,845

 
$
997

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities
 
 
 
 
  
 
 
 
 
 
 
U.S. agency mortgage-backed securities
$
16,023

 
$
94

 
$
6,592

 
$
27

 
$
22,615

 
$
121

Asset-backed securities
960

 
6

 
298

 
7

 
1,258

 
13

U.S. Treasury securities
510

 
—

 
1,243

 
6

 
1,753

 
6

Total
$
17,493

 
$
100

 
$
8,133

 
$
40

 
$
25,626

 
$
140

Held to maturity securities
 

 
 

 
 

 
 

 
 

 
 

U.S. agency mortgage-backed securities
$
16,183

 
$
100

 
$
18,910

 
$
180

 
$
35,093

 
$
280

Asset-backed securities
7,507

 
63

 
2,898

 
22

 
10,405

 
85

Total
$
23,690

 
$
163

 
$
21,808

 
$
202

 
$
45,498

 
$
365

Total securities with unrealized losses
$
41,183

 
$
263

 
$
29,941

 
$
242

 
$
71,124

 
$
505
Maturities of Securities Available for Sale and Securities Held to Maturity
The maturities of AFS securities are as follows:
March 31, 2020
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
$
1,158

 
$
18,885

 
$
51,687

 
$
107,865

 
$
179,595

Asset-backed securities
43

 
7,818

 
6,091

 
8,529

 
22,481

Corporate debt securities
2,410

 
7,612

 
1,200

 
—

 
11,222

U.S. Treasury securities
2,834

 
830

 
—

 
—

 
3,664

U.S. state and municipal securities
—

 
98

 
603

 
877

 
1,578

Non-agency commercial mortgage-backed securities
—

 
—

 
—

 
1,226

 
1,226

Certificates of deposit
702

 
296

 
—

 
—

 
998

Commercial paper
396

 
—

 
—

 
—

 
396

Foreign government agency securities
—

 
51

 
—

 
—

 
51

Other
—

 
—

 
—

 
21

 
21

Total fair value
$
7,543

 
$
35,590

 
$
59,581

 
$
118,518

 
$
221,232

Total amortized cost
$
7,531

 
$
35,024

 
$
57,258

 
$
116,060

 
$
215,873
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
March 31,
 
 
2020
 
2019
Proceeds
$
69

 
$
10,652

Gross realized gains
—

 
3

Gross realized losses
—

 
2