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INVESTMENT SECURITIES
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
Investment securities classified as current and long-term were as follows at March 31, 2021 and December 31, 2020, respectively:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in millions)
March 31, 2021
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$660 $2 $(11)$651 
Mortgage-backed securities3,809 84 (57)3,836 
Tax-exempt municipal securities1,137 35 (2)1,170 
Mortgage-backed securities:
Residential93 — (1)92 
Commercial1,284 35 (12)1,307 
Asset-backed securities1,423 10 (1)1,432 
Corporate debt securities5,095 139 (81)5,153 
Total debt securities$13,501 $305 $(165)13,641 
Common stock730 
Total investment securities$14,371 
December 31, 2020
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$616 $1 $(1)$616 
Mortgage-backed securities3,115 140 (1)3,254 
Tax-exempt municipal securities1,393 54 — 1,447 
Mortgage-backed securities:
Residential17 — — 17 
Commercial1,260 59 (1)1,318 
Asset-backed securities1,364 10 (2)1,372 
Corporate debt securities4,672 256 (1)4,927 
Total debt securities$12,437 $520 $(6)12,951 
Common stock815 
Total investment securities$13,766 
Gross unrealized losses and fair values aggregated by investment category and length of time of individual debt securities that have been in a continuous unrealized loss position for which no allowances for credit loss has been recorded were as follows at March 31, 2021 and December 31, 2020, respectively:
 Less than 12 months12 months or moreTotal
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
March 31, 2021
U.S. Treasury and other U.S.
    government corporations
    and agencies:
U.S. Treasury and agency
    obligations		$401 $(11)$4 $— $405 $(11)
Mortgage-backed
    securities		2,588 (57)11 — 2,599 (57)
Tax-exempt municipal
    securities		77 (2)5 — 82 (2)
Mortgage-backed securities:
Residential86 (1)— — 86 (1)
Commercial362 (12)55 — 417 (12)
Asset-backed securities112 (1)193 — 305 (1)
Corporate debt securities1,824 (80)45 (1)1,869 (81)
Total debt securities$5,450 $(164)$313 $(1)$5,763 $(165)
December 31, 2020
U.S. Treasury and other U.S.
    government corporations
    and agencies:
U.S. Treasury and agency
    obligations		$225 $(1)$— $— $225 $(1)
Mortgage-backed
    securities		199 (1)— — 199 (1)
Tax-exempt municipal
    securities		16 — 19 — 35 — 
Mortgage-backed securities:
Residential17 — — — 17 — 
Commercial193 (1)43 — 236 (1)
Asset-backed securities65 — 498 (2)563 (2)
Corporate debt securities342 (1)16 — 358 (1)
Total debt securities$1,057 $(4)$576 $(2)$1,633 $(6)

Approximately 96% of our debt securities were investment-grade quality, with a weighted average credit rating of AA- by Standard & Poor's Rating Service, or S&P, at March 31, 2021. Most of the debt securities that were below investment-grade were rated BB, the higher end of the below investment-grade rating scale. Tax-exempt municipal securities were diversified among general obligation bonds of states and local municipalities in the United States as well as special revenue bonds issued by municipalities to finance specific public works projects such as utilities, water and sewer, transportation, or education. Our general obligation bonds are diversified across the
United States with no individual state exceeding 1% of our total debt securities. Our investment policy limits investments in a single issuer and requires diversification among various asset types.
Our unrealized losses from all debt securities were generated from approximately 415 positions out of a total of approximately 1,735 positions at March 31, 2021. All issuers of debt securities we own that were trading at an unrealized loss at March 31, 2021 remain current on all contractual payments. After taking into account these and other factors previously described, we believe these unrealized losses primarily were caused by an increase in market interest rates in the current markets since the time these debt securities were purchased. At March 31, 2021, we did not intend to sell any debt securities with an unrealized loss position in accumulated other comprehensive income, and it is not likely that we will be required to sell these debt securities before recovery of their amortized cost basis. Additionally, we did not record any material credit allowances for debt securities that were in an unrealized loss position for the three months ended March 31, 2021 and 2020.
The detail of gains (losses) related to investment securities and included within investment income was as follows for the three months ended March 31, 2021 and 2020:
 Three months ended
March 31,
 20212020
 (in millions)
Gross gains on investment securities$95 $56 
Gross losses on investment securities(85)(7)
Net gains on investment securities$10 $49 
For the three months ended March 31, 2021, net gains on investment securities included $85 million of net recognized losses related to equity securities. We had no recognized gains or losses on equity securities for the three months ended March 31, 2020.
All purchases of and proceeds from investment securities for the three months ended March 31, 2021 and 2020 relate to debt securities.
The contractual maturities of debt securities available for sale at March 31, 2021, regardless of their balance sheet classification, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost		Fair
Value
 (in millions)
Due within one year$632 $635 
Due after one year through five years2,267 2,340 
Due after five years through ten years2,543 2,570 
Due after ten years1,450 1,429 
Mortgage and asset-backed securities6,609 6,667 
Total debt securities$13,501 $13,641