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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available for Sale Securities by Type
The following is a summary of investment securities as of March 31, 2020 and December 31, 2019:
20202019
Description of Securities
(Millions)
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Available-for-sale debt securities:
State and municipal obligations$194  $10  $—  $204  $236  $8  $(1) $243  
U.S. Government agency obligations8  —  —  8  9  —  —  9  
U.S. Government treasury obligations4,001  104  —  4,105  7,395  35  (1) 7,429  
Corporate debt securities24  —  —  24  27  —  —  27  
Mortgage-backed securities (a)
37  3  —  40  39  2  —  41  
Foreign government bonds and obligations574  2  —  576  578  1  —  579  
Equity securities (b) (c)
55  22  (2) 75  55  25  (2) 78  
Total$4,893  $141  $(2) $5,032  $8,339  $71  $(4) $8,406  
(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
(b)Equity securities comprise investments in common stock, exchange-traded funds and mutual funds.
(c)During the fourth quarter of 2019, an equity investment was transferred from Other assets to Investment securities following the completion of an initial public offering by the issuer of the security. The investment had a fair value of $25 million and $28 million as of March 31, 2020 and December 31, 2019, respectively, with an associated cost of $3 million. The gross unrealized gains include $9 million that were recognized during 2018.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value
The following table provides information about our available-for-sale debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019. There were no available-for-sale debt securities with gross unrealized losses as of March 31, 2020.
2019
Less than 12 months12 months or more
Description of Securities
(Millions)
Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses
State and municipal obligations$18  $(1) $—  $—  
U.S. Government treasury obligations—  —  324  (1) 
Total$18  $(1) $324  $(1) 
Available for Sale Securities Ratio of Fair Value to Amortized Cost
The following table summarizes the gross unrealized losses by ratio of fair value to amortized cost as of December 31, 2019. There were no available-for-sale debt securities with gross unrealized losses as of March 31, 2020.
Less than 12 months12 months or moreTotal
Ratio of Fair Value to Amortized Cost
(Dollars in millions)
Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Losses		Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Losses		Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Losses
2019:
90%–100%2  $18  $(1) 3  $324  $(1) 5  $342  $(2) 
Total as of December 31, 20192  $18  $(1) 3  $324  $(1) 5  $342  $(2) 
Contractual Maturities of Investment Securities
Contractual maturities for investment securities with stated maturities as of March 31, 2020 were as follows:
(Millions)CostEstimated
Fair Value
Due within 1 year$2,703  $2,725  
Due after 1 year but within 5 years1,798  1,868  
Due after 5 years but within 10 years161  177  
Due after 10 years176  187  
Total$4,838  $4,957