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Investment Securities (Tables)
9 Months Ended
Sep. 30, 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 September 30, 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$173 $7 $ $180 $236 $$(1)$243 
U.S. Government agency obligations8   8 — — 
U.S. Government treasury obligations21,431 89  21,520 7,395 35 (1)7,429 
Corporate debt securities24   24 27 — — 27 
Mortgage-backed securities (a)
31 3  34 39 — 41 
Foreign government bonds and obligations577 1  578 578 — 579 
Equity securities (b)
57 44 (2)99 55 25 (2)78 
Total$22,301 $144 $(2)$22,443 $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.
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 September 30, 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 September 30, 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%$18 $(1)$324 $(1)$342 $(2)
Total as of December 31, 2019$18 $(1)$324 $(1)$342 $(2)
Contractual maturities of investment securities
Contractual maturities for investment securities with stated maturities as of September 30, 2020 were as follows:
(Millions)CostEstimated
Fair Value
Due within 1 year$14,313 $14,326 
Due after 1 year but within 5 years7,618 7,680 
Due after 5 years but within 10 years181 201 
Due after 10 years132 137 
Total$22,244 $22,344