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Investment Securities
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Investment securities principally include available-for-sale debt securities carried at fair value on the Consolidated Balance Sheets. Unrealized losses attributable to credit deterioration are recorded in the Consolidated Statements of Income in Other loans Provision for credit losses. Unrealized gains and any portion of a security’s unrealized loss attributable to non-credit losses are recorded in the Consolidated Statements of Comprehensive Income, net of tax. We had accrued interest on our available-for-sale debt securities totaling $10 million and $12 million as of June 30, 2022 and December 31, 2021, respectively, presented as Other assets on the Consolidated Balance Sheets.
Investment securities also include equity securities carried at fair value on the Consolidated Balance Sheets with unrealized gains and losses recorded in the Consolidated Statements of Income as Other, net expense.
Realized gains and losses are recognized upon disposition of the securities using the specific identification method and recorded in the Consolidated Statements of Income as Other, net expense.
The following is a summary of investment securities as of June 30, 2022 and December 31, 2021:
20222021
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$72 $1 $(8)$65 $106 $5 $— $111 
U.S. Government agency obligations6 — — 6 6 — — 6 
U.S. Government treasury obligations3,257 1 (31)3,227 1,680 25 (1)1,704 
Mortgage-backed securities (a)
14 — — 14 17 1 — 18 
Foreign government bonds and obligations673 — (2)671 630 — — 630 
Other (b)
33 — — 33 43 — — 43 
Equity securities (c)
65 — (16)49 66 17 (4)79 
Total$4,120 $2 $(57)$4,065 $2,548 $48 $(5)$2,591 
(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
(b)Represents investments in Corporate debt securities and debt securities issued by Community Development Financial Institutions.
(c)Equity securities comprise investments in common stock, exchange-traded funds and mutual funds.
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 June 30, 2022 and December 31, 2021. There were no securities in a gross unrealized loss position for 12 months or more as of both June 30, 2022 and December 31, 2021.
20222021
Less than 12 monthsLess than 12 months
Description of Securities (Millions)
Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses
State and municipal obligations$40 $(8)$— $— 
U.S. Government treasury obligations2,553 (31)477 (1)
Foreign government bonds and obligations550 (2)— — 
Total$3,143 $(41)$477 $(1)
The following table summarizes the gross unrealized losses by ratio of fair value to amortized cost as of June 30, 2022 and December 31, 2021:    
Less than 12 months
Ratio of Fair Value to
Amortized Cost
(Dollars in millions)
Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Losses
2022:
90–100%50 $3,112 $(34)
Less than 90%14 31 (7)
Total as of June 30, 202264 $3,143 $(41)
2021:
90–100%5 $477 $(1)
Total as of December 31, 20215 $477 $(1)
Contractual maturities for available-for-sale debt securities with stated maturities as of June 30, 2022 were as follows:
(Millions)CostEstimated
Fair Value
Due within 1 year$1,782 $1,780 
Due after 1 year but within 5 years2,174 2,144 
Due after 5 years but within 10 years31 32 
Due after 10 years68 60 
Total$4,055 $4,016 
The expected payments on state and municipal obligations, U.S. Government agency obligations and mortgage-backed securities may not coincide with their contractual maturities because the issuers have the right to call or prepay certain obligations.