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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Major Categories
The following table provides the amortized cost and fair value by major categories of available-for-sale securities, which are carried at fair value, and held-to-maturity debt securities, which are carried at amortized cost. The net unrealized gains (losses) for available-for-sale securities are reported on an after-tax basis as a component of cumulative OCI.

(in millions)
 Amortized Cost 

 
Gross unrealized gains 

 
Gross unrealized losses 

 
Fair value 

December 31, 2014
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
25,898

 
44

 
(138
)
 
25,804

Securities of U.S. states and political subdivisions
43,939

 
1,504

 
(499
)
 
44,944

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
107,850

 
2,990

 
(751
)
 
110,089

Residential
8,213

 
1,080

 
(24
)
 
9,269

Commercial
16,248

 
803

 
(57
)
 
16,994

Total mortgage-backed securities
132,311

 
4,873

 
(832
)
 
136,352

Corporate debt securities
14,211

 
745

 
(170
)
 
14,786

Collateralized loan and other debt obligations (1) 
25,137

 
408

 
(184
)
 
25,361

Other (2)
6,251

 
295

 
(27
)
 
6,519

Total debt securities
247,747

 
7,869

 
(1,850
)
 
253,766

Marketable equity securities:
 
 
 
 
 
 
 
Perpetual preferred securities
1,622

 
148

 
(70
)
 
1,700

Other marketable equity securities
284

 
1,694

 
(2
)
 
1,976

Total marketable equity securities
1,906

 
1,842

 
(72
)
 
3,676

Total available-for-sale securities
249,653

 
9,711

 
(1,922
)
 
257,442

Held-to-maturity securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
40,886

 
670

 
(8
)
 
41,548

Securities of U.S. states and political subdivisions
1,962

 
27

 
—

 
1,989

Federal agency mortgage-backed securities
5,476

 
165

 
—

 
5,641

Collateralized loans and other debt obligations (1)
1,404

 
—

 
(13
)
 
1,391

Other (2)
5,755

 
35

 
—

 
5,790

Total held-to-maturity securities
55,483

 
897

 
(21
)
 
56,359

Total (3) 
$
305,136

 
10,608

 
(1,943
)
 
313,801

December 31, 2013
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
6,592

 
17

 
(329
)
 
6,280

Securities of U.S. states and political subdivisions
42,171

 
1,092

 
(727
)
 
42,536

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
119,303

 
1,902

 
(3,614
)
 
117,591

Residential
11,060

 
1,433

 
(40
)
 
12,453

Commercial
17,689

 
1,173

 
(115
)
 
18,747

Total mortgage-backed securities
148,052


4,508

 
(3,769
)
 
148,791

Corporate debt securities
20,391

 
976

 
(140
)
 
21,227

Collateralized loan and other debt obligations (1)
19,610

 
642

 
(93
)
 
20,159

Other (2)
9,232

 
426

 
(29
)
 
9,629

Total debt securities
246,048

 
7,661

 
(5,087
)
 
248,622

Marketable equity securities:
 
 
 
 
 
 
 
Perpetual preferred securities
1,703

 
222

 
(60
)
 
1,865

Other marketable equity securities
336

 
1,188

 
(4
)
 
1,520

Total marketable equity securities
2,039

 
1,410

 
(64
)
 
3,385

Total available-for-sale-securities
248,087

 
9,071

 
(5,151
)
 
252,007

Held-to-maturity securities:
 
 
 
 
 
 
 
Federal agency mortgage-backed securities
6,304

 
—

 
(99
)
 
6,205

Other (2)
6,042

 
—

 
—

 
6,042

Total held-to-maturity securities
12,346

 
—

 
(99
)
 
12,247

Total (3)
$
260,433

 
9,071

 
(5,250
)
 
264,254


(1)
The available-for-sale portfolio includes collateralized debt obligations (CDOs) with a cost basis and fair value of $364 million and $500 million, respectively, at December 31, 2014, and $509 million and $693 million, respectively at December 31, 2013. The held-to-maturity portfolio only includes collateralized loan obligations.
(2)
The “Other” category of available-for-sale securities predominantly includes asset-backed securities collateralized by credit cards, student loans, home equity loans and auto leases or loans and cash. Included in the “Other” category of held-to-maturity securities are asset-backed securities collateralized by auto leases or loans and cash with a cost basis and fair value of $3.8 billion each at December 31, 2014, and $4.3 billion each at December 31, 2013. Also included in the “Other” category of held-to-maturity securities are asset-backed securities collateralized by dealer floorplan loans with a cost basis of $1.9 billion and fair value of $2.0 billion at December 31, 2014, and $1.7 billion each at December 31, 2013.
(3)
At December 31, 2014 and 2013, we held no securities of any single issuer (excluding the U.S. Treasury and federal agencies) with a book value that exceeded 10% of stockholders’ equity.
Investment Securities Gross Unrealized Losses Over And Under 12 Months
The following table shows the gross unrealized losses and fair value of securities in the investment securities portfolio by length of time that individual securities in each category had been in a continuous loss position. Debt securities on which we have taken credit-related OTTI write-downs are categorized as being "less than 12 months" or "12 months or more" in a continuous loss position based on the point in time that the fair value declined to below the cost basis and not the period of time since the credit-related OTTI write-down.

 
Less than 12 months 
 
 
12 months or more 
 
 
Total 
 
(in millions)
Gross unrealized losses 

 
Fair value 

 
Gross unrealized losses 

 
Fair value 

 
Gross unrealized losses 

 
Fair value 

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(16
)
 
7,138

 
(122
)
 
5,719

 
(138
)
 
12,857

Securities of U.S. states and political subdivisions
(198
)
 
10,228

 
(301
)
 
3,725

 
(499
)
 
13,953

Mortgage-backed securities:
 
 
 
 
 
 
 
 


 


Federal agencies
(16
)
 
1,706

 
(735
)
 
37,854

 
(751
)
 
39,560

Residential
(18
)
 
946

 
(6
)
 
144

 
(24
)
 
1,090

Commercial
(9
)
 
2,202

 
(48
)
 
1,532

 
(57
)
 
3,734

Total mortgage-backed securities
(43
)
 
4,854

 
(789
)
 
39,530

 
(832
)
 
44,384

Corporate debt securities
(102
)
 
1,674

 
(68
)
 
1,265

 
(170
)
 
2,939

Collateralized loan and other debt obligations
(99
)
 
12,755

 
(85
)
 
3,958

 
(184
)
 
16,713

Other
(23
)
 
708

 
(4
)
 
277

 
(27
)
 
985

Total debt securities
(481
)
 
37,357

 
(1,369
)
 
54,474

 
(1,850
)
 
91,831

Marketable equity securities:
 
 
 
 
 
 
 
 
 
 
 
Perpetual preferred securities
(2
)
 
92

 
(68
)
 
633

 
(70
)
 
725

Other marketable equity securities
(2
)
 
41

 
—

 
—

 
(2
)
 
41

Total marketable equity securities
(4
)
 
133

 
(68
)
 
633

 
(72
)
 
766

Total available-for-sale securities
(485
)
 
37,490

 
(1,437
)
 
55,107

 
(1,922
)
 
92,597

Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(8
)
 
1,889

 
—

 
—

 
(8
)
 
1,889

Collateralized loan and other debt obligations
(13
)
 
1,391

 
—

 
—

 
(13
)
 
1,391

Total held-to-maturity securities
(21
)
 
3,280

 
—

 
—

 
(21
)
 
3,280

Total
$
(506
)
 
40,770

 
(1,437
)
 
55,107

 
(1,943
)
 
95,877

December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(329
)
 
5,786

 
—

 
—

 
(329
)
 
5,786

Securities of U.S. states and political subdivisions
(399
)
 
9,238

 
(328
)
 
4,120

 
(727
)
 
13,358

Mortgage-backed securities:
 
 
 
 
 
 
 
 

 

Federal agencies
(3,562
)
 
67,045

 
(52
)
 
1,132

 
(3,614
)
 
68,177

Residential
(18
)
 
1,242

 
(22
)
 
232

 
(40
)
 
1,474

Commercial
(15
)
 
2,128

 
(100
)
 
2,027

 
(115
)
 
4,155

Total mortgage-backed securities
(3,595
)
 
70,415

 
(174
)
 
3,391

 
(3,769
)
 
73,806

Corporate debt securities
(85
)
 
2,542

 
(55
)
 
428

 
(140
)
 
2,970

Collateralized loan and other debt obligations
(55
)
 
7,202

 
(38
)
 
343

 
(93
)
 
7,545

Other
(11
)
 
1,690

 
(18
)
 
365

 
(29
)
 
2,055

Total debt securities
(4,474
)
 
96,873

 
(613
)
 
8,647

 
(5,087
)
 
105,520

Marketable equity securities:
 
 
 
 
 
 
 
 
 
 
 
Perpetual preferred securities
(28
)
 
424

 
(32
)
 
308

 
(60
)
 
732

Other marketable equity securities
(4
)
 
34

 
—

 
—

 
(4
)
 
34

Total marketable equity securities
(32
)
 
458

 
(32
)
 
308

 
(64
)
 
766

Total available-for-sale securities
(4,506
)
 
97,331

 
(645
)
 
8,955

 
(5,151
)
 
106,286

Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agency mortgage-backed securities

(99
)
 
6,153

 
—

 
—

 
(99
)
 
6,153

Total held-to-maturity securities

(99
)
 
6,153

 
—

 
—

 
(99
)
 
6,153

Total

$
(4,605
)
 
103,484

 
(645
)
 
8,955

 
(5,250
)
 
112,439
Investment Securities Gross Unrealized Losses By Investment Grade
The following table shows the gross unrealized losses and fair value of debt and perpetual preferred investment securities by those rated investment grade and those rated less than investment grade according to their lowest credit rating by Standard & Poor’s Rating Services (S&P) or Moody’s Investors Service (Moody’s). Credit ratings express opinions about the credit quality of a security. Securities rated investment grade, that is those rated BBB- or higher by S&P or Baa3 or higher by Moody’s, are generally considered by the rating agencies and market participants to be low credit risk. Conversely, securities rated below investment grade, labeled as "speculative grade" by the rating agencies, are considered to be distinctively higher credit risk than investment grade securities. We have also included securities not rated by S&P or Moody’s in the table below based on our internal credit grade of the securities (used for credit risk management purposes) equivalent to the credit rating assigned by major credit agencies. The unrealized losses and fair value of unrated securities categorized as investment grade based on internal credit grades were $25 million and $1.6 billion, respectively, at December 31, 2014, and $18 million and $1.9 billion, respectively, at December 31, 2013. If an internal credit grade was not assigned, we categorized the security as non-investment grade.

 
Investment grade
 
 
Non-investment grade
 
(in millions)
Gross unrealized losses 

 
Fair value 

 
Gross unrealized losses 

 
Fair value 

December 31, 2014
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(138
)
 
12,857

 
—

 
—

Securities of U.S. states and political subdivisions
(459
)
 
13,600

 
(40
)
 
353

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
(751
)
 
39,560

 
—

 
—

Residential
—

 
139

 
(24
)
 
951

Commercial
(24
)
 
3,366

 
(33
)
 
368

Total mortgage-backed securities
(775
)
 
43,065

 
(57
)
 
1,319

Corporate debt securities
(39
)
 
1,807

 
(131
)
 
1,132

Collateralized loan and other debt obligations
(172
)
 
16,609

 
(12
)
 
104

Other
(23
)
 
782

 
(4
)
 
203

Total debt securities
(1,606
)
 
88,720

 
(244
)
 
3,111

Perpetual preferred securities
(70
)
 
725

 
—

 
—

Total available-for-sale securities
(1,676
)
 
89,445

 
(244
)
 
3,111

Held-to-maturity securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies

(8
)
 
1,889

 
—

 
—

Collateralized loan and other debt obligations

(13
)
 
1,391

 
—

 
—

Total held-to-maturity securities
(21
)
 
3,280

 
—

 
—

Total
$
(1,697
)
 
92,725

 
(244
)
 
3,111

December 31, 2013
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(329
)
 
5,786

 
—

 
—

Securities of U.S. states and political subdivisions
(671
)
 
12,915

 
(56
)
 
443

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
(3,614
)
 
68,177

 
—

 
—

Residential
(2
)
 
177

 
(38
)
 
1,297

Commercial
(46
)
 
3,364

 
(69
)
 
791

Total mortgage-backed securities
(3,662
)
 
71,718

 
(107
)
 
2,088

Corporate debt securities
(96
)
 
2,343

 
(44
)
 
627

Collateralized loan and other debt obligations
(72
)
 
7,376

 
(21
)
 
169

Other
(19
)
 
1,874

 
(10
)
 
181

Total debt securities
(4,849
)
 
102,012

 
(238
)
 
3,508

Perpetual preferred securities
(60
)
 
732

 
—

 
—

Total available-for-sale securities
(4,909
)
 
102,744

 
(238
)

3,508

Held-to-maturity securities:
 
 
 
 
 
 
 
Federal agency mortgage-backed securities
(99
)
 
6,153

 
—

 
—

Total held-to-maturity securities
(99
)
 
6,153


—


—

Total
$
(5,008
)
 
108,897


(238
)

3,508
Debt Securities Available For Sale Contractual Maturities
The following table shows the remaining contractual maturities and contractual weighted-average yields (taxable-equivalent basis) of available-for-sale debt securities. The remaining contractual principal maturities for MBS do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.

 
 
 
Remaining contractual maturity 
 
 
 
 
 
 
 
 
 
 
After one year 
 
 
After five years 
 
 
 
 
 
 
Total 

 
 
 
Within one year 
 
 
through five years 
 
 
through ten years 
 
 
After ten years 
 
(in millions)
amount 

 
Yield 

 
Amount 

 
Yield 

 
Amount 

 
Yield 

 
Amount 

 
Yield 

 
Amount 

 
Yield 

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
25,804

 
1.49
%
 
$
181

 
1.47
%
 
$
22,348

 
1.44
%
 
$
3,275

 
1.83
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
44,944

 
5.66

 
3,568

 
1.71

 
7,050

 
2.19

 
3,235

 
5.13

 
31,091

 
6.96

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
110,089

 
3.27

 
—

 
—

 
276

 
2.86

 
1,011

 
3.38

 
108,802

 
3.27

Residential
9,269

 
4.50

 
—

 
—

 
9

 
4.81

 
83

 
5.63

 
9,177

 
4.49

Commercial
16,994

 
5.16

 
1

 
0.28

 
62

 
2.71

 
5

 
1.30

 
16,926

 
5.17

Total mortgage-backed securities
136,352

 
3.59

 
1

 
0.28

 
347

 
2.88

 
1,099

 
3.54

 
134,905

 
3.59

Corporate debt securities
14,786

 
4.90

 
600

 
4.32

 
7,634

 
4.54

 
5,209

 
5.30

 
1,343

 
5.70

Collateralized loan and other debt obligations
25,361

 
1.83

 
23

 
1.95

 
944

 
0.71

 
8,472

 
1.67

 
15,922

 
1.99

Other
6,519

 
1.79

 
274

 
1.55

 
1,452

 
2.56

 
1,020

 
1.32

 
3,773

 
1.64

Total available-for-sale debt securities at fair value

$
253,766

 
3.60
%
 
$
4,647

 
2.03
%
 
$
39,775

 
2.20
%
 
$
22,310

 
3.12
%
 
$
187,034

 
3.99
%
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
6,280

 
1.66
%
 
$
86

 
0.54
%
 
$
701

 
1.45
%
 
$
5,493

 
1.71
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
42,536

 
5.30

 
4,915

 
1.84

 
7,901

 
2.19

 
3,151

 
5.19

 
26,569

 
6.89

Mortgage-backed securities:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
117,591

 
3.33

 
1

 
7.14

 
398

 
2.71

 
956

 
3.46

 
116,236

 
3.33

Residential
12,453

 
4.31

 
—

 
—

 
—

 
—

 
113

 
5.43

 
12,340

 
4.30

Commercial
18,747

 
5.24

 
—

 
—

 
52

 
3.33

 
59

 
0.96

 
18,636

 
5.26

Total mortgage-backed securities
148,791

 
3.65

 
1

 
7.14

 
450

 
2.78

 
1,128

 
3.52

 
147,212

 
3.66

Corporate debt securities
21,227

 
4.18

 
6,136

 
2.06

 
7,255

 
4.22

 
6,528

 
5.80

 
1,308

 
5.77

Collateralized loan and other debt obligations
20,159

 
1.59

 
40

 
0.25

 
1,100

 
0.63

 
7,750

 
1.29

 
11,269

 
1.89

Other
9,629

 
1.80

 
906

 
2.53

 
2,977

 
1.74

 
1,243

 
1.64

 
4,503

 
1.73

Total available-for-sale debt securities at fair value
$
248,622

 
3.69
%
 
$
12,084

 
1.99
%
 
$
20,384

 
2.75
%
 
$
25,293

 
3.14
%
 
$
190,861

 
3.97
%

(1)
Weighted-average yields displayed by maturity bucket are weighted based on fair value and predominantly represent contractual coupon rates without effect for any related hedging derivatives.
The following table shows the amortized cost and weighted-average yields of held-to-maturity debt securities by contractual maturity.

 
 
 
Remaining contractual maturity 
 
 
 
 
 
 
 
 
 
 
After one year 
 
 
After five years 
 
 
 
 
 
 
Total

 
 
 
Within one year 
 
 
through five years 
 
 
through ten years 
 
 
After ten years 
 
(in millions)
amount  

 
Yield 

 
Amount 

 
Yield 

 
Amount 

 
Yield 

 
Amount 

 
Yield 

 
Amount 

 
Yield 

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
40,886

 
2.12
%
 
$
—

 
—
%
 
$
—

 
—
%
 
$
40,886

 
2.12
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
1,962

 
5.60

 
—

 
—

 
—

 
—

 
9

 
6.60

 
1,953

 
5.59

Federal agency mortgage-backed securities
5,476

 
3.89

 
—

 
—

 
—

 
—

 
—

 
—

 
5,476

 
3.89

Collateralized loan and other debt obligations
1,404

 
1.96

 
—

 
—

 
—

 
—

 
—

 
—

 
1,404

 
1.96

Other
5,755

 
1.64

 
192

 
1.61

 
4,214

 
1.72

 
1,349

 
1.41

 
—

 
—

Total held-to-maturity debt securities at amortized cost
$
55,483

 
2.37
%
 
$
192

 
1.61
%
 
$
4,214

 
1.72
%
 
$
42,244

 
2.10
%
 
$
8,833

 
3.96
%
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal agency mortgage-backed securities
$
6,304

 
3.90
%
 
$
—

 
—
%
 
$
—

 
—
%
 
$
—

 
—
%
 
$
6,304

 
3.90
%
Other
6,042

 
1.89

 
195

 
1.72

 
4,468

 
1.87

 
1,379

 
1.98

 
—

 
—

Total held-to-maturity debt securities at amortized cost
$
12,346

 
2.92
%
 
$
195

 
1.72
%
 
$
4,468

 
1.87
%
 
$
1,379

 
1.98
%
 
$
6,304

 
3.90
%

(1)
Weighted-average yields displayed by maturity bucket are weighted based on amortized cost and predominantly represent contractual coupon rates.

The following table shows the fair value of held-to-maturity debt securities by contractual maturity.

 
 
Remaining contractual maturity 
 
 
 
 
 
 
 
 
After one year 
 
 
After five years 
 
 
 
 
 
 
Total

 
Within one year 
 
 
through five years 
 
 
through ten years 
 
 
After ten years 
 
(in millions)
amount  

 
 
 
Amount

 
 
 
Amount

 
 
 
Amount

 
 
 
Amount

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
41,548

 
 
 
$
—

 
 
 
$
—

 
 
 
$
41,548

 
 
 
$
—

Securities of U.S. states and political subdivisions
1,989

 
 
 
—

 
 
 
—

 
 
 
9

 
 
 
1,980

Federal agency mortgage-backed securities
5,641

 
 
 
—

 
 
 
—

 
 
 
—

 
 
 
5,641

Collateralized loan and other debt obligations
1,391

 
 
 
—

 
 
 
—

 
 
 
—

 
 
 
1,391

Other
5,790

 
 
 
193

 
 
 
4,239

 
 
 
1,358

 
 
 
—

Total held-to-maturity debt securities at fair value
$
56,359

 

 
$
193

 

 
$
4,239

 

 
$
42,915

 

 
$
9,012

December 31, 2013
 
 
 
 
 
 
 
 

 
 
 

 
 
 

Held-to-maturity securities:
 
 
 
 
 
 
 
 

 
 
 

 
 
 

Fair Value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal agency mortgage-backed securities
$
6,205

 
 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
 
 
$
6,205

Other
6,042

 
 
 
195

 
 
 
4,468

 
 
 
1,379

 
 
 
—

Total held-to-maturity debt securities at fair value
$
12,247

 

 
$
195

 

 
$
4,468

 

 
$
1,379

 

 
$
6,205
Investment Securities Realized Gains And Losses
The following table shows the gross realized gains and losses on sales and OTTI write-downs related to the available-for-sale securities portfolio, which includes marketable equity securities, as well as net realized gains and losses on nonmarketable equity investments (see Note 7 (Premises, Equipment, Lease Commitments and Other Assets)).

 
Year ended December 31, 
 
(in millions)
2014

 
2013

 
2012

Gross realized gains
$
1,560

 
492

 
600

Gross realized losses
(14
)
 
(24
)
 
(73
)
OTTI write-downs
(52
)
 
(183
)
 
(256
)
Net realized gains from available-for-sale securities
1,494

 
285

 
271

Net realized gains from nonmarketable equity investments
1,479

 
1,158

 
1,086

Net realized gains from debt securities and equity investments
$
2,973

 
1,443

 
1,357
Investment Securities And Nonmarketable Equity Securities Other Than Temporary Impairment
The following table shows the detail of total OTTI write-downs included in earnings for available-for-sale debt securities, marketable equity securities and nonmarketable equity investments. There were no OTTI write-downs on held-to-maturity securities during the years ended December 31, 2014 and 2013. There were no held-to-maturity securities in our investment securities portfolio for the year ended December 31, 2012.

 
Year ended December 31, 
 
(in millions)
2014

 
2013

 
2012

OTTI write-downs included in earnings
 
 
 
 
 
Debt securities:
 
 
 
 
 
Securities of U.S. states and political subdivisions
$
11

 
2

 
16

Mortgage-backed securities:
 
 
 
 
 
Federal agencies
—

 
1

 
—

Residential
26

 
72

 
84

Commercial
9

 
53

 
86

Corporate debt securities
1

 
4

 
11

Collateralized loan and other debt obligations
2

 
—

 
1

Other debt securities
—

 
26

 
42

Total debt securities
49

 
158

 
240

Equity securities:
 
 
 
 
 
Marketable equity securities:
 
 
 
 
 
Perpetual preferred securities
—

 
—

 
12

Other marketable equity securities
3

 
25

 
4

Total marketable equity securities
3

 
25

 
16

Total investment securities
52

 
183

 
256

Nonmarketable equity investments
270

 
161

 
160

Total OTTI write-downs included in earnings
$
322

 
344

 
416
Debt Securities Other Than Temporary Impairment
The following table shows the detail of OTTI write-downs on available-for-sale debt securities included in earnings and the related changes in OCI for the same securities.

 
Year ended December 31, 
 
(in millions)
2014

 
2013

 
2012

OTTI on debt securities
 
 
 
 
 
Recorded as part of gross realized losses:
 
 
 
 
 
Credit-related OTTI
$
40

 
107

 
237

Intent-to-sell OTTI
9

 
51

 
3

Total recorded as part of gross realized losses
49

 
158

 
240

Changes to OCI for losses (reversal of losses) in non-credit-related OTTI (1):
 
 
 
 
 
Securities of U.S. states and political subdivisions
—

 
(2
)
 
1

Residential mortgage-backed securities
(10
)
 
(27
)
 
(178
)
Commercial mortgage-backed securities
(21
)
 
(90
)
 
(88
)
Corporate debt securities
—

 
—

 
1

Collateralized loan and other debt obligations
—

 
(1
)
 
(1
)
Other debt securities
—

 
1

 
28

Total changes to OCI for non-credit-related OTTI
(31
)
 
(119
)
 
(237
)
Total OTTI losses recorded on debt securities
$
18

 
39

 
3


(1)
Represents amounts recorded to OCI for impairment, due to factors other than credit, on debt securities that have also had credit-related OTTI write-downs during the period. Increases represent initial or subsequent non-credit-related OTTI on debt securities. Decreases represent partial to full reversal of impairment due to recoveries in the fair value of securities due to non-credit factors.
Credit Loss Component Of Credit-Impaired Debt Securities
The following table presents a rollforward of the OTTI credit loss that has been recognized in earnings as a write-down of available-for-sale debt securities we still own (referred to as "credit-impaired" debt securities) and do not intend to sell. Recognized credit loss represents the difference between the present value of expected future cash flows discounted using the security’s current effective interest rate and the amortized cost basis of the security prior to considering credit loss.

 
Year ended December 31, 
 
(in millions)
2014

 
2013

 
2012

Credit loss recognized, beginning of year
$
1,171

 
1,289

 
1,272

Additions:
 
 
 
 
 
For securities with initial credit impairments
5

 
21

 
55

For securities with previous credit impairments
35

 
86

 
182

Total additions
40

 
107

 
237

Reductions:
 
 
 
 
 
For securities sold, matured, or intended/required to be sold
(169
)
 
(194
)
 
(194
)
For recoveries of previous credit impairments (1)
(17
)
 
(31
)
 
(26
)
Total reductions
(186
)
 
(225
)
 
(220
)
Credit loss recognized, end of year
$
1,025

 
1,171

 
1,289


(1)
Recoveries of previous credit impairments result from increases in expected cash flows subsequent to credit loss recognition. Such recoveries are reflected prospectively as interest yield adjustments using the effective interest method.