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Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of the Securities Available-for-Sale and Held-to-Maturity
Our securities available-for-sale and securities held-to-maturity portfolios consisted of the following:
March 31, 2020
Amortized
Cost
 
Allowance for Credit Losses(1)
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
16,893

 
$
—

 
$
607

 
$
(209
)
 
$
17,291

U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
4,697

 
—

 
219

 
(1
)
 
4,915

Collateralized mortgage obligations
262

 
—

 
16

 
(1
)
 
277

Direct agency obligations
1,849

 
—

 
9

 
(14
)
 
1,844

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
10,214

 
—

 
276

 
(2
)
 
10,488

Collateralized mortgage obligations
1,282

 
—

 
42

 
(1
)
 
1,323

Direct agency obligations
290

 
—

 
—

 
(11
)
 
279

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
 
 
Home equity
32

 
(2
)
 
—

 
(2
)
 
28

Other
116

 
—

 
3

 
(3
)
 
116

Foreign debt securities(2)
4,232

 
—

 
6

 
(7
)
 
4,231

Total available-for-sale securities
$
39,867

 
$
(2
)
 
$
1,178

 
$
(251
)
 
$
40,792

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
$
1,561

 
$
—

 
$
53

 
$
—

 
$
1,614

Collateralized mortgage obligations
1,289

 
—

 
69

 
—

 
1,358

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
2,805

 
—

 
90

 
—

 
2,895

Collateralized mortgage obligations
7,316

 
—

 
255

 
(4
)
 
7,567

Obligations of U.S. states and political subdivisions
10

 
(1
)
 
1

 
—

 
10

Asset-backed securities collateralized by residential mortgages
2

 
(1
)
 
1

 
—

 
2

Total held-to-maturity securities
$
12,983

 
$
(2
)
 
$
469

 
$
(4
)
 
$
13,446

December 31, 2019
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
16,219

 
$
128

 
$
(269
)
 
$
16,078

U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
3,358

 
57

 
(13
)
 
3,402

Collateralized mortgage obligations
345

 
3

 
(1
)
 
347

Direct agency obligations
1,382

 
21

 
—

 
1,403

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
10,009

 
29

 
(41
)
 
9,997

Collateralized mortgage obligations
741

 
10

 
(4
)
 
747

Direct agency obligations
254

 
6

 
—

 
260

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Home equity
34

 
—

 
(2
)
 
32

Other
108

 
3

 
—

 
111

Foreign debt securities(2)
3,282

 
4

 
—

 
3,286

Total available-for-sale securities
$
35,732

 
$
261

 
$
(330
)
 
$
35,663

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
$
1,632

 
$
22

 
$
(1
)
 
$
1,653

Collateralized mortgage obligations
1,418

 
40

 
(4
)
 
1,454

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
3,004

 
17

 
—

 
3,021

Collateralized mortgage obligations
7,227

 
85

 
(22
)
 
7,290

Obligations of U.S. states and political subdivisions
10

 
1

 
—

 
11

Asset-backed securities collateralized by residential mortgages
2

 
—

 
—

 
2

Total held-to-maturity securities
$
13,293

 
$
165

 
$
(27
)
 
$
13,431

 
(1) 
As discussed in Note 21, "New Accounting Pronouncements," beginning January 1, 2020, an allowance for credit losses is recognized for debt securities while, prior to January 1, 2020, debt securities were assessed for other-than-temporary impairment. At December 31, 2019, we did not consider any of our debt securities to be other-than-temporarily impaired
(2) 
Foreign debt securities represent public sector entity, bank or corporate debt.
Gross Unrealized Losses and Related Fair Value
The following table summarizes gross unrealized losses and related fair values for securities available-for-sale by major security type at March 31, 2020 classified as to the length of time the losses have existed:
 
One Year or Less
 
Greater Than One Year
March 31, 2020
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
(dollars are in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
23

 
$
(86
)
 
$
3,827

 
16

 
$
(123
)
 
$
1,640

U.S. Government sponsored enterprises
10

 
(15
)
 
910

 
10

 
(1
)
 
95

U.S. Government agency issued or guaranteed
5

 
(12
)
 
375

 
7

 
(2
)
 
251

Asset-backed securities
1

 
(3
)
 
59

 
4

 
(2
)
 
28

Foreign debt securities
24

 
(7
)
 
2,427

 
5

 
—

 
241

Securities available-for-sale
63

 
$
(123
)
 
$
7,598

 
42

 
$
(128
)
 
$
2,255
Gross Unrealized Losses and Related Fair Value, Previous Guidance
The following table summarizes gross unrealized losses and related fair values at December 31, 2019 classified as to the length of time the losses have existed:
 
One Year or Less
 
Greater Than One Year
December 31, 2019
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
(dollars are in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
22

 
$
(61
)
 
$
4,034

 
28

 
$
(208
)
 
$
4,962

U.S. Government sponsored enterprises
18

 
(8
)
 
772

 
83

 
(6
)
 
672

U.S. Government agency issued or guaranteed
27

 
(4
)
 
1,961

 
50

 
(41
)
 
2,508

Asset-backed securities
—

 
—

 
—

 
5

 
(2
)
 
33

Foreign debt securities
11

 
—

 
1,238

 
5

 
—

 
292

Securities available-for-sale
78

 
$
(73
)
 
$
8,005

 
171

 
$
(257
)
 
$
8,467

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
15

 
$
—

 
$
63

 
76

 
$
(5
)
 
$
522

U.S. Government agency issued or guaranteed
46

 
(3
)
 
887

 
274

 
(19
)
 
1,705

Obligations of U.S. states and political subdivisions
1

 
—

 
—

 
1

 
—

 
—

Securities held-to-maturity
62

 
$
(3
)
 
$
950

 
351

 
$
(24
)
 
$
2,227
Credit risk Profile of Held-to-Maturity Securities
The following table shows the credit risk profile of our securities held-to-maturity portfolio:
At March 31, 2020
Investment Grade
 
Non-Investment Grade
 
Total
 
(in millions)
U.S. Government sponsored enterprises
$
2,850

 
$
—

 
$
2,850

U.S. Government agency issued or guaranteed
10,121

 
—

 
10,121

Obligations of U.S. states and political subdivisions
10

 
—

 
10

Asset-backed securities collateralized by residential mortgages
2

 
—

 
2

Total securities held-to-maturity
$
12,983

 
$
—

 
$
12,983
Realized Gains and Losses on Investment Securities Transactions Attributable to Available-for-Sale Securities
The following table summarizes realized gains and losses on investment securities transactions attributable to available-for-sale securities:
Three Months Ended March 31,
2020
 
2019
 
(in millions)
Gross realized gains
$
51

 
$
16

Gross realized losses
(23
)
 
(9
)
Net realized gains
$
28

 
$
7
Distribution of Maturities of Debt Securities with the Approximate Yield of the Portfolio
The table below also reflects the distribution of maturities of debt securities held at March 31, 2020, together with the approximate yield of the portfolio. The yields shown are calculated by dividing annualized interest income, including the accretion of discounts and the amortization of premiums, by the amortized cost of securities outstanding at March 31, 2020.
 
Within
One Year
 
After One
But Within
Five Years
 
After Five
But Within
Ten Years
 
After Ten
Years
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
(dollars are in millions)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
55

 
2.93
%
 
$
5,308

 
1.27
%
 
$
6,201

 
1.61
%
 
$
5,329

 
2.10
%
U.S. Government sponsored enterprises
730

 
2.82

 
516

 
1.90

 
2,426

 
2.66

 
3,136

 
2.55

U.S. Government agency issued or guaranteed
—

 
—

 
80

 
2.12

 
1

 
7.88

 
11,705

 
2.03

Asset-backed securities
—

 
—

 
—

 
—

 
62

 
4.85

 
86

 
3.19

Foreign debt securities
2,242

 
.56

 
1,990

 
1.52

 
—

 
—

 
—

 
—

Total amortized cost
$
3,027

 
1.15
%
 
$
7,894

 
1.39
%
 
$
8,690

 
1.93
%
 
$
20,256

 
2.14
%
Total fair value
$
3,031

 
 
 
$
7,997

 
 
 
$
9,176

 
 
 
$
20,588

 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
$
—

 
—
%
 
$
480

 
2.66
%
 
$
568

 
2.26
%
 
$
1,802

 
3.19
%
U.S. Government agency issued or guaranteed
—

 
—

 
12

 
3.92

 
20

 
4.18

 
10,089

 
2.57

Obligations of U.S. states and political subdivisions
—

 
—

 
6

 
3.58

 
4

 
4.16

 
—

 
—

Asset-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
2

 
6.02

Total amortized cost
$
—

 
—
%
 
$
498

 
2.70
%
 
$
592

 
2.34
%
 
$
11,893

 
2.67
%
Total fair value
$
—

 
 
 
$
512

 
 
 
$
607

 
 
 
$
12,327

 
 
Equity Securities Not Classified as Trading
Equity securities that are not classified as trading and are included in other assets consisted of the following:

March 31, 2020
 
December 31, 2019
 
(in millions)
Equity securities carried at fair value
$
278

 
$
283

Equity securities without readily determinable fair values
12

 
12