INVESTMENTS

All of our investment securities that have a contractual maturity date greater than three months are classified as AFS. The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of our investments as of March 31, 2019 and December 31, 2018 are presented below.



	March 31, 2019								December 31, 2018
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Asset-backed securities	$	35	$	—	$	—	$	35	$	33	$	—	$	—	$	33
Corporate bonds	100		—		—		100		99		—		—		99
U.S. government agencies and government- sponsored agencies	6		—		—		6		7		—		—		7
U.S. treasuries	47		—		—		47		46		—		—		46
Exchange traded fund	1		—		—		1		1		—		—		1
Other debt securities	6		—		—		6		9		—		—		9
Total	$	195	$	—	$	—	$	195	$	195	$	—	$	—	$	195

Gross unrealized losses as of March 31, 2019 and December 31, 2018 were not material.

Unrealized losses on fixed income securities are principally caused by changes in interest rates and the financial condition of the issuer. In analyzing an issuer's financial condition, we consider whether the securities are issued by the federal government or its agencies, whether downgrades by credit rating agencies have occurred, and industry analysts' reports. As we have the ability to hold these investments until maturity, or for the foreseeable future, no decline was deemed to be other-than-temporary. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

The fair value of debt investments by contractual maturity are shown below:



(in millions)	March 31, 2019
One year or less	$	61
Over one year through five years	117
Over five years through ten years	7
Over ten years	9
Total fair value	$	194

The gross proceeds from sales and maturities of AFS securities for the three months ended March 31, 2019 and March 31, 2018 are presented below.



	Three Months Ended March 31,
(in millions)	2019		2018
Gross proceeds from sales	$	14	$	—
Gross proceeds from maturities	17		14
Total	$	31	$	14