Investments - (Notes)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of our AFS investments as of March 31, 2020 and December 31, 2019 are presented below.

	March 31, 2020									December 31, 2019
(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	$	30	$	—	$	—		$	30	$	30	$	—	$	—	$	30
Corporate bonds	126		1		(1		)	126		123		1		—		124
U.S. government agencies and government- sponsored agencies	24		1		—			25		14		—		—		14
U.S. treasuries	239		5		—			244		163		—		—		163
Certificate of deposit	1		—		—			1		1		—		—		1
Other debt securities	8		—		—			8		10		—		—		10
Total	$	428	$	7	$	(1	)	$	434	$	341	$	1	$	—	$	342

Gross unrealized losses were immaterial at March 31, 2020 and December 31, 2019.

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, 2020
One year or less	$	94
Over one year through five years	310
Over five years through ten years	9
Over ten years	21
Total fair value	$	434

The gross proceeds from sales and maturities of AFS securities for the three months ended March 31, 2020 and March 31, 2019 are presented below. We had immaterial gross realized gains and losses from sales of investments for the three months ended March 31, 2020 and March 31, 2019.

	Three Months Ended March 31,
(in millions)	2020		2019
Gross proceeds from sales	$	40	$	14
Gross proceeds from maturities	27		17
Total	$	67	$	31