Investments

6 Months Ended

Jun. 30, 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 June 30, 2020 and December 31, 2019 are presented below.

	June 30, 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	$	22	$	—	$	—	$	22	$	30	$	—	$	—	$	30
Corporate bonds	111		3		—		114		123		1		—		124
U.S. government agencies and government- sponsored agencies	24		1		—		25		14		—		—		14
U.S. treasuries	280		5		—		285		163		—		—		163
Certificate of deposit	—		—		—		—		1		—		—		1
Other debt securities	7		—		—		7		10		—		—		10
Total	$	444	$	9	$	—	$	453	$	341	$	1	$	—	$	342

Gross unrealized losses were immaterial at June 30, 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)	June 30, 2020
One year or less	$	112
Over one year through five years	312
Over five years through ten years	9
Over ten years	20
Total fair value	$	453

The gross proceeds from sales and maturities of AFS securities for the three and six months ended June 30, 2020 and June 30, 2019 are presented below. We had immaterial gross realized gains and losses from sales of investments for the three and six months ended June 30, 2020 and 2019.

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2020		2019		2020		2019
Gross proceeds from sales	$	12	$	14	$	52	$	28
Gross proceeds from maturities	40		19		67		36
Total	52		33		$	119	$	64