XML 50 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Investments
 3 Months Ended
Mar. 31, 2021
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, 2021 and December 31, 2020 are presented below:
March 31, 2021December 31, 2020
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Asset-backed securities$25 $— $— $25 $24 $— $— $24 
Corporate bonds121 2 — 123 126 2 — 128 
U.S. government agencies and government-
sponsored agencies
23 — — 23 27 1 — 28 
U.S. treasuries256 3 — 259 261 4 — 265 
Certificate of deposit9 — — 9 — — — — 
Other debt securities6 — — 6 6 — — 6 
Total$440 $5 $— $445 $444 $7 $— $451 
Gross unrealized losses were immaterial at March 31, 2021 and December 31, 2020.
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, 2021
One year or less$135 
Over one year through five years281 
Over five years through ten years5 
Over ten years24 
Total fair value$445 
The gross proceeds from sales and maturities of AFS securities for the three months ended March 31, 2021 and March 31, 2020 are presented below. We had immaterial gross realized gains and losses from sales of investments for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
(in millions)20212020
Gross proceeds from sales$41 $40 
Gross proceeds from maturities43 27 
Total$84 $67