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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2018
Investment Securities (Tables) [Abstract] |
Schedule of Available for Sale Securities by Type | The following is a summa ry of investment securities as of September 30, 2018 and December 31, 2017:
|  |  | 2018 |  | 2017
|  |  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated
Description of Securities |  |  |  |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  |  |  |  | Unrealized |  |  | Unrealized |  |  | Fair
(Millions) |  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| State and municipal obligations |  | $ | 682 |  | $ | 5 |  | $ | (3) |  | $ | 684 |  | $ | 1,369 |  | $ | 11 |  | $ | (3) |  | $ | 1,377
| U.S. Government agency obligations |  |  | 10 |  |  | ― |  |  | (1) |  |  | 9 |  |  | 11 |  |  | ― |  |  | ― |  |  | 11
| U.S. Government treasury obligations |  |  | 4,688 |  |  | 2 |  |  | (39) |  |  | 4,651 |  |  | 1,051 |  |  | 3 |  |  | (9) |  |  | 1,045
| Corporate debt securities |  |  | 32 |  |  | ― |  |  | ― |  |  | 32 |  |  | 28 |  |  | ― |  |  | ― |  |  | 28
| Mortgage-backed securities (a) |  |  | 54 |  |  | 1 |  |  | (1) |  |  | 54 |  |  | 67 |  |  | 2 |  |  | ― |  |  | 69
| Foreign government bonds and obligations |  |  | 595 |  |  | ― |  |  | (1) |  |  | 594 |  |  | 581 |  |  | ― |  |  | ― |  |  | 581
Equity securities (b) |  |  | 51 |  |  | ― |  |  | (4) |  |  | 47 |  |  | 51 |  |  | ― |  |  | (3) |  |  | 48
Total |  | $ | 6,112 |  | $ | 8 |  | $ | (49) |  | $ | 6,071 |  | $ | 3,158 |  | $ | 16 |  | $ | (15) |  | $ | 3,159
Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. Equity securities comprise investments in common stock and mutual funds.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following table provides information about our available-for-sale debt securities with gross unrealized losses and the length of time that individual securities have been in a n unrealized loss position as of September 30, 2018 and December 31, 2017:
|  |  | 2018 |  | 2017
|  |  | Less than 12 months |  | 12 months or more |  | Less than 12 months |  | 12 months or more
|  |  |  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross
Description of Securities (Millions) |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses
State and municipal obligations |  | $ | 67 |  | $ | (2) |  | $ | 31 |  | $ | (1) |  | $ | 157 |  | $ | (3) |  | $ | ― |  | $ | ―
U.S. Government treasury obligations |  |  | 4,213 |  |  | (31) |  |  | 172 |  |  | (8) |  |  | 650 |  |  | (3) |  |  | 175 |  |  | (6)
Mortgage-backed securities |  |  | ― |  |  | ― |  |  | 16 |  |  | (1) |  |  | ― |  |  | ― |  |  | ― |  |  | ―
Equity securities (a) |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | 36 |  |  | (2)
Foreign government bonds and obligations |  |  | 586 |  |  | (1) |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | ―
Total |  | $ | 4,866 |  | $ | (34) |  | $ | 219 |  | $ | (10) |  | $ | 807 |  | $ | (6) |  | $ | 211 |  | $ | (8)
Effective January 1, 2018, the unrealized gains and losses o n equity securities are recorded in the Consolidated Statements of Income and are no longer assessed for other-than-temporary impairment.
Available for Sale Securities Ratio of Fair Value to Amortized Cost | The following table summarizes the gross unrealized losses due to temporary impairments by ratio of fair value to amortized cost as of September 30, 2018 and December 31, 2017:
|  | Less than 12 months |  | 12 months or more |  | Total
Ratio of Fair Value to |  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross |  |  |  |  |  |  |  | Gross
Amortized Cost |  | Number of |  |  | Estimated |  |  | Unrealized |  | Number of |  |  | Estimated |  |  | Unrealized |  | Number of |  |  | Estimated |  |  | Unrealized
(Dollars in millions) |  | Securities |  |  | Fair Value |  |  | Losses |  | Securities |  |  | Fair Value |  |  | Losses |  | Securities |  |  | Fair Value |  |  | Losses
2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | 93 |  | $ | 4,866 |  | $ | (34) |  | 21 |  | $ | 219 |  | $ | (10) |  | 114 |  | $ | 5,085 |  | $ | (44)
Total as of September 30, 2018 |  | 93 |  | $ | 4,866 |  | $ | (34) |  | 21 |  | $ | 219 |  | $ | (10) |  | 114 |  | $ | 5,085 |  | $ | (44)
2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | 34 |  | $ | 807 |  | $ | (6) |  | 13 |  | $ | 211 |  | $ | (8) |  | 47 |  | $ | 1,018 |  | $ | (14)
Total as of December 31, 2017 |  | 34 |  | $ | 807 |  | $ | (6) |  | 13 |  | $ | 211 |  | $ | (8) |  | 47 |  | $ | 1,018 |  | $ | (14)
Contractual maturities of investment securities | Contractual maturities for investment securities with stated maturities a s of September 30, 2018 were as follows:
|  |  |  |  |  |  | Estimated
(Millions) |  | Cost |  | Fair Value
Due within 1 year |  | $ | 3,613 |  | $ | 3,612
Due after 1 year but within 5 years |  |  | 1,622 |  |  | 1,590
Due after 5 years but within 10 years |  |  | 210 |  |  | 204
Due after 10 years |  |  | 616 |  |  | 618
Total |  | $ | 6,061 |  | $ | 6,024

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
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