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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available for Sale Securities by Type | The following is a summary of investment securities as of June 30, 2019 and December 31, 2018:
|  | 2019 |  | 2018
Description of Securities (Millions) |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | $ | 324 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 333 |  |  | $ | 594 |  |  | $ | 4 |  |  | $ | (2 | ) |  | $ | 596 |
U.S. Government agency obligations |  | 10 |  |  | — |  |  | — |  |  | 10 |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
U.S. Government treasury obligations |  | 7,383 |  |  | 38 |  |  | (3 | ) |  | 7,418 |  |  | 3,452 |  |  | 5 |  |  | (17 | ) |  | 3,440 |
Corporate debt securities |  | 28 |  |  | — |  |  | — |  |  | 28 |  |  | 28 |  |  | — |  |  | — |  |  | 28 |
Mortgage-backed securities (a) |  | 45 |  |  | 2 |  |  | — |  |  | 47 |  |  | 50 |  |  | 1 |  |  | — |  |  | 51 |
Foreign government bonds and obligations |  | 620 |  |  | 1 |  |  | — |  |  | 621 |  |  | 474 |  |  | — |  |  | — |  |  | 474 |
Equity securities (b) |  | 61 |  |  | 27 |  | (c) | (3 | ) |  | 85 |  |  | 51 |  |  | — |  |  | (3 | ) |  | 48 |
Total |  | $ | 8,471 |  |  | $ | 77 |  |  | $ | (6 | ) |  | 8,542 |  |  | $ | 4,659 |  |  | $ | 10 |  |  | $ | (22 | ) |  | $ | 4,647 |
(a) | Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
(b) | Equity securities comprise investments in common stock and mutual funds.
(c) During the second quarter of 2019, an equity investment was reclassified from Other assets to Investment securities following the completion of an initial public offering by the issuer of the securities. The investment had a fair value of $37 million with an associated cost basis of $10 million as of June 30, 2019. The gross unrealized gains amount includes $29 million that was recognized during 2018.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following table provides information about our investment securities with gross unrealized losses and the length of time that individual securities have been in an unrealized loss position as of June 30, 2019 and December 31, 2018:
|  | 2019 |  | 2018
|  | Less than 12 months |  | 12 months or more |  | Less than 12 months |  | 12 months or more
Description of Securities (Millions) |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |
State and municipal obligations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 82 |  |  | $ | (1 | )
U.S. Government treasury obligations |  | — |  |  | — |  |  | 477 |  |  | (3 | ) |  | 224 |  |  | (2 | ) |  | 791 |  |  | (15 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | 477 |  |  | $ | (3 | ) |  | $ | 224 |  |  | $ | (2 | ) |  | $ | 873 |  |  | $ | (16 | )
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 June 30, 2019 and December 31, 2018:
|  | Less than 12 months |  | 12 months or more |  | Total
Ratio of Fair Value to Amortized Cost (Dollars in millions) |  | Number of Securities |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Number of Securities |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Number of Securities |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |
2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | — |  |  | $ | — |  |  | $ | — |  |  | 7 |  |  | $ | 477 |  |  | $ | (3 | ) |  | 7 |  |  | $ | 477 |  |  | $ | (3 | )
Total as of June 30, 2019 |  | — |  |  | $ | — |  |  | $ | — |  |  | 7 |  |  | $ | 477 |  |  | $ | (3 | ) |  | 7 |  |  | $ | 477 |  |  | $ | (3 | )
2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90%–100% |  | 2 |  |  | $ | 224 |  |  | $ | (2 | ) |  | 29 |  |  | $ | 873 |  |  | $ | (16 | ) |  | 31 |  |  | $ | 1,097 |  |  | $ | (18 | )
Total as of December 31, 2018 |  | 2 |  |  | $ | 224 |  |  | $ | (2 | ) |  | 29 |  |  | $ | 873 |  |  | $ | (16 | ) |  | 31 |  |  | $ | 1,097 |  |  | $ | (18 | )
Contractual maturities of investment securities | Contractual maturities for investment securities with stated maturities as of June 30, 2019 were as follows:
(Millions) |  | Cost |  |  | Estimated Fair Value |
Due within 1 year |  | $ | 6,635 |  |  | $ | 6,644 |
Due after 1 year but within 5 years |  | 1,307 |  |  | 1,331 |
Due after 5 years but within 10 years |  | 190 |  |  | 196 |
Due after 10 years |  | 278 |  |  | 286 |
Total |  | $ | 8,410 |  |  | $ | 8,457 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563 + Details
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