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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2020
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, 2020 and December 31, 2019:
|  | 2020 |  |  |  |  |  |  |  | 2019 |  |  |  |  |  |
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 |  | $ | 185 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 192 |  |  | $ | 236 |  |  | $ | 8 |  |  | $ | (1) |  |  | $ | 243 |
U.S. Government agency obligations |  | 8 |  |  | — |  |  | — |  |  | 8 |  |  | 9 |  |  | — |  |  | — |  |  | 9 |
U.S. Government treasury obligations |  | 18,959 |  |  | 100 |  |  | — |  |  | 19,059 |  |  | 7,395 |  |  | 35 |  |  | (1) |  |  | 7,429 |
Corporate debt securities |  | 24 |  |  | — |  |  | — |  |  | 24 |  |  | 27 |  |  | — |  |  | — |  |  | 27 |
Mortgage-backed securities (a) |  | 35 |  |  | 3 |  |  | — |  |  | 38 |  |  | 39 |  |  | 2 |  |  | — |  |  | 41 |
Foreign government bonds and obligations |  | 546 |  |  | 2 |  |  | — |  |  | 548 |  |  | 578 |  |  | 1 |  |  | — |  |  | 579 |
Equity securities (b) |  | 53 |  |  | 22 |  |  | (2) |  |  | 73 |  |  | 55 |  |  | 25 |  |  | (2) |  |  | 78 |
Total |  | $ | 19,810 |  |  | $ | 134 |  |  | $ | (2) |  |  | $ | 19,942 |  |  | $ | 8,339 |  |  | $ | 71 |  |  | $ | (4) |  |  | $ | 8,406 |
(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. (b)Equity securities comprise investments in common stock, exchange-traded funds 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 continuous unrealized loss position as of December 31, 2019. There were no available-for-sale debt securities with gross unrealized losses as of June 30, 2020.
|  |  |  |  |  |  |  |  |  | 2019 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Less than 12 months |  |  |  | 12 months or more |  |
Description of Securities (Millions) |  |  |  |  |  |  |  |  |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
State and municipal obligations |  |  |  |  |  |  |  |  |  | $ | 18 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |
U.S. Government treasury obligations |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 324 |  |  | (1) |
Total |  |  |  |  |  |  |  |  |  | $ | 18 |  |  | $ | (1) |  |  | $ | 324 |  |  | $ | (1) |
Available for sale securities ratio of fair value to amortized cost | The following table summarizes the gross unrealized losses by ratio of fair value to amortized cost as of December 31, 2019. There were no available-for-sale debt securities with gross unrealized losses as of June 30, 2020.
|  | 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% |  | 2 |  |  | $ | 18 |  |  | $ | (1) |  |  | 3 |  |  | $ | 324 |  |  | $ | (1) |  |  | 5 |  |  | $ | 342 |  |  | $ | (2) |
Total as of December 31, 2019 |  | 2 |  |  | $ | 18 |  |  | $ | (1) |  |  | 3 |  |  | $ | 324 |  |  | $ | (1) |  |  | 5 |  |  | $ | 342 |  |  | $ | (2) |
Contractual maturities of investment securities | Contractual maturities for investment securities with stated maturities as of June 30, 2020 were as follows:
(Millions) |  | Cost |  | Estimated Fair Value
Due within 1 year |  | $ | 11,483 |  |  | $ | 11,499 |
Due after 1 year but within 5 years |  | 7,946 |  |  | 8,017 |
Due after 5 years but within 10 years |  | 179 |  |  | 198 |
Due after 10 years |  | 149 |  |  | 155 |
Total |  | $ | 19,757 |  |  | $ | 19,869 |

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