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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Schedule of available for sale securities by type | The following is a summary of investment securities as of September 30, 2021 and December 31, 2020:
|  | 2021 |  | 2020
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 |  | $ | 102 |  |  | $ | 5 |  |  | $ | (1) |  |  | $ | 106 |  |  | $ | 172 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 179 |
U.S. Government agency obligations |  | 6 |  |  | — |  |  | — |  |  | 6 |  |  | 7 |  |  | — |  |  | — |  |  | 7 |
U.S. Government treasury obligations |  | 8,718 |  |  | 39 |  |  | — |  |  | 8,757 |  |  | 20,655 |  |  | 76 |  |  | — |  |  | 20,731 |
Mortgage-backed securities (a) |  | 19 |  |  | 2 |  |  | — |  |  | 21 |  |  | 28 |  |  | 2 |  |  | — |  |  | 30 |
Foreign government bonds and obligations |  | 556 |  |  | — |  |  | — |  |  | 556 |  |  | 581 |  |  | — |  |  | — |  |  | 581 |
Other (b) |  | 41 |  |  | — |  |  | — |  |  | 41 |  |  | 22 |  |  | — |  |  | — |  |  | 22 |
Equity securities (c)(d) |  | 58 |  |  | 46 |  |  | (2) |  |  | 102 |  |  | 56 |  |  | 27 |  |  | (2) |  |  | 81 |
Total |  | $ | 9,500 |  |  | $ | 92 |  |  | $ | (3) |  |  | $ | 9,589 |  |  | $ | 21,521 |  |  | $ | 112 |  |  | $ | (2) |  |  | $ | 21,631 |
(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. (b)Represents investments in Corporate debt securities and debt securities issued by Community Development Financial Institutions. (c)Equity securities comprise investments in common stock, exchange-traded funds and mutual funds. (d)During the third quarter of 2021, certain equity securities were reclassified from Other assets to Investment securities following the completion of initial public offerings by the issuers of the securities. The investments had a fair value of $51 million with an associated cost basis of $7 million as of September 30, 2021. The gross unrealized gains amount includes $5 million that was recognized during 2018.
Contractual maturities of investment securities | Contractual maturities for investment securities with stated maturities as of September 30, 2021 were as follows:
(Millions) |  | Cost |  | Estimated Fair Value
Due within 1 year |  | $ | 8,453 |  |  | $ | 8,460 |
Due after 1 year but within 5 years |  | 879 |  |  | 909 |
Due after 5 years but within 10 years |  | 35 |  |  | 41 |
Due after 10 years |  | 75 |  |  | 77 |
Total |  | $ | 9,442 |  |  | $ | 9,487 |

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