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Investment Securities | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Investment securities principally include available-for-sale debt securities carried at fair value on the Consolidated Balance Sheets. Unrealized losses attributable to credit deterioration are recorded in the Consolidated Statements of Income in Other loans Provision for credit losses. Unrealized gains and any portion of a security’s unrealized loss attributable to non-credit losses are recorded in the Consolidated Statements of Comprehensive Income, net of tax. We had accrued interest on our available-for-sale debt securities totaling $38 million and $26 million as of September 30, 2021 and December 31, 2020, respectively, presented as Other assets on the Consolidated Balance Sheets. Investment securities also include equity securities carried at fair value on the Consolidated Balance Sheets with unrealized gains and losses recorded in the Consolidated Statements of Income as Other, net expense. Realized gains and losses are recognized upon disposition of the securities using the specific identification method. 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. There were no available-for-sale debt securities with gross unrealized losses as of both September 30, 2021 and December 31, 2020. 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 |
The expected payments on state and municipal obligations, U.S. government agency obligations and mortgage-backed securities may not coincide with their contractual maturities because the issuers have the right to call or prepay certain obligations.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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