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Investments | 12 Months Ended
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Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS All of our investment securities that have a contractual maturity date greater than three months are classified as AFS. The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of our investments as of December 31, 2018 and December 31, 2017 are presented below:
| December 31, 2018
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
Asset-backed securities | $ | 33 |  | $ | — |  | $ | — |  | $ | 33 |
Corporate bonds | 99 |  | — |  | — |  | 99 |
U.S. government agencies and government-sponsored agencies | 7 |  | — |  | — |  | 7 |
U.S. treasuries | 46 |  | — |  | — |  | 46 |
Exchange traded fund | 1 |  | — |  | — |  | 1 |
Other debt securities | 9 |  | — |  | — |  | 9 |
Total | $ | 195 |  | $ | — |  | $ | — |  | $ | 195 |
| December 31, 2017
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. treasuries | $ | 37 |  | $ | — |  | $ | — |  | $ | 37 |
Exchange traded fund | 1 |  | — |  | — |  | 1 |
Total | $ | 38 |  | $ | — |  | $ | — |  | $ | 38 |
Investments in a continuous unrealized loss position as of December 31, 2018 and December 31, 2017 are presented below.
| December 31, 2018
| Less than 12 months | 12 months or more | Total
(in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
Asset-backed securities | $ | 25 |  | $ | — |  | $ | — |  | $ | — |  | $ | 25 |  | $ | — |
Corporate bonds | 84 |  | — |  | — |  | — |  | 84 |  | — |
U.S. government agencies and government-sponsored agencies | 4 |  | — |  | — |  | — |  | 4 |  | — |
U.S. treasuries | 21 |  | — |  | — |  | — |  | 21 |  | — |
Other debt securities | 7 |  | — |  | — |  | — |  | 7 |  | — |
Total | $ | 141 |  | $ | — |  | $ | — |  | $ | — |  | $ | 141 |  | $ | — |
| December 31, 2017
| Less than 12 months | 12 months or more | Total
(in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. treasuries | $ | 5 |  | $ | — |  | $ | 24 |  | $ | — |  | $ | 29 |  | $ | — |
Total | $ | 5 |  | $ | — |  | $ | 24 |  | $ | — |  | $ | 29 |  | $ | — |
Unrealized losses on fixed income securities are principally caused by changes in interest rates and the financial condition of the issuer. In analyzing an issuer's financial condition, we consider whether the securities are issued by the federal government or its agencies, whether downgrades by credit rating agencies have occurred, and industry analysts' reports. As we have the ability to hold these investments until maturity, or for the foreseeable future, no decline was deemed to be other-than-temporary. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The fair value of debt investments by contractual maturity are shown below:
| December 31, 2018
(in millions) | One year or less | Over One Year Through Five Years | Over Five Years Through Ten Years | Over Ten Years | Fair Value
Asset-backed securities | $ | 4 |  | $ | 26 |  | $ | 3 |  | $ | — |  | $ | 33 |
Corporate bonds | 42 |  | 57 |  | — |  | — |  | 99 |
U.S. government agencies and government-sponsored agencies | 1 |  | 2 |  | — |  | 4 |  | 7 |
U.S. treasuries | 12 |  | 34 |  | — |  | — |  | 46 |
Other debt securities | — |  | 1 |  | — |  | 8 |  | 9 |
Total | $ | 59 |  | $ | 120 |  | $ | 3 |  | $ | 12 |  | $ | 194 |
| December 31, 2017
(in millions) | One year or less | Over One Year Through Five Years | Over Five Years Through Ten Years | Over Ten Years | Fair Value
U.S. treasuries | $ | — |  | $ | 37 |  | $ | — |  | $ | — |  | $ | 37 |
Total | $ | — |  | $ | 37 |  | $ | — |  | $ | — |  | $ | 37 |
The gross proceeds from sales and maturities of AFS securities for the years ended December 31, 2018, 2017 and 2016 are shown below. We had immaterial gross realized gains and losses from sales of investments for the years ended December 31, 2018, 2017 and 2016.
| Year Ended December 31,
(in millions) | 2018 | 2017 | 2016
Gross proceeds from sales | $ | 54 |  | $ | — |  | $ | — |
Gross proceeds from maturities | 47 |  | 14 |  | 28 |
Total | $ | 101 |  | $ | 14 |  | $ | 28 |
Our asset-backed securities include auto loan/lease, credit card, and equipment leases with investment-grade ratings. Our corporate bonds include investment-grade debt securities from a wide variety of issuers, industries, and sectors. Our U.S. government agencies and government-sponsored agency securities primarily include mortgage-backed securities consisting of Federal Home Loan Mortgage Corporation and Federal National Mortgage Association securities with investment-grade ratings. Our other debt securities primarily include mortgage-backed securities with investment-grade ratings issued by institutions without federal backing.

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