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Investments - (Notes) | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of our AFS investments as of March 31, 2020 and December 31, 2019 are presented below.
| March 31, 2020 |  | December 31, 2019
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
Asset-backed securities | $ | 30 |  | $ | — |  | $ | — |  | $ | 30 |  |  | $ | 30 |  | $ | — |  | $ | — |  | $ | 30 |
Corporate bonds | 126 |  | 1 |  | (1 | ) | 126 |  |  | 123 |  | 1 |  | — |  | 124 |
U.S. government agencies and government- sponsored agencies | 24 |  | 1 |  | — |  | 25 |  |  | 14 |  | — |  | — |  | 14 |
U.S. treasuries | 239 |  | 5 |  | — |  | 244 |  |  | 163 |  | — |  | — |  | 163 |
Certificate of deposit | 1 |  | — |  | — |  | 1 |  |  | 1 |  | — |  | — |  | 1 |
Other debt securities | 8 |  | — |  | — |  | 8 |  |  | 10 |  | — |  | — |  | 10 |
Total | $ | 428 |  | $ | 7 |  | $ | (1 | ) | $ | 434 |  |  | $ | 341 |  | $ | 1 |  | $ | — |  | $ | 342 |
Gross unrealized losses were immaterial at March 31, 2020 and December 31, 2019. 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:
(in millions) | March 31, 2020
One year or less | $ | 94 |
Over one year through five years | 310 |
Over five years through ten years | 9 |
Over ten years | 21 |
Total fair value | $ | 434 |
The gross proceeds from sales and maturities of AFS securities for the three months ended March 31, 2020 and March 31, 2019 are presented below. We had immaterial gross realized gains and losses from sales of investments for the three months ended March 31, 2020 and March 31, 2019.
| Three Months Ended March 31,
(in millions) | 2020 | 2019
Gross proceeds from sales | $ | 40 |  | $ | 14 |
Gross proceeds from maturities | 27 |  | 17 |
Total | $ | 67 |  | $ | 31 |

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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 + Details
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