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Investments

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019 are presented below.

			September 30, 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			$	22		$	—		$	—		$	22					$	30		$	—		$	—		$	30
Corporate bonds			118			3			—			121						123			1			—			124
U.S. government agencies and government- sponsored agencies			20			—			—			20						14			—			—			14
U.S. treasuries			285			5			—			290						163			—			—			163
Certificate of deposit			—			—			—			—						1			—			—			1
Other debt securities			7			—			—			7						10			—			—			10
Total			$	452		$	8		$	—		$	460					$	341		$	1		$	—		$	342

Gross unrealized losses were immaterial at September 30, 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)						September 30, 2020
One year or less						$	98
Over one year through five years						337
Over five years through ten years						4
Over ten years						21
Total fair value						$	460

The gross proceeds from sales and maturities of AFS securities for the three and nine months ended September 30, 2020 and September 30, 2019 are presented below. We had immaterial gross realized gains and losses from sales of investments for the three and nine months ended September 30, 2020 and 2019.

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2020			2019						2020			2019
Gross proceeds from sales			$	18		$	24					$	70		$	52
Gross proceeds from maturities			29			25						96			61
Total			47			49						$	166		$	113

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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

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