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INVESTMENTS

12 Months Ended

Dec. 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 December 31, 2020 and 2019 are presented below:

			December 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			$	24		$	—		$	—		$	24					$	30		$	—		$	—		$	30
Corporate bonds			126			2			—			128						123			1			—			124
U.S. government agencies and government-sponsored agencies			27			1			—			28						14			—			—			14
U.S. treasuries			261			4			—			265						163			—			—			163
Certificates of deposit			—			—			—			—						1			—			—			1
Other debt securities			6			—			—			6						10			—			—			10
Total			$	444		$	7		$	—		$	451					$	341		$	1		$	—		$	342

Gross unrealized losses were immaterial at December 31, 2020 and 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)						December 31, 2020
One year or less						$	120
Over one year through five years						301
Over five years through ten years						6
Over ten years						24
Total fair value						$	451

The gross proceeds from sales and maturities of AFS securities for the years ended December 31, 2020, 2019, and 2018 are shown below. We had immaterial realized gains and losses from sales of investments for the years ended December 31, 2020, 2019, and 2018.

			Year Ended December 31,
(in millions)			2020			2019			2018
Gross proceeds from sales			$	93		$	76		$	54
Gross proceeds from maturities			131			83			47
Total			$	224		$	159		$	101

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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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