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Investments
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of our AFS investments as of March 31, 2022 and December 31, 2021 are presented below:
March 31, 2022December 31, 2021
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Asset-backed securities$47 $— $(2)$45 $49 $— $— $49 
Corporate bonds170 — (4)166 167 1 (1)167 
U.S. government agencies and government-
sponsored agencies		16 — (1)15 17 — — 17 
U.S. treasuries308 — (6)302 285 1 (1)285 
Certificate of deposit11 — — 11 11 — — 11 
Other debt securities8 — — 8 9 — — 9 
Total$560 $— $(13)$547 $538 $2 $(2)$538 
As of March 31, 2022, gross unrealized losses related to AFS investments in an unrealized loss position for greater than 12 months were immaterial. Gross unrealized losses were immaterial at December 31, 2021.
Unrealized losses on fixed income securities are principally caused by changes in market 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 believe substantially all of the unrealized losses are driven by changes in market interest rates and we have the ability to hold these investments until maturity, or for the foreseeable future, no impairment charges were deemed necessary. 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, 2022
One year or less$233 
Over one year through five years280 
Over five years through ten years12 
Over ten years22 
Total fair value$547 
The gross proceeds from sales and maturities of AFS securities for the three months ended March 31, 2022 and March 31, 2021 are presented below. We had immaterial gross realized gains and losses from sales of investments for the three months ended March 31, 2022 and 2021.
Three Months Ended March 31,
(in millions)20222021
Gross proceeds from sales$22 $41 
Gross proceeds from maturities50 43 
Total$72 $84