v3.21.2
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of available for sale securities by type
The following is a summary of investment securities as of September 30, 2021 and December 31, 2020:
20212020
Description of Securities
(Millions)
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Available-for-sale debt securities:
State and municipal obligations$102 $5 $(1)$106 $172 $7 $— $179 
U.S. Government agency obligations6 — — 6 7 — — 7 
U.S. Government treasury obligations8,718 39 — 8,757 20,655 76 — 20,731 
Mortgage-backed securities (a)
19 2 — 21 28 2 — 30 
Foreign government bonds and obligations556 — — 556 581 — — 581 
Other (b)
41 — — 41 22 — — 22 
Equity securities (c)(d)
58 46 (2)102 56 27 (2)81 
Total$9,500 $92 $(3)$9,589 $21,521 $112 $(2)$21,631 
(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
(b)Represents investments in Corporate debt securities and debt securities issued by Community Development Financial Institutions.
(c)Equity securities comprise investments in common stock, exchange-traded funds and mutual funds.
(d)During the third quarter of 2021, certain equity securities were reclassified from Other assets to Investment securities following the completion of initial public offerings by the issuers of the securities. The investments had a fair value of $51 million with an associated cost basis of $7 million as of September 30, 2021. The gross unrealized gains amount includes $5 million that was recognized during 2018.
Contractual maturities of investment securities
Contractual maturities for investment securities with stated maturities as of September 30, 2021 were as follows:
(Millions)CostEstimated
Fair Value
Due within 1 year$8,453 $8,460 
Due after 1 year but within 5 years879 909 
Due after 5 years but within 10 years35 41 
Due after 10 years75 77 
Total$9,442 $9,487