Discover 2014 Annual Report Download - page 117
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-103-
The following table provides information about investment securities with aggregate gross unrealized losses and
the length of time that individual investment securities have been in a continuous unrealized loss position (dollars in
millions):
Number of
Securities in a
Loss Position
Less than 12 months More than 12 months
Fair
Value Unrealized
Losses Fair
Value Unrealized
Losses
December 31, 2014
Available-for-Sale Investment Securities
Residential mortgage-backed securities - Agency .............. 8 $ 97 $ — $ 225 $ (1)
December 31, 2013
Available-for-Sale Investment Securities
Residential mortgage-backed securities - Agency .............. 23 $ 1,097 $ (20) $ 48 $ (2)
Held-to-Maturity Investment Securities
State and political subdivisions of states ........................... 4 $ 8 $ (1) $ 3 $ —
Residential mortgage-backed securities - Agency .............. 2 $ 40 $ (1) $ — $ —
There were no gains or losses related to other-than-temporary impairments during the calendar years ended
December 31, 2014 and 2013, the fiscal year ended November 30, 2012 or the one month ended December 31,
2012.
The following table provides information about proceeds related to maturities and redemptions of investment
securities and proceeds from sales, recognized gains and losses and net unrealized gains and losses on available-for-
sale securities (dollars in millions):
For the Calendar Years Ended
December 31, For the Fiscal
Year Ended
November 30,
2012
For the One
Month Ended
December 31,
2012
2014 2013
Proceeds related to maturities or redemptions of investment securities .......... $ 250 $ 733 $ 1,795 $ 113
Proceeds from the sales of available-for-sale investment securities ............... $1,220 $ 719 $ —$—
Gains on sales of available-for-sale investment securities ............................ $ 4 $ 2 $ —$—
Net unrealized gains (losses) recorded in other comprehensive income,
before tax ............................................................................................ $ 5 $ (82) $ 30 $(5)
Net unrealized gains (losses) recorded in other comprehensive income,
after tax ............................................................................................... $ 4 $ (52) $ 19 $(3)