| Investments | 6. Investments Fixed Maturity Securities Available-for-Sale Fixed Maturity Securities Available-for-Sale by Sector The following table presents the fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, alternative and sub-prime mortgage-backed securities. Asset-backed securities (“ABS”) includes securities collateralized by corporate loans and consumer loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS and CMBS are collectively, “Structured Products.” In accordance with new guidance adopted January 1, 2020 regarding expected credit loss, securities that incurred a credit loss after December 31, 2019 and were still held as of March 31, 2020, are presented net of ACL. In accordance with previous guidance, both the temporary loss and OTTI loss are presented for securities that were in an unrealized loss position as of December 31, 2019. March 31, 2020 December 31, 2019 Amortized ACL Gross Unrealized Estimated Amortized Gross Unrealized Estimated Losses Temporary OTTI (In millions) U.S. corporate $ 80,287 $ (51 ) $ 7,151 $ 2,316 $ 85,071 $ 79,115 $ 8,943 $ 305 $ — $ 87,753 Foreign government 57,737 (136 ) 7,816 573 64,844 58,840 8,710 321 — 67,229 Foreign corporate 58,679 — 3,281 2,765 59,195 59,342 5,540 717 — 64,165 U.S. government and agency 38,181 — 9,787 9 47,959 37,586 4,604 106 — 42,084 RMBS 29,242 — 1,636 409 30,469 27,051 1,535 72 (33 ) 28,547 ABS 15,870 — 48 1,080 14,838 14,547 83 88 — 14,542 Municipals 11,877 — 2,054 60 13,871 11,081 2,001 29 — 13,053 CMBS 10,751 — 232 545 10,438 10,093 396 42 — 10,447 Total fixed maturity securities AFS $ 302,624 $ (187 ) $ 32,005 $ 7,757 $ 326,685 $ 297,655 $ 31,812 $ 1,680 $ (33 ) $ 327,820 __________________ (1) Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit loss on such securities. See also “— Net Unrealized Investment Gains (Losses).” Maturities of Fixed Maturity Securities AFS The amortized cost, net of ACL and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 2020 : Due in One Due After Due After Five Years Through Ten Years Due After Ten Years Structured Products Total Fixed Maturity Securities AFS (In millions) Amortized cost, net of ACL $ 16,862 $ 47,867 $ 57,679 $ 124,166 $ 55,863 $ 302,437 Estimated fair value $ 17,061 $ 48,490 $ 60,624 $ 144,765 $ 55,745 $ 326,685 Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity. Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position. Included in the table below are securities without an ACL as of March 31, 2020, in accordance with new guidance adopted January 1, 2020. Also included in the table below are all securities in an unrealized loss position as of December 31, 2019, in accordance with previous guidance. March 31, 2020 December 31, 2019 Less than 12 Months Equal to or Greater than 12 Months Less than 12 Months Equal to or Greater than 12 Months Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (Dollars in millions) U.S. corporate $ 22,055 $ 2,136 $ 655 $ 174 $ 3,817 $ 107 $ 2,226 $ 198 Foreign government 5,813 335 1,347 194 3,295 149 1,490 172 Foreign corporate 21,922 2,401 2,103 364 3,188 133 5,873 584 U.S. government and agency 1,103 8 37 — 5,391 97 196 9 RMBS 5,617 390 227 20 2,341 25 584 14 ABS 9,866 757 2,995 323 3,692 22 4,843 66 Municipals 1,351 60 1 — 1,156 29 1 — CMBS 4,693 485 384 60 1,926 16 487 26 Total fixed maturity securities AFS $ 72,420 $ 6,572 $ 7,749 $ 1,135 $ 24,806 $ 578 $ 15,700 $ 1,069 Investment grade $ 63,072 $ 5,080 $ 6,970 $ 919 $ 22,838 $ 437 $ 13,813 $ 821 Below investment grade 9,348 1,492 779 216 1,968 141 1,887 248 Total fixed maturity securities AFS $ 72,420 $ 6,572 $ 7,749 $ 1,135 $ 24,806 $ 578 $ 15,700 $ 1,069 Total number of securities in an unrealized loss position 6,667 947 2,153 1,411 Evaluation of Fixed Maturity Securities AFS for Credit Loss Evaluation and Measurement Methodologies Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (vi) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers, (vii) with respect to Structured Products, changes in forecasted cash flows after considering the changes in the financial condition of the underlying loan obligors and quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security, (viii) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators. The methodology and significant inputs used to determine the amount of credit loss are as follows: • The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities. • When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s single best estimate, the most likely outcome in a range of possible outcomes, after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; any private and public sector programs to restructure foreign government securities and municipals; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain Structured Products including, but not limited to: the quality of underlying collateral, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security. With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities with an unrealized loss, regardless of credit rating, have deferred any dividend payments. After the adoption of new guidance on January 1, 2020, in periods subsequent to the recognition of an initial ACL on a security, the Company reassesses credit loss quarterly. Subsequent increases or decreases in the expected cash flow from the security result in corresponding decreases or increases in the ACL which are recorded within net investment gains (losses); however, the previously recorded ACL is not reduced to an amount below zero. Full or partial write-offs are deducted from the ACL in the period the security, or a portion, is considered uncollectible. Recoveries of amounts previously written off are recorded to the ACL in the period received. When the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, any ACL is written off and the amortized cost is written down to estimated fair value through a charge within net investment gains (losses), which becomes the new amortized cost of the security. In accordance with the previous guidance, methodologies to evaluate the recoverability of a security in an unrealized loss position were similar, except: (i) the length of time estimated fair value had been below amortized cost was considered for securities, and (ii) for non-functional currency denominated securities, the impact from weakening non-functional currencies on securities that were near maturity was considered in the evaluation. In addition, measurement methodologies were similar, except: (i) a fair value floor was not utilized to limit the credit loss recognized, (ii) the amortized cost of securities was adjusted for the OTTI to the expected recoverable amount and an ACL was not utilized, (iii) subsequent to a credit loss being recognized, increases in expected cash flows from the security did not result in an immediate increase in valuation recognized in earnings through net investment gains (losses) from reduction of the ACL instead such increases in value were recorded as unrealized gains in OCI, and (iv) in periods subsequent to the recognition of OTTI on a security, the Company accounted for the impaired security as if it had been purchased on the measurement date of the impairment; accordingly, the discount (or reduced premium) based on the new cost basis was accreted over the remaining term of the security in a prospective manner based on the amount and timing of estimated future cash flows. Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position Gross unrealized losses on securities without an ACL increased $6.1 billion for the three months ended March 31, 2020 to $7.7 billion . The increase in gross unrealized losses for the three months ended March 31, 2020 was primarily attributable to widening credit spreads and movement in foreign currency exchange rates, partially offset by decreases in interest rates. Gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater were $1.1 billion at March 31, 2020 , or 15% of the total gross unrealized losses on securities without an ACL. Investment Grade Fixed Maturity Securities AFS Of the $1.1 billion of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $919 million , or 81% , were related to 757 investment grade securities. Unrealized losses on investment grade securities are principally related to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase. Below Investment Grade Fixed Maturity Securities AFS Of the $1.1 billion of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $216 million , or 19% , were related to 190 below investment grade securities. Unrealized losses on below investment grade securities are principally related to U.S. and foreign corporate securities (primarily industrial and consumer), foreign government securities and ABS and are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty, as well as with respect to fixed-rate securities, rising interest rates since purchase. Management evaluates U.S. corporate and foreign corporate securities based on factors such as expected cash flows, financial condition and near-term and long-term prospects of the issuers. Management evaluates foreign government securities based on factors impacting the issuers such as expected cash flows, financial condition of the issuers and any country-specific economic conditions or public sector programs to restructure foreign government securities. Management evaluates ABS based on actual and projected cash flows after considering the quality of underlying collateral, credit enhancements, expected prepayment speeds, current and forecasted loss severity, the payment terms of the underlying assets backing a particular security and the payment priority within the tranche structure of the security. Current Period Evaluation At March 31, 2020, with respect to securities in an unrealized loss position, the Company does not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Based on the Company’s current evaluation of its securities in an unrealized loss position without an ACL, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at March 31, 2020. Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), and changes in credit ratings and collateral valuation. Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS By Sector The rollforward of ACL for fixed maturity securities AFS by sector is as follows: U.S. Corporate Foreign Government Total (In millions) Three Months Ended March 31, 2020 Balance, beginning of period $ — $ — $ — Additions: Securities for which credit loss was not previously recorded (51 ) (136 ) (187 ) Balance, end of period $ (51 ) $ (136 ) $ (187 ) Equity Securities Equity securities are summarized as follows at: March 31, 2020 December 31, 2019 Estimated Fair Value % of Total Estimated Fair Value % of Total (Dollars in millions) Common stock $ 682 65.0 % $ 944 70.3 % Non-redeemable preferred stock 368 35.0 398 29.7 Total equity securities $ 1,050 100.0 % $ 1,342 100.0 % Contractholder-Directed Equity Securities and Fair Value Option Securities As described more fully in Note 1 of the Notes to the Consolidated Financial Statements included in the 2019 Annual Report, contractholder-directed equity securities and FVO securities (“FVO Securities”) (collectively, “Unit-linked and FVO Securities”) include three categories of investments for which the FVO has been elected, or are otherwise required to be carried at estimated fair value. Mortgage Loans by Portfolio Segment Mortgage loans are summarized as follows at: March 31, 2020 December 31, 2019 Carrying Value % of Carrying Value % of (Dollars in millions) Mortgage loans: Commercial $ 50,077 61.6 % $ 49,624 61.6 % Agricultural 16,788 20.6 16,695 20.7 Residential 14,763 18.2 14,316 17.8 Total amortized cost 81,628 100.4 80,635 100.1 Allowance for credit loss (464 ) (0.6 ) (353 ) (0.4 ) Subtotal mortgage loans, net 81,164 99.8 80,282 99.7 Residential — FVO 180 0.2 188 0.2 Total mortgage loans held-for-investment, net $ 81,344 100.0 % $ 80,470 99.9 % Mortgage loans held-for-sale — — 59 0.1 Total mortgage loans, net $ 81,344 100.0 % $ 80,529 100.0 % Information on commercial, agricultural, and residential mortgage loans is presented in the tables below. Information on residential mortgage loans - FVO is presented in Note 8 . The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. The amount of net discounts, included within total amortized cost, primarily attributable to residential mortgage loans was $883 million and $867 million at March 31, 2020 and December 31, 2019 , respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at March 31, 2020 and December 31, 2019 was $187 million and $188 million ; $157 million and $186 million ; and $91 million and $94 million , respectively. Purchases of mortgage loans, primarily residential, were $1.3 billion and $1.4 billion for the three months ended March 31, 2020 and 2019 , respectively. Allowance for Credit Loss Rollforward by Portfolio Segment The changes in the ACL, by portfolio segment, were as follows: Three Months 2020 2019 Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance, beginning of period $ 246 $ 52 $ 55 $ 353 $ 238 $ 46 $ 58 $ 342 Adoption of new credit loss guidance (118 ) 35 161 78 — — — — Provision (release) 15 (3 ) 24 36 7 1 2 10 Charge-offs, net of recoveries — — (3 ) (3 ) — — (2 ) (2 ) Balance, end of period $ 143 $ 84 $ 237 $ 464 $ 245 $ 47 $ 58 $ 350 Allowance for Credit Loss Methodology After the adoption of new guidance on January 1, 2020, the Company records an allowance for expected credit loss in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management: (i) pools mortgage loans that share similar risk characteristics, (ii) considers lifetime credit loss expected over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considers past events, current economic conditions and forecasts of future economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonable possible or probable) and reasonably expected troubled debt restructurings (i.e., the Company grants concessions to borrower that is experiencing financial difficulties) are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses). In accordance with the previous guidance, evaluation and measurement methodologies in determining the ACL were similar, except: (i) credit loss was recognized when incurred (when it was probable, based on current information and events, that all amounts due under the loan agreement would not be collected), (ii) pooling of loans with similar risk characteristics was permitted, but not required, (iii) forecasts of future economic conditions were not considered in the evaluation, (iv) measurement of the expected credit loss over the contractual term, or expected term, was not considered in the measurement, and (v) the credit loss for loans evaluated individually could also be determined using either discounted cash flows using the loans original effective interest rate or observable market prices. Commercial and Agricultural Mortgage Loan Portfolio Segments Commercial and agricultural mortgage loan ACL are calculated in a similar manner. Within each loan portfolio segment, commercial and agricultural, loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios. In estimating lifetime credit loss expected over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating lifetime credit loss expected over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile, accordingly historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans. Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, loan-to-value ratios, debt service coverage ratios and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher loan-to-value ratios and lower debt service coverage ratios. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, loan-to-value ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans. For commercial mortgage loans, the primary credit quality indicator is the debt service coverage ratio, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss. The Company also reviews the loan-to-value ratio of its commercial mortgage loan portfolio. Loan-to-value ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss. The debt service coverage ratio and the values utilized in calculating the ratio are updated routinely. In addition, the loan-to-value ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio. For agricultural mortgage loans, the Company’s primary credit quality indicator is the loan-to-value ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated. Commitments to lend: After loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for expected credit loss for unfunded commercial and agricultural mortgage loan commitments is recorded within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly. Residential Mortgage Loan Portfolio Segment The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and loan-to-value ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, loan-to-value ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company immediately reverts to industry historical loss experience. For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss. Credit Quality of Mortgage Loans by Portfolio Segment The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2020 : 2020 2019 2018 2017 2016 Prior Revolving Loans Total % of Total (Dollars in millions) Loan-to-value ratios: Less than 65% $ 1,276 $ 6,618 $ 7,108 $ 5,291 $ 5,431 $ 12,384 $ 2,886 $ 40,994 81.8 % 65% to 75% 446 2,455 1,631 959 884 1,218 — 7,593 15.2 76% to 80% — — 19 336 131 369 — 855 1.7 Greater than 80% — — — 401 58 176 — 635 1.3 Total $ 1,722 $ 9,073 $ 8,758 $ 6,987 $ 6,504 $ 14,147 $ 2,886 $ 50,077 100.0 % Debt service coverage ratios: > 1.20x $ 1,619 $ 8,668 $ 8,357 $ 6,535 $ 6,144 $ 13,235 $ 2,886 $ 47,444 94.8 % 1.00x - 1.20x — — 95 80 321 817 — 1,313 2.6 <1.00x 103 405 306 372 39 95 — 1,320 2.6 Total $ 1,722 $ 9,073 $ 8,758 $ 6,987 $ 6,504 $ 14,147 $ 2,886 $ 50,077 100.0 % The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2020 : 2020 2019 2018 2017 2016 Prior Revolving Loans Total % of Total (Dollars in millions) Loan-to-value ratios: Less than 65% $ 522 $ 2,419 $ 3,131 $ 1,118 $ 2,898 $ 5,068 $ 853 $ 16,009 95.4 % 65% to 75% 39 192 113 95 27 241 11 718 4.3 76% to 80% — — 11 — — 6 2 19 0.1 Greater than 80% — — — — — 42 — 42 0.2 Total $ 561 $ 2,611 $ 3,255 $ 1,213 $ 2,925 $ 5,357 $ 866 $ 16,788 100.0 % The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2020 : 2020 2019 2018 2017 2016 Prior Revolving Loans Total % of Total (Dollars in millions) Performance indicators: Performing $ 249 $ 3,084 $ 1,479 $ 510 $ 268 $ 8,766 $ — $ 14,356 97.2 % Nonperforming (1) — 9 9 5 7 377 — 407 2.8 Total $ 249 $ 3,093 $ 1,488 $ 515 $ 275 $ 9,143 $ — $ 14,763 100.0 % __________________ (1) Includes residential mortgage loans in process of foreclosure of $119 million a nd $118 million at March 31, 2020 and December 31, 2019 , respectively. Past Due and Nonaccrual Mortgage Loans The Company has a high quality, well performing mortgage loan portfolio, with over 99% of all mortgage loans classified as performing at both March 31, 2020 and December 31, 2019 . The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows at: Past Due Greater than 90 Days Past Due and Still Accruing Interest Nonaccrual March 31, 2020 Decembe |
