Investments

At June 30, 2015 and December 31, 2014, the estimated fair value of our short-term and long-term investments classified as available for sale, were as follows:



	June 30, 2015
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In millions)
Short-term investments:
Restricted cash	$	44	$	—	$	—		$	44
Corporate debt securities	3,737		1		(1		)	3,737
Government and agency securities	595		—		—			595
Time deposits and other	56		—		—			56
Equity instruments	8		1,143		—			1,151
	$	4,440	$	1,144	$	(1	)	$	5,583
Long-term investments:
Corporate debt securities	5,654		20		(10		)	5,664
Government and agency securities	51		—		—			51
	$	5,705	$	20	$	(10	)	$	5,715



	December 31, 2014
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In millions)
Short-term investments:
Restricted cash	$	29	$	—	$	—		$	29
Corporate debt securities	2,519		1		(1		)	2,519
Government and agency securities	3		—		—			3
Time deposits and other	181		—		—			181
Equity instruments	9		1,028		—			1,037
	$	2,741	$	1,029	$	(1	)	$	3,769
Long-term investments:
Corporate debt securities	5,319		18		(18		)	5,319
Government and agency securities	232		1		—			233
	$	5,551	$	19	$	(18	)	$	5,552

We had no material long-term or short-term investments that have been in a continuous unrealized loss position for more than 12 months as of June 30, 2015 and December 31, 2014. Refer to "Note 16 - Accumulated Other Comprehensive Income" for amounts reclassified to earnings from unrealized gains and losses.

The estimated fair values of our short-term and long-term investments classified as available for sale by date of contractual maturity at June 30, 2015 are as follows:



	June 30, 2015
	(In millions)
One year or less (including restricted cash of $44)	$	4,432
One year through two years	2,504
Two years through three years	1,852
Three years through four years	1,163
Four years through five years	147
Five years through six years	32
Six years through seven years	3
Seven years through eight years	9
Eight years through nine years	—
Nine years through ten years	1
Ten years through eleven years	—
Eleven years through twelve years	4
	$	10,147

Equity and cost method investments

We have made multiple equity and cost method investments which are reported in long-term investments on our consolidated balance sheet. As of June 30, 2015 and December 31, 2014, our equity and cost method investments totaled $166 million and $215 million, respectively. During the second quarter of 2015, we sold our equity interest in craigslist, Inc and the resulting gain is recorded in Interest and other, net on our condensed consolidated statement of income.