Investments

At September 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:



	September 30, 2015
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In millions)
Short-term investments:
Restricted cash	$	30	$	—	$	—		$	30
Corporate debt securities	2,039		1		(1		)	2,039
Government and agency securities	55		—		—			55
Time deposits and other	50		—		—			50
Equity instruments	9		731		—			740
	$	2,183	$	732	$	(1	)	$	2,914
Long-term investments:
Corporate debt securities	3,468		15		(34		)	3,449
	$	3,468	$	15	$	(34	)	$	3,449



	December 31, 2014
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In millions)
Short-term investments:
Restricted cash	$	19	$	—	$	—		$	19
Corporate debt securities	2,519		1		(1		)	2,519
Government and agency securities	3		—		—			3
Time deposits and other	152		—		—			152
Equity instruments	9		1,028		—			1,037
	$	2,702	$	1,029	$	(1	)	$	3,730
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 September 30, 2015 and December 31, 2014. Refer to "Note 14 - 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 September 30, 2015 are as follows:



	September 30, 2015
	(In millions)
One year or less (including restricted cash of $30)	$	2,174
One year through two years	1,186
Two years through three years	1,273
Three years through four years	866
Four years through five years	115
Five years through six years	—
Six years through seven years	—
Seven years through eight years	8
Eight years through nine years	—
Nine years through ten years	1
	$	5,623

Equity and cost method investments

We have made multiple equity and cost method investments which are reported in long-term investments on our condensed consolidated balance sheet. As of September 30, 2015 and December 31, 2014, our equity and cost method investments totaled $123 million and $184 million, respectively. During the second quarter of 2015, we sold our equity interest in craigslist, Inc. During the third quarter of 2015, we sold a portion of our equity interest in Jasper Infotech Private Limited (Snapdeal) and our entire interest in Baixing Holdings Limited. The resulting gains are recorded in interest and other, net on our condensed consolidated statement of income.