Investments (Tables)

3 Months Ended

Mar. 31, 2016

Fair value of short and long-term investments classified as available for sale

At March 31, 2016 and December 31, 2015, the estimated fair value of our short-term and long-term investments classified as available for sale, were as follows:



	March 31, 2016
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In millions)
Short-term investments:
Restricted cash	$	25	$	—	$	—		$	25
Corporate debt securities ⁽¹⁾	4,349		2		(56		)	4,295
Government and agency securities	50		—		—			50
Equity instruments	9		948		—			957
	$	4,433	$	950	$	(56	)	$	5,327
Long-term investments:
Corporate debt securities ⁽¹⁾	3,266		16		(42		)	3,240
	$	3,266	$	16	$	(42	)	$	3,240

(1) At March 31, 2016 investment securities with a fair value and an unrealized foreign exchange loss of $1.1 billion and $55 million, respectively, were held by a foreign subsidiary in which the U.S. Dollar is not the functional currency.



	December 31, 2015
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In millions)
Short-term investments:
Restricted cash	$	28	$	—	$	—		$	28
Corporate debt securities	3,302		1		(16		)	3,287
Government and agency securities	55		—		—			55
Equity instruments	9		920		—			929
	$	3,394	$	921	$	(16	)	$	4,299
Long-term investments:
Corporate debt securities	3,327		7		(67		)	3,267
	$	3,327	$	7	$	(67	)	$	3,267

Estimated fair values of short and long-term investments classified by date of contractual maturity

The estimated fair values of our short-term and long-term investments classified as available for sale by date of contractual maturity at March 31, 2016 are as follows:



	March 31, 2016
	(In millions)
One year or less (including restricted cash of $25)	$	4,369
One year through two years	1,476
Two years through three years	1,482
Three years through four years	242
Four years through five years	36
Five years through six years	—
Six years through seven years	—
Seven years through eight years	5
Eight years through nine years	—
Nine years through ten years	—
	$	7,610

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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