Investments

The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale as of June 30, 2017 and December 31, 2016 (in millions):



	June 30, 2017
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Restricted cash	$	21	$	—	$	—		$	21
Corporate debt securities ⁽¹⁾	6,302		2		(12		)	6,292
Government and agency securities	68		—		—			68
	$	6,391	$	2	$	(12	)	$	6,381
Long-term investments:
Corporate debt securities ⁽¹⁾	4,611		19		(6		)	4,624
	$	4,611	$	19	$	(6	)	$	4,624


(1)	As of June 30, 2017, investment securities with a fair value of $393 million and a net unrealized foreign exchange loss of $11 million were held by a foreign subsidiary in which the U.S. dollar is not the functional currency.



	December 31, 2016
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Restricted cash	$	19	$	—	$	—		$	19
Corporate debt securities	5,203		44		(1		)	5,246
Government and agency securities	63		5		—			68
	$	5,285	$	49	$	(1	)	$	5,333
Long-term investments:
Corporate debt securities	3,848		15		(12		)	3,851
	$	3,848	$	15	$	(12	)	$	3,851

Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $22 million and an immaterial amount of unrealized losses as of June 30, 2017 and an estimated fair value of $123 million and an immaterial amount of unrealized losses as of December 31, 2016. 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 as of June 30, 2017 are as follows (in millions):



	June 30, 2017
One year or less (including restricted cash of $21)	$	6,381
One year through two years	2,154
Two years through three years	1,683
Three years through four years	208
Four years through five years	504
Five years through six years	75
	$	11,005

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. During the second quarter of 2016, we sold a portion of our equity interest in Jasper Infotech Private Limited (Snapdeal). The resulting gain was recorded in interest and other, net on our consolidated statement of income. As of June 30, 2017 and December 31, 2016, our equity and cost method investments totaled $130 million and $118 million, respectively.

In April 2017, we announced that we would receive an ownership interest in Flipkart in exchange for our eBay.in business and a $500 million cash investment. We signed the definitive agreement to sell our marketplace business in India on April 10, 2017 and we expect to close these transactions in the second half of 2017, subject to customary closing conditions.