Investments

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



	September 30, 2017
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Restricted cash	$	22	$	—	$	—		$	22
Corporate debt securities	4,201		3		(8		)	4,196
Government and agency securities	52		—		—			52
	$	4,275	$	3	$	(8	)	$	4,270
Long-term investments:
Corporate debt securities	5,403		20		(6		)	5,417
	$	5,403	$	20	$	(6	)	$	5,417



	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 $129 million and an immaterial amount of unrealized losses as of September 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 September 30, 2017 are as follows (in millions):



	September 30, 2017
One year or less (including restricted cash of $22)	$	4,270
One year through two years	2,431
Two years through three years	1,774
Three years through four years	519
Four years through five years	574
Five years through six years	119
	$	9,687

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 third quarter of 2017, we received a 5.44% ownership interest in Flipkart in exchange for our eBay India business and a $500 million cash investment, resulting in a cost method investment of $725 million. The gain on disposal of our eBay India business of $167 million was recorded in interest and other, net on our consolidated statement of income. 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 September 30, 2017 and December 31, 2016, our equity and cost method investments totaled $885 million and $118 million, respectively.