Investments

6 Months Ended

Jun. 30, 2018

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, 2018 and December 31, 2017 (in millions):



	June 30, 2018
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Restricted cash	$	17	$	—	$	—		$	17
Corporate debt securities	2,376		1		(6		)	2,371
	$	2,393	$	1	$	(6	)	$	2,388
Long-term investments:
Corporate debt securities	4,598		5		(53		)	4,550
	$	4,598	$	5	$	(53	)	$	4,550



	December 31, 2017
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Restricted cash	$	20	$	—	$	—		$	20
Corporate debt securities	3,726		1		(4		)	3,723
	$	3,746	$	1	$	(4	)	$	3,743
Long-term investments:
Corporate debt securities	5,458		12		(24		)	5,446
	$	5,458	$	12	$	(24	)	$	5,446

Investment securities in a continuous loss position for greater than 12 months had an estimated fair value of $430 million and $9 million of unrealized losses as of June 30, 2018 and an estimated fair value of $360 million and an immaterial amount of unrealized losses as of December 31, 2017. 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, 2018 are as follows (in millions):



	June 30, 2018
One year or less (including restricted cash of $17)	$	2,388
One year through two years	2,127
Two years through three years	1,478
Three years through four years	640
Four years through five years	305
	$	6,938

Equity investments

Our equity investments are reported in long-term investments on our condensed consolidated balance sheet. The following table provides a summary of our equity investments as of June 30, 2018 and December 31, 2017 (in millions):



	June 30, 2018		December 31, 2017
Equity investments without readily determinable fair values	$	859	$	872
Equity investments under the equity method of accounting	9		13
Total equity investments	$	868	$	885

During the second quarter of 2018, we relinquished our existing equity method investment in Giosis as part of the exchange for the acquisition of Giosis’ Japan business. The gain upon relinquishment of $266 million was recorded in interest and other, net on our condensed consolidated statement of income. Refer to “Note 3 - Business Combinations” for further details on the acquisition. Changes in our equity investments without determinable fair values typically include foreign currency translation.

In May 2018, we announced our intent to sell our ownership interest in Flipkart. We expect to close the transaction in the second half of 2018, subject to regulatory approval.