Note 6 - Available-for-Sale Investments

3 Months Ended

Mar. 31, 2015

Available For Sale Investments [Abstract]

Available For Sale Investments [Text Block]

6.      Available-for-Sale Investments

The following is a summary of the fair value of available-for-sale investments (in millions):

	Amortized cost				Fair value
	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014
Bonds, notes and other securities:
U.S. government and agencies	$	761	$	759	$	763	$	759
Total short-term investments	$	761	$	759	$	763	$	759
Asset-backed securities	$	41	$	42	$	37	$	38
Total long-term investments	$	41	$	42	$	37	$	38

We do not intend to sell, nor do we believe it is more likely than not that we would be required to sell, the long-term investment asset-backed securities (which are collateralized by mortgages) before recovery of their amortized cost basis.  It is possible that a significant degradation in the delinquency or foreclosure rates in the underlying assets could cause further temporary or other-than-temporary impairments in the future.

The following table summarizes the contractual maturities of available-for-sale securities at March 31, 2015 (in millions):

Less than one year	$535
Due in 1-5 years	228
Due in 5-10 years
Due after 10 years (1)	37
Total	$800

(1) Includes $37 million of asset-based securities that mature over time and are being reported at their final maturity dates.

Unrealized gains and losses, net of tax, are computed on a specific identification basis and are reported as a separate component of accumulated other comprehensive (loss) income in shareholders’ equity until realized.

The following tables provide the fair value and gross unrealized losses of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2015 and December 31, 2014 (dollars in millions):

		March 31, 2015
		12 months or greater				Total
	Number of securities in a loss position	Fair value		Unrealized losses (1)		Fair value		Unrealized losses
Asset-backed securities	21	$	37	$	(4)	$	37	$	(4)
Total long-term investments	21	$	37	$	(4)	$	37	$	(4)

(1) Unrealized losses in securities less than 12 months were not significant.

		December 31, 2014
		12 months or greater				Total
	Number of securities in a loss position	Fair value		Unrealized losses (1)		Fair value		Unrealized losses
Asset-backed securities	21	$	37	$	(4)	$	37	$	(4)
Total long-term investments	21	$	37	$	(4)	$	37	$	(4)

(1) Unrealized losses in securities less than 12 months were not significant.

As of March 31, 2015 and December 31, 2014, for securities that have credit losses, an other than temporary impairment loss of $4 million in both periods is recognized in accumulated other comprehensive (loss) income.

For the three months ended March 31, 2015 and 2014, proceeds from sales and maturities of short-term investments totaled approximately $300 million in both periods.