3. Available-for-Sale Investments

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


	Amortized cost December 31,				Fair value December 31,
	2012		2011		2012		2011
Bonds, notes and other securities:
U.S. government and agencies	$	1,153	$	1,150	$	1,156	$	1,155
Other debt securities				6				9
Total short-term investments	$	1,153	$	1,156	$	1,156	$	1,164
Asset-backed securities	$	51	$	57	$	40	$	35
Total long-term investments	$	51	$	57	$	40	$	35

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 December 31, 2012 (in millions):

Less than one year	$ 821
Due in 1-5 years	335
Due in 5-10 years
Due after 10 years (1)	40
Total	$1,196

(1)	Included in the maturity table is $40 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 in shareholders' equity until realized.

The following table provides the fair value and gross unrealized losses of the Company's investments and unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2012 and 2011 (in millions):


	Number of securities in a loss position	December 31, 2012
		12 months or greater				Total
		Fair value		Unrealized losses (1)		Fair value		Unrealized losses
Asset-backed securities	22	$	40	$	(11)	$	40	$	(11)
Total long-term investments	22	$	40	$	(11)	$	40	$	(11)

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


	Number of securities in a loss position	December 31, 2011
		12 months or greater				Total
		Fair value		Unrealized losses (1)		Fair value		Unrealized losses
Asset-backed securities	22	$	35	$	(23)	$	35	$	(23)
Total long-term investments	22	$	35	$	(23)	$	35	$	(23)

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

As of December 31, 2012 and 2011, for securities that have credit losses, an other than temporary impairment loss of $9 million and $18 million, respectively, is recognized in accumulated other comprehensive income.

Proceeds from sales and maturities of short-term investments totaled $2.3 billion, $3.2 billion, and $2.1 billion in 2012, 2011, and 2010, respectively.