Investments and Marketable Securities

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Investments and Marketable Securities

Investments and Marketable Securities

Investments in marketable debt securities are classified based on intent and ability to sell investment securities. The Company’s available-for-sale securities are used to fund future acquisitions and other operating needs and therefore can be sold prior to maturity. Investments in marketable debt securities for which the Company intends to sell within the next year are classified as current and those that we intend to hold in excess of one year are classified as non-current.

Changes in the market value of available-for-sale securities are reflected in the accumulated other comprehensive income caption of stockholders’ equity in the balance sheet, until we dispose of the securities. Once these securities are disposed of, either by sale or maturity, the accumulated changes in market value are transferred to investment income. On the Consolidated Statements of Cash Flows, changes in the balances of available-for-sale securities are shown as purchases, sales and maturities of investments and marketable securities under investing activities.

Changes in market value of trading securities would be recorded in investment income as they occur, and the related cash flow statement includes changes in the balances of trading securities as operating cash flows.

As of December 31, 2015, there were no investments and marketable securities. For the years ended December 31, 2015, 2014 and 2013, changes in unrealized gains and losses on available-for-sale securities were immaterial.

The following table shows the number, aggregate market value and unrealized losses (in millions) of investments with market values that were less than amortized cost as of December 31, 2014. These lower market values are primarily caused by fluctuations in interest rates and credit spreads. All remaining investments and marketable securities have been sold during 2015.

	Unrealized Loss < 12 months					Unrealized Loss > 12 months
	Number of investments	Aggregate Market Value		Unrealized Losses		Number of investments	Aggregate Market Value		Unrealized Losses
Government securities	—	$	—	$	—	1	$	8	$	—
State and municipal bonds	—	—		—		2	1		—
Corporate Securities	1	1		—		11	3		—
Other	—	—		—		1	—		—
Total	1	$	1	$	—	15	$	12	$	—

Using the specific identification method, the proceeds and realized gains on the sales of available-for-sale securities were as follows (in millions):

	Year Ended December 31,
		2015		2014			2013
Proceeds		$	25	$	644		$	337
Realized gains		—		1			1
Realized losses		—		(1		)	—
Net realized gains included in other comprehensive income (loss) as of the end of the prior year		—		—			—

Included in the Company’s cash, restricted cash, investments and marketable securities are amounts held by foreign subsidiaries. The Company had $166 million as of December 31, 2015, and $268 million as of December 31, 2014 of foreign cash and investments out of the Company's total cash positions of $192 million and $394 million, respectively.