Note 2

Investments

The following is a summary of the amortized cost and estimated fair value of short-term investments for both available-for-sale and trading securities at the end of each year:



	December 31, 2015				December 31, 2014
	Amortized		Fair		Amortized		Fair
(Millions of dollars)	Cost		Value		Cost		Value
Money market funds	$	81	$	81	$	142	$	142
Corporate bonds		—		—		11		11
U.S. Government agency securities		—		—		10		10
Other available-for-sale securities		—		—		4		4
Total available-for-sale short-term investments		81		81		167		167
Domestic equity securities		475		466		115		115
Domestic debt securities		452		450		5		5
Foreign equity securities		120		120		—		—
High yield debt securities		108		104		188		182
Money market funds held in trading accounts		22		22		21		21
Collateralized loan obligation		10		10		—		—
Other trading securities		1		1		1		1
Total trading short-term investments		1,188		1,173		330		324
Total short-term investments	$	1,269	$	1,254	$	497	$	491

Unrealized losses related to trading securities were $(12) million, $(7) million and $(1) million for the years ended December 31, 2015, 2014 and 2013, respectively. Seaboard had $80 million of equity securities denominated in foreign currencies at December 31, 2015, with $25 million in Euros, $20 million in Japanese Yen, $15 million in the British Pound, $7 million in the Swiss Franc and the remaining $13 million in various other currencies. Also, money market funds included $3 million and $8 million denominated in various foreign currencies at December 31, 2015 and 2014.

In addition to its short-term investments, Seaboard also has trading securities related to Seaboard’s deferred compensation plans classified in other current assets on the Consolidated Balance Sheets. See Note 8 for information on the types of trading securities held related to the deferred compensation plans and Note 9 for a discussion of assets held in conjunction with investments related to Seaboard’s defined benefit pension plan.

Seaboard had $20 million and $4 million of cost method investments classified in other non-current assets on the Consolidated Balance Sheets as of December 31, 2015 and 2014, respectively. During 2015, Seaboard invested $18 million for a 12% noncontrolling interest in a grain trading and poultry business in Morocco.