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Note 6 - Available-for-Sale Investments | 6 Months Ended
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Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [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
| June 30, 2015 |  | December 31, 2014 |  | June 30, 2015 |  | December 31, 2014
Bonds, notes and other securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies | $ | 505 |  | $ | 759 |  | $ | 505 |  | $ | 759
Total short-term investments | $ | 505 |  | $ | 759 |  | $ | 505 |  | $ | 759
Asset-backed securities | $ | 40 |  | $ | 42 |  | $ | 35 |  | $ | 38
Total long-term investments | $ | 40 |  | $ | 42 |  | $ | 35 |  | $ | 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 June 30, 2015 (in millions):
Less than one year | $505
Due in 1-5 years |
Due in 5-10 years |
Due after 10 years (1) | 35
Total | $540
(1) | Includes $35 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 June 30, 2015 and December 31, 2014 (dollars in millions):
|  |  | June 30, 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 |  | $ | 35 |  | $ | (4) |  | $ | 35 |  | $ | (4)
Total long-term investments | 21 |  | $ | 35 |  | $ | (4) |  | $ | 35 |  | $ | (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 June 30, 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 six months ended June 30, 2015 and 2014, proceeds from sales and maturities of short-term investments totaled approximately $0.8 billion and $0.6 billion, respectively.

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