Marketable Securities

The following table summarizes the fair value, which approximates cost, of cash equivalents and marketable securities:



	Fair Value Level	June 30, 2016		December 31, 2015
Cash, cash equivalents and time deposits		$	9,088	$	7,730
Available-for sale securities
U.S. government and agencies	2	$	1,953	$	5,329
Corporate debt	2	5,999		6,267
Money market funds	1	1,983		2,275
Sovereign debt	2	4,097		1,219
Total available-for-sale securities		14,032		15,090
Trading securities – sovereign debt	2	50		581
Total marketable securities (including securities classified as cash equivalents)		$	14,082	$	15,671
Restricted cash
Cash, cash equivalents and time deposits		$	717	$	833
Available-for-sale securities, primarily money market funds	1	1,481		1,340
Total restricted cash		$	2,198	$	2,173
Available-for-sale securities included above with contractual maturities
Due in one year or less		$	10,146
Due between one and five years		1,920
Total available-for-sale securities with contractual maturities		$	12,066

Marketable securities classified as cash equivalents totaled $9.8 billion and $7.5 billion at June 30, 2016 and December 31, 2015 and consisted of corporate debt, money market funds and sovereign debt. Sales proceeds from investments classified as available-for-sale and sold prior to maturity were $1.6 billion and $4.5 billion in the three months ended June 30, 2016 and 2015 and $4.2 billion and $5.9 billion in the six months ended June 30, 2016 and 2015. Net unrealized gains and losses on trading securities were insignificant in the three and six months ended June 30, 2016 and 2015.