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CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES | 9 Months Ended
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Sep. 30, 2016
Cash, Cash Equivalents, and Short-term Investments [Abstract] |
CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES | CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES Components for cash, cash equivalents and marketable securities (in millions):
September 30, 2016 | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Cash | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |
Cash equivalents | 1,802 |  |  | — |  |  | — |  |  | 1,802 |
Cash and cash equivalents | 1,818 |  |  | — |  |  | — |  |  | 1,818 |
U.S. government and agency securities | 330 |  |  | 2 |  |  | — |  |  | 332 |
Foreign government bonds | 36 |  |  | — |  |  | — |  |  | 36 |
Asset-backed securities | 153 |  |  | 1 |  |  | — |  |  | 154 |
Mortgage-backed securities | 102 |  |  | — |  |  | — |  |  | 102 |
Corporate notes and bonds | 760 |  |  | 8 |  |  | (1 | ) |  | 767 |
Municipal securities | 17 |  |  | — |  |  | — |  |  | 17 |
Marketable securities | 1,398 |  |  | 11 |  |  | (1 | ) |  | 1,408 |
Total | $ | 3,216 |  |  | $ | 11 |  |  | $ | (1 | ) |  | $ | 3,226 |
December 31, 2015 | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Cash | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Cash equivalents | 69 |  |  | — |  |  | — |  |  | 69 |
Cash and cash equivalents | 73 |  |  | — |  |  | — |  |  | 73 |
U.S. government and agency securities | 254 |  |  | — |  |  | (1 | ) |  | 253 |
Foreign government bonds | 31 |  |  | — |  |  | — |  |  | 31 |
Asset-backed securities | 130 |  |  | — |  |  | — |  |  | 130 |
Mortgage-backed securities | 117 |  |  | — |  |  | (1 | ) |  | 116 |
Corporate notes and bonds | 711 |  |  | 1 |  |  | (4 | ) |  | 708 |
Municipal securities | 17 |  |  | — |  |  | — |  |  | 17 |
Marketable securities | 1,260 |  |  | 1 |  |  | (6 | ) |  | 1,255 |
Total | $ | 1,333 |  |  | $ | 1 |  |  | $ | (6 | ) |  | $ | 1,328 |
The large increase in cash and cash equivalents is due to debt financing received in anticipation of the pending merger with Virgin America. Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence as of September 30, 2016. Activity for marketable securities (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Proceeds from sales and maturities | $ | 280 |  |  | $ | 142 |  |  | $ | 638 |  |  | $ | 818 |
Gross realized gains | — |  |  | — |  |  | 2 |  |  | 2 |
Gross realized losses | — |  |  | — |  |  | (1 | ) |  | (2 | )
Maturities for marketable securities (in millions):
September 30, 2016 | Cost Basis |  | Fair Value
Due in one year or less | $ | 283 |  |  | $ | 283 |
Due after one year through five years | 1,108 |  |  | 1,118 |
Due after five years through 10 years | 7 |  |  | 7 |
Due after 10 years | — |  |  | — |
Total | $ | 1,398 |  |  | $ | 1,408 |

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References No definition available. + Details
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