NOTE 2 — INVESTMENTS

Gains and losses recorded in accumulated OCI (“AOCI”) related to the Company’s available-for-sale investments as of December 31, 2016 were as follows:

(In millions)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. government and agency securities	$	431	$	1	$	(2	)	$	430
Foreign government and agency securities	88		—		(1		)	87
Corporate notes and bonds	510		—		(2		)	508
Time deposits	280		—		—			280
Other securities	28		—		—			28

Total	$	1,337	$	1	$	(5	)	$	1,333

Gains and losses recorded in AOCI related to the Company’s available-for-sale investments as of June 30, 2016 were as follows:

(In millions)	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government and agency securities	$	560	$	3	$	—	$	563
Foreign government and agency securities	61		—		—		61
Corporate notes and bonds	454		3		—		457
Time deposits	390		—		—		390
Other securities	32		1		—		33

Total	$	1,497	$	7	$	—	$	1,504

The following table presents the Company’s available-for-sale securities by contractual maturity as of December 31, 2016:

(In millions)	Cost		Fair Value
Due within one year	$	413	$	413
Due after one through five years	924		920

	$	1,337	$	1,333

The following table presents the fair market value of the Company’s investments with gross unrealized losses that are not deemed to be other-than temporarily impaired as of December 31, 2016:

	In a Loss Position for Less Than 12 Months					In a Loss Position for More Than 12 Months
(In millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Available-for-sale securities	$	781	$	(5	)	$	14	$	—

Gross gains and losses realized on sales of investments included in the consolidated statements of earnings for the three and six months ended December 31, 2016 and 2015 were de minimis.

The Company utilizes the first-in, first-out method to determine the cost of the security sold. Sales proceeds from investments classified as available-for-sale were $151 million and $194 million for the three months ended December 31, 2016 and 2015, respectively, and $332 million and $389 million for the six months ended December 31, 2016 and 2015, respectively.