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
	September 30, 2012		December 31, 2011		September 30, 2012		December 31, 2011
Bonds, notes and other securities:
U.S. government and agencies	$	1,395	$	1,150	$	1,399	$	1,155
Other debt securities				6				9
Total short-term investments	$	1,395	$	1,156	$	1,399	$	1,164
Asset-backed securities	$	52	$	57	$	40	$	35
Total long-term investments	$	52	$	57	$	40	$	35

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 maturities at market value of available-for-sale securities at September 30, 2012 (in millions):

Less than one year	$1,091
Due in 1-5 years	308
Due in 5-10 years
Due after 10 years (1)	40
Total	$1,439

(1)	Includes $40 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 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 September 30, 2012 and December 31, 2011 (in millions):


		September 30, 2012
		12 months or greater				Total
	Number of securities in a loss position	Fair value		Unrealized losses		Fair value		Unrealized losses (1)
Asset-backed securities	22	$	40	$	(12)	$	40	$	(12)
Total long-term investments	22	$	40	$	(12)	$	40	$	(12)

(1)	Unrealized losses in securities less than 12 months were not significant.


		December 31, 2011
		12 months or greater				Total
	Number of securities in a loss position	Fair value		Unrealized losses		Fair value		Unrealized losses (1)
Asset-backed securities	22	$	35	$	(23)	$	35	$	(23)
Total long-term investments	22	$	35	$	(23)	$	35	$	(23)

(1)	Unrealized losses in securities less than 12 months were not significant.

As of September 30, 2012 and December 31, 2011, for securities that have credit losses, an other than temporary impairment loss of $10 and $18 million, respectively, is recognized in accumulated other comprehensive loss.

Proceeds from sales and maturities of short-term investments totaled $1.6 billion and $2.4 billion for the nine months ended September 30, 2012 and 2011, respectively.