Marketable Securities

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

The following table sets forth items in short-term and long-term investments. 

	Cost		Unrealized  Gains		Unrealized  Losses			Fair  Value
	(In millions)
December 31, 2015
United States government obligations
Maturity less than 1 year	$	256	$	—	$	—		$	256
Maturity 1 to 5 years	116		—		—			116
Corporate debt securities
Maturity 1 to 5 years	26		—		—			26
Other debt securities
Maturity less than 1 year	182		—		—			182
Maturity 1 to 5 years	3		—		—			3
Equity securities
Available-for-sale	296		4		(6		)	294
	$	879	$	4	$	(6	)	$	877
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
December 31, 2014
United States government obligations
Maturity less than 1 year	$	385	$	—	$	—		$	385
Maturity 1 to 5 years	93		—		—			93
Corporate debt securities
Maturity 1 to 5 years	72		—		—			72
Other debt securities
Maturity less than 1 year	130		—		—			130
Maturity 1 to 5 years	3		—		—			3
Equity securities
Available-for-sale	328		1		(12		)	317
	$	1,011	$	1	$	(12	)	$	1,000

Of the $6 million in unrealized losses at December 31, 2015, $1 million arose within the last 12 months and related to the Company’s investment in one available-for-sale equity security with a fair value of $4 million. The market value of the Company’s investment that has been in an unrealized loss position for 12 months or longer is $2 million and is related to the Company’s investment in one available for sale equity security. The Company evaluated the near-term prospects of the issuer in relation to the severity and duration of the impairment.  Based on that evaluation and the Company’s ability and intent to hold these investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2015.