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Marketable Securities
 12 Months Ended
Dec. 31, 2016
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, 2016
 
 
 
 
 
 
 
United States government obligations
 
 
 
 
 
 
 
Maturity less than 1 year
$
287

 
$
—

 
$
—

 
$
287

Maturity 1 to 5 years
121

 
—

 
(1
)
 
120

Corporate debt securities
 
 
 
 
 
 
 
Maturity less than 1 year
1

 
—

 
—

 
1

Maturity 1 to 5 years
66

 
—

 
—

 
66

Other debt securities
 
 
 
 
 
 
 
Maturity less than 1 year
8

 
—

 
—

 
8

Equity securities
 
 
 
 
 
 
 
Available-for-sale
1

 
—

 
—

 
1

 
$
484

 
$
—

 
$
(1
)
 
$
483

 
 
 
 
 
 
 
 
 
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


The $1 million in unrealized losses at December 31, 2016 arose within the last 12 months and is related to the Company’s investment in one available-for-sale debt security with a fair value of $42 million. The contractual terms of this investment do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investment. Because the Company does not intend to sell the investment and it is not more likely than not that it will be required to sell the investment before recovery of its amortized cost basis, which may be maturity, the Company does not consider this investment to be other-than-temporarily impaired at December 31, 2016. For information on other-than temporary impairment charges, see Note 18.

In December 2016, the Company sold its 19.8% ownership interest in GrainCorp for A$387 million (US$288 million). This investment was classified as an available-for-sale equity security in the December 31, 2015 table above.