Marketable Securities

The following table summarizes the fair value of marketable securities which approximates cost (dollars in millions):



	Fair Value Level	June 30, 2015		December 31, 2014
Cash and cash equivalents
Available-for-sale securities
U.S. government and agencies	2	$	348	$	1,600
Sovereign debt	2	3,371		774
Money market funds	1	1,540		2,480
Corporate debt	2	5,129		6,036
Total available-for-sale securities		10,388		10,890
Trading securities – sovereign and corporate debt	2	97		431
Total marketable securities classified as cash equivalents		10,485		11,321
Cash, cash equivalents and time deposits		7,142		7,633
Total cash and cash equivalents		$	17,627	$	18,954
Marketable securities
Available-for-sale securities
U.S. government and agencies	2	$	3,874	$	5,957
Corporate debt	2	2,223		1,998
Total available-for-sale securities		6,097		7,955
Trading securities – sovereign debt	2	1,103		1,267
Total marketable securities		$	7,200	$	9,222
Restricted cash and marketable securities
Available-for-sale securities, primarily money market funds	1	$	1,308	$	1,427
Restricted cash, cash equivalents and time deposits		757		846
Total restricted cash and marketable securities		$	2,065	$	2,273

Available-for-sale securities included above with contractual maturities
Due in one year or less		$	12,947
Due between one year and five years		2,024
Total available-for-sale securities with contractual maturities		$	14,971

Sales proceeds from investments classified as available-for-sale and sold prior to maturity were $4.5 billion and $748 million in the three months ended June 30, 2015 and 2014 and $5.9 billion and $1.5 billion in the six months ended June 30, 2015 and 2014. Cumulative unrealized gains and losses on available-for-sale securities were insignificant at June 30, 2015 and December 31, 2014 and net unrealized gains and losses on trading securities were insignificant in the three and six months ended June 30, 2015 and 2014.