ARCHER DANIELS MIDLAND CO | 2013 | FY | 3

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, 2013
 
 
 
 
 
 
 
United States government obligations
 
 
 
 
 
 
 
Maturity less than 1 year
$
395

 
$
—

 
$
—

 
$
395

Maturity 1 to 5 years
124

 
—

 
—

 
124

Government-sponsored enterprise obligations
 
 
 
 
 
 
 
Maturity 1 to 5 years
4

 
—

 
—

 
4

Corporate debt securities
 
 
 
 
 
 
 
Maturity 1 to 5 years
16

 
—

 
—

 
16

Other debt securities
 
 
 
 
 
 
 
Maturity less than 1 year
38

 
—

 
—

 
38

Maturity 1 to 5 years
3

 
—

 
—

 
3

Equity securities
 
 
 
 
 
 
 
Available-for-sale
362

 
1

 
(2
)
 
361

 
$
942

 
$
1

 
$
(2
)
 
$
941

 
 
 
 
 
 
 
 
 
Cost
 
 Unrealized
 Gains
 
Unrealized
 Losses
 
 Fair
 Value
 
(In millions)
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
United States government obligations
 
 
 
 
 
 
 
Maturity less than 1 year
$
548

 
$
—

 
$
—

 
$
548

Maturity 1 to 5 years
93

 
—

 
—

 
93

Government-sponsored enterprise obligations
 

 
 

 
 

 
 

Maturity 1 to 5 years
2

 
—

 
—

 
2

Corporate debt securities
 

 
 

 
 

 
 

Maturity 1 to 5 years
15

 
—

 
—

 
15

Other debt securities
 

 
 

 
 

 
 

Maturity less than 1 year
28

 
—

 
—

 
28

Maturity 1 to 5 years
3

 
—

 
—

 
3

Equity securities
 

 
 

 
 

 
 

Available-for-sale
606

 
3

 
(5
)
 
604

 
$
1,295

 
$
3

 
$
(5
)
 
$
1,293






All of the $2 million in unrealized losses at December 31, 2013, arose within the last 12 months and are related to the Company’s investment in one security.  The market value of the available-for-sale equity security that has been in an unrealized loss position for less than 12 months is $5 million.  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 this investment for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider this investment to be other-than-temporarily impaired at December 31, 2013.

For information on other-than-temporary impairment charges, see Note 19.

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