Annual report pursuant to Section 13 and 15(d)

MARKETABLE SECURITIES (Tables)

v3.8.0.1
MARKETABLE SECURITIES (Tables)
12 Months Ended
Dec. 31, 2017
Marketable Securities [Abstract]  
Summary of marketable securities A summary of marketable securities, all of which are classified as current, was as follows:
 
 
December 31,
 
 
2017
 
2016
In millions
 
Cost
 
Gross unrealized
gains/(losses)
 
Estimated
fair value
 
Cost
 
Gross unrealized
gains/(losses)
 
Estimated
fair value
Available-for-sale (1)
 
 

 
 

 
 

 
 

 
 

 
 

Debt mutual funds
 
$
170

 
$

 
$
170

 
$
132

 
$

 
$
132

Bank debentures
 

 

 

 
114

 

 
114

Equity mutual funds
 
12

 
3

 
15

 
12

 

 
12

Certificates of deposit
 
12

 

 
12

 

 

 

Government debt securities
 
1

 

 
1

 
2

 

 
2

Total marketable securities
 
$
195

 
$
3

 
$
198

 
$
260

 
$

 
$
260


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(1) All marketable securities are classified as Level 2 securities. The fair value of Level 2 securities is estimated using actively quoted prices for similar instruments from brokers and observable inputs where available, including market transactions and third-party pricing services, or net asset values provided to investors. We do not currently have any Level 3 securities and there were no transfers between Level 2 or 3 during 2017 or 2016.
Schedule of proceeds from sales and maturities and gross realized gains and losses The proceeds from sales and maturities of marketable securities and gross realized gains from the sale of available-for-sale (AFS) securities were as follows:
 
 
Years ended December 31,
In millions
 
2017
 
2016
 
2015
Proceeds from sales and maturities of marketable securities
 
$
266

 
$
306

 
$
270

Gross realized gains from the sale of available-for-sale securities(1)
 

 

 
1

____________________________________________________
(1) Gross realized losses from the sale of available-for-sale securities were immaterial.
Summary of fair value of AFS investments in debt securities by contractual maturity At December 31, 2017, the fair value of AFS investments in debt securities that utilize a Level 2 fair value measure is shown by contractual maturity below:
Maturity date
 
(in millions)
1 year or less
 
$
182

1 - 5 years
 
1

Total
 
$
183