Quarterly report pursuant to Section 13 or 15(d)

MARKETABLE SECURITIES (Tables)

v2.4.0.8
MARKETABLE SECURITIES (Tables)
6 Months Ended
Jun. 29, 2014
Investments, Debt and Equity Securities [Abstract]  
Summary of marketable securities
A summary of marketable securities, all of which are classified as current, was as follows:
 
 
 
June 29, 2014
 
December 31, 2013
In millions
 
Cost
 
Gross unrealized
gains/(losses)
 
Estimated
fair value
 
Cost
 
Gross unrealized
gains/(losses)
 
Estimated
fair value
Available-for-sale
 
 

 
 

 
 

 
 

 
 

 
 

Level 1(1)
 
 
 
 
 
 
 
 
 
 
 
 
Debt mutual funds
 
$
84

 
$

 
$
84

 
$
72

 
$

 
$
72

Equity securities and other
 
7

 

 
7

 
10

 
13

 
23

Total level 1
 
91




91


82


13


95

Level 2(2)
 
 
 
 
 
 
 
 
 
 
 
 
Debt mutual funds
 
28

 
2

 
30

 
27

 
2

 
29

Bank debentures
 
33

 

 
33

 
2

 

 
2

Certificates of deposit
 
1

 

 
1

 
22

 

 
22

Government debt securities-non-U.S.
 
3

 

 
3

 
3

 
(1
)
 
2

Total level 2
 
65


2


67


54


1


55

Total marketable securities
 
$
156

 
$
2

 
$
158

 
$
136

 
$
14

 
$
150

 ________________________________________________________________________________________
(1) The fair value of Level 1 securities is estimated primarily by referencing quoted prices in active markets for identical assets.  
(2) The fair value of Level 2 securities is estimated primarily using actively quoted prices for similar instruments from brokers and observable inputs, including market transactions and third-party pricing services. We do not currently have any Level 3 securities, and there were no transfers into or out of Level 2 or 3 during the first half of 2014 and 2013.  
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 and losses from the sale of available-for-sale securities were as follows:
 
 
Three months ended
 
Six months ended
In millions
 
June 29, 2014
 
June 30, 2013
 
June 29, 2014
 
June 30, 2013
Proceeds from sales and maturities of marketable securities
 
$
71

 
$
93

 
$
179

 
$
280

Gross realized gains from the sale of available-for-sale securities
 
12

 
1

 
13

 
11

Summary of fair value of available-for-sale investments with contractual maturities
At June 29, 2014, the fair value of available-for-sale investments in debt securities that utilize a Level 2 fair value measure by contractual maturity was as follows:
 
Maturity date
 
Fair value
(in millions)
1 year or less
 
$
37

1 - 5 years
 
29

5 - 10 years
 
1

Total
 
$
67