Quarterly report pursuant to Section 13 or 15(d)

MARKETABLE SECURITIES

v2.4.0.8
MARKETABLE SECURITIES
 9 Months Ended
Sep. 28, 2014
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES
NOTE 7. MARKETABLE SECURITIES
 
A summary of marketable securities, all of which are classified as current, was as follows:
 
 
 
September 28, 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
 
$
26

 
$
—

 
$
26

 
$
72

 
$
—

 
$
72

Equity securities and other
 
7

 
—

 
7

 
10

 
13

 
23

Total level 1
 
33


—


33


82


13


95

Level 2(2)
 
 
 
 
 
 
 
 
 
 
 
 
Debt mutual funds
 
14

 
1

 
15

 
27

 
2

 
29

Bank debentures
 
3

 
—

 
3

 
2

 
—

 
2

Certificates of deposit
 
—

 
—

 
—

 
22

 
—

 
22

Government debt securities-non-U.S.
 
3

 
(1
)
 
2

 
3

 
(1
)
 
2

Total level 2
 
20


—


20


54


1


55

Total marketable securities
 
$
53

 
$
—

 
$
53

 
$
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 nine months of 2014 and 2013.  
 
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
 
Nine months ended
In millions
 
September 28, 2014
 
September 29, 2013
 
September 28, 2014
 
September 29, 2013
Proceeds from sales and maturities of marketable securities
 
$
137

 
$
153

 
$
316

 
$
433

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

 
1

 
14

 
12



At September 28, 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
 
$
16

1 - 5 years
 
3

5 - 10 years
 
1

Total
 
$
20