Quarterly report pursuant to Section 13 or 15(d)

MARKETABLE SECURITIES

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MARKETABLE SECURITIES
 9 Months Ended
Sep. 27, 2015
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 27, 2015
 
December 31, 2014
In millions
 
Cost
 
Gross unrealized
gains/(losses)
 
Estimated
fair value
 
Cost
 
Gross unrealized
gains/(losses)
 
Estimated
fair value
Available-for-sale
 
 

 
 

 
 

 
 

 
 

 
 

Level 2(1)
 
 
 
 
 
 
 
 
 
 
 
 
Debt mutual funds
 
$
25

 
$
—

 
$
25

 
$
75

 
$
1

 
$
76

Equity mutual funds
 
9

 
(1
)
 
8

 
9

 
—

 
9

Bank debentures
 
—

 
—

 
—

 
6

 
—

 
6

Government debt securities
 
2

 
—

 
2

 
2

 
—

 
2

Total marketable securities
 
$
36

 
$
(1
)
 
$
35

 
$
92

 
$
1

 
$
93

____________________________________
(1) 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 between Level 2 or 3 during the first nine months of 2015 and 2014.  

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 27,
2015
 
September 28,
2014
 
September 27,
2015
 
September 28,
2014
Proceeds from sales and maturities of marketable securities
 
$
73

 
$
137

 
$
228

 
$
316

Gross realized gains from the sale of marketable securities
 
—

 
1

 
1

 
14



At September 27, 2015, 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
 
$
25

1 - 5 years
 
1

5 - 10 years
 
1

Total
 
$
27