Annual report pursuant to Section 13 and 15(d)

MARKETABLE SECURITIES (Tables)

v3.3.1.900
MARKETABLE SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2015
Marketable Securities [Abstract]  
Summary of marketable securities
A summary of marketable securities, all of which are classified as current, was as follows:
 
 
December 31,
 
 
2015
 
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
 
$
88

 
$
—

 
$
88

 
$
75

 
$
1

 
$
76

Equity mutual funds
 
11

 
(1
)
 
10

 
9

 
—

 
9

Bank debentures
 
—

 
—

 
—

 
6

 
—

 
6

Government debt securities
 
2

 
—

 
2

 
2

 
—

 
2

Total Level 2
 
101

 
(1
)
 
100

 
92

 
1

 
93

Total marketable securities
 
$
101

 
$
(1
)
 
$
100

 
$
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 2015 and 2014.
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 AFS securities were as follows:
 
 
Years ended December 31,
In millions
 
2015
 
2014
 
2013
Proceeds from sales and maturities of marketable securities
 
$
270

 
$
336

 
$
525

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

 
14

 
14

____________________________________________________
(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, 2015, the fair value of available-for-sale 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
 
$
88

1 - 5 years
 
1

5 - 10 years
 
1

Total
 
$
90