Quarterly report pursuant to Section 13 or 15(d)

MARKETABLE SECURITIES (Tables)

v3.5.0.2
MARKETABLE SECURITIES (Tables)
 6 Months Ended
Jul. 03, 2016
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:
 
 
 
July 3, 2016
 
December 31, 2015
In millions
 
Cost
 
Gross unrealized
gains/(losses)
 
Estimated
fair value
 
Cost
 
Gross unrealized
gains/(losses)
 
Estimated
fair value
Available-for-sale
 
 

 
 

 
 

 
 

 
 

 
 

Level 2(1)
 
 
 
 
 
 
 
 
 
 
 
 
Bank debentures
 
$
116

 
$
(7
)
 
$
109

 
$
—

 
$
—

 
$
—

Debt mutual funds
 
114

 
(1
)
 
113

 
88

 
—

 
88

Equity mutual funds
 
11

 
—

 
11

 
11

 
(1
)
 
10

Government debt securities
 
2

 
—

 
2

 
2

 
—

 
2

Total marketable securities
 
$
243

 
$
(8
)
 
$
235

 
$
101

 
$
(1
)
 
$
100

____________________________________
(1) 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 the first half of 2016 or for the year ended December 31, 2015.
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
 
July 3,
2016
 
June 28,
2015
 
July 3,
2016
 
June 28,
2015
Proceeds from sales and maturities of marketable securities
 
$
202

 
$
84

 
$
237

 
$
155

Gross realized gains from the sale of marketable securities(1)
 
—

 
—

 
—

 
1


____________________________________
(1) Gross realized losses from the sale of available-for-sale securities were immaterial
Summary of fair value of available-for-sale investments with contractual maturities
At July 3, 2016, 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:
 
Contractual Maturity
 
(in millions)
1 year or less
 
$
223

1 - 5 years
 
—

5 - 10 years
 
1

Total
 
$
224