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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 29, 2013
Fair Value Disclosures [Abstract]  
Summary of financial instruments recorded at fair value
The following table summarizes our financial instruments recorded at fair value in our Condensed Consolidated Balance Sheets at September 29, 2013:
 
 
Fair Value Measurements Using
 
 
Quoted prices in
active markets for
identical assets
 
Significant other
observable inputs
 
Significant
unobservable inputs
 
 
In millions
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Available-for-sale debt securities
 
 

 
 

 
 

 
 

Debt mutual funds
 
$
61

 
$
31

 
$
—

 
$
92

Bank debentures
 
—

 
9

 
—

 
9

Certificates of deposit
 
—

 
36

 
—

 
36

Government debt securities-non-U.S.
 
—

 
3

 
—

 
3


 


 


 


 
 
Available-for-sale equity securities
 
 

 
 

 
 

 
 

Information technology industry
 
22

 
—

 
—

 
22


 


 


 


 
 
Derivative assets
 
 

 
 

 
 

 
 

Interest rate contracts
 
—

 
54

 
—

 
54

Foreign currency forward contracts
 
—

 
5

 
—

 
5

Commodity call option contracts
 
—

 
1

 
—

 
1

Total assets
 
$
83

 
$
139

 
$
—

 
$
222


 
 
 
 
 
 
 
 
Derivative liabilities
 
 

 
 

 
 

 
 

Commodity swap contracts
 
—

 
5

 
—

 
5

Foreign currency forward contracts
 
—

 
2

 
—

 
2

Commodity put option contracts
 
—

 
1

 
—

 
1

Total liabilities
 
$
—

 
$
8

 
$
—

 
$
8

 
The following table summarizes our financial instruments recorded at fair value in our Condensed Consolidated Balance Sheets at December 31, 2012:
 
 
 
Fair Value Measurements Using
 
 
Quoted prices in
active markets for
identical assets
 
Significant other
observable inputs
 
Significant
unobservable inputs
 
 
In millions
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Available-for-sale debt securities
 
 

 
 

 
 

 
 

Debt mutual funds
 
$
100

 
$
42

 
$
—

 
$
142

Bank debentures
 
—

 
45

 
—

 
45

Certificates of deposit
 
—

 
47

 
—

 
47

Government debt securities-non-U.S.
 
—

 
3

 
—

 
3

Corporate debt securities
 
—

 
1

 
—

 
1

 
 
 
 
 
 
 
 
 
Available-for-sale equity securities
 
 

 
 

 
 

 
 

Financial services industry
 
9

 
—

 
—

 
9

 
 
 
 
 
 
 
 
 
Derivative assets
 
 

 
 

 
 

 
 

Interest rate contracts
 
—

 
88

 
—

 
88

Foreign currency forward contracts
 
—

 
3

 
—

 
3

Commodity swap contracts
 
—

 
1

 
—

 
1

Commodity call option contracts
 
—

 
1

 
—

 
1

Total assets
 
$
109

 
$
231

 
$
—

 
$
340

 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 

 
 

 
 

 
 

Commodity swap contracts
 
—

 
2

 
—

 
2

Commodity put option contracts
 
—

 
1

 
—

 
1

Total liabilities
 
$
—

 
$
3

 
$
—

 
$
3
Fair value and carrying value of total debt
Based on borrowing rates currently available to us for bank loans with similar terms and average maturities, considering our risk premium, the fair value and carrying value of total debt, including current maturities, at September 29, 2013 and December 31, 2012, are set forth in the table below.  The carrying values of all other receivables and liabilities approximated fair values.  The fair value of financial instruments is derived from Level 2 inputs.
 
In millions
 
September 29,
2013
 
December 31,
2012
Fair value of total debt
 
$
1,952

 
$
926

Carrying value of total debt
 
1,793

 
775