Cash, Cash Equivalents and Current Marketable Securities

At the end of 2015 and 2014, cash, cash equivalents and current marketable securities were comprised of:



(Dollars in Millions)	2015
	Carrying Amount		Unrecognized Gain	Unrecognized Loss		Estimated Fair Value	Cash Equivalents		Current Marketable Securities
Cash	$	1,832	—	—		1,832	1,832		—
U.S. Gov't Securities⁽¹⁾	14,641		1	(2	)	14,640	650		13,991
Other Sovereign Securities⁽¹⁾	2,122		—	—		2,122	933		1,189
U.S. Reverse repurchase agreements⁽¹⁾	1,579		—	—		1,579	1,579		—
Other Reverse repurchase agreements⁽¹⁾	2,200		—	—		2,200	2,200		—
Corporate debt securities⁽¹⁾	2,941		—	—		2,941	1,793		1,148
Money market funds	3,855		—	—		3,855	3,855		—
Time deposits⁽¹⁾	890		—	—		890	890		—


	Carrying Amount		Unrealized Gain	Unrealized Loss		Estimated Fair Value
Gov't Securities	7,307		1	(34	)	7,274	—		7,274
Corporate debt securities	1,046		1	(5	)	1,042	—		1,042
Available for Sale⁽²⁾	$	8,353	2	(39	)	8,316	—		8,316

Total cash, cash equivalents and current marketable securities							$	13,732	24,644



(Dollars in Millions)	2014
	Carrying Amount		Unrecognized Gain	Unrecognized Loss		Estimated Fair Value	Cash Equivalents		Current Marketable Securities
Cash	$	2,336	—	—		2,336	2,336		—
U.S. Gov't Securities⁽¹⁾	16,345		1	(1	)	16,345	1,950		14,395
Other Sovereign Securities⁽¹⁾	4,265		—	—		4,265	978		3,287
U.S. Reverse repurchase agreements⁽¹⁾	4,387		—	—		4,387	4,387		—
Other Reverse repurchase agreements⁽¹⁾	2,348		—	—		2,348	2,348		—
Corporate debt securities⁽¹⁾	1,343		—	—		1,343	459		884
Money market funds	1,352		—	—		1,352	1,352		—
Time deposits⁽¹⁾	$	713	—	—		713	713		—
Total cash, cash equivalents and current marketable securities							$	14,523	18,566

⁽¹⁾Held to maturity investments are reported at amortized cost and realized gains or losses are reported in earnings.

⁽²⁾Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes in other comprehensive income.

Fair value of government securities and obligations and corporate debt securities were estimated using quoted broker prices and significant other observable inputs.

The contractual maturities of substantially all available for sale securities are from one to five years at January 3, 2016.

The Company invests its excess cash in both deposits with major banks throughout the world and other high-quality money market instruments. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating.