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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2014
Financial Instruments [Abstact]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments at December 31
 
2014
 
2013
In millions
Cost

 
Gain

 
Loss

 
Fair
Value

 
Cost

 
Gain

 
Loss

 
Fair
Value

Marketable securities: (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government debt (2)
$
559

 
$
26

 
$
(1
)
 
$
584

 
$
544

 
$
28

 
$
(8
)
 
$
564

Corporate bonds
654

 
45

 
(2
)
 
697

 
659

 
43

 
(7
)
 
695

Total debt securities
$
1,213

 
$
71

 
$
(3
)
 
$
1,281

 
$
1,203

 
$
71

 
$
(15
)
 
$
1,259

Equity securities
566

 
177

 
(15
)
 
728

 
605

 
196

 
(4
)
 
797

Total marketable securities
$
1,779

 
$
248

 
$
(18
)
 
$
2,009

 
$
1,808

 
$
267

 
$
(19
)
 
$
2,056

Long-term debt including debt due within one year (3)
$
(19,232
)
 
$
100

 
$
(2,318
)
 
$
(21,450
)
 
$
(17,517
)
 
$
296

 
$
(2,246
)
 
$
(19,467
)
Derivatives relating to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rates
$
—

 
$
—

 
$
(12
)
 
$
(12
)
 
$
—

 
$
—

 
$
(5
)
 
$
(5
)
Commodities (4)
$
—

 
$
3

 
$
(81
)
 
$
(78
)
 
$
—

 
$
11

 
$
(2
)
 
$
9

Foreign currency
$
—

 
$
26

 
$
(71
)
 
$
(45
)
 
$
—

 
$
45

 
$
(13
)
 
$
32

(1)
Included in “Other investments” in the consolidated balance sheets.
(2)
U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations.
(3)
Cost includes fair value adjustments of $21 million at December 31, 2014 and $22 million at December 31, 2013.
(4)
Presented net of cash collateral, as disclosed in Note 11.
Investing Results
Investing Results
 
 
 
 
 
In millions
2014

 
2013

 
2012

Proceeds from sales of available-for-sale securities
$
675

 
$
486

 
$
514

Gross realized gains
$
99

 
$
66

 
$
40

Gross realized losses
$
(6
)
 
$
(4
)
 
$
(11
)
Contractual Maturities of Debt Securities
Contractual Maturities of Debt Securities
at December 31, 2014
In millions
Amortized Cost

 
Fair Value

Within one year
$
8

 
$
9

One to five years
496

 
517

Six to ten years
503

 
521

After ten years
206

 
234

Total
$
1,213

 
$
1,281
Fair Value and Gross Unrealized Losses of Investments Temporarily Impaired
Temporarily Impaired Securities at December 31 (1)
2014
 
2013
Less than 12 months
 
Less than 12 months
In millions
Fair
Value

 
Unrealized
Losses

 
Fair
Value

 
Unrealized
Losses

Government debt (2)
$
74

 
$
(1
)
 
$
160

 
$
(8
)
Corporate bonds
102

 
(1
)
 
213

 
(7
)
Equity securities
175

 
(15
)
 
144

 
(4
)
Total temporarily impaired securities
$
351

 
$
(17
)
 
$
517

 
$
(19
)

(1)
Unrealized losses of 12 months or more were $1 million at December 31, 2014 and less than $1 million at December 31, 2013.
(2)
U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities' obligations.
Notional Amount of Hedge Commodity Contracts
Commodity
Dec 31, 2014

 
Dec 31,
2013

 
Notional Volume Unit
Corn
1.3

 
2.7

 
million bushels
Crude Oil
0.5

 
0.5

 
million barrels
Ethane
0.9

 
1.0

 
million barrels
Naphtha
—

 
3.0

 
kilotons
Natural Gas
192.5

 
82.9

 
million million British thermal units
Soybeans
1.2

 
0.8

 
million bushels
Notional Amount of Non-Hedge Commodity Contracts
Commodity
Dec 31,
2014

 
Dec 31,
2013

 
Notional Volume Unit
Ethane
0.2

 
0.3

 
million barrels
Gasoline
15.0

 
—

 
kilotons
Naphtha Price Spread
91.0

 
—

 
kilotons
Natural Gas
0.5

 
5.2

 
million million British thermal units
Schedule Fair Values of Derivative Instruments
Fair Value of Derivative Instruments
In millions
Balance Sheet Classification
 
2014

 
2013

Asset Derivatives
 
 
 
 
 
Derivatives designated as hedges:
 
 
 
 
 
Commodities
Other current assets
 
$
4

 
$
13

Foreign currency
Accounts and notes receivable – Other
 
25

 
—

Total derivatives designated as hedges
 
 
$
29

 
$
13

Derivatives not designated as hedges:
 
 
 
 
 
Commodities
Other current assets
 
$
2

 
$
1

Foreign currency
Accounts and notes receivable – Other
 
91

 
65

Total derivatives not designated as hedges
 
 
$
93

 
$
66

Total asset derivatives
 
 
$
122

 
$
79

Liability Derivatives
 
 
 
 
 
Derivatives designated as hedges:
 
 
 
 
 
Interest rates
Accounts payable – Other
 
$
12

 
$
5

Commodities
Accounts payable – Other
 
106

 
5

Foreign currency
Accounts payable – Other
 
—

 
9

Total derivatives designated as hedges
 
 
$
118

 
$
19

Derivatives not designated as hedges:
 
 
 
 
 
Commodities
Accounts payable – Other
 
$
2

 
$
1

Foreign currency
Accounts payable – Other
 
161

 
24

Total derivatives not designated as hedges
 
 
$
163

 
$
25

Total liability derivatives
 
 
$
281

 
$
44