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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2015
Financial Instruments [Abstact]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments at December 31
 
2015
 
2014
In millions
Cost

 
Gain

 
Loss

 
Fair
Value

 
Cost

 
Gain

 
Loss

 
Fair
Value

Marketable securities: (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government debt (2)
$
597

 
$
22

 
$
(7
)
 
$
612

 
$
559

 
$
26

 
$
(1
)
 
$
584

Corporate bonds
633

 
26

 
(8
)
 
651

 
654

 
45

 
(2
)
 
697

Total debt securities
$
1,230

 
$
48

 
$
(15
)
 
$
1,263

 
$
1,213

 
$
71

 
$
(3
)
 
$
1,281

Equity securities
555

 
108

 
(60
)
 
603

 
566

 
177

 
(15
)
 
728

Total marketable securities
$
1,785

 
$
156

 
$
(75
)
 
$
1,866

 
$
1,779

 
$
248

 
$
(18
)
 
$
2,009

Long-term debt including debt due within one year (3) (4)
$
(16,756
)
 
$
424

 
$
(1,668
)
 
$
(18,000
)
 
$
(19,123
)
 
$
69

 
$
(2,396
)
 
$
(21,450
)
Derivatives relating to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rates
$
—

 
$
—

 
$
(4
)
 
$
(4
)
 
$
—

 
$
—

 
$
(12
)
 
$
(12
)
Commodities (5)
$
—

 
$
6

 
$
(248
)
 
$
(242
)
 
$
—

 
$
3

 
$
(81
)
 
$
(78
)
Foreign currency
$
—

 
$
109

 
$
(32
)
 
$
77

 
$
—

 
$
26

 
$
(71
)
 
$
(45
)
(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 $18 million at December 31, 2015 and $21 million at December 31, 2014.
(4)
Presented in accordance with newly implemented ASU 2015-03. See Note 2 for further information.
(5)
Presented net of cash collateral, as disclosed in Note 12.
Investing Results
Investing Results
 
 
 
 
 
In millions
2015

 
2014

 
2013

Proceeds from sales of available-for-sale securities
$
565

 
$
675

 
$
486

Gross realized gains
$
96

 
$
99

 
$
66

Gross realized losses
$
(14
)
 
$
(6
)
 
$
(4
)
Contractual Maturities of Debt Securities
Contractual Maturities of Debt Securities
at December 31, 2015
In millions
Amortized Cost

 
Fair Value

Within one year
$
18

 
$
18

One to five years
442

 
453

Six to ten years
567

 
578

After ten years
203

 
214

Total
$
1,230

 
$
1,263
Fair Value and Gross Unrealized Losses of Investments Temporarily Impaired
Temporarily Impaired Securities at December 31, 2015
 
Less than 12 months
 
12 months or more
 
Total
In millions
Fair
Value

 
Unrealized
Losses

 
Fair
Value

 
Unrealized
Losses

 
Fair Value

 
Unrealized Losses

Government debt (1)
$
251

 
$
(7
)
 
$
1

 
$
—

 
$
252

 
$
(7
)
Corporate bonds
175

 
(8
)
 
1

 
—

 
176

 
(8
)
Equity securities
197

 
(54
)
 
10

 
(6
)
 
207

 
(60
)
Total temporarily impaired securities
$
623

 
$
(69
)
 
$
12

 
$
(6
)
 
$
635

 
$
(75
)

(1)
U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities' obligations.

Temporarily Impaired Securities at December 31, 2014
 
Less than 12 months
 
12 months or more
 
Total
In millions
Fair
Value

 
Unrealized
Losses

 
Fair
Value

 
Unrealized
Losses

 
Fair Value

 
Unrealized Losses

Government debt (1)
$
74

 
$
(1
)
 
$
31

 
$
(1
)
 
$
105

 
$
(2
)
Corporate bonds
102

 
(1
)
 
4

 
—

 
106

 
(1
)
Equity securities
175

 
(15
)
 
—

 
—

 
175

 
(15
)
Total temporarily impaired securities
$
351

 
$
(17
)
 
$
35

 
$
(1
)
 
$
386

 
$
(18
)
(1)
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, 2015

 
Dec 31,
2014

 
Notional Volume Unit
Corn
1.0

 
1.3

 
million bushels
Crude Oil
0.4

 
0.5

 
million barrels
Ethane
—

 
0.9

 
million barrels
Natural Gas
257.4

 
192.5

 
million million British thermal units
Soybeans
1.4

 
1.2

 
million bushels
Notional Amount of Non-Hedge Commodity Contracts
Commodity
Dec 31,
2015

Dec 31,
2014

 
Notional Volume Unit
Ethane
—

0.2

 
million barrels
Gasoline
—

15.0

 
kilotons
Naphtha Price Spread
15.0

91.0

 
kilotons
Natural Gas
—

0.5

 
million million British thermal units
Propane
0.5

—

 
million barrels
Schedule Fair Values of Derivative Instruments
Fair Value of Derivative Instruments
In millions
Balance Sheet Classification
 
2015

 
2014

Asset Derivatives
 
 
 
 
 
Derivatives designated as hedges:
 
 
 
 
 
Commodities
Other current assets
 
$
3

 
$
4

Foreign currency
Accounts and notes receivable – Other
 
5

 
25

Total derivatives designated as hedges
 
 
$
8

 
$
29

Derivatives not designated as hedges:
 
 
 
 
 
Commodities
Other current assets
 
$
4

 
$
2

Foreign currency
Accounts and notes receivable – Other
 
156

 
91

Total derivatives not designated as hedges
 
 
$
160

 
$
93

Total asset derivatives
 
 
$
168

 
$
122

Liability Derivatives
 
 
 
 
 
Derivatives designated as hedges:
 
 
 
 
 
Interest rates
Accounts payable – Other
 
$
4

 
$
12

Commodities
Accounts payable – Other
 
28

 
58

Commodities
Other noncurrent obligations
 
234

 
48

Foreign currency
Accounts payable – Other
 
1

 
—

Total derivatives designated as hedges
 
 
$
267

 
$
118

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

 
$
2

Foreign currency
Accounts payable – Other
 
83

 
161

Total derivatives not designated as hedges
 
 
$
83

 
$
163

Total liability derivatives
 
 
$
350

 
$
281