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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2016
Financial Instruments [Abstact]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments at December 31
 
2016
 
2015
In millions
Cost

 
Gain

 
Loss

 
Fair
Value

 
Cost

 
Gain

 
Loss

 
Fair
Value

Marketable securities: (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government debt (2)
$
607

 
$
13

 
$
(12
)
 
$
608

 
$
597

 
$
22

 
$
(7
)
 
$
612

Corporate bonds
623

 
27

 
(5
)
 
645

 
633

 
26

 
(8
)
 
651

Total debt securities
$
1,230

 
$
40

 
$
(17
)
 
$
1,253

 
$
1,230

 
$
48

 
$
(15
)
 
$
1,263

Equity securities
658

 
98

 
(50
)
 
706

 
555

 
108

 
(60
)
 
603

Total marketable securities
$
1,888

 
$
138

 
$
(67
)
 
$
1,959

 
$
1,785

 
$
156

 
$
(75
)
 
$
1,866

Long-term debt including debt due within one year (3)
$
(21,091
)
 
$
129

 
$
(1,845
)
 
$
(22,807
)
 
$
(16,756
)
 
$
424

 
$
(1,668
)
 
$
(18,000
)
Derivatives relating to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rates
$
—

 
$
—

 
$
(5
)
 
$
(5
)
 
$
—

 
$
—

 
$
(4
)
 
$
(4
)
Commodities (4)
$
—

 
$
56

 
$
(213
)
 
$
(157
)
 
$
—

 
$
6

 
$
(248
)
 
$
(242
)
Foreign currency
$
—

 
$
84

 
$
(30
)
 
$
54

 
$
—

 
$
109

 
$
(32
)
 
$
77

(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, 2016 and $18 million at December 31, 2015.
(4)
Presented net of cash collateral, as disclosed in Note 12.
Investing Results
Investing Results
 
 
 
 
 
In millions
2016

 
2015

 
2014

Proceeds from sales of available-for-sale securities
$
535

 
$
565

 
$
675

Gross realized gains
$
58

 
$
96

 
$
99

Gross realized losses
$
(2
)
 
$
(14
)
 
$
(6
)
Contractual Maturities of Debt Securities
Contractual Maturities of Debt Securities at December 31, 2016
In millions
Amortized Cost

 
Fair Value

Within one year
$
33

 
$
32

One to five years
331

 
341

Six to ten years
665

 
664

After ten years
201

 
216

Total
$
1,230

 
$
1,253
Fair Value and Gross Unrealized Losses of Investments Temporarily Impaired
Temporarily Impaired Securities at December 31, 2016
 
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)
$
351

 
$
(12
)
 
$
—

 
$
—

 
$
351

 
$
(12
)
Corporate bonds
193

 
(4
)
 
16

 
(1
)
 
209

 
(5
)
Equity securities
48

 
(6
)
 
163

 
(44
)
 
211

 
(50
)
Total temporarily impaired securities
$
592

 
$
(22
)
 
$
179

 
$
(45
)
 
$
771

 
$
(67
)

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

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.
Notional Amount of Hedge Commodity Contracts
Commodity
Dec 31, 2016

 
Dec 31,
2015

 
Notional Volume Unit
Corn
0.4

 
1.0

 
million bushels
Crude Oil
0.6

 
0.4

 
million barrels
Ethane
3.6

 
—

 
million barrels
Natural Gas
78.6

 
257.4

 
million British thermal units
Propane
1.5

 
—

 
million barrels
Soybeans
—

 
1.4

 
million bushels
Notional Amount of Non-Hedge Commodity Contracts
Commodity
Dec 31,
2016

Dec 31,
2015

 
Notional Volume Unit
Ethane
2.6

—

 
million barrels
Gasoline
30.0

—

 
kilotons
Naphtha Price Spread
50.0

15.0

 
kilotons
Propane
2.7

0.5

 
million barrels
Schedule Fair Values of Derivative Instruments
Fair Value of Derivative Instruments
In millions
Balance Sheet Classification
 
2016

 
2015

Asset Derivatives
 
 
 
 
 
Derivatives designated as hedges:
 
 
 
 
 
Commodities
Other current assets
 
$
42

 
$
3

Commodities
Deferred charges and other assets
 
10

 
—

Foreign currency
Accounts and notes receivable – Other
 
90

 
5

Total derivatives designated as hedges
 
 
$
142

 
$
8

Derivatives not designated as hedges:
 
 
 
 
 
Commodities
Other current assets
 
$
13

 
$
4

Commodities
Deferred charges and other assets
 
12

 
—

Foreign currency
Accounts and notes receivable – Other
 
103

 
156

Total derivatives not designated as hedges
 
 
$
128

 
$
160

Total asset derivatives
 
 
$
270

 
$
168

Liability Derivatives
 
 
 
 
 
Derivatives designated as hedges:
 
 
 
 
 
Interest rates
Accrued and other current liabilities
 
$
3

 
$
3

Interest rates
Other noncurrent obligations
 
2

 
1

Commodities
Accrued and other current liabilities
 
32

 
28

Commodities
Other noncurrent obligations
 
196

 
234

Foreign currency
Accrued and other current liabilities
 
55

 
1

Total derivatives designated as hedges
 
 
$
288

 
$
267

Derivatives not designated as hedges:
 
 
 
 
 
Commodities
Accrued and other current liabilities
 
$
4

 
$
—

Commodities
Other noncurrent obligations
 
2

 
—

Foreign currency
Accounts payable – Other
 
84

 
83

Total derivatives not designated as hedges
 
 
$
90

 
$
83

Total liability derivatives
 
 
$
378

 
$
350