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FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2017
Investments, All Other Investments [Abstract]  
Fair Value of Financial Instruments
The following table summarizes the fair value of financial instruments at September 30, 2017 and December 31, 2016:

Fair Value of Financial Instruments
Sep 30, 2017
Dec 31, 2016
In millions
Cost
Gain
Loss
Fair Value
Cost
Gain
Loss
Fair Value
Other investments:
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
Government debt 1
$
597

$
14

$
(8
)
$
603

$
607

$
13

$
(12
)
$
608

Corporate bonds
630

32

(2
)
660

623

27

(5
)
645

Total debt securities
$
1,227

$
46

$
(10
)
$
1,263

$
1,230

$
40

$
(17
)
$
1,253

Equity securities
169

3

(27
)
145

658

98

(50
)
706

Total marketable securities and other investments
$
1,396

$
49

$
(37
)
$
1,408

$
1,888

$
138

$
(67
)
$
1,959

Long-term debt including debt due within one year 2
$
(20,582
)
$
—

$
(2,175
)
$
(22,757
)
$
(21,091
)
$
129

$
(1,845
)
$
(22,807
)
Derivatives relating to:
 
 
 
 
 
 
 
 
Interest rates
$
—

$
—

$
(4
)
$
(4
)
$
—

$
—

$
(5
)
$
(5
)
Commodities 3
$
—

$
124

$
(277
)
$
(153
)
$
—

$
56

$
(213
)
$
(157
)
Foreign currency
$
—

$
55

$
(132
)
$
(77
)
$
—

$
84

$
(30
)
$
54


1.
U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations.
2.
Cost includes fair value hedge adjustments of $12 million at September 30, 2017 and $18 million at December 31, 2016.
3.
Presented net of cash collateral
Investing Results
The following table provides the investing results from available-for-sale securities for the nine-month periods ended September 30, 2017 and 2016:

Investing Results
Nine Months Ended
In millions
Sep 30,
2017
Sep 30,
2016
Proceeds from sales of available-for-sale securities
$
1,047

$
418

Gross realized gains
$
153

$
34

Gross realized losses
$
(10
)
$
(2
)
Contractual Maturities of Debt Securities
The following table summarizes the contractual maturities of the Company’s investments in debt securities:

Contractual Maturities of Debt Securities at Sep 30, 2017
Amortized Cost
Fair Value
In millions
Within one year
$
6

$
6

One to five years
321

330

Six to ten years
654

661

After ten years
246

266

Total
$
1,227

$
1,263
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The notional amounts of the company's derivative instruments were as follows:

Notional Amounts

Sep 30,
2017
Dec 31,
2016
In millions
Derivatives designated as hedging instruments:
 
 
Interest rate swaps
$
218

$
245

Foreign currency contracts
$
8,510

$
4,053

Derivatives not designated as hedging instruments:
 
 
Foreign currency contracts
$
26,139

$
12,388


Commodity Gross Aggregate Notionals
Sep 30,
2017
Dec 31,
2016
Notional Volume Unit
 
Derivatives designated as hedging instruments:
 
 
 
Corn
3.3

0.4

million bushels
Crude Oil
4.9

0.6

million barrels
Ethane
10.8

3.6

million barrels
Natural Gas
389.4

78.6

million British thermal units
Propane
5.4

1.5

million barrels
Soybeans
2.1

—

million bushels
Derivatives not designated as hedging instruments:
 
 
 
Ethane
2.9
2.6

million barrels
Gasoline
—

30.0
kilotons
Naptha Price Spread
30.0
50.0
kilotons
Natural Gas
3.8
—

million British thermal units
Propane
2.9
2.7
million barrels
Schedule Fair Values of Derivative Instruments
The following tables provide the fair value and gross balance sheet classification of derivative instruments at September 30, 2017 and December 31, 2016:
 
Fair Value of Derivative Instruments

Sep 30, 2017
In millions
Balance Sheet Classification 1
Gross
Counterparty and Cash Collateral Netting
Net Amounts Included in the Consolidated Balance Sheets
Asset derivatives:
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Foreign currency contracts
Other current assets
$
63

$
(57
)
$
6

Commodity contracts
Other current assets
24

(6
)
18

Commodity contracts
Deferred charges and other assets
35

(5
)
30

Total
 
$
122

$
(68
)
$
54

Derivatives not designated as hedging instruments:
 
 
 
 
Foreign currency contracts
Other current assets
$
138

$
(89
)
$
49

Commodity contracts
Other current assets
70

(3
)
67

Commodity contracts
Deferred charges and other assets
11

(2
)
9

Total
 
$
219

$
(94
)
$
125

Total asset derivatives
 
$
341

$
(162
)
$
179

 
 
 
 
 
Liability derivatives:
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Interest rate swaps
Accrued and other current liabilities
$
2

$
—

$
2

Interest rate swaps
Other noncurrent obligations
2

—

2

Foreign currency contracts
Accrued and other current liabilities
129

(57
)
72

Commodity contracts
Accrued and other current liabilities
71

(9
)
62

Commodity contracts
Other noncurrent obligations
157

(6
)
151

Total
 
$
361

$
(72
)
$
289

Derivatives not designated as hedging instruments:
 
 
 
 
Foreign currency contracts
Accrued and other current liabilities
$
148

$
(88
)
$
60

Commodity contracts
Accrued and other current liabilities
66

(2
)
64

Commodity contracts
Other noncurrent obligations
2

(2
)
—

Total
 
$
216

$
(92
)
$
124

Total liability derivatives
 
$
577

$
(164
)
$
413


1. Updated to conform with current year presentation.



Fair Value of Derivative Instruments

Dec 31, 2016
In millions
Balance Sheet Classification 1
Gross
Counterparty and Cash Collateral Netting
Net Amounts Included in the Consolidated Balance Sheets
Asset derivatives:
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Foreign currency contracts
Other current assets
$
90

$
(47
)
$
43

Commodity contracts
Other current assets
42

(14
)
28

Commodity contracts
Deferred charges and other assets
10

(3
)
7

Total
 
$
142

$
(64
)
$
78

Derivatives not designated as hedging instruments:
 
 
 
 
Foreign currency contracts
Other current assets
$
103

$
(62
)
$
41

Commodity contracts
Other current assets
13

(2
)
11

Commodity contracts
Deferred charges and other assets
12

(2
)
10

Total
 
$
128

$
(66
)
$
62

Total asset derivatives
 
$
270

$
(130
)
$
140

 
 
 
 
 
Liability derivatives:
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Interest rate swaps
Accrued and other current liabilities
$
3

$
—

$
3

Interest rate swaps
Other noncurrent obligations
2

—

2

Foreign currency contracts
Accrued and other current liabilities
55

(47
)
8

Commodity contracts
Accrued and other current liabilities
32

(14
)
18

Commodity contracts
Other noncurrent obligations
196

(3
)
193

Total
 
$
288

$
(64
)
$
224

Derivatives not designated as hedging instruments:
 
 
 
 
Foreign currency contracts
Accrued and other current liabilities
$
84

$
(62
)
$
22

Commodity contracts
Accrued and other current liabilities
4

(2
)
2

Commodity contracts
Other noncurrent obligations
2

(2
)
—

Total
 
$
90

$
(66
)
$
24

Total liability derivatives
 
$
378

$
(130
)
$
248

1. Updated to conform to current year presentation.
Derivative Instruments, Gain (Loss) [Table Text Block]
Effect of Derivative Instruments
Amount of gain (loss) recognized in OCI 1 (Effective portion)
Amount of gain (loss) recognized in income 2,3
 
 
Three Months Ended
Three Months Ended
 
In millions
Sep 30,
2017
Sep 30,
2016
Sep 30,
2017
Sep 30,
2016
Income Statement Classification
Derivatives designated as hedging instruments:
 
 
 
 
 
Fair value hedges:
 
 
 
 
 
Interest rate swaps
$
—

$
—

$
2

$
—

Interest expense and amortization of debt discount
Cash flow hedges:
 
 
 
 
 
Interest rate swaps
1

1

1

1

Interest expense and amortization of debt discount
Foreign currency contracts
(7
)
(1
)
(2
)
(4
)
Cost of sales
Foreign currency contracts
(7
)
—

(5
)
(1
)
Sundry income (expense) - net
Commodity contracts
40

(20
)
(5
)
7

Cost of sales
Net investment hedges:
 
 
 
 
 
Foreign currency contracts
(30
)
—

—

—

 
Total derivatives designated as hedging instruments
$
(3
)
$
(20
)
$
(9
)
$
3

 
Derivatives not designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
$
—

$
—

$
(118
)
$
(21
)
Sundry income (expense) - net
Commodity contracts
—

—

19

(4
)
Cost of sales
Total derivatives not designated as hedging instruments
$
—

$
—

$
(99
)
$
(25
)
 
Total derivatives
$
(3
)
$
(20
)
$
(108
)
$
(22
)
 

Effect of Derivative Instruments
Amount of gain (loss) recognized in OCI 1 (Effective portion)
Amount of gain (loss) recognized in income 2,3
 
 
Nine Months Ended
Nine Months Ended
 
In millions
Sep 30,
2017
Sep 30,
2016
Sep 30,
2017
Sep 30,
2016
Income Statement Classification
Derivatives designated as hedging instruments:
 
 
 
 
 
Fair value hedges:
 
 
 
 
 
Interest rate swaps
$
—

$
—

$
5

$
—

Interest expense and amortization of debt discount
Cash flow hedges:
 
 
 
 
 
Interest rate swaps
5

1

3

3

Interest expense and amortization of debt discount
Foreign currency contracts
(27
)
(11
)
13

(3
)
Cost of sales
Foreign currency contracts
(21
)
—

(14
)
—

Sundry income (expense) - net
Commodity contracts
—

7

(1
)
(32
)
Cost of sales
Net investment hedges:
 
 
 
 
 
Foreign currency contracts
(65
)
—

—

—

 
Total derivatives designated as hedging instruments
$
(108
)
$
(3
)
$
6

$
(32
)
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
$
—

$
—

$
(277
)
$
(53
)
Sundry income (expense) - net
Commodity contracts
—

—

5

(12
)
Cost of sales
Total derivatives not designated as hedging instruments
$
—

$
—

$
(272
)
$
(65
)
 
Total derivatives
$
(108
)
$
(3
)
$
(266
)
$
(97
)
 
1. OCI is defined as other comprehensive income (loss).
2. For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from AOCL into income during the period. For the three- and nine-month periods ended September 30, 2017 and 2016, there was no material ineffectiveness with regard to the Company's cash flow hedges.
3. Pretax amounts.