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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, All Other Investments [Abstract]  
Fair Value of Financial Instruments
The following table summarizes the fair value of financial instruments at June 30, 2019 and December 31, 2018:

Fair Value of Financial Instruments
Jun 30, 2019
Dec 31, 2018
In millions
Cost
Gain
Loss
Fair Value
Cost
Gain
Loss
Fair Value
Cash equivalents
$
530

$
—

$
—

$
530

$
566

$
—

$
—

$
566

Marketable securities
$
20

$
—

$
—

$
20

$
100

$
—

$
—

$
100

Other investments:
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
Government debt 1
$
540

$
28

$
(5
)
$
563

$
714

$
9

$
(23
)
$
700

Corporate bonds
1,054

63

(13
)
1,104

1,026

20

(63
)
983

Total debt securities
$
1,594

$
91

$
(18
)
$
1,667

$
1,740

$
29

$
(86
)
$
1,683

Equity securities 2
15

7

(1
)
21

16

1

(1
)
16

Total other investments
$
1,609

$
98

$
(19
)
$
1,688

$
1,756

$
30

$
(87
)
$
1,699

Total cash equivalents, marketable securities and other investments
$
2,159

$
98

$
(19
)
$
2,238

$
2,422

$
30

$
(87
)
$
2,365

Long-term debt including debt due within one year 3
$
(17,452
)
$
2

$
(1,922
)
$
(19,372
)
$
(19,591
)
$
351

$
(972
)
$
(20,212
)
Derivatives relating to:
 
 
 
 
 
 
 
 
Interest rates 4
$
—

$
11

$
(225
)
$
(214
)
$
—

$
—

$
(64
)
$
(64
)
Foreign currency
—

52

(38
)
14

—

120

(43
)
77

Commodities 4
—

84

(170
)
(86
)
—

91

(178
)
(87
)
Total derivatives
$
—

$
147

$
(433
)
$
(286
)
$
—

$
211

$
(285
)
$
(74
)

1. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations.
2.
Equity securities with a readily determinable fair value.
3.
Cost includes fair value hedge adjustments of $1 million at June 30, 2019 and $18 million at December 31, 2018 on $2,590 million of debt at June 30, 2019 and $2,290 million of debt at December 31, 2018.
4.
Presented net of cash collateral
Investing Results
The following table provides the investing results from available-for-sale securities for the six months ended June 30, 2019 and 2018:

Investing Results
Six Months Ended
In millions
Jun 30,
2019
Jun 30,
2018
Proceeds from sales of available-for-sale securities
$
534

$
625

Gross realized gains
$
22

$
15

Gross realized losses
$
(10
)
$
(18
)
Schedule Fair Values of Derivative Instruments
The following tables provide the fair value and balance sheet classification of derivative instruments at June 30, 2019 and December 31, 2018:

Fair Value of Derivative Instruments
Jun 30, 2019
In millions
Balance Sheet Classification
Gross
Counterparty and Cash Collateral Netting 1
Net Amounts Included in the Consolidated Balance Sheet
Asset derivatives:
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Interest rate contracts
Other current assets
$
11

$
—

$
11

Foreign currency contracts
Other current assets
104

(85
)
19

Commodity contracts
Other current assets
53

(17
)
36

Commodity contracts
Deferred charges and other assets
42

(7
)
35

Total
 
$
210

$
(109
)
$
101

Derivatives not designated as hedging instruments:
 
 
 
 
Interest rate contracts
Other current assets
$
1

$
(1
)
$
—

Foreign currency contracts
Other current assets
44

(11
)
33

Commodity contracts
Other current assets
14

(4
)
10

Commodity contracts
Deferred charges and other assets
4

(1
)
3

Total
 
$
63

$
(17
)
$
46

Total asset derivatives
 
$
273

$
(126
)
$
147

 
 
 
 
 
Liability derivatives:
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Interest rate contracts
Accrued and other current liabilities
$
98

$
—

$
98

Interest rate contracts
Other noncurrent obligations
127

—

127

Foreign currency contracts
Accrued and other current liabilities
116

(85
)
31

Commodity contracts
Accrued and other current liabilities
117

(20
)
97

Commodity contracts
Other noncurrent obligations
57

(12
)
45

Total
 
$
515

$
(117
)
$
398

Derivatives not designated as hedging instruments:
 
 
 
 
Interest rate contracts
Accrued and other current liabilities
$
2

$
(2
)
$
—

Foreign currency contracts
Accrued and other current liabilities
18

(11
)
7

Commodity contracts
Accrued and other current liabilities
31

(6
)
25

Commodity contracts
Other noncurrent obligations
4

(1
)
3

Total
 
$
55

$
(20
)
$
35

Total liability derivatives
 
$
570

$
(137
)
$
433


1.
Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.

Fair Value of Derivative Instruments
Dec 31, 2018
In millions
Balance Sheet Classification
Gross
Counterparty and Cash Collateral Netting 1
Net Amounts Included in the Consolidated Balance Sheet
Asset derivatives:
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Foreign currency contracts
Other current assets
$
98

$
(42
)
$
56

Commodity contracts
Other current assets
47

(13
)
34

Commodity contracts
Deferred charges and other assets
18

(3
)
15

Total
 
$
163

$
(58
)
$
105

Derivatives not designated as hedging instruments:
 
 
 
 
Foreign currency contracts
Other current assets
$
128

$
(64
)
$
64

Commodity contracts
Other current assets
41

(1
)
40

Commodity contracts
Deferred charges and other assets
4

(2
)
2

Total
 
$
173

$
(67
)
$
106

Total asset derivatives
 
$
336

$
(125
)
$
211

 
 
 
 
 
Liability derivatives:
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Interest rate swaps
Other noncurrent obligations
$
64

$
—

$
64

Foreign currency contracts
Accrued and other current liabilities
46

(42
)
4

Commodity contracts
Accrued and other current liabilities
111

(18
)
93

Commodity contracts
Other noncurrent obligations
86

(9
)
77

Total
 
$
307

$
(69
)
$
238

Derivatives not designated as hedging instruments:
 
 
 
 
Foreign currency contracts
Accrued and other current liabilities
$
103

$
(64
)
$
39

Commodity contracts
Accrued and other current liabilities
7

(4
)
3

Commodity contracts
Other noncurrent obligations
8

(3
)
5

Total
 
$
118

$
(71
)
$
47

Total liability derivatives
 
$
425

$
(140
)
$
285

1.
Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.