XML 47 R53.htm IDEA: XBRL DOCUMENT v3.19.3
FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, All Other Investments [Abstract]  
Fair Value of Financial Instruments
The following table summarizes the fair value of financial instruments at September 30, 2019 and December 31, 2018:

Fair Value of Financial Instruments
Sep 30, 2019
Dec 31, 2018
In millions
Cost
Gain
Loss
Fair Value
Cost
Gain
Loss
Fair Value
Cash equivalents
$
501

$
—

$
—

$
501

$
566

$
—

$
—

$
566

Marketable securities
$
11

$
—

$
—

$
11

$
100

$
—

$
—

$
100

Other investments:
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
Government debt 1
$
511

$
36

$
(8
)
$
539

$
714

$
9

$
(23
)
$
700

Corporate bonds
1,091

76

(16
)
1,151

1,026

20

(63
)
983

Total debt securities
$
1,602

$
112

$
(24
)
$
1,690

$
1,740

$
29

$
(86
)
$
1,683

Equity securities 2
13

7

(1
)
19

16

1

(1
)
16

Total other investments
$
1,615

$
119

$
(25
)
$
1,709

$
1,756

$
30

$
(87
)
$
1,699

Total cash equivalents, marketable securities and other investments
$
2,127

$
119

$
(25
)
$
2,221

$
2,422

$
30

$
(87
)
$
2,365

Long-term debt including debt due within one year 3
$
(17,591
)
$
4

$
(2,088
)
$
(19,675
)
$
(19,591
)
$
351

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

$
72

$
(385
)
$
(313
)
$
—

$
—

$
(64
)
$
(64
)
Foreign currency
—

134

(21
)
113

—

120

(43
)
77

Commodities 4
—

65

(164
)
(99
)
—

91

(178
)
(87
)
Total derivatives
$
—

$
271

$
(570
)
$
(299
)
$
—

$
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 adjustment gains of $27 million at September 30, 2019 and losses of $18 million at December 31, 2018 on $2,890 million of debt at September 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 nine months ended September 30, 2019 and 2018:

Investing Results
Nine Months Ended
In millions
Sep 30,
2019
Sep 30,
2018
Proceeds from sales of available-for-sale securities
$
904

$
880

Gross realized gains
$
32

$
19

Gross realized losses
$
(14
)
$
(26
)
Schedule Fair Values of Derivative Instruments
The following tables provide the fair value and balance sheet classification of derivative instruments at September 30, 2019 and December 31, 2018:

Fair Value of Derivative Instruments
Sep 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
$
33

$
(11
)
$
22

Foreign currency contracts
Other current assets
221

(107
)
114

Commodity contracts
Other current assets
40

(21
)
19

Commodity contracts
Deferred charges and other assets
34

(6
)
28

Total
 
$
328

$
(145
)
$
183

Derivatives not designated as hedging instruments:
 
 
 
 
Interest rate contracts
Other current assets
$
50

$
—

$
50

Interest rate contracts
Deferred charges and other assets
3

(3
)
—

Foreign currency contracts
Other current assets
36

(16
)
20

Commodity contracts
Other current assets
18

(2
)
16

Commodity contracts
Deferred charges and other assets
3

(1
)
2

Total
 
$
110

$
(22
)
$
88

Total asset derivatives
 
$
438

$
(167
)
$
271

 
 
 
 
 
Liability derivatives:
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Interest rate contracts
Accrued and other current liabilities
$
11

$
(11
)
$
—

Interest rate contracts
Other noncurrent obligations
212

—

212

Foreign currency contracts
Accrued and other current liabilities
110

(107
)
3

Commodity contracts
Accrued and other current liabilities
107

(28
)
79

Commodity contracts
Other noncurrent obligations
69

(8
)
61

Total
 
$
509

$
(154
)
$
355

Derivatives not designated as hedging instruments:
 
 
 
 
Interest rate contracts
Accrued and other current liabilities
$
146

$
—

$
146

Interest rate contracts
Other noncurrent obligations
30

(3
)
27

Foreign currency contracts
Accrued and other current liabilities
34

(16
)
18

Commodity contracts
Accrued and other current liabilities
23

(2
)
21

Commodity contracts
Other noncurrent obligations
4

(1
)
3

Total
 
$
237

$
(22
)
$
215

Total liability derivatives
 
$
746

$
(176
)
$
570


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.