Dow Chemical 2011 Annual Report Download - page 192

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The following table provides information regarding amortization expense:
Amortization Expense
In millions
Other intangible assets, excluding software
Software, included in “Cost of sales”
2011
$ 496
$ 94
2010
$ 509
$ 87
2009
$ 399
$ 76
Total estimated amortization expense for the next five fiscal years is as follows:
Estimated Amortization Expense
for Next Five Years
In millions
2012
2013
2014
2015
2016
$ 553
$ 531
$ 510
$ 492
$ 480
NOTE J – FINANCIAL INSTRUMENTS
Investments
The Company’s investments in marketable securities are primarily classified as available-for-sale securities.
Investing Results
In millions
Proceeds from sales of available-for-sale securities
Gross realized gains
Gross realized losses
2011
$ 764
$ 44
$ (14)
2010
$ 981
$ 69
$ (26)
2009
$ 593
$ 32
$ (28)
The following table summarizes the contractual maturities of the Company’s investments in debt securities:
Contractual Maturities of Debt Securities
at December 31, 2011
In millions
Within one year
One to five years
Six to ten years
After ten years
Total
Amortized Cost
$ 23
476
480
229
$ 1,208
Fair Value
$ 24
520
524
273
$ 1,341
At December 31, 2011, the Company had $1,836 million ($3,200 million at December 31, 2010) of held-to-maturity
securities (primarily Treasury Bills) classified as cash equivalents, as these securities had original maturities of three months or
less. The Company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. At
December 31, 2011, the Company had investments in money market funds of $1,090 million classified as cash equivalents
($35 million at December 31, 2010).
The net unrealized gain from mark-to-market adjustments recognized in earnings during 2011 on trading securities held at
December 31, 2011 was $26 million ($14 million at December 31, 2010).