Dow Chemical 2012 Annual Report Download - page 116
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90
Total estimated amortization expense for the next five fiscal years is as follows:
Estimated Amortization Expense
for Next Five Years
In millions
2013 $ 533
2014 $ 511
2015 $ 493
2016 $ 483
2017 $ 449
NOTE 10 – FINANCIAL INSTRUMENTS
Investments
The Company’s investments in marketable securities are primarily classified as available-for-sale securities.
Investing Results
In millions 2012 2011 2010
Proceeds from sales of available-for-sale securities $ 514 $ 764 $ 981
Gross realized gains $ 40 $ 44 $ 69
Gross realized losses $ (11) $ (14) $ (26)
The following table summarizes the contractual maturities of the Company’s investments in debt securities:
Contractual Maturities of Debt Securities
at December 31, 2012
In millions Amortized Cost Fair Value
Within one year $ 33 $ 34
One to five years 444 490
Six to ten years 513 568
After ten years 192 229
Total $ 1,182 $ 1,321
At December 31, 2012, the Company had $1,701 million ($1,836 million at December 31, 2011) of held-to-maturity
securities (primarily Treasury Bills) classified as cash equivalents as these securities had maturities of three months or less at
the time of purchase. The Company’s investments in held-to-maturity securities are held at amortized cost, which approximates
fair value. At December 31, 2012, the Company had investments in money market funds of $252 million classified as cash
equivalents ($1,090 million at December 31, 2011).
The net unrealized gain from mark-to-market adjustments recognized in earnings on trading securities held at the end of
the year was $1 million in 2012, $13 million in 2011 and $8 million in 2010.