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Investments In Marketable Securities | 3 Months Ended
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Jun. 30, 2012
INVESTMENTS IN MARKETABLE SECURITIES | 4. INVESTMENTS IN MARKETABLE SECURITIES The following table sets forth the Company's investments in marketable debt and equity securities as of June 30, 2012 and December 31, 2011 by security class and by level within the fair value hierarchy. The security classes are determined based on the nature and risk of a security and are consistent with how the Company manages, monitors and measures its marketable securities.
|  |  | June 30, 2012 |  | December 31, 2011
|  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  |  | (in millions)
AVAILABLE-FOR-SALE:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Unsecured debentures |  | $ | - |  | $ | 377 |  | $ | - |  | $ | 377 |  | $ | - |  | $ | 665 |  | $ | - |  | $ | 665
| Certificates of deposit |  |  | - |  |  | 389 |  |  | - |  |  | 389 |  |  | - |  |  | 576 |  |  | - |  |  | 576
| Government debt securities |  |  | - |  |  | 26 |  |  | - |  |  | 26 |  |  | - |  |  | 31 |  |  | - |  |  | 31
| Other |  |  | - |  |  | 14 |  |  | - |  |  | 14 |  |  | - |  |  | - |  |  | - |  |  | -
| Subtotal |  |  | - |  |  | 806 |  |  | - |  |  | 806 |  |  | - |  |  | 1,272 |  |  | - |  |  | 1,272
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mutual funds |  |  | - |  |  | 57 |  |  | - |  |  | 57 |  |  | - |  |  | 67 |  |  | - |  |  | 67
| Common stock |  |  | 1 |  |  | - |  |  | - |  |  | 1 |  |  | 1 |  |  | - |  |  | - |  |  | 1
| Subtotal |  |  | 1 |  |  | 57 |  |  | - |  |  | 58 |  |  | 1 |  |  | 67 |  |  | - |  |  | 68
Total available-for-sale |  |  | 1 |  |  | 863 |  |  | - |  |  | 864 |  |  | 1 |  |  | 1,339 |  |  | - |  | $ | 1,340
TRADING: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mutual funds |  |  | 12 |  |  | - |  |  | - |  |  | 12 |  |  | 12 |  |  | - |  |  | - |  |  | 12
Total trading |  |  | 12 |  |  | - |  |  | - |  |  | 12 |  |  | 12 |  |  | - |  |  | - |  |  | 12
TOTAL |  | $ | 13 |  | $ | 863 |  | $ | - |  | $ | 876 |  | $ | 13 |  | $ | 1,339 |  | $ | - |  | $ | 1,352
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |  | 7 |  |  |  |  |  |  |  |  |  |  |  | 4
Total marketable securities |  |  |  |  |  |  |  |  |  |  | $ | 883 |  |  |  |  |  |  |  |  |  |  | $ | 1,356
(1) Cost/a mortized cost approximated fair value at June 30, 2012 and December 31, 2011, with the exception of certain common stock investment s with a cost basis and fair value of $1 million at June 30, 2012, and a cost basis and fair value of $4 million and $1 million, respectively, at December 31, 2011. As of June 30, 2012, all available-for-sale debt securities had stated maturities within one year. The following table summarizes the pre-tax gains and losses related to available-for-sale and trading securities for the three and six months ended June 30, 2012 and 2011. Gains and losses on the sale of investments are determined using the specific identification method. For the three and six months ended June 30, 2012 and 2011, t here were [no] realized losses on the sale of available-for-sale securities and [no] other-than-temporary impairment of marketable securities recognized in earnings or other comprehensive incom e.
|  |  | Three Months Ended |  | Six Months Ended
|  |  | June 30, |  | June 30,
|  |  | 2012 |  | 2011 |  | 2012 |  | 2011
|  |  | (in millions)
Gains included in earnings that relate to trading securities |  |  |  |  |  |  |  |  |  |  |  |
| held at the reporting date |  | $ | - |  | $ | - |  | $ | - |  | $ | 1
Unrealized gains (losses) on available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
| included in other comprehensive income |  |  | - |  |  | (1) |  |  | - |  |  | (3)
Proceeds from sales of available-for-sale securities |  |  | 2,080 |  |  | 1,846 |  |  | 3,603 |  |  | 3,077
Gross realized gains on sales |  |  | 1 |  |  | 3 |  |  | 1 |  |  | 4

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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