Quarterly report [Sections 13 or 15(d)]

MARKETABLE SECURITIES

v3.26.3
MARKETABLE SECURITIES
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES
NOTE 6. MARKETABLE SECURITIES
A summary of marketable securities, all of which were classified as current, was as follows:
September 30,
2026		 December 31,
2025
In millions Cost
Gross unrealized gains/(losses) (1)
Estimated
fair value		 Cost
Gross unrealized gains/(losses) (1)
Estimated
fair value
Equity securities
Level 1
Publicly-traded shares $ —  $ —  $ —  $ 7  $ (7) $ — 
Level 2
Debt mutual funds 304  9  313  416  10  426 
Certificates of deposit 264  —  264  280  —  280 
Equity mutual funds 9  13  22  13  11  24 
Debt securities 15  —  15  34  —  34 
Marketable securities $ 592  $ 22  $ 614  $ 750  $ 14  $ 764 
(1) Unrealized gains and losses for debt securities are recorded in other comprehensive income while unrealized gains and losses for equity securities are recorded in our Condensed Consolidated Statements of Net Income.
The fair value of Level 1 securities is derived from the market price at the end of the period. The fair value of Level 2 securities is estimated using actively quoted prices for similar instruments from brokers and observable inputs where available, including market transactions and third-party pricing services, or net asset values provided to investors. We do not currently have any Level 3 securities, and there were no transfers between levels during the nine months ended September 30, 2026, or the year ended December 31, 2025. All debt securities are Level 2 and classified as available-for-sale.

A description of the valuation techniques and inputs used for our Level 2 fair value measures is as follows:
•Debt mutual funds — The fair value measures for the vast majority of these investments are the daily net asset values published on a regulated governmental website. Daily quoted prices are available from the issuing brokerage and are used on a test basis to corroborate this Level 2 input measure.
•Certificates of deposit — These investments provide us with a contractual rate of return and generally range in maturity from three months to five years. The counterparties to these investments are reputable financial institutions with investment grade credit ratings. Since these instruments are not tradable and must be settled directly by us with the respective financial institution, our fair value measure is the financial institution's month-end statement.
•Equity mutual funds — The fair value measures for these investments are the net asset values published by the issuing brokerage. Daily quoted prices are available from reputable third-party pricing services and are used on a test basis to corroborate this Level 2 input measure.
•Debt securities — The fair value measures for these securities are broker quotes received from reputable firms. These securities are infrequently traded on a national exchange and these values are used on a test basis to corroborate our Level 2 input measure.
The proceeds from sales and maturities of marketable securities were as follows:
Nine months ended
September 30,
In millions 2026 2025
Proceeds from sales of marketable securities $ 888  $ 977 
Proceeds from maturities of marketable securities 143  154 
Investments in marketable securities - liquidations $ 1,031  $ 1,131