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MARKETABLE SECURITIES
 12 Months Ended
Oct. 31, 2015
MARKETABLE SECURITIES  
MARKETABLE SECURITIES

11. MARKETABLE SECURITIES

All marketable securities are classified as available-for-sale, with unrealized gains and losses shown as a component of stockholders’ equity. Realized gains or losses from the sales of marketable securities are based on the specific identification method.

The amortized cost and fair value of marketable securities at October 31 in millions of dollars follow:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

Gross

  

Gross

  

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

 

 

Cost

 

Gains

 

Losses

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity fund

 

$
38

 

$
5

 

 

 

 

$
43

 

U.S. government debt securities

 

 
79

 

 
3

 

 

 

 

 
82

 

Municipal debt securities

 

 
29

 

 
2

 

 

 

 

 
31

 

Corporate debt securities

 

 
121

 

 
4

 

$
1

 

 
124

 

International debt securities

 

 
48

 

 

 

 

 
1

 

 
47

 

Mortgage-backed securities*

 

 
108

 

 
3

 

 
1

 

 
110

 

Marketable securities

 

$
423

 

$
17

 

$
3

 

$
437

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity fund

 

$
39

 

$
6

 

 

 

 

$
45

 

Fixed income fund

 

 
10

 

 

 

 

 

 

 

 
10

 

U.S. government debt securities

 

 
806

 

 
3

 

$
1

 

 
808

 

Municipal debt securities

 

 
31

 

 
3

 

 

 

 

 
34

 

Corporate debt securities

 

 
167

 

 
7

 

 
2

 

 
172

 

Mortgage-backed securities*

 

 
145

 

 
3

 

 
2

 

 
146

 

Marketable securities

 

$
1,198

 

$
22

 

$
5

 

$
1,215

 

*Primarily issued by U.S. government sponsored enterprises.

 

The contractual maturities of debt securities at October 31, 2015 in millions of dollars follow:

 

 

 

 

 

 

 

 

 

 

    

Amortized

    

Fair

 

 

 

Cost

 

Value

 

 

 

 

 

 

 

 

 

Due in one year or less

 

$
51

 

$
50

 

Due after one through five years

 

 
88

 

 
91

 

Due after five through 10 years

 

 
99

 

 
101

 

Due after 10 years

 

 
40

 

 
42

 

Mortgage-backed securities

 

 
108

 

 
110

 

Debt securities

 

$
386

 

$
394

 

 

Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Because of the potential for prepayment on mortgage-backed securities, they are not categorized by contractual maturity. Proceeds from the sales of available-for-sale securities were $120 million in 2015, $6 million in 2014 and $7 million in 2013. Realized gains, realized losses, the increase (decrease) in net unrealized gains or losses and unrealized losses that have been continuous for over twelve months were not significant in 2015, 2014 and 2013. Unrealized losses at October 31, 2015 and 2014 were primarily the result of an increase in interest rates and were not recognized in income due to the ability and intent to hold to maturity. There were no significant impairment write-downs in the periods reported.