Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value, Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at December 31, 2018 and 2017 are as follows:



	Total Cost Basis				Quoted Prices In Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)						Total Fair Value
Millions of dollars	2018		2017		2018		2017		2018			2017			2018			2017
Short-term investments ⁽¹⁾	$	511	$	455	$	5	$	2	$	506		$	453		$	511		$	455
Net derivative contracts	—		—		—		—		(67		)	(66		)	(67		)	(66		)
Available for sale investments	7		6		12		22		—			—			12			22
Held-to-maturity investments⁽²⁾	—		60		—		—		—			60			—			60

⁽¹⁾ Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments less than 90 days.

⁽²⁾ Held-to-maturity investments are primarily comprised of certificate of deposits with an approximate maturity term of less than six months.

Fair Value Measurements, Nonrecurring

The following table summarizes the valuation of our assets measured at fair value on a non-recurring basis as of June 30, 2018.



	Fair Value
Millions of dollars	Level 3
Measured at fair value on a non-recurring basis:	2018		2017
Assets:
Goodwill ⁽³⁾	$	315	$	—
Indefinite-lived intangible assets ⁽⁴⁾	384		—
Definite-lived intangible assets ⁽⁵⁾	—		—
Total level 3 assets	$	699	$	—

⁽³⁾Goodwill with a carrying amount of $894 million was written down to a fair value of $315 million resulting in a goodwill impairment charge of $579 million.

⁽⁴⁾Indefinite-lived intangible assets with a carrying amount of approximately $492 million were written down to a fair value of $384 million resulting in an impairment charge of $108 million.

⁽⁵⁾A definite-lived intangible asset with a carrying amount of approximately $60 million was written down to a fair value of $0 million resulting in an impairment charge of $60 million.