Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value, Assets Measured on Recurring Basis

The following table summarizes the valuation of our assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018 are as follows:



					Fair Value
Millions of dollars	Total Cost Basis				Level 1				Level 2					Total
Measured at fair value on a recurring basis:	2019		2018		2019		2018		2019		2018			2019		2018
Short-term investments⁽¹⁾	$	620	$	578	$	1	$	5	$	619	$	573		$	620	$	578
Net derivative contracts	—		—		—		—		104		(67		)	104		(67		)
Available for sale investments	—		7		—		12		—		—			—		12

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

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
Assets:
Goodwill ⁽²⁾	$	315
Indefinite-lived intangible assets ⁽³⁾	384
Definite-lived intangible assets ⁽⁴⁾	—
Total level 3 assets	$	699

⁽²⁾ 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 during the second quarter of 2018.

⁽³⁾ 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 during the second quarter of 2018.

⁽⁴⁾ 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 during the second quarter of 2018.