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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
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 June 30, 2021 and December 31, 2020 are as follows:
Fair Value
Millions of dollarsTotal Cost BasisLevel 1
Level 2 (2)
Total
Measured at fair value on a recurring basis:20212020202120202021202020212020
Short-term investments (1)
$1,963 $2,164 $1,755 $1,603 $208 $561 $1,963 $2,164 
Net derivative contracts— — — — (44)(179)(44)(179)
(1)Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments with initial maturities less than 90 days.
(2)Change in level 2 short-term investments is primarily driven by the deconsolidation of Whirlpool China. For additional information, see Note 15 to the Consolidated Condensed Financial Statements.