At December 31, 2018

(millions of dollars)

Fair Value

Difference

Total Gross

Effect of

in Carrying

Net

Assets

Counterparty

Collateral

Value and

Carrying

Level 1

Level 2

Level 3

& Liabilities

Netting

Fair Value

Value

Assets

Derivative assets (1)

297

-

297

(151)

(146)

-

Advances to/receivables

from equity companies (2)(7)

-

2,100

6,293

8,393

-

215

8,608

Other long-term

financial assets (3)

848

-

974

1,822

-

112

1,934

Liabilities

Derivative liabilities (4)

151

-

151

(151)

-

Long-term debt (5)

19,029

117

4

19,150

-

85

19,235

Long-term obligations

to equity companies (7)

-

4,330

-

52

4,382

Other long-term

financial liabilities (6)

-

1,046

-

(3)

1,043

(1)

Included in the Balance Sheet lines: Notes and accounts receivable, less estimated doubtful amounts and Other assets, including intangibles, net

(2)

Included in the Balance Sheet line: Investments, advances and long-term receivables

(3)

Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles, net

(4)

Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations

(5)

Excluding finance lease obligations

(6)

Included in the Balance Sheet line: Other long-term obligations

(7)

Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the equity company.