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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair value, assets and liabilities measured on recurring basis
The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis.
Fair Value Measurements Using Inputs Considered as
DescriptionFair ValueLevel 1Level 2Level 3
At December 31, (Millions)20212020202120202021202020212020
Assets:
Available-for-sale:
Marketable securities:
Corporate debt securities$— $7 $— $— $— $7 $— $— 
Commercial paper109 237 — — 109 237 — — 
Certificates of deposit/time deposits14 31 — — 14 31 — — 
U.S. treasury securities75 125 75 125 — — — — 
U.S. municipal securities30 34 — — — — 30 34 
Derivative instruments — assets:
Foreign currency forward/option contracts119 37 — — 119 37 — — 
Interest rate contracts— 7 — — — 7 — — 
Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts24 106 — — 24 106 — — 
Interest rate contracts9 — — — 9 — — — 
Fair value, assets measured on recurring basis, unobservable input reconciliation
The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (level 3).
Marketable securities — certain U.S. municipal securities only
(Millions)202120202019
Beginning balance$34 $46 $40 
Total gains or losses:
Included in earnings— — — 
Included in other comprehensive income— — — 
Purchases and issuances— 10 9 
Sales and settlements(4)(22)(3)
Transfers in and/or out of level 3— — — 
Ending balance30 34 46 
Change in unrealized gains or losses for the period included in earnings for securities held at the end of the reporting period— — — 
Fair value of financial instruments by balance sheet grouping Information with respect to the carrying amounts and estimated fair values of these financial instruments follow:
December 31, 2021December 31, 2020
(Millions)Carrying ValueFair ValueCarrying ValueFair Value
Long-term debt, excluding current portion$16,056 $17,601 $17,989 $20,496