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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
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 atFair Value Measurements Using Inputs Considered as
Level 1Level 2Level 3
Description (Millions)March 31, 2022December 31, 2021March 31, 2022December 31, 2021March 31, 2022December 31, 2021March 31, 2022December 31, 2021
Assets:
Available-for-sale:
Marketable securities:
Commercial paper35 109 — — 35 109 — — 
Certificates of deposit/time deposits 24 14 — — 24 14 — — 
U.S. treasury securities 50 75 50 75 — — — — 
U.S. municipal securities 30 30 — — — — 30 30 
Derivative instruments — assets:
Foreign currency forward/option contracts 112 119 — — 112 119 — — 
Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts 55 24 — — 55 24 — — 
Interest rate contracts57 9 — — 57 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 onlyThree months ended
March 31,
(Millions)20222021
Beginning balance$30 $34 
Total gains or losses:
Included in earnings— — 
Included in other comprehensive income— — 
Purchases and issuances— — 
Sales and settlements— — 
Transfers in and/or out of level 3— — 
Ending balance$30 $34 
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:
March 31, 2022December 31, 2021
(Millions)Carrying ValueFair ValueCarrying ValueFair Value
Long-term debt, excluding current portion$14,801 $15,076 $16,056 $17,601