Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Measurements

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
Description	Fair Value at		Using Inputs Considered as
(Millions)	June 30, 2016		Level 1		Level 2		Level 3
Assets:
Available-for-sale:
Marketable securities:
Foreign government agency securities	$	10	$	—	$	10	$	—
Corporate debt securities		10		—		10		—
Commercial paper		36		—		36		—
Certificates of deposit/time deposits		55		—		55		—
Asset-backed securities:
Automobile loan related		36		—		36		—
Credit card related		19		—		19		—
Other		7		—		7		—
U.S. municipal securities		18		—		—		18
Derivative instruments — assets:
Foreign currency forward/option contracts		185		—		185		—
Interest rate swap contracts		58		—		58		—
Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts		186		—		186		—
Interest rate swap contracts		5		—		5		—

			Fair Value Measurements
Description	Fair Value at		Using Inputs Considered as
(Millions)	December 31, 2015		Level 1		Level 2		Level 3
Assets:
Available-for-sale:
Marketable securities:
Foreign government agency securities	$	10	$	—	$	10	$	—
Corporate debt securities		10		—		10		—
Commercial paper		12		—		12		—
Certificates of deposit/time deposits		26		—		26		—
Asset-backed securities:
Automobile loan related		26		—		26		—
Credit card related		10		—		10		—
Other		21		—		21		—
U.S. municipal securities		12		—		—		12
Derivative instruments — assets:
Foreign currency forward/option contracts		272		—		272		—
Interest rate swap contracts		24		—		24		—
Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts		68		—		68		—
Interest rate swap contracts		1		—		1		—

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).

	Three months ended				Six months ended
Marketable securities — certain U.S. municipal securities only	June 30,				June 30,
(Millions)	2016		2015		2016		2015
Beginning balance	$	18	$	15	$	12	$	15
Total gains or losses:
Included in earnings		—		—		—		—
Included in other comprehensive income		—		—		—		—
Purchases and issuances		—		—		6		—
Sales and settlements		—		—		—		—
Transfers in and/or out of level 3		—		—		—		—
Ending balance	$	18	$	15	$	18	$	15
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:

	June 30, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
(Millions)	Value		Value		Value		Value
Long-term debt, excluding current portion	$	9,299	$	10,115	$	8,753	$	9,101