Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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)	September 30, 2017		Level 1		Level 2		Level 3
Assets:
Available-for-sale:
Marketable securities:
Corporate debt securities	$	10	$	—	$	10	$	—
Commercial paper		446		—		446		—
Certificates of deposit/time deposits		84		—		84		—
Asset-backed securities:
Automobile loan related		14		—		14		—
Credit card related		29		—		29		—
U.S. municipal securities		20		—		—		20
Derivative instruments — assets:
Foreign currency forward/option contracts		55		—		55		—
Interest rate swap contracts		22		—		22		—
Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts		179		—		179		—
Interest rate swap contracts		3		—		3		—

			Fair Value Measurements
Description	Fair Value at		Using Inputs Considered as
(Millions)	December 31, 2016		Level 1		Level 2		Level 3
Assets:
Available-for-sale:
Marketable securities:
Corporate debt securities	$	10	$	—	$	10	$	—
Commercial paper		14		—		14		—
Certificates of deposit/time deposits		197		—		197		—
Asset-backed securities:
Automobile loan related		31		—		31		—
Credit card related		18		—		18		—
Other		7		—		7		—
U.S. municipal securities		20		—		—		20
Derivative instruments — assets:
Foreign currency forward/option contracts		234		—		234		—
Interest rate swap contracts		25		—		25		—
Liabilities:
Derivative instruments — liabilities:
Foreign currency forward/option contracts		94		—		94		—
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				Nine months ended
Marketable securities — certain U.S. municipal securities only	September 30,				September 30,
(Millions)	2017		2016		2017		2016
Beginning balance	$	20	$	18	$	20	$	12
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	$	20	$	18	$	20	$	18
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:

	September 30, 2017				December 31, 2016
	Carrying		Fair		Carrying		Fair
(Millions)	Value		Value		Value		Value
Long-term debt, excluding current portion	$	10,828	$	11,336	$	10,678	$	11,168