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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Measurements  
Fair Value, Assets and Liabilities Measured on Recurring Basis

Fair Value Measurements

 

Description

Fair Value at

Using Inputs Considered as

 

(Millions)

    

September 30, 2019

    

Level 1

    

Level 2

    

Level 3

 

Assets:

Available-for-sale:

Marketable securities:

Commercial paper

$

$

$

$

Certificates of deposit/time deposits

 

27

 

 

27

 

U.S. municipal securities

 

49

 

 

 

49

Investments

22

22

Derivative instruments — assets:

Foreign currency forward/option contracts

 

207

 

 

207

 

Interest rate swap contracts

 

20

 

 

20

 

Liabilities:

Derivative instruments — liabilities:

Foreign currency forward/option contracts

 

13

 

 

13

 

Interest rate swap contracts

 

1

 

 

1

 

Fair Value Measurements

 

Description

Fair Value at

Using Inputs Considered as

 

(Millions)

    

December 31, 2018

    

Level 1

    

Level 2

    

Level 3

 

Assets:

Available-for-sale:

Marketable securities:

Commercial paper

$

366

$

$

366

$

Certificates of deposit/time deposits

 

10

 

 

10

 

Asset-backed securities

1

1

U.S. municipal securities

 

40

 

 

 

40

Derivative instruments — assets:

Foreign currency forward/option contracts

 

127

 

 

127

 

Interest rate swap contracts

 

19

 

 

19

 

Liabilities:

Derivative instruments — liabilities:

Foreign currency forward/option contracts

 

22

 

 

22

 

Interest rate swap contracts

 

31

 

 

31

 

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

    

Three months ended 

    

Nine months ended 

 

Marketable securities — certain U.S. municipal securities only

September 30,

September 30,

 

(Millions)

2019

    

2018

2019

    

2018

 

Beginning balance

$

49

$

30

$

40

$

30

Total gains or losses:

Included in earnings

 

 

 

 

Included in other comprehensive income

 

 

 

 

Purchases and issuances

 

 

 

9

 

Sales and settlements

 

 

 

 

Transfers in and/or out of level 3

 

 

 

 

Ending balance

$

49

$

30

$

49

$

30

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

September 30, 2019

December 31, 2018

 

    

Carrying

    

Fair

    

Carrying

    

Fair

 

(Millions)

Value

Value

Value

Value

 

Long-term debt, excluding current portion

$

17,479

$

18,573

$

13,411

$

13,586