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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2020
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, 2020

    

Level 1

    

Level 2

    

Level 3

 

Assets:

Available-for-sale:

Marketable securities:

Corporate debt securities

$

7

$

$

7

$

Commercial paper

233

233

Certificates of deposit/time deposits

 

47

 

 

47

 

U.S. treasury securities

 

150

 

150

 

 

U.S. municipal securities

 

37

 

 

 

37

Investments

5

5

Derivative instruments — assets:

Foreign currency forward/option contracts

 

82

 

 

82

 

Interest rate contracts

 

13

 

 

13

 

Liabilities:

Derivative instruments — liabilities:

Foreign currency forward/option contracts

 

46

 

 

46

 

Fair Value Measurements

 

Description

Fair Value at

Using Inputs Considered as

 

(Millions)

    

December 31, 2019

    

Level 1

    

Level 2

    

Level 3

 

Assets:

Available-for-sale:

Marketable securities:

Commercial paper

$

85

$

$

85

$

Certificates of deposit/time deposits

 

10

 

 

10

 

U.S. municipal securities

 

46

 

 

 

46

Investments

25

25

Derivative instruments — assets:

Foreign currency forward/option contracts

 

125

 

 

125

 

Interest rate contracts

 

17

 

 

17

 

Liabilities:

Derivative instruments — liabilities:

Foreign currency forward/option contracts

 

20

 

 

20

 

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)

2020

    

2019

2020

    

2019

 

Beginning balance

$

37

$

49

$

46

$

40

Total gains or losses:

Included in earnings

 

 

 

 

Included in other comprehensive income

 

 

 

 

Purchases and issuances

 

 

 

10

 

9

Sales and settlements

 

 

 

(19)

 

Transfers in and/or out of level 3

 

 

 

 

Ending balance

$

37

$

49

$

37

$

49

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, 2020

December 31, 2019

 

    

Carrying

    

Fair

    

Carrying

    

Fair

 

(Millions)

Value

Value

Value

Value

 

Long-term debt, excluding current portion

$

18,429

$

20,794

$

17,518

$

18,475