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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Measurements  
Fair Value, Assets and Liabilities Measured on Recurring Basis

Fair Value Measurements

Description

Fair Value at

Using Inputs Considered as

(Millions)

    

March 31, 2021

    

Level 1

    

Level 2

    

Level 3

Assets:

Available-for-sale:

Marketable securities:

Corporate debt securities

$

7

$

$

7

$

Commercial paper

384

384

Certificates of deposit/time deposits

 

7

 

 

7

 

U.S. treasury securities

 

100

 

100

 

 

U.S. municipal securities

 

34

 

 

 

34

Derivative instruments — assets:

Foreign currency forward/option contracts

 

79

 

 

79

 

Interest rate contracts

 

5

 

 

5

 

Liabilities:

Derivative instruments — liabilities:

Foreign currency forward/option contracts

 

63

 

 

63

 

Fair Value Measurements

 

Description

Fair Value at

Using Inputs Considered as

 

(Millions)

    

December 31, 2020

    

Level 1

    

Level 2

    

Level 3

 

Assets:

Available-for-sale:

Marketable securities:

Corporate debt securities

$

7

$

$

7

$

Commercial paper

237

237

Certificates of deposit/time deposits

 

31

 

 

31

 

U.S. treasury securities

 

125

 

125

 

 

U.S. municipal securities

 

34

 

 

 

34

Derivative instruments — assets:

Foreign currency forward/option contracts

 

37

 

 

37

 

Interest rate contracts

 

7

 

 

7

 

Liabilities:

Derivative instruments — liabilities:

Foreign currency forward/option contracts

 

106

 

 

106

 

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

    

Three months ended 

Marketable securities — certain U.S. municipal securities only

March 31,

(Millions)

2021

    

2020

Beginning balance

$

34

$

46

Total gains or losses:

Included in earnings

 

 

Included in other comprehensive income

 

 

Purchases and issuances

 

 

10

Sales and settlements

 

 

(19)

Transfers in and/or out of level 3

 

 

Ending balance

$

34

$

37

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

March 31, 2021

December 31, 2020

 

    

Carrying

    

Fair

    

Carrying

    

Fair

 

(Millions)

Value

Value

Value

Value

 

Long-term debt, excluding current portion

$

16,819

$

18,277

$

17,989

$

20,496