Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at June 30, 2021, and December 31, 2020, is as follows:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(Millions of dollars)


	At June 30, 2021								At December 31, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable Securities	$	34	$	34	$	—	$	—	$	31	$	31	$	—	$	—
Derivatives - not designated	122		104		18		—		74		37		37		—
Total Assets at Fair Value	$	156	$	138	$	18	$	—	$	105	$	68	$	37	$	—
Derivatives - not designated	229		57		172		—		173		58		115		—
Derivatives - designated	2		2		—		—		—		—		—		—
Total Liabilities at Fair Value	$	231	$	59	$	172	$	—	$	173	$	58	$	115	$	—

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2021, is as follows:

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

(Millions of dollars)


	At June 30, 2021
									Before - Tax Loss
									Three Months Ended		Six Months Ended
	Total		Level 1		Level 2		Level 3
Properties, plant and equipment, net (held and used)	$	—	$	—	$	—	$	—	$	—	$	—
Properties, plant and equipment, net (held for sale)	—		—		—		—		—		—
Investments and advances	15		—		—		15		11		21
Total Assets at Fair Value	$	15	$	—	$	—	$	15	$	11	$	21