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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
9. FAIR VALUE OF FINANCIAL INSTRUMENTS
The following table presents the financial assets and liabilities the company records at fair value on a recurring basis identified by the level of inputs used to determine fair value. See Note 1 for the definitions of these levels and for further information on our financial instruments.
 
 
December 31, 2019
 
December 31, 2018
$ in millions
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Financial Assets (Liabilities)
 
 
 
 
 
 
 
 
 
 
 
 
Marketable securities
 
$
364

 
$
1

 
$
365

 
$
319

 
$
1

 
$
320

Marketable securities valued using NAV
 
 
 
 
 
17

 
 
 
 
 
15

Total marketable securities
 
364

 
1

 
382

 
319

 
1

 
335

Derivatives
 
—

 
(3
)
 
(3
)
 
—

 
(10
)
 
(10
)

The notional value of the company’s foreign currency forward contracts at December 31, 2019 and 2018 was $98 million and $114 million, respectively. The portion of notional value designated as a cash flow hedge at
December 31, 2019 was $7 million. At December 31, 2018, no portion of the notional value was designated as a cash flow hedge.
The derivative fair values and related unrealized gains/losses at December 31, 2019 and 2018 were not material.
There were no transfers of financial instruments between the three levels of the fair value hierarchy during the years ended December 31, 2019 and 2018.
The carrying value of cash and cash equivalents and commercial paper approximates fair value.