Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Aggregate Fair Values of Equity Securities, Derivative Financial Instruments and Debt

The aggregate fair values of PMI’s equity securities, derivative financial instruments and debt as of June 30, 2019, were as follows:



(in millions)	Fair Value at June 30, 2019		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Equity securities	$	281	$	281	$	—	$	—
Derivative contracts	377		—		377		—
Total assets	$	658	$	281	$	377	$	—
Liabilities:
Debt	$	31,624	$	31,455	$	169	$	—
Derivative contracts	663		—		663		—
Total liabilities	$	32,287	$	31,455	$	832	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details