FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of the fair value of assets and liabilities measured on a recurring basis

The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis:


Basis of Fair Value Measurements on a Recurring Basis at September 30, 2020	Significant Other Observable Inputs (Level 2)
In millions
Assets at fair value:
Cash equivalents and restricted cash equivalents 1	$	8,766

Derivatives relating to: 2
Foreign currency contracts	20
Total assets at fair value	$	8,786
Liabilities at fair value:
Long-term debt including debt due within one year 3	$	26,179
Derivatives relating to: 2
Foreign currency contracts	22
Total liabilities at fair value	$	26,201

1.Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" and "Restricted cash" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value.

2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets.

3. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms.


Basis of Fair Value Measurements on a Recurring Basis at December 31, 2019	Significant Other Observable Inputs (Level 2)
In millions
Assets at fair value:
Cash equivalents and restricted cash equivalents 1	$	454

Derivatives relating to: 2
Foreign currency contracts	16
Total assets at fair value	$	470
Liabilities at fair value:
Long-term debt including debt due within one year 3	$	17,251
Derivatives relating to: 2
Foreign currency contracts	17
Total liabilities at fair value	$	17,268

1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value.

2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets.

3. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms.