Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Fair Value of Investment Assets

The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table. All of the inputs used to determine the fair value of the Company's investments are Level 2 inputs. The amortized cost basis of these investments was $1.1 billion and $340 million as of December 31, 2019 and December 31, 2018, respectively.



	Fiscal Years
	2019		2018
(Dollars in Millions)	Level 2		Level 2
Certificates of Deposit and Commercial Paper	$	989	$	250
Corporate Bonds	59		56
Government Securities	36		35
Total investments at fair value	$	1,084	$	341

Schedule of Investment Maturities

These investments have the following maturities and are represented on the consolidated balance sheet within short-term investments for investments with maturities of less than one year, and other long-term assets for investments with maturities of one year and greater:



(Dollars in Millions)	December 2019		December 2018
Less than 1 year	$	996	$	253
1 - 5 years	10		14
5 - 10 years	25		26
Greater than 10 years	53		48
Total investments at fair value	$	1,084	$	341

Schedule of Fair Value and Carrying Value of Long-term Debt

The fair value and carrying value of the Company's long-term debt is as follows:



(Dollars in Millions)	December 2019		December 2018
Long-term Debt (Including Current Maturities):
Fair Value	$	18,503	$	14,914
Carrying Value	16,238		14,757

Schedule of Pension Plan Assets at Fair Value by Level

The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2019 and 2018 are shown in the table below. For additional information related to pension assets, see Note 9, Employee Benefit Plans.



	Fiscal Years
	2019						2018
(Dollars in Millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Common Stock	$	823	$	—	$	823	$	750	$	—	$	750
Mutual funds	78		—		78		7		—		7
Cash and cash equivalents	229		—		229		3		—		3
Corporate bonds	—		588		588		—		537		537
Government securities	—		217		217		—		149		149
Asset-backed securities	—		8		8		—		10		10
Derivatives and other	—		9		9		—		5		5
Total investments in the fair value hierarchy	$	1,130	$	822	$	1,952	$	760	$	701	$	1,461
Investments measured at net asset value^(a)	n/a		n/a		$	873	n/a		n/a		$	970
Investments at fair value	$	1,130	$	822	$	2,825	$	760	$	701	$	2,431

(a) Investments measured at net asset value represent certain investments that have been measured at net asset value per share (or its equivalent) and thus are not classified in the fair value hierarchy. In accordance with ASC 820, Fair Value Measurements, the fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the pension assets disclosed in Note 9, Employee Benefit Plans.