FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2019

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



Basis of Fair Value Measurements on a Recurring Basis	Jun 30, 2019						Dec 31, 2018
	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Total		Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Total
In millions
Assets at fair value:
Cash equivalents ¹	$	—	$	530	$	530	$	—	$	566	$	566
Marketable securities	—		20		20		—		100		100
Equity securities ²	21		—		21		16		—		16
Debt securities: ²
Government debt ³	—		563		563		—		700		700
Corporate bonds	22		1,082		1,104		—		983		983
Derivatives relating to: ⁴
Interest rates	—		12		12		—		—		—
Foreign currency	—		148		148		—		226		226
Commodities	15		98		113		17		93		110
Total assets at fair value	$	58	$	2,453	$	2,511	$	33	$	2,668	$	2,701
Liabilities at fair value:
Long-term debt including debt due within one year ⁵	$	—	$	19,372	$	19,372	$	—	$	20,212	$	20,212
Derivatives relating to: ⁴
Interest rates	—		227		227		—		64		64
Foreign currency	—		134		134		—		149		149
Commodities	18		191		209		23		189		212
Total liabilities at fair value	$	18	$	19,924	$	19,942	$	23	$	20,614	$	20,637


1.	Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" in the consolidated balance sheets and held at amortized cost, which approximates fair value.


2.	The Company’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets.


3.	U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations.


4.	See Note 19 for the classification of derivatives in the consolidated balance sheets.


5.	See Note 19 for information on fair value measurements of long-term debt.