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Fair Value Measurements

9 Months Ended

Sep. 30, 2021

FAIR VALUE MEASUREMENTS

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


September 30, 2021		Significant Other Observable Inputs
(In millions)	Level 1	Level 2
Assets at fair value:

Marketable securities		$	—	$	103
Derivatives relating to:2
Foreign currency		—		57
Equity securities3		75		—
Total assets at fair value		$	75	$	160
Liabilities at fair value:
Derivatives relating to:2
Foreign currency		—		40

Total liabilities at fair value		$	—	$	40


December 31, 2020		Significant Other Observable Inputs

(In millions)	Level 1	Level 2
Assets at fair value:

Marketable securities		$	—	$	43
Debt securities:
U.S. treasuries1		226		—
Derivatives relating to:2
Foreign currency		—		55
Total assets at fair value		$	226	$	98
Liabilities at fair value:
Derivatives relating to:2
Foreign currency		—		135
Total liabilities at fair value		$	—	$	135


September 30, 2020	Significant Other Observable Inputs (Level 2)
(In millions)
Assets at fair value:

Marketable securities	$	152
Derivatives relating to:2
Foreign currency	125
Commodity contracts	1
Total assets at fair value	$	278
Liabilities at fair value:
Derivatives relating to:2
Foreign currency	96
Commodity contracts	1
Total liabilities at fair value	$	97

1. The company's investments in debt securities, which are available-for-sale, are included in "marketable securities" in the interim Consolidated Balance Sheets.

2. See Note 16 - Financial Instruments for the classification of derivatives in the interim Consolidated Balance Sheets.

3. The company's equity securities are included in other assets in the interim Consolidated Balance Sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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