At December 31, 2019

(millions of dollars)

Fair Value

Difference

Total Gross

Effect of

in Carrying

Net

Assets

Counterparty

Collateral

Value and

Carrying

Level 1

Level 2

Level 3

& Liabilities

Netting

Fair Value

Value

Assets

Derivative assets (1)

533

102

-

635

(463)

(70)

-

102

Advances to/receivables

from equity companies (2)(7)

-

1,941

6,729

8,670

-

(128)

8,542

Other long-term

financial assets (3)

1,145

-

974

2,119

-

44

2,163

Liabilities

Derivative liabilities (4)

568

70

-

638

(463)

(105)

-

70

Long-term debt (5)

25,652

134

3

25,789

-

(1,117)

24,672

Long-term obligations

to equity companies (7)

-

4,245

-

(257)

3,988

Other long-term

financial liabilities (6)

-

1,042

-

16

1,058

(1)

Included in the Balance Sheet lines: Notes and accounts receivable, less estimated doubtful amounts and Other assets, including intangibles, net

(2)

Included in the Balance Sheet line: Investments, advances and long-term receivables

(3)

Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles, net

(4)

Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations

(5)

Excluding finance lease obligations

(6)

Included in the Balance Sheet line: Other long-term obligations

(7)

Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the company.