Financial Assets & Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Financial assets and financial liabilities measured at fair value on a recurring basis


	Fair Value
	Hierarchy	At March 31, 2020				At December 31, 2019
(Dollars in millions)	Level	Assets (7)		Liabilities (8)		Assets (7)		Liabilities (8)
Cash equivalents (1)
Time deposits and certificates of deposit (2)	2	$	7,166	$	N/A	$	4,392	$	N/A
Money market funds	1		526		N/A		427		N/A
Total cash equivalents		$	7,692	$	N/A	$	4,819	$	N/A
Equity investments (3)	1		1		N/A		0		N/A
Debt securities-current (2)(4)	2		647		N/A		696		N/A
Debt securities-noncurrent (2)(5)	2		33		N/A		65		N/A
Derivatives designated as hedging instruments
Interest rate contracts	2		104		—		56		—
Foreign exchange contracts	2		384		446		175		635
Derivatives not designated as hedging instruments
Foreign exchange contracts	2		30		16		10		33
Equity contracts (6)	1,2		1		50		1		4
Total		$	8,892	$	511	$	5,823	$	673

(1)	Included within cash and cash equivalents in the Consolidated Balance Sheet.

(2)	Available-for-sale securities with an amortized cost basis that approximates fair value.

(3)	Included within investments and sundry assets in the Consolidated Balance Sheet.

(4)	Primarily includes U.S. treasury bills that are reported within marketable securities in the Consolidated Balance Sheet.

(5)	Primarily includes corporate debt securities with a maximum maturity of two years that are reported within investments and sundry assets in the Consolidated Balance Sheet.

(6)	Level 1 includes immaterial amounts related to equity futures contracts.

(7)

The gross balances of derivative assets contained within prepaid expenses and other current assets, and investments and sundry assets in the Consolidated Balance Sheet at March 31, 2020 were $427 million and $92 million, respectively, and at December 31, 2019 were $149 million and $94 million, respectively.

(8)

The gross balances of derivative liabilities contained within other accrued expenses and liabilities, and other liabilities in the Consolidated Balance Sheet at March 31, 2020 were $253 million and $259 million, respectively, and at December 31, 2019 were $167 million and $506 million, respectively.

N/A - not applicable