Financial Assets & Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

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


	Fair Value
	Hierarchy	At September 30, 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	$	9,880	$	N/A	$	4,392	$	N/A
Money market funds	1		658		N/A		427		N/A
U.S. government securities (2)	2		100		N/A		—		N/A
Total cash equivalents		$	10,638	$	N/A	$	4,819	$	N/A
Equity investments (3)	1		1		N/A		0		N/A
Debt securities-current (2)(4)	2		1,200		N/A		696		N/A
Debt securities-noncurrent (2)(5)	2		—		N/A		65		N/A
Derivatives designated as hedging instruments
Interest rate contracts	2		98		—		56		—
Foreign exchange contracts	2		93		566		175		635
Derivatives not designated as hedging instruments
Foreign exchange contracts	2		9		11		10		33
Equity contracts (6)	1,2		4		7		1		4
Total		$	12,043	$	583	$	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 time deposits and U.S. treasury bills that are reported within marketable securities in the Consolidated Balance Sheet.

(5)	Primarily includes corporate debt securities with maturities of less than 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 September 30, 2020 were $83 million and $121 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 September 30, 2020 were $480 million and $103 million, respectively, and at December 31, 2019 were $167 million and $506 million, respectively.