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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at March 31, 2021, and December 31, 2020, is as follows:

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(Millions of dollars)


	At March 31, 2021								At December 31, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable Securities	$	32	$	32	$	—	$	—	$	31	$	31	$	—	$	—
Derivatives - not designated	51		18		33		—		74		37		37		—
Total Assets at Fair Value	$	83	$	50	$	33	$	—	$	105	$	68	$	37	$	—
Derivatives - not designated	133		86		47		—		173		58		115		—
Total Liabilities at Fair Value	$	133	$	86	$	47	$	—	$	173	$	58	$	115	$	—

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The fair value hierarchy for assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2021, is as follows:

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

(Millions of dollars)


	At March 31, 2021

									Before- Tax Loss
	Total		Level 1		Level 2		Level 3
Properties, plant and equipment, net (held and used)	$	—	$	—	$	—	$	—	$	—
Properties, plant and equipment, net (held for sale)	—		—		—		—		—
Investments and advances	15		—		—		15		10
Total Assets at Fair Value	$	15	$	—	$	—	$	15	$	10