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Derivative and Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative and Financial Instruments [Abstract] |
Balance sheet location and fair value amounts of derivatives |
The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:
| Millions of Dollars
| September 30 |  | December 31
| 2018 |  | 2017
Assets |  |  |  |
Prepaid expenses and other current assets | $ | 259 |  | 275
Other assets |  | 42 |  | 36
Liabilities |  |  |  |
Other accruals |  | 278 |  | 282
Other liabilities and deferred credits |  | 37 |  | 28
The following table presents the gross fair values of our foreign currency exchange derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:
| Millions of Dollars
| September 30 |  | December 31
| 2018 |  | 2017
Assets |  |  |  |
Prepaid expenses and other current assets | $ | 18 |  | 1
Other assets |  | - |  | 6
Liabilities |  |  |  |
Other accruals |  | 7 |  | -
Other liabilities and deferred credits |  | - |  | 15
In December 2017, we entered into foreign exchange zero cost collars buying the right to sell $1.25 billion CAD at $0.707 CAD and selling the right to buy $1.25 billion CAD at $0.842 CAD against the U.S. dollar.
Income statement location and gain/loss amounts of derivatives |
The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were: |
|  | Millions of Dollars |
|  | Three Months Ended |  | Nine Months Ended |
September 30 | September 30 |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Sales and other operating revenues |  | $ | (29) |  | 17 |  | (6) |  | 120 |
Other income |  |  | 3 |  | (1) |  | 12 |  | (1) |
Purchased commodities |  |  | 18 |  | (19) |  | 15 |  | (88) |
The (gains) losses from foreign currency exchange derivatives incurred, and the line item where they appear on our consolidated income statement were:
|  | Millions of Dollars
|  | Three Months Ended |  | Nine Months Ended
September 30 | September 30
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Foreign currency transaction (gains) losses |  | $ | (2) |  | (1) |  | (5) |  | 2
Net exposures from outstanding commodity derivative contracts |
The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts:
| Open Position
Long/(Short)
| September 30 |  | December 31
| 2018 |  | 2017
Commodity |  |  |  |
Natural gas and power (billions of cubic feet equivalent) |  |  |  |
Fixed price |  | (19) |  | (29)
Basis |  | 5 |  | 12
We had the following net notional position of outstanding foreign currency exchange derivatives:
| In Millions
Notional Currency
|  | September 30 |  | December 31
| 2018 |  | 2017
Foreign Currency Exchange Derivatives |  |  |  |
Sell U.S. dollar, buy other currencies* | USD | 1,258 |  | -
Sell British pound, buy euro | GBP | 23 |  | 1
Sell Canadian dollar, buy U.S. dollar | CAD | 1,230 |  | 1,225
*Primarily British pound. |  |  |  |
Balances of financial instruments |
| Millions of Dollars
| Carrying Amount
| Cash and Cash Equivalents |  | Short-Term Investments
| September 30 |  | December 31 |  | September 30 |  | December 31
| 2018 | 2017 |  | 2018 |  | 2017
Cash | $ | 511 |  | 948 |  |  |  |
Time deposits |  |  |  |  |  |  |  |
Remaining maturities from 1 to 90 days |  | 2,966 |  | 5,004 |  | 104 |  | 821
Commercial paper |  |  |  |  |  |  |  |
Remaining maturities from 1 to 90 days |  | 239 |  | 373 |  | 771 |  | 978
Remaining maturities from 91 to 180 days |  | - |  | - |  | - |  | 74
| $ | 3,716 |  | 6,325 |  | 875 |  | 1,873

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