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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2018
Fair Value Measurements [Abstract] |
Fair Value Measurements | 14.Fair Value Meas urements ﻿ Fair value standards under U.S. GAAP define fair value, establish a framework for measuring fair value in applying generally accepted accounting principles, and require disclosures about fair value measurements. The standards also identify two kinds of inputs that are used to determine the fair value of assets and liabilities: observable and unobservable. Observable inputs are based on market data or independent sources while unobservable inputs are based on the Company’s own market assumptions. Once inputs have been characterized, the inputs are prioritized into one of three broad levels (provided in the table below) used to measure fair value. Fair value standards apply whenever an entity is measuring fair value under other accounting pronouncements that require or permit fair value measurement and require the use of observable market data when available. 14.Fair Value Measurements (continued) ﻿ The following tables provide fair value measurement information for the Company’s major categories of financial assets and liabilities measured on a recurring basis: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  | Fair value measurements at reporting date using
﻿ | December 31, |  | Quoted prices in active markets for identical assets |  | Significant other observable inputs |  | Significant unobservable inputs
﻿(in millions) | 2018 |  | (Level 1) |  | (Level 2) |  | (Level 3)
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Current assets: |  |  |  |  |  |  |  |  |  |  |
﻿Other current assets (1) | $ | 103 |  |  |  |  | $ | 103 |  |  |
﻿Non-current assets: |  |  |  |  |  |  |  |  |  |  |
﻿Investments (2) | $ | 16 |  |  |  |  |  |  |  | $ | 16
﻿Other assets (1) | $ | 45 |  |  |  |  | $ | 45 |  |  |
﻿Current liabilities: |  |  |  |  |  |  |  |  |  |  |
﻿Other accrued liabilities (1) | $ | 56 |  |  |  |  | $ | 56 |  |  |
﻿Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |
﻿Other liabilities (1)(3) | $ | 406 |  |  |  |  | $ | 386 |  | $ | 20
﻿ (1)Derivative assets and liabilities include foreign exchange contracts which are measured using observable inputs for similar assets and liabilities. (2)One of the Company’s equity securities was measured using unobservable (Level 3) inputs, in the amount of $16 million. (3)Other liabilities include contingent consideration that was measured using unobservable (Level 3) inputs, in the amount of $20 million. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  | Fair value measurements at reporting date using
﻿ | December 31, |  | Quoted prices in active markets for identical assets |  | Significant other observable inputs |  | Significant unobservable inputs
﻿(in millions) | 2017 |  | (Level 1) |  | (Level 2) |  | (Level 3)
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Current assets: |  |  |  |  |  |  |  |  |  |  |
﻿Short-term investments |  |  |  |  |  |  |  |  |  |  |
﻿Other current assets (1) | $ | 497 |  |  |  |  | $ | 197 |  | $ | 300
﻿Non-current assets: |  |  |  |  |  |  |  |  |  |  |
﻿Other assets (1)(2) | $ | 68 |  |  |  |  | $ | 68 |  |  |
﻿Current liabilities: |  |  |  |  |  |  |  |  |  |  |
﻿Other accrued liabilities (1) | $ | 44 |  |  |  |  | $ | 42 |  | $ | 2
﻿Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |
﻿Other liabilities (1)(2) | $ | 353 |  |  |  |  | $ | 333 |  | $ | 20
﻿
| (1) |  | Derivative assets and liabilities include foreign exchange contracts which are measured using observable quoted prices for similar assets and liabilities.
| (2) |  | At December 31, 2017, other current assets, other accrued liabilities and other liabilities include contingent consideration that was measured using unobservable (level 3) inp uts, in the amounts of $300 million, $2 million and $20 million, respectively.
﻿ ﻿ As a result of the acquisition of Samsung Corning Precision Materials in January 2014, the Company had contingent consideration that was measured using unobservable (Level 3) inputs in an option pricing model. The fair value of the contingent consideration was calculated to be $300 million as of December 31, 2017. This amount was settled in cash and received in June 2018. ﻿ There were no significant financial assets and liabilities measured on a nonrecurring basis during the years ended December 31, 2018 and 2017.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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