Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Fair Value of Investment Assets

The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table. All of the inputs used to determine the fair value of the Company's investments are Level 2 inputs. The amortized cost basis of these investments was $340 million and $91 million as of December 31, 2018 and December 31, 2017, respectively.



	Fiscal Years
	2018		2017
(Dollars in Millions)	Level 2		Level 2
Certificates of Deposit and Commercial Paper	$	250	$	—
Corporate Bonds	56		61
Government Securities	35		34
Total investments at fair value	$	341	$	95

Schedule of Investment Maturities

These investments have the following maturities and are represented on the consolidated balance sheet within short-term investments for investments with maturities of less than one year, and other long-term assets for investments with maturities of one year and greater:



(Dollars in Millions)	December 2018		December 2017
Less than 1 year	$	253	$	18
1 - 5 years	14		11
5 - 10 years	26		26
Greater than 10 years	48		40
Total investments at fair value	$	341	$	95

Schedule of Fair Value and Carrying Value of Long-term Debt

The fair value and carrying value of the Company's long-term debt is as follows:



(Dollars in Millions)	December 2018		December 2017
Long-term Debt (Including Current Maturities):
Fair Value	$	14,914	$	13,220
Carrying Value	14,757		11,809

Schedule of Pension Plan Assets at Fair Value by Level

The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2018 and 2017 are shown in the table below. For additional information related to pension assets, see Note 8, Employee Benefit Plans.



	Fiscal Years
	2018						2017
(Dollars in Millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Common Stock	$	750	$	—	$	750	$	1,022	$	—	$	1,022
Mutual funds	7		—		7		14		—		14
Cash equivalents	3		—		3		2		—		2
Corporate bonds	—		537		537		—		537		537
Government securities	—		149		149		—		169		169
Asset-backed securities	—		10		10		—		9		9
Derivatives and other	—		5		5		—		11		11
Total investments in the fair value hierarchy	$	760	$	701	$	1,461	$	1,038	$	726	$	1,764
Investments measured at net asset value^(a)	n/a		n/a		$	970	n/a		n/a		$	1,069
Investments at fair value	$	760	$	701	$	2,431	$	1,038	$	726	$	2,833

(a) Investments measured at net asset value represent certain investments that have been measured at net asset value per share (or its equivalent) and thus are not classified in the fair value hierarchy. In accordance with ASC 820, Fair Value Measurements, the fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the pension assets disclosed in Note 8, Employee Benefit Plans.