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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements We measure certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we use various valuation approaches. The hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Below is a summary of the hierarchy levels: •Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data. •Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Assets and liabilities measured at fair value on a recurring basis are presented below:
|  | As of March 31, 2023 |  | As of December 31, 2022
(in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Marketable Securities |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Derivative assets |  | 46 |  |  | 45 |  |  | 1 |  |  | — |  |  | 60 |  |  | 49 |  |  | 11 |  |  | — |
Derivative liabilities |  | 109 |  |  | 67 |  |  | 42 |  |  | — |  |  | 64 |  |  | 51 |  |  | 13 |  |  | — |
Long-term debt |  | 1,771 |  |  | — |  |  | 1,771 |  |  | — |  |  | 1,733 |  |  | — |  |  | 1,733 |  |  | — |
The carrying values of cash equivalents, short-term investments, accounts receivable, accounts payable and short-term borrowings approximate fair values. Commodity futures, options and swaps contracts are recognized at fair value. Foreign currency forward contracts, swaps and options are also recognized at fair value. The fair value of our Long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI https://asc.fasb.org/topic&trid=2155941 + Details
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