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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017 are as follows:

										Fair Value
		Total Cost Basis								Level 1								Level 2								Total
Millions of dollars		2018				2017				2018				2017				2018				2017				2018				2017
Money market funds(1)		$	302			$	255			$	3			$	2			$	299			$	253			$	302			$	255
Net derivative contracts		—				—				—				—				(133		)		(66		)		(133		)		(66		)
Available for sale investments		7				6				21				22				—				—				21				22
Held-to-maturity investments (2)		—				60				—				—				—				60				—				60

⁽¹⁾Money market funds are comprised primarily of government obligations or timed deposits with banks and other first tier obligations.

⁽²⁾ Held-to-maturity investments are primarily comprised of certificates of deposit with an approximate maturity term of less than six months.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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