Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value, Assets Measured on Recurring Basis

The following tables summarize the valuation of our assets and liabilities measured at fair value on a recurring and non-recurring basis at June 30, 2018 and December 31, 2017 are as follows:



					Fair Value
Millions of dollars	Total Cost Basis				Level 1				Level 2						Total
Measured at fair value on a recurring basis:	2018		2017		2018		2017		2018			2017			2018			2017
Money market funds⁽¹⁾	$	396	$	255	$	8	$	2	$	388		$	253		$	396		$	255
Net derivative contracts	—		—		—		—		(45		)	(66		)	(45		)	(66		)
Available for sale investments	7		6		20		22		—			—			20			22
Held-to-maturity investments ⁽²⁾	—		60		—		—		—			60			—			60

⁽¹⁾Money market funds are comprised primarily of government obligations or time 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.

Fair Value Measurements, Nonrecurring



	Fair Value
Millions of dollars	Level 3
Measured at fair value on a non-recurring basis:	2018		2017
Assets:
Goodwill ⁽³⁾	$	315	$	—
Indefinite-lived intangible assets ⁽⁴⁾	384		—
Definite-lived intangible assets ⁽⁵⁾	—		—
Total level 3 assets	$	699	$	—

⁽³⁾Goodwill with a carrying amount of $894 million was written down to a fair value of $315 million resulting in a goodwill impairment charge of $579 million.

⁽⁴⁾Indefinite-lived intangible assets with a carrying amount of approximately $492 million were written down to a fair value of $384 million resulting in an impairment charge of $108 million.

⁽⁵⁾A definite-lived intangible asset with a carrying amount of approximately $60 million was written down to a fair value of $0 million resulting in an impairment charge of $60 million.