Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value, Assets Measured on Recurring Basis

The following table summarizes the valuation of our assets and liabilities measured at fair value on a recurring basis at September 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⁾	$	230	$	255	$	7	$	2	$	223		$	253		$	230		$	255
Net derivative contracts	—		—		—		—		(72		)	(66		)	(72		)	(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 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

The following table summarizes the valuation of our assets measured at fair value on a non-recurring basis during the second quarter and as of June 30, 2018.



	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.