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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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 March 31, 2019 and December 31, 2018 are as follows:

										Fair Value
Millions of dollars		Total Cost Basis								Level 1								Level 2								Total
Measured at fair value on a recurring basis:		2019				2018				2019				2018				2019				2018				2019				2018
Money market funds(1)		$	537			$	511			$	2			$	5			$	535			$	506			$	537			$	511
Net derivative contracts		—				—				—				—				9				(67		)		9				(67		)
Available for sale investments		6				7				19				12				—				—				19				12

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

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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