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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
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 September 30, 2021 and December 31, 2020 are as follows:
|  |  |  |  |  | Fair Value
Millions of dollars |  | Total Cost Basis |  | Level 1 |  | Level 2 (2) |  |  |  | Total
Measured at fair value on a recurring basis: |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |  |  | 2021 |  | 2020
Short-term investments (1) |  | $ | 2,105 |  |  | $ | 2,164 |  |  | $ | 1,926 |  |  | $ | 1,603 |  |  | $ | 179 |  |  | $ | 561 |  |  |  |  |  |  | $ | 2,105 |  |  | $ | 2,164 |
Net derivative contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | 97 |  |  | (179) |  |  |  |  |  |  | 97 |  |  | (179) |
(1)Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments with initial maturities less than 90 days. (2)Change in level 2 short-term investments is primarily driven by the deconsolidation of Whirlpool China. For additional information, see Note 15 to the Consolidated Condensed Financial Statements.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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