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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities 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, 2022 and December 31, 2021:
|  |  |  |  |  | Fair Value
Millions of dollars |  | Total Cost Basis |  | Level 1 |  | Level 2 |  |  |  | Total
Measured at fair value on a recurring basis: |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |  |  | 2022 |  | 2021
Short-term investments (1) |  | $ | 1,339 |  |  | $ | 1,905 |  |  | $ | 1,008 |  |  | $ | 1,697 |  |  | $ | 331 |  |  | $ | 208 |  |  |  |  |  |  | $ | 1,339 |  |  | $ | 1,905 |
Net derivative contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | 41 |  |  | 66 |  |  |  |  |  |  | 41 |  |  | 66 |
(1)Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments with initial maturities less than 90 days.

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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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