United states securities and exchange commission

NOTE 22 - FAIR VALUE MEASUREMENTS

Fair Value Measurements on a Recurring Basis

The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis:

Basis of Fair Value Measurements on a Recurring Basis					Dec 31, 2017												Dec 31, 2016
In millions					Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets at fair value:
Cash equivalents 1					$	—		$	7,485		$	—		$	7,485		$	—		$	4,173		$	—		$	4,173
Marketable securities  2					—			956			—			956			—			—			—			—
Interests in trade accounts receivable conduits 3					—			—			677			677			—			—			1,237			1,237
Equity securities 4					88			52			—			140			619			87			—			706
Debt securities: 4
Government debt  5					—			639			—			639			—			608			—			608
Corporate bonds					—			733			—			733			—			645			—			645
Derivatives relating to:  6
Commodities					47			100			—			147			48			29			—			77
Foreign currency					—			172			—			172			—			193			—			193
Total assets at fair value					$	135		$	10,137		$	677		$	10,949		$	667		$	5,735		$	1,237		$	7,639
Liabilities at fair value:
Long-term debt 7					$	—		$	34,175		$	—		$	34,175		$	—		$	22,807		$	—		$	22,807
Derivatives relating to:  6
Interest rates					—			4			—			4			—			5			—			5
Commodities					31			261			—			292			20			214			—			234
Foreign currency					—			295			—			295			—			139			—			139
Total liabilities at fair value					$	31		$	34,735		$	—		$	34,766		$	20		$	23,165		$	—		$	23,185
1.	Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other currents assets" in the consolidated balance sheets are held at amortized cost, which approximates fair value.
2.		Primarily time deposits with maturities of greater than three months at time of acquisition.
3.		Included in "Accounts and notes receivable - Other" in the consolidated balance sheets. See Note  14 for additional information on transfers of financial assets.
4.	The Company’s investments in equity and debt securities are primarily classified as available-for-sale and are included in “Other investments” in the consolidated balance sheets.
5.	U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations.
6.			See Note  21 for the classification of derivatives in the consolidated balance sheets.
7.				See Note 21 for information on fair value measurements of long-term debt.