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Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v3.19.3
FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2019
FAIR VALUE Ìý
Schedule of fair values of financial instruments

The fair values of financial instruments were as follows (dollars in millions):

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SeptemberÌý30,Ìý2019

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DecemberÌý31,Ìý2018

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Carrying

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Carrying

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Value

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FairÌýValue

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Value

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FairÌýValue

Non-qualified employee benefit plan investments

$

25

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$

25

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$

23

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$

23

Forward swap contract related to the sale of investment in Venator

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14

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14

Interest rate contracts

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(1)

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(1)

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Long-term debt (including current portion)

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(2,336)

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(2,504)

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(2,320)

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(2,403)
Schedule of assets and liabilities are measured at fair value on a recurring basis

The following assets and liabilities are measured at fair value on a recurring basis (dollars in millions):

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in active markets

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observable

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unobservableÌý

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SeptemberÌý30,Ìý

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for identical

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inputs

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Description

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2019

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assetsÌý(LevelÌý1)

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(LevelÌý2)

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(LevelÌý3)

Assets:

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Equity securities:

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Liabilities:

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Derivatives:

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Interest rate contracts

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in active markets

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observable

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unobservableÌý

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DecemberÌý31,Ìý

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for identical

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inputs

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Ìýinputs

Description

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2018

ÌýÌýÌýÌý

assetsÌý(LevelÌý1)

ÌýÌýÌýÌý

(LevelÌý2)

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(LevelÌý3)

Assets:

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Equity securities:

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Non-qualified employee benefit plan investments

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Derivatives:

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Forward swap contract related to the sale of investment in Venator(1)

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14

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$

37

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$

23

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(1) In connection with the December 3, 2018 sale of Venator ordinary shares to Bank of America N.A., we recorded a forward swap. In February 2019, we settled this forward swap and received $16 million from the counterparty.