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Annual report pursuant to Section 13 and 15(d)

FAIR VALUE (Tables)

v3.19.3.a.u2
FAIR VALUE (Tables)
12 Months Ended
Dec. 31, 2019
FAIR VALUE Ìý
Schedule of fair values of financial instruments

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

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DecemberÌý31,Ìý2019

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DecemberÌý31,Ìý2018

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Carrying

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Estimated

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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

$

28

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$

28

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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

Long-term debt (including current portion)

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(2,389)

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(2,544)

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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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DecemberÌý31,Ìý

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for identical

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inputs

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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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Non-qualified employee benefit plan investments

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$

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$

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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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Description

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2018

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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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Non-qualified employee benefit plan investments

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$

23

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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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$

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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.