Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v3.19.1
FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2019
FAIR VALUE  
Schedule of fair values of financial instruments

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

December 31, 2018

 

Carrying

 

Estimated

 

Carrying

 

Estimated

 

Value

    

Fair Value

    

Value

    

Fair Value

Non-qualified employee benefit plan investments

$

24

 

$

24

 

$

23

 

$

23

Forward swap contract related to the sale of investment in Venator

 

 —

 

 

 —

 

 

14

 

 

14

Long-term debt (including current portion)

 

(2,599)

 

 

(2,717)

 

 

(2,320)

 

 

(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):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Amounts Using

 

 

 

 

 

Quoted prices

 

Significant other

 

Significant

 

 

 

 

 

in active markets

 

observable

 

unobservable 

 

 

March 31, 

 

for identical

 

inputs

 

 inputs

Description

    

2019

    

assets (Level 1)

    

(Level 2)

    

(Level 3)

Assets:

 

 

 

 

 

    

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Non-qualified employee benefit plan investments

 

$

24

 

$

24

 

$

 —

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Amounts Using

 

 

 

 

 

Quoted prices

 

Significant other

 

Significant

 

 

 

 

 

in active markets

 

observable

 

unobservable 

 

 

December 31, 

 

for identical

 

inputs

 

 inputs

Description

    

2018

    

assets (Level 1)

    

(Level 2)

    

(Level 3)

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Non-qualified employee benefit plan investments

 

$

23

 

$

23

 

$

 —

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

14

 

 

 —

 

 

14

 

 

 —

 

 

$

37

 

$

23

 

$

14

 

$

 —


(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.