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  
Schedule of fair values of financial instruments

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

December 31, 2019

December 31, 2018

Carrying

Estimated

Carrying

Estimated

Value

    

Fair Value

    

Value

    

Fair Value

Non-qualified employee benefit plan investments

$

28

$

28

$

23

$

23

Forward swap contract related to the sale of investment in Venator

14

14

Long-term debt (including current portion)

(2,389)

(2,544)

(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 

December 31, 

for identical

inputs

 inputs

Description

    

2019

    

assets (Level 1)

    

(Level 2)

    

(Level 3)

Assets:

    

Equity securities:

Non-qualified employee benefit plan investments

$

28

$

28

$

$

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.