Fair Value Measurements and Financial Instruments (Tables)

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2013:

(dollars in millions)

Level 1⁽¹⁾

Level 2⁽²⁾

Level 3⁽³⁾

Total

Assets:

Cash and cash equivalents:

Fixed income securities

9,190

–

9,190

Short-term investments:

Equity securities

387

–

387

Fixed income securities

211

–

214

Other assets:

Forward interest rate swaps

–

Fixed income securities

–

875

–

875

Cross currency swaps

–

166

–

166

Total

9,580

1,328

–

10,908

Liabilities:

Other liabilities:

Interest rate swaps

–

Total

–

⁽¹⁾	quoted prices in active markets for identical assets or liabilities

⁽²⁾	observable inputs other than quoted prices in active markets for identical assets and liabilities

⁽³⁾	no observable pricing inputs in the market

The fair value of our short-term and long-term debt, excluding capital leases, was as follows:


					(dollars in millions)
At December 31,	2013				2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short- and long-term debt, excluding capital leases	$	93,298	$	103,527	$	51,689	$	61,552

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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