Fair Value Measurements (Tables)

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of June 30, 2014:


(dollars in millions)	Level 1⁽¹⁾		Level 2⁽²⁾		Level 3⁽³⁾		Total
Assets:
Short-term investments:
Equity securities	$	399	$	–	$	–	$	399
Fixed income securities		–		249		–		249
Other assets:
Fixed income securities		–		900		–		900
Cross currency swaps and other		–		170		–		170
Interest rate swaps		–		45		–		45

Total	$	399	$	1,364	$	–	$	1,763


Liabilities:
Other liabilities:
Forward interest rate swaps and other	$	–	$	65	$	–	$	65

Total	$	–	$	65	$	–	$	65

⁽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:


	At June 30, 2014				At December 31, 2013

(dollars in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short- and long-term debt, excluding capital leases	$	109,568	$	123,701	$	93,298	$	103,527

- 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.

+ References+ Details