Fair Value Measurements (Tables)

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2015:


(dollars in millions)	Level 1⁽¹⁾		Level 2⁽²⁾		Level 3⁽³⁾		Total
Assets:
Short-term investments:
Equity securities	$	298	$	–	$	–	$	298
Fixed income securities		6		243		–		249
Other current assets:
Fixed income securities		250		–		–		250
Other assets:
Fixed income securities		–		915		–		915
Interest rate swaps and other		–		111		–		111

Total	$	554	$	1,269	$	–	$	1,823


Liabilities:
Other current liabilities:
Cross currency swaps and other	$	–	$	137	$	–	$	137
Other liabilities:
Forward interest rate swaps		–		301		–		301
Cross currency swaps		–		1,318		–		1,318

Total	$	–	$	1,756	$	–	$	1,756

⁽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 March 31, 2015				At December 31, 2014
(dollars in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short- and long-term debt, excluding capital leases	$	112,738	$	128,347	$	112,755	$	126,549

- 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