Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis at March 31, 2017:


(dollars in millions)		Level 1⁽¹⁾				Level 2⁽²⁾				Level 3⁽³⁾				Total
Assets:
Other assets:
Equity securities		$	118			$	–			$	–			$	118
Fixed income securities			–				439				–				439
Interest rate swaps			–				91				–				91
Cross currency swaps			–				63				–				63
Interest rate cap			–				7				–				7

Total		$	118			$	600			$	–			$	718


Liabilities:
Other liabilities:
Interest rate swaps		$	–			$	296			$	–			$	296
Cross currency swaps			–				1,682				–				1,682

Total		$	–			$	1,978			$	–			$	1,978

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis at December 31, 2016:


(dollars in millions)		Level 1⁽¹⁾				Level 2⁽²⁾				Level 3⁽³⁾				Total
Assets:
Other assets:
Equity securities		$	123			$	–			$	–			$	123
Fixed income securities			10				566				–				576
Interest rate swaps			–				71				–				71
Cross currency swaps			–				45				–				45
Interest rate caps			–				10				–				10

Total		$	133			$	692			$	–			$	825


Liabilities:
Other liabilities:
Interest rate swaps		$	–			$	236			$	–			$	236
Cross currency swaps			–				1,803				–				1,803

Total		$	–			$	2,039			$	–			$	2,039

⁽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

Schedule of Fair Value of Short-Term and Long-Term Debt, Excluding Capital Leases

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


		At March 31, 2017								At December 31, 2016
(dollars in millions)		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Short- and long-term debt, excluding capital leases		$	115,536			$	123,751			$	107,128			$	117,584

Notional Amounts of Outstanding Derivative Instruments

The following table sets forth the notional amounts of our outstanding derivative instruments:


		At March 31, 2017				At December 31, 2016
(dollars in millions)		Notional Amount				Notional Amount
Interest rate swaps		$	16,595			$	13,099
Cross currency swaps			12,890				12,890
Interest rate caps			2,540				2,540