Fair Value Measurements (Tables)

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis at June 30, 2017:


(dollars in millions)	Level 1⁽¹⁾		Level 2⁽²⁾		Level 3⁽³⁾		Total
Assets:
Other assets:
Equity securities	$	77	$	-	$	-	$	77
Fixed income securities		-		349		-		349
Interest rate swaps		-		169		-		169
Cross currency swaps		-		192		-		192
Interest rate cap		-		4		-		4

Total	$	77	$	714	$	-	$	791


Liabilities:
Other liabilities:
Interest rate swaps	$	-	$	181	$	-	$	181
Cross currency swaps		-		1,400		-		1,400

Total	$	-	$	1,581	$	-	$	1,581


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

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


	At June 30, 2017				At December 31, 2016
(dollars in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short- and long-term debt, excluding capital leases	$	116,537	$	127,281	$	107,128	$	117,584

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