v3.19.3.a.u2
Fair Value Measurements And Disclosure (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Measurements And Disclosure  
Long-Term Debt And Other Financial Instruments [Table Text Block]

Long-Term Debt and Other Financial Instruments

The carrying amounts and estimated fair values of our long-term debt, including current maturities, and other financial

instruments, are summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

December 31, 2018

 

 

Carrying

 

Fair

 

Carrying

 

Fair

 

 

Amount

 

Value

 

Amount

 

Value

Notes and debentures1

$

161,109

 

$

182,124

 

$

171,529

 

$

172,287

Commercial paper

 

-

 

 

-

 

 

3,048

 

 

3,048

Bank borrowings

 

4

 

 

4

 

 

4

 

 

4

Investment securities2

 

3,723

 

 

3,723

 

 

3,409

 

 

3,409

1

Includes credit agreement borrowings.

2

Excludes investments accounted for under the equity method.

Fair Value Leveling [Table Text Block]

 

 

December 31, 2019

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Domestic equities

$

844

 

$

-

 

$

-

 

$

844

International equities

 

183

 

 

-

 

 

-

 

 

183

Fixed income equities

 

229

 

 

-

 

 

-

 

 

229

Available-for-Sale Debt Securities

 

-

 

 

1,444

 

 

-

 

 

1,444

Asset Derivatives

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

-

 

 

2

 

 

-

 

 

2

Cross-currency swaps

 

-

 

 

172

 

 

-

 

 

172

Interest rate locks

 

-

 

 

11

 

 

-

 

 

11

Foreign exchange contracts

 

-

 

 

89

 

 

-

 

 

89

Liability Derivatives

 

 

 

 

 

 

 

 

 

 

 

Cross-currency swaps

 

-

 

 

(3,187)

 

 

-

 

 

(3,187)

Interest rate locks

 

-

 

 

(95)

 

 

-

 

 

(95)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Domestic equities

$

1,061

 

$

-

 

$

-

 

$

1,061

International equities

 

256

 

 

-

 

 

-

 

 

256

Fixed income equities

 

172

 

 

-

 

 

-

 

 

172

Available-for-Sale Debt Securities

 

-

 

 

870

 

 

-

 

 

870

Asset Derivatives

 

 

 

 

 

 

 

 

 

 

 

Cross-currency swaps

 

-

 

 

472

 

 

-

 

 

472

Foreign exchange contracts

 

-

 

 

87

 

 

-

 

 

87

Liability Derivatives

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

-

 

 

(39)

 

 

-

 

 

(39)

Cross-currency swaps

 

-

 

 

(2,563)

 

 

-

 

 

(2,563)

Foreign exchange contracts

 

-

 

 

(2)

 

 

-

 

 

(2)

Unrealized Gain (Loss) on Investments [Table Text Block]

The components comprising total gains and losses in the period on equity securities are as follows:

 

 

 

 

 

 

 

 

 

For the years ended December 31,

2019

 

2018

 

2017

Total gains (losses) recognized on equity securities

$

301

 

$

(130)

 

$

326

Gains (losses) recognized on equity securities sold

 

100

 

 

(10)

 

 

47

Unrealized gains (losses) recognized on equity securities held at end of period

$

201

 

$

(120)

 

$

279

Notional Amount Of Outstanding Derivative Positions [Table Text Block]

Following are the notional amounts of our outstanding derivative positions at December 31:

 

 

 

 

 

 

 

2019

 

2018

Interest rate swaps

$

853

 

$

3,483

Cross-currency swaps

 

42,325

 

 

42,192

Interest rate locks

 

3,500

 

 

-

Foreign exchange contracts

 

269

 

 

2,094

Total

$

46,947

 

$

47,769

Effect Of Derivatives On The Consolidated Statements Of Income [Table Text Block]

Following are the related hedged items affecting our financial position and performance:

 

 

 

 

 

 

 

 

 

Effect of Derivatives on the Consolidated Statements of Income

 

 

 

 

 

 

 

 

Fair Value Hedging Relationships

 

 

 

 

 

 

 

 

For the years ended December 31,

2019

 

2018

 

2017

Interest rate swaps (Interest expense):

 

 

 

 

 

 

 

 

Gain (Loss) on interest rate swaps

$

58

 

$

(12)

 

$

(68)

Gain (Loss) on long-term debt

 

(58)

 

 

12

 

 

68

The net swap settlements that accrued and settled in the periods above were included in interest expense.

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedging Relationships

 

 

 

 

 

 

 

 

For the years ended December 31,

2019

 

2018

 

2017

Cross-currency swaps:

 

 

 

 

 

 

 

 

Gain (Loss) recognized in accumulated OCI

$

(1,066)

 

$

(825)

 

$

571

Foreign exchange contracts:

 

 

 

 

 

 

 

 

Gain (Loss) recognized in accumulated OCI

 

10

 

 

51

 

 

-

Other income (expense) - net reclassified from

 

 

 

 

 

 

 

 

accumulated OCI into income

 

6

 

 

39

 

 

-

Interest rate locks:

 

 

 

 

 

 

 

 

Gain (Loss) recognized in accumulated OCI

 

(84)

 

 

-

 

 

-

Interest income (expense) reclassified from

 

 

 

 

 

 

 

 

accumulated OCI into income

 

(63)

 

 

(58)

 

 

(60)