Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

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 as of December 31, 2015:

					(dollars in millions)
	Level 1(1)		Level 2(2)		Level 3(3)		Total
Assets:
Short-term investments:
Equity securities	$	265	$	-	$	-	$	265
Fixed income securities		-		85		-		85
Other current assets:
Fixed income securities		250		-		-		250
Other assets:
Fixed income securities		-		928		-		928
Interest rate swaps		-		128		-		128
Net investment hedges		-		13		-		13
Cross currency swaps		-		1		-		1
Total	$	515	$	1,155	$	-	$	1,670
Liabilities:
Other liabilities:
Interest rate swaps	$	-	$	19	$	-	$	19
Cross currency swaps		-		1,638		-		1,638
Forward interest rate swaps		-		24		-		24
Total	$	-	$	1,681	$	-	$	1,681

⁽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:

					(dollars in millions)
At December 31,	2015				2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short- and long-term debt, excluding capital leases	$	108,772	$	118,216	$	112,248	$	126,549