Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

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

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2013:

(dollars in millions)	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:
Short-term investments:
Equity securities	$	338	$	–	$	–	$	338
Fixed income securities		–		322		–		322
Other assets:
Fixed income securities		–		841		–		841
Cross currency swaps and other		–		66		–		66
Total	$	338	$	1,229	$	–	$	1,567
Liabilities:
Other liabilities:
Cross currency swaps	$	–	$	13	$	–	$	13
Total	$	–	$	13	$	–	$	13

⁽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, 2013				At December 31, 2012
(dollars in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short- and long-term debt, excluding capital leases	$	52,598	$	59,943	$	51,689	$	61,552