Fair Value Measurements And Disclosure (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

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:

	September 30, 2020				December 31, 2019
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Notes and debentures1	$	155,218	$	181,872	$	161,109	$	182,124
Commercial paper	1,754		1,754		—		—
Bank borrowings	—		—		4		4
Investment securities2	3,669		3,669		3,723		3,723
1Includes credit agreement borrowings.
2Excludes investments accounted for under the equity method.

Fair Value Leveling

Following is the fair value leveling for investment securities that are measured at fair value and derivatives as of September 30, 2020 and December 31, 2019. Derivatives designated as hedging instruments are reflected as “Other assets,” “Other noncurrent liabilities,” “Other current assets” and “Accounts payable and accrued liabilities” on our consolidated balance sheets.

	September 30, 2020
	Level 1		Level 2		Level 3		Total
Equity Securities
Domestic equities	$	893	$	—	$	—	$	893
International equities	148		—		—		148
Fixed income equities	233		—		—		233
Available-for-Sale Debt Securities	—		1,524		—		1,524
Asset Derivatives
Cross-currency swaps	—		322		—		322
Foreign exchange contracts	—		16		—		16
Liability Derivatives
Cross-currency swaps	—		(4,244)		—		(4,244)
Foreign exchange contracts	—		(6)		—		(6)

	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)

Components Comprising Total Gains and Losses on Equity Securities

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

	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
Total gains (losses) recognized on equity securities	$	64	$	21	$	22	$	231
Gains (Losses) recognized on equity securities sold	—		74		(24)		101
Unrealized gains (losses) recognized on equity securities held at end of period	$	64	$	(53)	$	46	$	130

Notional Amount of Outstanding Derivative Positions

Following are the notional amounts of our outstanding derivative positions:

	September 30,		December 31,
	2020		2019
Interest rate swaps	$	—	$	853
Cross-currency swaps	42,969		42,325
Interest rate locks	—		3,500
Foreign exchange contracts	204		269
Total	$	43,173	$	46,947

Effect on Derivatives on the Consolidated Statements of Income

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

Effect of Derivatives on the Consolidated Statements of Income
	Three months ended				Nine months ended
	September 30,				September 30,
Fair Value Hedging Relationships	2020		2019		2020		2019
Interest rate swaps (Interest expense):
Gain (Loss) on interest rate swaps	$	(1)	$	—	$	(5)	$	59
Gain (Loss) on long-term debt	1		—		5		(59)

The following table presents information for our cash flow hedging relationships:

	Three months ended				Nine months ended
	September 30,				September 30,
Cash Flow Hedging Relationships	2020		2019		2020		2019
Cross-currency swaps:
Gain (Loss) recognized in accumulated OCI	$	1,079	$	(487)	$	(2,091)	$	(1,082)
Foreign exchange contracts:
Gain (Loss) recognized in accumulated OCI	10		5		(1)		2
Other income (expense) - net reclassified from accumulated OCI into income	(9)		6		4		16
Interest rate locks:
Gain (Loss) recognized in accumulated OCI	—		(202)		(648)		(225)
Interest income (expense) reclassified from accumulated OCI into income	(25)		(15)		(59)		(47)