XML 44 R32.htm IDEA: XBRL DOCUMENT v3.22.2.2
Fair Value Measurements And Disclosure (Tables)
 9 Months Ended
Sep. 30, 2022
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, 2022December 31, 2021
 CarryingFairCarryingFair
 AmountValueAmountValue
Notes and debentures1
$129,688 $116,586 $167,475 $193,068 
Commercial paper2,161 2,161 6,586 6,586 
Investment securities2
2,595 2,595 3,214 3,214 
1Includes credit agreement borrowings. Excludes note payable to DIRECTV.
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, 2022 and December 31, 2021. Derivatives designated as hedging instruments are reflected as “Other assets,” “Other noncurrent liabilities,” “Prepaid and other current assets” and “Accounts payable and accrued liabilities” on our consolidated balance sheets.
 September 30, 2022
 Level 1Level 2Level 3Total
Equity Securities    
Domestic equities$912 $— $— $912 
International equities178 — — 178 
Fixed income equities185 — — 185 
Available-for-Sale Debt Securities— 1,142 — 1,142 
Liability Derivatives
Cross-currency swaps— (8,882)— (8,882)
Foreign exchange contracts— (69)— (69)

 December 31, 2021
 Level 1Level 2Level 3Total
Equity Securities    
Domestic equities$1,213 $— $— $1,213 
International equities221 — — 221 
Fixed income equities219 — — 219 
Available-for-Sale Debt Securities— 1,380 — 1,380 
Asset Derivatives
Cross-currency swaps— 211 — 211 
Liability Derivatives
Cross-currency swaps— (3,170)— (3,170)
Components Comprising Total Gains and Losses on Equity Securities
The components comprising total gains and losses in the period on equity securities are as follows:
 Three months endedNine months ended
 September 30,September 30,
 2022202120222021
Total gains (losses) recognized on equity securities$(79)$9 $(411)$151 
Gains (Losses) recognized on equity securities sold(8)(2)(56)(2)
Unrealized gains (losses) recognized on equity
securities held at end of period
$(71)$11 $(355)$153 
Notional Amount of Outstanding Derivative Positions
Following are the notional amounts of our outstanding derivative positions:
 September 30,December 31,
20222021
Cross-currency swaps$38,213 $40,737 
Foreign exchange contracts617 — 
Total$38,830 $40,737 
Effect on Derivatives on the Consolidated Statements of Income
Following are the related hedged items affecting our financial position and performance:
Effect of Derivatives on the Consolidated Statements of Income   
 Three months endedNine months ended
 September 30,September 30,
Fair Value Hedging Relationships2022202120222021
Interest rate swaps (Interest expense):    
Gain (Loss) on interest rate swaps$(1)$(1)$(3)$(3)
Gain (Loss) on long-term debt1 1 3 3 
Cross-currency swaps:
Gain (Loss) on cross-currency swaps(52)(34)7 (66)
Gain (Loss) on long-term debt52 34 (7)66 
Gain (Loss) recognized in accumulated OCI12 2 (48)3 
Foreign exchange contracts:
Gain (Loss) on foreign exchange contracts(37)— (60)— 
Gain (Loss) on long-term debt37 — 60 — 
Gain (Loss) recognized in accumulated OCI(5)— (9)— 
The following table presents information for our cash flow hedging relationships:
 Three months endedNine months ended
 September 30,September 30,
Cash Flow Hedging Relationships2022202120222021
Cross-currency swaps:    
Gain (Loss) recognized in accumulated OCI$(690)$(237)$(1,077)$(742)
Foreign exchange contracts:
Gain (Loss) recognized in accumulated OCI— (14)3 (14)
Other income (expense) - net reclassified from
accumulated OCI into income
— 7 1 (3)
Interest rate locks:
Interest income (expense) reclassified from
accumulated OCI into income
(15)(22)(51)(70)
Other income (expense) reclassified from
accumulated OCI into income
— — (45)— 
Distribution of WarnerMedia— — (12)—