Fair Value Measurements And Disclosure (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Notes and debentures1	$	131,587	$	115,560	$	133,207	$	122,524
Commercial paper	4,575		4,575		866		866
Investment securities2	2,772		2,772		2,692		2,692
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, 2023 and December 31, 2022. Derivatives designated as hedging instruments are reflected as “Prepaid and other current assets,” “Other Assets,” “Accounts payable and accrued liabilities,” and “Other noncurrent liabilities” on our consolidated balance sheets.

	September 30, 2023
	Level 1		Level 2		Level 3		Total
Equity Securities
Domestic equities	$	1,032	$	—	$	—	$	1,032
International equities	192		—		—		192
Fixed income equities	196		—		—		196
Available-for-Sale Debt Securities	—		1,176		—		1,176
Asset Derivatives
Cross-currency swaps	—		60		—		60
Liability Derivatives
Interest rate swaps	—		(9)		—		(9)
Cross-currency swaps	—		(4,785)		—		(4,785)

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Equity Securities
Domestic equities	$	995	$	—	$	—	$	995
International equities	198		—		—		198
Fixed income equities	189		—		—		189
Available-for-Sale Debt Securities	—		1,132		—		1,132
Asset Derivatives
Cross-currency swaps	—		28		—		28
Liability Derivatives
Cross-currency swaps	—		(6,010)		—		(6,010)
Foreign exchange contracts	—		(23)		—		(23)

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,
	2023		2022		2023		2022
Total gains (losses) recognized on equity securities	$	(58)	$	(79)	$	107	$	(411)
Gains (losses) recognized on equity securities sold	(2)		(8)		(1)		(56)
Unrealized gains (losses) recognized on equity securities held at end of period	$	(56)	$	(71)	$	108	$	(355)

Notional Amount of Outstanding Derivative Positions

Following are the notional amounts of our outstanding derivative positions:

	September 30,		December 31,
	2023		2022
Interest rate swaps	$	1,750	$	—
Cross-currency swaps	37,617		38,213
Foreign exchange contracts	—		617
Total	$	39,367	$	38,830

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	2023		2022		2023		2022
Interest rate swaps (“Interest expense”):
Gain (loss) on interest rate swaps	$	(5)	$	(1)	$	(12)	$	(3)
Gain (loss) on long-term debt	5		1		12		3
Cross-currency swaps:
Gain (loss) on cross-currency swaps	(1,066)		(52)		(297)		7
Gain (loss) on long-term debt	1,066		52		297		(7)
Gain (loss) recognized in accumulated OCI	1,005		12		1,045		(48)
Foreign exchange contracts:
Gain (loss) on foreign exchange contracts	1		(37)		12		(60)
Gain (loss) on long-term debt	(1)		37		(12)		60
Gain (loss) recognized in accumulated OCI	18		(5)		12		(9)

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	2023		2022		2023		2022
Cross-currency swaps:
Gain (loss) recognized in accumulated OCI	$	31	$	(690)	$	23	$	(1,077)
Foreign exchange contracts:
Gain (loss) recognized in accumulated OCI	—		—		—		3
Other income (expense) - net reclassified from accumulated OCI into income	—		—		—		1
Interest rate locks:
Interest income (expense) reclassified from accumulated OCI into income	(15)		(15)		(44)		(51)
Other income (expense) reclassified from accumulated OCI into income	—		—		—		(45)
Distribution of WarnerMedia	—		—		—		(12)