v3.20.4

Fair Value Measurements And Disclosure (Tables) | 12 Months Ended
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Dec. 31, 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:
| December 31, 2020 |  | December 31, 2019
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Notes and debentures 1 | $ | 155,209 |  |  | $ | 187,224 |  |  | $ | 161,109 |  |  | $ | 182,124 |
Bank borrowings | — |  |  | — |  |  | 4 |  |  | 4 |
Investment securities 2 | 3,249 |  |  | 3,249 |  |  | 3,723 |  |  | 3,723 |
1 Includes credit agreement borrowings. 2 Excludes 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 December 31, 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.
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity Securities |  |  |  |  |  |  |
Domestic equities | $ | 1,010 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,010 |
International equities | 180 |  |  | — |  |  | — |  |  | 180 |
Fixed income equities | 236 |  |  | — |  |  | — |  |  | 236 |
Available-for-Sale Debt Securities | — |  |  | 1,479 |  |  | — |  |  | 1,479 |
Asset Derivatives |  |  |  |  |  |  |
Cross-currency swaps | — |  |  | 1,721 |  |  | — |  |  | 1,721 |
Foreign exchange contracts | — |  |  | 6 |  |  | — |  |  | 6 |
Liability Derivatives |  |  |  |  |  |  |
Cross-currency swaps | — |  |  | (1,814) |  |  | — |  |  | (1,814) |
Foreign exchange contracts | — |  |  | (9) |  |  | — |  |  | (9) |
| 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:
For the years ended December 31, | 2020 |  | 2019 |  | 2018
Total gains (losses) recognized on equity securities | $ | 171 |  |  | $ | 301 |  |  | $ | (130) |
Gains (losses) recognized on equity securities sold | (25) |  |  | 100 |  |  | (10) |
Unrealized gains (losses) recognized on equity securities held at end of period | $ | 196 |  |  | $ | 201 |  |  | $ | (120) |
Notional Amount of Outstanding Derivative Positions | Following are the notional amounts of our outstanding derivative positions at December 31:
| 2020 |  | 2019
Interest rate swaps | $ | — |  |  | $ | 853 |
Cross-currency swaps | 40,745 |  |  | 42,325 |
Interest rate locks | — |  |  | 3,500 |
Foreign exchange contracts | 90 |  |  | 269 |
Total | $ | 40,835 |  |  | $ | 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 |  |  |  |  |
Fair Value Hedging Relationships |  |  |  |  |
For the years ended December 31, | 2020 |  | 2019 |  | 2018
Interest rate swaps (Interest expense): |  |  |  |  |
Gain (Loss) on interest rate swaps | $ | (6) |  |  | $ | 58 |  |  | $ | (12) |
Gain (Loss) on long-term debt | 6 |  |  | (58) |  |  | 12 |
Cash Flow Hedging Relationships |  |  |  |  |
For the years ended December 31, | 2020 |  | 2019 |  | 2018
Cross-currency swaps: |  |  |  |  |
Gain (Loss) recognized in accumulated OCI | $ | (378) |  |  | $ | (1,066) |  |  | $ | (825) |
Foreign exchange contracts: |  |  |  |  |
Gain (Loss) recognized in accumulated OCI | 3 |  |  | 10 |  |  | 51 |
Other income (expense) - net reclassified from accumulated OCI into income | (3) |  |  | 6 |  |  | 39 |
Interest rate locks: |  |  |  |  |
Gain (Loss) recognized in accumulated OCI | (648) |  |  | (84) |  |  | — |
Interest income (expense) reclassified from accumulated OCI into income | (84) |  |  | (63) |  |  | (58) |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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