Derivative Instruments and Other Financial Instruments Used For Hedging (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value Hedging Instruments

The following table presents derivative instruments, by contract type, used in fair value hedging relationships, as well as the gains (losses) recorded on such derivatives and the related change in fair values of the hedged liabilities for the three and six months ended June 30, 2021. The Company did not have any fair value hedges during 2020.

	For the Three Months Ended June 30, 2021					For the Six Months Ended June 30, 2021
	Gains (Losses) Recorded in Income					Gains (Losses) Recorded in Income
(Dollars in millions)	Location	Derivative		Hedged Liabilities		Location	Derivative		Hedged Liabilities
Derivatives in fair value hedging relationships
Interest rate contracts	Interest expense	$	3	$	(8)	Interest expense	$	3	$	(8)
Total		$	3	$	(8)		$	3	$	(8)

The following table shows the carrying amount and the cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged liabilities in fair value hedging relationships as of June 30, 2021.

	Carrying Amount of the Hedged Liabilities				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
(Dollars in millions)	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Balance sheet line item in which the hedge item is included
Long-term debt	$	2,049	$	2,050	$	(1)	$	—
Total	$	2,049	$	2,050	$	(1)	$	—