Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The three input levels in the hierarchy of fair value measurements are defined by the FASB generally as follows:

Input Level	Description of Input
Level 1	Observable inputs such as quoted market prices in active markets.
Level 2	Inputs other than quoted prices in active markets that are either directly or indirectly observable.
Level 3	Unobservable inputs in which little or no market data exists.

Schedule of Carrying Amounts and Estimated Fair Values of Long-term Debt, Excluding Capital Lease Obligations, and Input Level to Determine Fair Values

The following table presents the carrying amounts and estimated fair values of our financial liabilities as of March 31, 2022 and December 31, 2021:

		March 31, 2022			December 31, 2021
	Input Level	Carrying Amount		Fair Value	Carrying Amount	Fair Value
		(Dollars in millions)
Long-term debt, excluding finance lease and other obligations(1)	2	$	28,210	27,405	28,635	29,221
Interest rate swap contracts (see Note 11)	2	$	3	3	25	25

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(1)As of March 31, 2022 and December 31, 2021, these amounts exclude $1.4 billion of carrying amount for both periods and $1.4 billion and $1.6 billion, respectively, of fair value of debt that has been reclassified as held for sale. See Note 2—Planned Divestiture of the Latin American and ILEC Businesses for more information.

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

	As of March 31, 2022		As of December 31, 2021
	Net Asset Value
	(Dollars in millions)
Investment in limited partnership(1)	$	365	299

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(1)For the three months ended March 31, 2022, we recognized a $66 million gain on investment, reflected in other income, net in our consolidated statement of operations.