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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Investment Assets The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table.
Fiscal Years
20212020
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Fixed Income Mutual Funds$75 $— $75 $— $— $— 
Corporate Bonds— 63 63 — 68 68 
Government Securities— 26 26 — 33 33 
Total investments at fair value$75 $89 $164 $— $101 $101 
Total investments at amortized cost$156 $89 
Schedule of Investment Maturities
These investments have the following maturities and are represented on the consolidated balance sheet within short-term investments for investments with maturities of less than one year, and other long-term assets for investments with maturities of one year and greater.
(Dollars in Millions)December 2021December 2020
Less than 1 year$77 $2 
1 - 5 years28 22 
5 - 10 years12 23 
Greater than 10 years47 54 
Total investments at fair value$164 $101 
Schedule of Fair Value and Carrying Value of Long-term Debt
The fair value and carrying value of the Company's long-term debt is as follows:
(Dollars in Millions)December 2021December 2020
Long-term Debt (Including Current Maturities):  
Fair Value$19,439 $21,076 
Carrying Value16,366 16,705 
Schedule of Pension Plan Assets at Fair Value by Level
The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2021 and 2020 are shown in the table below. For additional information related to pension assets, see Note 9, Employee Benefit Plans.
 Fiscal Years
 20212020
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Common Stock$487 $— $487 $337 $— $337 
Mutual funds14 — 14 21 — 21 
Cash and cash equivalents108 — 108 387 — 387 
Corporate bonds— 1,013 1,013 — 1,026 1,026 
Government securities— 173 173 — 164 164 
Asset-backed securities, derivatives and other— 98 98 — 85 85 
Total investments in the fair value hierarchy$609 $1,284 $1,893 $745 $1,275 $2,020 
Investments measured at net asset value (a)
n/an/a$1,123 n/an/a$980 
Investments at fair value$609 $1,284 $3,016 $745 $1,275 $3,000 
(a) Investments measured at net asset value represent certain investments that have been measured at net asset value per share (or its equivalent) and thus are not classified in the fair value hierarchy. In accordance with ASC 820, Fair Value Measurements, the fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the pension assets disclosed in Note 9, Employee Benefit Plans.