Debt and Credit Agreements (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Activity Related to Long-Term Debt

Total activity related to long-term debt as of the end of third quarter 2023 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements.

(Dollars in millions)	Current Portion		Long-term Portion		Total
Long-term Debt as of December 31, 2022	$	151	$	17,896	$	18,047
2023 Activity:
Long-term Debt Issued	—		600		600
Long-term Debt Repaid	(150)		—		(150)
Reclassifications	557		(557)		—
Hedging, Discount, Premium and Other Activity	1		(36)		(35)
Long-term Debt as of September 30, 2023	$	559	$	17,903	$	18,462

Schedule of Interest Rate Derivatives

The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.

	Third Quarters				Nine Months
(Dollars in millions)	2023		2022		2023		2022
Interest Expense Impact (Increase) Decrease	$	(7)	$	(1)	$	(19)	$	3

The amounts recorded in long-term debt on the consolidated balance sheet related to these fair value hedges are summarized in the table below.

(Dollars in millions)	September 30, 2023		December 31, 2022
Notional Value of Hedged Notes	$	800	$	800
Cumulative Fair Value Adjustment to Hedged Notes	(159)		(118)
Carrying Amount of Hedged Notes	$	641	$	682

Derivative Instruments, Gain (Loss)

Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.

	Third Quarters				Nine Months
(Dollars in millions)	2023		2022		2023		2022
Unrealized Gain - Net	$	14	$	9	$	4	$	63