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Debt and Credit Agreements (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Activity Related to Long-Term Debt
Total activity related to long-term debt as of the end of second quarter 2024 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 PortionLong-term PortionTotal
Long-term Debt as of December 31, 2023
$558 $17,975 $18,533 
2024 Activity:
Long-term Debt Repaid(4)— (4)
Reclassifications3 (3)— 
Hedging, Discount, Premium and Other Activity— (21)(21)
Long-term Debt as of June 30, 2024
$557 $17,951 $18,508 
Schedule of Interest Rate Derivatives The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table below.
(Dollars in Millions)June 30, 2024December 31, 2023
Notional Value of Hedged Notes$1,050 $1,050 
Fair Value Asset Adjustment to Hedged Notes9 19 
Fair Value Liability Adjustment to Hedged Notes(125)(107)
Carrying Amount of Hedged Notes$934 $962 
The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.
Second QuartersSix Months
(Dollars in Millions)2024202320242023
Interest Expense Impact (Increase) Decrease$(8)$(6)$(16)$(12)
Schedule of Interest Expense / Unrealized Amounts Related to Cash Flow Hedges Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.
Second QuartersSix Months
(Dollars in Millions)2024202320242023
Unrealized Gain (Loss) - Net$1 $(7)$3 $(10)