Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Derivative Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The tables below present information about the Company’s derivative financial assets and liabilities measured at fair value on a recurring basis (dollars in millions).

	June 30, 2021									December 31, 2020
				Fair Value Measurements									Fair Value Measurements
Description	Nominal volume			Derivative asset (Other current assets)			Derivative liability (Other current liabilities)			Nominal volume			Derivative asset (Other current assets)			Derivative liability (Other current liabilities)
Derivatives not designated as hedging    instruments
Foreign exchange swaps, less    than 6 months	$	1,300	1)	$	1	2)	$	16	3)	$	1,463	4)	$	25	5)	$	3	6)
Total derivatives not designated    as hedging instruments	$	1,300		$	1		$	16		$	1,463		$	25		$	3

1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,300 million.

2) Net amount after deducting for offsetting swaps under ISDA agreements is $1 million.

3) Net amount after deducting for offsetting swaps under ISDA agreements is $16 million.

4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,463 million.

5) Net amount after deducting for offsetting swaps under ISDA agreements is $25 million.

6) Net amount after deducting for offsetting swaps under ISDA agreements is $3 million.

Fair Value of Debt

The fair value and carrying value of debt is summarized in the table below (dollars in millions).

	June 30, 2021				December 31, 2020
	Carrying value1)		Fair value		Carrying value1)		Fair value
Long-term debt
Bonds	$	1,359	$	1,453	$	1,377	$	1,483
Loans		352		367		732		753
Other long-term debt		1		1		1		1
Total long-term debt		1,712		1,821		2,110		2,237
Short-term debt
Short-term portion of long-term debt		353		356		275		278
Overdrafts and other short-term debt		10		10		27		27
Total short-term debt	$	363	$	366	$	302	$	305

1) Debt as reported in balance sheet.