Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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).

	As of
	June 30, 2022									December 31, 2021
				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	$	1,422	1)	$	4	2)	$	28	3)	$	1,348	4)	$	5	5)	$	16	6)
Total derivatives not designated    as hedging instruments	$	1,422		$	4		$	28		$	1,348		$	5		$	16

1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,422 million.

2) Net amount after deducting for offsetting swaps under ISDA agreements is $4 million.

3) Net amount after deducting for offsetting swaps under ISDA agreements is $28 million.

4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,326 million.

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

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

Fair Value of Debt

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

	As of
	June 30, 2022				December 31, 2021
	Carrying value1)		Fair value		Carrying value1)		Fair value
Long-term debt
Bonds	$	767	$	753	$	1,330	$	1,400
Loans		294		300		332		347
Total long-term debt		1,060		1,052		1,662		1,747
Short-term debt
Short-term portion of long-term debt		522		514		332		333
Overdrafts and other short-term debt		37		37		14		14
Total short-term debt	$	559	$	551	$	346	$	348

1) Debt as reported in balance sheet.