Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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
	March 31, 2023									December 31, 2022
				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	$	2,688	1)	$	33	2)	$	17	3)	$	2,616	4)	$	22	5)	$	15	6)
Total derivatives not designated    as hedging instruments	$	2,688		$	33		$	17		$	2,616		$	22		$	15

1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,688 million.

2) Net amount after deducting for offsetting swaps under ISDA agreements is $33 million.

3) Net amount after deducting for offsetting swaps under ISDA agreements is $17 million.

4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,616 million.

5) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million.

6) Net amount after deducting for offsetting swaps under ISDA agreements is $15 million.

Fair Value of Debt

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

	As of
	March 31, 2023				December 31, 2022
	Carrying value1)		Fair value		Carrying value1)		Fair value
Long-term debt
Bonds	$	1,311	$	1,298	$	767	$	735
Loans		290		294		287		292
Total long-term debt		1,601		1,592		1,054		1,027
Short-term debt
Short-term portion of long-term debt		545		541		533		527
Overdrafts and other short-term debt		33		33		178		178
Total short-term debt	$	577	$	574	$	711	$	705

1) Debt as reported in balance sheet.