Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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

For 2023, 2022 and 2021, the gains and losses recognized as interest expense were immaterial.

	DECEMBER 31, 2023									DECEMBER 31, 2022
				Fair Value Measurements									Fair Value Measurements
				Derivative asset			Derivative liability						Derivative asset			Derivative liability
	Nominal			(Other current			(Other current			Nominal			(Other current			(Other current
(Dollars in millions)	volume			assets)			liabilities)			volume			assets)			liabilities)
DERIVATIVES NOT DESIGNATED    AS HEDGING INSTRUMENTS
Foreign exchange swaps, less    than 6 months	$	1,895	1)	$	22	2)	$	12	3)	$	2,616	4)	$	22	5)	$	15	6)
TOTAL DERIVATIVES NOT    DESIGNATED AS HEDGING    INSTRUMENTS	$	1,895		$	22		$	12		$	2,616		$	22		$	15

1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,895 million.

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

3) Net amount after deducting for offsetting swaps under ISDA agreements is $12 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 are summarized in the table below (dollars in millions).

	DECEMBER 31, 2023				DECEMBER 31, 2022
	CARRYING VALUE1)		FAIR VALUE		CARRYING VALUE1)		FAIR VALUE
LONG-TERM DEBT
Bonds	$	1,023	$	1,022	$	767	$	735
Loans		301		306		287		292
TOTAL	$	1,324	$	1,328	$	1,054	$	1,027
SHORT-TERM DEBT
Short-term portion of long-term debt	$	297	$	297	$	533	$	527
Overdrafts and other short-term debt		241		241		178		178
TOTAL	$	538	$	538	$	711	$	705

1) Debt as reported in balance sheet.