Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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
	September 30, 2024									December 31, 2023
				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	$	1,798	1)	$	19	2)	$	21	3)	$	1,895	4)	$	22	5)	$	12	6)
Total derivatives not designated    as hedging instruments	$	1,798		$	19		$	21		$	1,895		$	22		$	12

1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,798 million.

2) Net amount after deducting for offsetting swaps under ISDA agreements is $19 million.

3) Net amount after deducting for offsetting swaps under ISDA agreements is $21 million.

4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,895 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 $12 million.

Fair Value of Debt

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

	As of
	September 30, 2024				December 31, 2023
	Carrying value1)		Fair value		Carrying value1)		Fair value
Long-term debt
Bonds	$	1,586	$	1,612	$	1,023	$	1,022
Loans		—		—		301		306
Total long-term debt		1,586		1,612		1,324		1,328
Short-term debt
Short-term portion of long-term debt		297		302		297		297
Overdrafts and other short-term debt		327		327		241		241
Total short-term debt	$	624	$	630	$	538	$	538

1) Debt as reported in balance sheet.