Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of the Three Input Levels in the Hierarchy of Fair Value Measurements

The three input levels in the hierarchy of fair value measurements are defined by the FASB generally as follows:

Input Level	Description of Input
Level 1	Observable inputs such as quoted market prices in active markets.
Level 2	Inputs other than quoted prices in active markets that are either directly or indirectly observable.
Level 3	Unobservable inputs in which little or no market data exists.

Schedule of Carrying Amounts and Estimated Fair Values of Financial Assets and Liabilities

The following table presents the carrying amounts and estimated fair values of our following financial assets and liabilities as of June 30, 2023 and December 31, 2022:

		June 30, 2023			December 31, 2022
	Input Level	Carrying Amount		Fair Value	Carrying Amount	Fair Value
		(Dollars in millions)
Equity securities(1)	1	$	—	—	22	22
Long-term debt, excluding finance lease and other obligations	2	19,754		14,927	20,255	17,309
Indemnifications related to the sale of the Latin American business(2)	3	86		86	86	86

______________________________________________________________________ 

(1)For the three and six months ended June 30, 2023, we recognized $3 million and $22 million, respectively, of loss on equity securities in other income (expense), net in our consolidated statements of operations.

(2)Nonrecurring fair value is measured as of August 1, 2022.

Schedule of Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

	As of June 30, 2023		As of December 31, 2022
	Net Asset Value
	(Dollars in millions)
Investment in limited partnership(1)	$	26	85

______________________________________________________________________

(1)For the three and six months ended June 30, 2023, we recognized a $2 million gain on investment and a $59 million loss on investment, respectively, reflected in other income (expense), net in our consolidated statements of operations. For the three and six months ended June 30, 2022, we recognized $137 million and $71 million, respectively, of loss on investment, reflected in other income (expense), net in our consolidated statements of operations.