Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Fair Value of Investment Assets

The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table. All of the inputs used to determine the fair value of the Company's investments are Level 2 inputs.


	Fiscal Years
	2020		2019
(Dollars in Millions)	Level 2			Level 2
Corporate Bonds	$	68		$	59
Government Securities	33			36
Commercial Paper and Certificates of Deposit	—			989

Total investments at fair value	$	101		$	1,084

Total investments at amortized cost	$	89		$	1,076

Schedule of Investment Maturities

These investments have the following maturities and are represented on the consolidated balance sheet within short-term investments for investments with maturities of less than one year, and other long-term assets for investments with maturities of one year and greater.


(Dollars in Millions)	December 2020		December 2019
Less than 1 year	$	2	$	996
1 - 5 years	22		10
5 - 10 years	23		25
Greater than 10 years	54		53
Total investments at fair value	$	101	$	1,084

Schedule of Fair Value and Carrying Value of Long-term Debt

The fair value and carrying value of the Company's long-term debt is as follows:


(Dollars in Millions)	December 2020		December 2019
Long-term Debt (Including Current Maturities):
Fair Value	$	21,076	$	18,503
Carrying Value	16,705		16,238

Schedule of Pension Plan Assets at Fair Value by Level

The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2020 and 2019 are shown in the table below. For additional information related to pension assets, see Note 9, Employee Benefit Plans.


	Fiscal Years
	2020				2019
(Dollars in Millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Common Stock	$	337	$	—	$	337	$	823	$	—	$	823
Mutual funds	21		—		21		78		—		78
Cash and cash equivalents	387		—		387		229		—		229
Corporate bonds	—		1,026		1,026		—		588		588
Government securities	—		164		164		—		217		217
Asset-backed securities, derivatives and other	—		85		85		—		17		17
Total investments in the fair value hierarchy	$	745	$	1,275	$	2,020	$	1,130	$	822	$	1,952
Investments measured at net asset value (a)	n/a		n/a		$	980	n/a		n/a		$	873
Investments at fair value	$	745	$	1,275	$	3,000	$	1,130	$	822	$	2,825

(a) Investments measured at net asset value represent certain investments that have been measured at net asset value per share (or its equivalent) and thus are not classified in the fair value hierarchy. In accordance with ASC 820, Fair Value Measurements, the fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the pension assets disclosed in Note 9, Employee Benefit Plans.