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Debt and Credit Agreements (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Activity Related to Long-Term Debt

Total activity related to long-term debt as of the end of first quarter 2022 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 10, Fair Value Measurements.


(Dollars in millions)	Current Portion		Long-term Portion		Total
Long-term Debt as of December 31, 2021	$	181	$	16,185	$	16,366
2022 Activity:

Long-term Debt Repaid	(6)				(6)
Reclassifications	142		(142)		—

Hedging, Discount, Premium and Other Activity	—		(24)		(24)

Long-term Debt as of March 31, 2022	$	317	$	16,019	$	16,336

Schedule of Interest Rate Derivatives

The amounts recorded in long-term debt on the consolidated balance sheet related to these fair value hedges is summarized in the table below.


(Dollars in millions)	March 31, 2022
Notional Value of Hedged Notes	$	800
Cumulative Fair Value Adjustment to Hedged Notes	(27)
Carrying Amount of Hedged Notes	$	773

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details