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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
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.
December 2022December 2021
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Fixed Income Mutual Funds$89 $— $89 $75 $— $75 
Corporate Bonds— 49 49 — 63 63 
Government Securities— 58 58 — 26 26 
Total Investments at Fair Value$89 $107 $196 $75 $89 $164 
Total Investments at Amortized Cost$201 $156 
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 2022December 2021
Less than 1 year$129 $77 
1 - 5 years24 28 
5 - 10 years10 12 
Greater than 10 years33 47 
Total investments at fair value$196 $164 
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 2022December 2021
Long-term Debt (Including Current Maturities):  
Fair Value$16,135 $19,439 
Carrying Value18,047 16,366 
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 2022 and 2021 are shown in the table below. For additional information related to pension assets, see Note 9, Employee Benefit Plans.
 December 2022December 2021
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Common Stock$335 $— $335 $487 $— $487 
Mutual Funds29 — 29 14 — 14 
Cash and Cash Equivalents157 — 157 108 — 108 
Corporate Bonds— 647 647 — 1,013 1,013 
Government Securities— 88 88 — 173 173 
Asset-backed Securities, Derivatives and Other— 9 9 — 98 98 
Total Investments in the Fair Value Hierarchy$521 $744 $1,265 $609 $1,284 $1,893 
Investments Measured at Net Asset Value (a)
n/an/a$1,062 n/an/a$1,123 
Investments at Fair Value$521 $744 $2,327 $609 $1,284 $3,016 
(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.