Debt and Credit Agreements (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Activity Related to Long-Term Debt

Total activity related to long-term debt as of the end of second quarter 2023 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements.

(Dollars in millions)	Current Portion		Long-term Portion		Total
Long-term Debt as of December 31, 2022	$	151	$	17,896	$	18,047
2023 Activity:
Long-term Debt Repaid	(146)		—		(146)
Reclassifications	4		(4)		—
Hedging, Discount, Premium and Other Activity	1		6		7
Long-term Debt as of June 30, 2023	$	10	$	17,898	$	17,908

Schedule of Interest Rate Derivatives

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

(Dollars in millions)	June 30, 2023		December 31, 2022
Notional Value of Hedged Notes	$	800	$	800
Cumulative Fair Value Adjustment to Hedged Notes	(119)		(118)
Carrying Amount of Hedged Notes	$	681	$	682

Derivative Instruments, Gain (Loss)

Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.

	Second Quarters				Six Months
(Dollars in millions)	2023		2022		2023		2022
Unrealized Gain (Loss) - Net	$	(7)	$	33	$	(10)	$	54