Debt and Credit Agreements (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Activity Related to Long-Term Debt

Total activity related to long-term debt as of the end of first quarter 2024 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, 2023	$	558	$	17,975	$	18,533
2024 Activity:
Long-term Debt Repaid	(2)		—		(2)
Reclassifications	1		(1)		—
Hedging, Discount, Premium and Other Activity	—		(30)		(30)
Long-term Debt as of March 31, 2024	$	557	$	17,944	$	18,501

Schedule of Interest Rate Derivatives

The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table below.

(Dollars in Millions)	March 31, 2024		December 31, 2023
Notional Value of Hedged Notes	$	1,050	$	1,050
Fair Value Asset Adjustment to Hedged Notes	11		19
Fair Value Liability Adjustment to Hedged Notes	(131)		(107)
Carrying Amount of Hedged Notes	$	930	$	962

The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.

	First Quarters
(Dollars in Millions)	2024		2023
Interest Expense Impact (Increase) Decrease	$	(8)	$	(6)

Derivative Instruments, Gain (Loss)

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

	First Quarters
(Dollars in Millions)	2024		2023
Unrealized Gain (Loss) - Net	$	2	$	(3)