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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Investments
The Company's investment assets are carried at fair value on the consolidated balance sheet in accordance with the Fair Value Measurements and Disclosures Topic in the ASC. They are valued with assistance from a third-party trustee and consist of fixed income mutual funds, corporate bonds and government securities. The fixed income mutual funds are valued at the net asset value of shares held based on quoted market prices determined in an active market, which are Level 1 inputs. The corporate bonds and government securities are valued using broker quotes that utilize observable market inputs, which are Level 2 inputs. Unrealized losses as of June 30, 2024, and June 30, 2023, were not material. The Company believes any impairment of investments held with gross unrealized losses to be temporary and not the result of credit risk.

The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table.
June 30, 2024December 31, 2023
(Dollars in Millions)
Level 1Level 2TotalLevel 1Level 2Total
Fixed Income Mutual Funds$— $— $— $80 $— $80 
Corporate Bonds— 81 81 — 60 60 
Government Securities— 48 48 — 41 41 
Total Investments at Fair Value$— $129 $129 $80 $101 $181 
Total Investments at Amortized Cost$133 $184 

These investments have the following maturities:
(Dollars in Millions)
June 30,
2024		December 31,
2023
Less than 1 year
$4 $83 
1 - 5 years
62 37 
5 - 10 years
17 17 
Greater than 10 years
46 44 
Total Investments at Fair Value$129 $181 
NOTE 9.    Fair Value Measurements, continued

Long-term Debt
Long-term debt is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. The fair value of a company's debt is a measure of its current value under present market conditions. It does not impact the financial statements under current accounting rules. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs.

The fair value and carrying value of the Company's long-term debt is as follows:
(Dollars in Millions)
June 30,
2024		December 31,
2023
Long-term Debt (Including Current Maturities):
Fair Value$16,576 $17,528 
Carrying Value18,508 18,533 

Interest Rate Derivatives
The Company’s fixed-to-floating and forward starting interest rate swaps are carried at their respective fair values, which are determined with assistance from a third party based upon pricing models using inputs observed from actively quoted markets. All of the inputs used to determine the fair value of the swaps are Level 2 inputs. The fair value of the Company’s fixed-to-floating interest rate swaps was an asset of $9 million and $19 million (for swaps entered in 2023), and a liability of $125 million and $107 million (for swaps entered in 2022) as of June 30, 2024, and December 31, 2023, respectively. The fair value of the Company’s forward starting interest rate swap asset was $48 million as of December 31, 2023. As of June 30, 2024, the forward interest rate swap was fully settled and there is no related asset or liability. See Note 7, Debt and Credit Agreements, for further information.