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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
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 exchange-traded funds, corporate bonds, asset-backed securities, government securities, and short-term time deposits. The exchange-traded funds are valued at quoted market prices determined in an active market, which are Level 1 inputs.

The corporate bonds, asset-backed securities and government securities are valued using broker quotes that utilize observable market inputs, which are Level 2 inputs. The carrying amounts of time deposits, which are reported in the consolidated balance sheet using Level 2 inputs, approximate fair value due to their short-term nature. Unrealized losses as of June 30, 2025, and June 30, 2024, 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, within the line items short-term investments and other long-term assets, as summarized in the following table.
June 30, 2025December 31, 2024
(Dollars in Millions)
Level 1Level 2TotalLevel 1Level 2Total
Exchange-traded Funds
$5 $— $5 $2 $— $2 
Corporate Bonds— 75 75 — 71 71 
Government Securities— 53 53 — 42 42 
Asset-backed Securities
— 35 35 — 35 35 
Time Deposits— — — — 66 66 
Total Investments at Fair Value
$5 $163 $168 $2 $214 $216 

Total investments in debt securities of $163 million as of June 30, 2025, and $214 million as of December 31, 2024, had an amortized cost of $164 million and $218 million, respectively. These investments have the following maturities:
(Dollars in Millions)
June 30,
2025		December 31,
2024
Less than 1 year
$6 $72 
1 - 5 years
86 72 
5 - 10 years
24 23 
Greater than 10 years
47 47 
Total Investments at Fair Value (a)
$163 $214 

(a) Exchange-traded funds are excluded as there is no stated contractual maturity date.
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 a fair value significantly different from its carrying amount. The fair value of a company's debt is a measure of its current value under present market conditions, but 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,
2025		December 31,
2024
Long-term Debt (Including Current Maturities):
Fair Value$17,426 $16,481 
Carrying Value19,166 18,503 

Interest Rate Derivatives
The Company’s fixed-to-floating swaps are carried at fair value, which is 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 $25 million and $7 million (for swaps entered in 2025 and 2023), and a liability of $92 million and $123 million (for swaps entered in 2022) as of June 30, 2025, and December 31, 2024, respectively.

As of June 30, 2025, and December 31, 2024, the forward starting interest rate swap was fully settled and there is no related asset or liability. See Note 7, Debt and Credit Agreements, for further information.