Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2018:

					(dollars in millions)
	Level 1(1)		Level 2(2)		Level 3(3)		Total
Assets:
Other assets:
Fixed income securities	$	—	$	405	$	—	$	405
Interest rate swaps	—		3		—		3
Cross currency swaps	—		220		—		220
Interest rate caps	—		14		—		14
Total	$	—	$	642	$	—	$	642
Liabilities:
Other liabilities:
Interest rate swaps	$	—	$	813	$	—	$	813
Cross currency swaps	—		536		—		536
Forward starting interest rate swaps	—		60		—		60
Interest rate caps	—		4		—		4
Total	$	—	$	1,413	$	—	$	1,413

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2017:

					(dollars in millions)
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:
Other assets:
Equity securities	$	74	$	—	$	—	$	74
Fixed income securities	—		366		—		366
Interest rate swaps	—		54		—		54
Cross currency swaps	—		450		—		450
Interest rate caps	—		6		—		6
Total	$	74	$	876	$	—	$	950
Liabilities:
Other liabilities:
Interest rate swaps	$	—	$	413	$	—	$	413
Cross currency swaps	—		46		—		46
Total	$	—	$	459	$	—	$	459

⁽¹⁾ Quoted prices in active markets for identical assets or liabilities

⁽²⁾ Observable inputs other than quoted prices in active markets for identical assets and liabilities

⁽³⁾ Unobservable pricing inputs in the market

Schedule of Fair Value of Short-Term and Long-Term Debt, Excluding Capital Leases

The fair value of our short-term and long-term debt, excluding capital leases, was as follows:

					(dollars in millions)
At December 31,	2018				2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short- and long-term debt, excluding capital leases	$	112,159	$	118,535	$	116,075	$	128,658

Notional Amounts of Outstanding Derivative Instruments

The following table sets forth the notional amounts of our outstanding derivative instruments:

			(dollars in millions)
At December 31,	2018		2017
Interest rate swaps	$	19,813	$	20,173
Cross currency swaps	16,638		16,638
Forward starting interest rate swaps	4,000		—
Interest rate caps	2,218		2,840
Foreign exchange forwards	600		—

Schedule of Cumulative Basis Adjustments for Fair Value Hedges

The following amounts were recorded in Long-term debt in our consolidated balance sheets related to cumulative basis adjustments for fair value hedges:

	(dollars in millions)
At December 31,	2018			2017
Carrying amount of hedged liabilities	$	18,903		$	19,723
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities	(785		)	(316		)