Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021:

					(dollars in millions)
	Level 1(1)		Level 2(2)		Level 3(3)		Total
Assets:
Prepaid expenses and other:
Fixed income securities	$	—	$	18	$	—	$	18
Interest rate swaps	—		188		—		188
Cross currency swaps	—		9		—		9
Foreign exchange forwards	—		12		—		12
Other assets:
Fixed income securities	—		391		—		391
Interest rate swaps	—		285		—		285
Cross currency swaps	—		580		—		580
Interest rate caps	—		44		—		44
Total	$	—	$	1,527	$	—	$	1,527
Liabilities:
Other current liabilities:
Interest rate swaps	$	—	$	1	$	—	$	1
Forward starting interest rate swaps	—		302		—		302
Cross currency swaps	—		218		—		218
Contingent consideration	—		—		231		231
Other liabilities:
Interest rate swaps	—		665		—		665
Cross currency swaps	—		1,406		—		1,406
Interest rate caps	—		44		—		44
Contingent consideration	—		—		313		313
Total	$	—	$	2,636	$	544	$	3,180

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2020:

					(dollars in millions)
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:
Prepaid expenses and other:
Foreign exchange forwards	$	—	$	12	$	—	$	12
Other assets:
Fixed income securities	—		459		—		459
Interest rate swaps	—		787		—		787
Cross currency swaps	—		1,446		—		1,446
Total	$	—	$	2,704	$	—	$	2,704
Liabilities:
Other current liabilities:
Forward starting interest rate swaps	$	—	$	409	$	—	$	409
Foreign exchange forwards	—		2		—		2
Other liabilities:
Interest rate swaps	—		303		—		303
Cross currency swaps	—		196		—		196
Forward starting interest rate swaps	—		388		—		388
Total	$	—	$	1,298	$	—	$	1,298

(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 finance leases, was as follows:

			Fair Value
(dollars in millions)	Carrying Amount		Level 1		Level 2		Level 3		Total
At December 31, 2020	$	127,778	$	103,967	$	52,785	$	—	$	156,752
At December 31, 2021	149,543		106,599		62,606		—		169,205

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,	2021		2020
Interest rate swaps	$	19,779	$	17,768
Cross currency swaps	32,502		26,288
Forward starting interest rate swaps	1,000		2,000
Foreign exchange forwards	932		1,405

Schedule Of Derivative Instruments Activity

The following tables summarize the activities of our designated derivatives:

	(dollars in millions)
At December 31,	2021		2020
Interest Rate Swaps:
Notional value entered into	$	6,050	$	10,168
Notional value settled	4,018		9,488
Ineffective portion gain recognized in Interest expense	2		46
Cross Currency Swaps:
Notional value entered into	6,214		4,817
Notional value settled	—		1,600
Pre-tax gain (loss) recognized in Other comprehensive loss	(2,285)		1,810
Forward Starting Interest Rate Swaps:
Notional value entered into	—		—
Notional value settled	1,000		1,000
Pre-tax gain (loss) recognized in Other comprehensive loss	258		(486)
Treasury Rate Locks:
Notional value entered into	4,650		5,500
Notional value settled	4,650		5,500
Pre-tax gain (loss) recognized in Other comprehensive loss	251		(41)

			(dollars in millions)
At December 31,	2021		2020
Other, net Cash Flows from Operating Activities:
Cash received for settlement of interest rate swaps	$	107	$	764
Cash paid for settlement of forward starting interest rate swaps	(237)		(293)
Cash received (paid) for settlement of treasury rate locks	251		(41)

The following table summarizes the activity of our derivatives not designated in hedging relationships:

	(dollars in millions)
At December 31,	2021		2020
Foreign Exchange Forwards:
Notional value entered into	$	12,604	$	14,030
Notional value settled	13,077		13,755
Pre-tax gain (loss) recognized in Other income (expense), net	(62)		142
Treasury Rate Locks:
Notional value entered into	—		1,625
Notional value settled	—		1,625
Pre-tax gain recognized in Interest expense	—		15
Swaptions:
Notional value sold	2,000		—
Notional value settled	2,000		—
Pre-tax gain recognized in Interest expense	11		—

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,	2021		2020
Carrying amount of hedged liabilities	$	20,027	$	18,849
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities	(113)		557
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued	575		627