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Fair Value Measurements and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023:
(dollars in millions)
Level 1(1)
Level 2(2)
Level 3(3)
Total
Assets:
Prepaid expenses and other:
Fixed income securities$— $41 $— $41 
Cross currency swaps— 4 — 4 
Foreign exchange forwards— 1 — 1 
Interest rate caps— 76 — 76 
Other assets:
Fixed income securities— 269 — 269 
Cross currency swaps— 455 — 455 
Interest rate caps— 21 — 21 
Total$— $867 $— $867 
Liabilities:
Other current liabilities:
Interest rate swaps$— $885 $— $885 
Cross currency swaps— 354 — 354 
Foreign exchange forwards— 5 — 5 
Interest rate caps— 76 — 76 
  Contingent consideration— — 202 202 
Other liabilities:
Interest rate swaps— 3,666 — 3,666 
Cross currency swaps— 2,607 — 2,607 
Interest rate caps— 21 — 21 
Total$— $7,614 $202 $7,816 
(1)Quoted prices in active markets for identical assets or liabilities.
(2)Observable inputs other than quoted prices in active markets for identical assets and liabilities.
(3)Unobservable pricing inputs in the market.
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022:
(dollars in millions)
Level 1(1)
Level 2(2)
Level 3(3)
Total
Assets:
Prepaid expenses and other:
Fixed income securities$— $37 $— $37 
Cross currency swaps— 42 — 42 
Foreign exchange forwards— 6 — 6 
Interest rate caps— 63 — 63 
Other assets:
Fixed income securities— 349 — 349 
Cross currency swaps— 263 — 263 
Interest rate caps— 30 — 30 
Total$— $790 $— $790 
Liabilities:
Other current liabilities:
Interest rate swaps
$— $731 $— $731 
Cross currency swaps
— 346 — 346 
Interest rate caps
— 63 — 63 
Foreign exchange forwards
— 1 — 1 
    Contingent consideration— — 274 274 
Other liabilities:
Interest rate swaps
— 3,902 — 3,902 
Cross currency swaps
— 3,295 — 3,295 
Interest rate caps
— 30 — 30 
   Contingent consideration— — 43 43 
Total$— $8,368 $317 $8,685 
(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 1Level 2Level 3Total
At December 31, 2022$148,906 $84,385 $54,656 $— $139,041 
At June 30, 2023150,756 86,843 55,667 — 142,510 
Notional Amounts of Outstanding Derivative Instruments
The following table sets forth the notional amounts of our outstanding derivative instruments:
At June 30,At December 31,
(dollars in millions)20232022
Interest rate swaps$26,071 $26,071 
Cross currency swaps33,526 34,976 
Foreign exchange forwards980 920 
Schedule Of Derivative Instruments Activity
The following tables summarize the activities of our designated derivatives:
Three Months EndedSix Months Ended
June 30,June 30,
(dollars in millions)2023202220232022
Interest Rate Swaps:
Notional value entered into$— $500 $— $7,155 
Notional value settled— — — 863 
Pre-tax gain recognized in Interest expense2 — 1 — 
Cross Currency Swaps:
Notional value entered into— — — — 
Notional value settled612 — 1,450 — 
Pre-tax loss recognized in Other comprehensive income (loss) (1)
N/AN/AN/A(430)
Pre-tax gain (loss) on cross currency swaps recognized in Interest expense
370 (1,808)725 (1,808)
Pre-tax gain (loss) on hedged debt recognized in Interest expense
(370)1,808 (725)1,808 
Excluded components recognized in Other comprehensive income (loss)
420 (340)42 (340)
    Initial value of the excluded component amortized into Interest expense27 27 54 27 
Forward Starting Interest Rate Swaps:
Notional value entered into— — — — 
Notional value settled— 600 — 1,000 
Pre-tax gain recognized in Other comprehensive income (loss)
— 68 — 196 
Treasury Rate Locks:
Notional value entered into500 — 500 — 
Notional value settled500 — 500 — 
Pre-tax gain recognized in Other comprehensive income (loss)
5 — 5 — 
N/A - not applicable
(1) Represents amounts recorded under the cash flow hedge model. These instruments were re-designated as fair value hedges on March 31, 2022.
Six Months Ended
June 30,
(dollars in millions)20232022
Other, net Cash Flows from Operating Activities:
Cash received for settlement of interest rate swaps$— $40 
Cash paid for settlement of forward starting interest rate swaps— (107)
Cash received for settlement of treasury rate locks5 — 
Other, net Cash Flows from Financing Activities:
Cash paid for settlement of cross currency swaps, net(67)— 
The following table summarizes the activity of our derivatives not designated in hedging relationships:
Three Months EndedSix Months Ended
June 30,June 30,
(dollars in millions)2023202220232022
Foreign Exchange Forwards:
    Notional value entered into$2,770 $2,856 $5,425 $5,502 
Notional value settled2,770 2,830 5,365 5,433 
Pre-tax gain (loss) recognized in Other income (expense), net
12 (66)22 (94)
Swaptions:
Notional value sold— — — 1,000 
Notional value settled— — — 1,000 
Pre-tax loss recognized in Interest expense— — — (33)
Schedule of Cumulative Basis Adjustments for Fair Value hedges
The following table displays the amounts recorded in Long-term debt in our condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges. The cumulative amounts exclude cumulative basis adjustments related to foreign exchange risk.
At June 30,At December 31,
(dollars in millions)20232022
Carrying amount of hedged liabilities$21,790 $21,741 
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities(4,433)(4,512)
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued444 488