Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024:

					(dollars in millions)
	Level 1(1)		Level 2(2)		Level 3(3)		Total
Assets:
Prepaid expenses and other:
Fixed income securities	$	—	$	16	$	—	$	16
Interest rate caps	—		3		—		3
Other assets:
Fixed income securities	—		269		—		269
Cross currency swaps	—		500		—		500
Total	$	—	$	788	$	—	$	788
Liabilities:
Other current liabilities:
Interest rate swaps	$	—	$	1,964	$	—	$	1,964
Cross currency swaps	—		345		—		345
Foreign exchange forwards	—		5		—		5
Interest rate caps	—		3		—		3
Other liabilities:
Interest rate swaps	—		3,338		—		3,338
Cross currency swaps	—		2,344		—		2,344
Total	$	—	$	7,999	$	—	$	7,999

(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, 2023:

					(dollars in millions)
	Level 1(1)		Level 2(2)		Level 3(3)		Total
Assets:
Prepaid expenses and other:
Fixed income securities	$	—	$	25	$	—	$	25
Cross currency swaps	—		4		—		4
Foreign exchange forwards	—		4		—		4
Interest rate caps	—		37		—		37
Other assets:
Fixed income securities	—		254		—		254
Cross currency swaps	—		758		—		758
Interest rate caps	—		7		—		7
Total	$	—	$	1,089	$	—	$	1,089
Liabilities:
Other current liabilities:
Interest rate swaps	$	—	$	823	$	—	$	823
Cross currency swaps	—		294		—		294
Foreign exchange forwards	—		1		—		1
Interest rate caps	—		37		—		37
Contingent consideration	—		—		52		52
Other liabilities:
Interest rate swaps	—		3,648		—		3,648
Cross currency swaps	—		1,791		—		1,791
Interest rate caps	—		7		—		7
Total	$	—	$	6,601	$	52	$	6,653

(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, 2024	$	141,665	$	81,552	$	55,464	$	—	$	137,016
At December 31, 2023	148,583		86,806		58,804		—		145,610

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,	2024		2023
Interest rate swaps	$	24,025	$	26,071
Cross currency swaps	32,053		33,526
Foreign exchange forwards	620		1,050

Schedule Of Derivative Instruments Activity

The following tables summarize the activities of our designated derivatives:

	(dollars in millions)
Years Ended December 31,	2024		2023
Interest Rate Swaps:
Notional value entered into	$	—	$	—
Notional value settled	2,046		—
Pre-tax gain recognized in Interest expense	4		1
Cross Currency Swaps:
Notional value entered into	2,146		—
Notional value settled	3,619		1,450
Pre-tax gain (loss) on cross currency swaps recognized in Interest expense	(1,839)		1,119
Pre-tax gain (loss) on hedged debt recognized in Interest expense	1,839		(1,119)
Excluded components recognized in Other comprehensive income (loss)	730		826
Initial value of the excluded component amortized into Interest expense	96		109
Treasury Rate Locks:
Notional value entered into	1,000		500
Notional value settled	1,000		500
Pre-tax gain (loss) recognized in Other comprehensive income (loss)	(21)		5

			(dollars in millions)
Years Ended December 31,	2024		2023
Other, net Cash Flows from Operating Activities:
Cash paid for settlement of interest rate swaps	$	(57)	$	—
Cash received (paid) for settlement of treasury rate locks	(21)		5
Other, net Cash Flows from Financing Activities:
Cash paid for settlement of cross currency swaps, net	(243)		(67)

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

	(dollars in millions)
Years Ended December 31,	2024		2023
Foreign Exchange Forwards:
Notional value entered into	$	8,640	$	11,175
Notional value settled	9,070		11,045
Pre-tax gain (loss) recognized in Other income (expense), net	(50)		25

Schedule of Cumulative Basis Adjustments for Fair Value Hedges

The following table displays the amounts recorded in Long-term debt in our consolidated balance sheets related to cumulative basis adjustments for our interest rate swaps designated as fair value hedges. The cumulative amounts exclude cumulative basis adjustments related to foreign exchange risk.

	(dollars in millions)
At December 31,	2024		2023
Carrying amount of hedged liabilities	$	18,863	$	21,838
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities	(5,192)		(4,354)
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued	281		400