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Fair Value Measurements and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2025:
(dollars in millions)
Level 1(1)
Level 2(2)
Level 3(3)
Total
Assets:
Prepaid expenses and other:
Fixed income securities$— $27 $— $27 
Cross currency swaps— 3 — 3 
Foreign exchange forwards— 18 — 18 
Interest rate caps— 5 — 5 
Other assets:
Marketable equity securities
295 — — 295 
Fixed income securities— 330 — 330 
Cross currency swaps— 1,553 — 1,553 
Total$295 $1,936 $— $2,231 
Liabilities:
Other current liabilities:
Interest rate swaps$— $1,878 $— $1,878 
Cross currency swaps— 229 — 229 
Interest rate caps— 5 — 5 
Treasury rate locks— 55 — 55 
Other liabilities:
Interest rate swaps— 2,912 — 2,912 
Cross currency swaps— 813 — 813 
Total$— $5,892 $— $5,892 
(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, 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.
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 AmountLevel 1Level 2Level 3Total
At June 30, 2025$143,508 $83,078 $57,120 $— $140,198 
At December 31, 2024141,665 81,552 55,464 — 137,016 
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)20252024
Interest rate swaps$23,040 $24,025 
Cross currency swaps30,877 32,053 
Treasury rate locks4,900 — 
Foreign exchange forwards730 620 
Schedule Of Derivative Instruments Activity
The following tables summarize the activities of our designated derivatives:
Three Months EndedSix Months Ended
June 30,June 30,
(dollars in millions)2025202420252024
Interest Rate Swaps:
Notional value entered into$— $— $— $— 
Notional value settled985 — 985 — 
Pre-tax gain recognized in Interest expense
— 1 — 3 
Cross Currency Swaps:
Notional value entered into— — — 2,146 
Notional value settled817 552 1,176 3,619 
Pre-tax gain (loss) on cross currency swaps recognized in Interest expense
2,422 (92)3,500 (834)
Pre-tax gain (loss) on hedged debt recognized in Interest expense
(2,422)92 (3,500)834 
Excluded components recognized in Other comprehensive income (loss)
(28)(116)(877)166 
    Initial value of the excluded component amortized into Interest expense23 24 46 50 
Treasury Rate Locks:
Notional value entered into4,900 — 4,900 — 
Notional value settled— — — — 
Pre-tax loss recognized in Other comprehensive income (loss)
(55)— (55)— 

Six Months Ended
June 30,
(dollars in millions)20252024
Other, net Cash Flows from Operating Activities:
Cash received (paid) for settlement of interest rate swaps
$(45)$— 
Other, net Cash Flows from Financing Activities:
Cash paid for settlement of cross currency swaps, net(80)(243)
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)2025202420252024
Foreign Exchange Forwards:
    Notional value entered into$1,990 $2,140 $3,980 $5,280 
Notional value settled1,990 2,670 3,870 5,730 
Pre-tax gain (loss) recognized in Other income (expense), net
60 (1)88 (23)
Treasury Rate Locks:
Notional value entered into1,000 — 1,250 — 
Notional value settled1,000 — 1,250 — 
Pre-tax loss recognized in Interest expense
(8)— (5)— 
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 our interest rate swaps designated as fair value hedges. The cumulative amounts exclude cumulative basis adjustments related to foreign exchange risk.
At June 30,At December 31,
(dollars in millions)20252024
Carrying amount of hedged liabilities$18,354 $18,863 
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities(4,681)(5,192)
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued232 281