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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables provide the valuation hierarchy classification of assets and liabilities that are carried at fair value and measured on a recurring basis in our Condensed Consolidated Balance Sheet:

			September 30, 2023
(dollars in millions)			Total						Level 1						Level 2						Level 3
Recurring fair value measurements:
Marketable securities held in trusts			$	737					$	675					$	62					$	—
Derivative assets			151						—						151						—
Derivative liabilities			274						—						274						—

			December 31, 2022
(dollars in millions)			Total						Level 1						Level 2						Level 3
Recurring fair value measurements:
Marketable securities held in trusts			$	774					$	713					$	61					$	—
Derivative assets			84						—						84						—
Derivative liabilities			386						—						386						—

Fair Value, by Balance Sheet Grouping

The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value in our Condensed Consolidated Balance Sheet:

			September 30, 2023												December 31, 2022
(dollars in millions)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Customer financing notes receivable			$	88					$	82					$	169					$	161
Long-term debt (excluding finance leases)			33,995						29,125						31,201						28,049

The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in our Condensed Consolidated Balance Sheet:

			September 30, 2023
(dollars in millions)			Total						Level 1						Level 2						Level 3
Customer financing notes receivable			$	82					$	—					$	82					$	—
Long-term debt (excluding finance leases)			29,125						—						29,080						45

			December 31, 2022
(dollars in millions)			Total						Level 1						Level 2						Level 3
Customer financing notes receivable			$	161					$	—					$	161					$	—
Long-term debt (excluding finance leases)			28,049						—						28,003						46

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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