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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures
NOTE 14: FAIR VALUE MEASUREMENTS
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 Consolidated Balance Sheet:
December 31, 2024
 (dollars in millions)
TotalLevel 1Level 2Level 3
Recurring fair value measurements:
Marketable securities held in trusts$786 $721 $65 $— 
Derivative assets187 — 187 — 
Derivative liabilities451 — 451 — 
December 31, 2023
 (dollars in millions)
TotalLevel 1Level 2Level 3
Recurring fair value measurements:
Marketable securities held in trusts$745 $682 $63 $— 
Derivative assets308 — 308 — 
Derivative liabilities180 — 180 — 
Valuation Techniques. Our derivative assets and liabilities include foreign exchange contracts that are measured at fair value using internal models based on observable market inputs such as forward rates, interest rates, our own credit risk, and our counterparties’ credit risks.
As of December 31, 2024, there has not been any significant impact to the fair value of our derivative liabilities due to our own credit risk. Similarly, there has not been any significant adverse impact to our derivative assets based on our evaluation of our counterparties’ credit risks.
The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value in our Consolidated Balance Sheet at December 31:
 20242023
(dollars in millions)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt (excluding finance leases)$40,991 $37,956 $43,546 $41,598 
The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in our Consolidated Balance Sheet at December 31:
2024
(dollars in millions)TotalLevel 1Level 2Level 3
Long-term debt (excluding finance leases)$37,956 $— $35,180 $2,776 
2023
(dollars in millions)TotalLevel 1Level 2Level 3
Long-term debt (excluding finance leases)$41,598 $— $37,559 $4,039 
The fair value of our Short-term borrowings approximates the carrying value due to their short-term nature and is classified as level 3 within the fair value hierarchy.