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Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2023:

(dollars in millions)			Level 1(1)						Level 2(2)						Level 3(3)						Total
Assets:
Prepaid expenses and other:
Fixed income securities			$	—					$	33					$	—					$	33
Cross currency swaps			—						2						—						2
Interest rate caps			—						68						—						68
Other assets:
Fixed income securities			—						236						—						236
Cross currency swaps			—						355						—						355
Interest rate caps			—						11						—						11
Total			$	—					$	705					$	—					$	705
Liabilities:
Other current liabilities:
Interest rate swaps			$	—					$	1,143					$	—					$	1,143
Cross currency swaps			—						301						—						301
Foreign exchange forwards			—						9						—						9
Interest rate caps			—						68						—						68
Contingent consideration			—						—						125						125
Other liabilities:
Interest rate swaps			—						4,782						—						4,782
Cross currency swaps			—						2,784						—						2,784
Interest rate caps			—						11						—						11
Total			$	—					$	9,098					$	125					$	9,223

(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 1						Level 2						Level 3						Total
At December 31, 2022			$	148,906					$	84,385					$	54,656					$	—					$	139,041
At September 30, 2023			145,404						79,888						53,470						—						133,358

Notional Amounts of Outstanding Derivative Instruments

The following table sets forth the notional amounts of our outstanding derivative instruments:

			At September 30,						At December 31,
(dollars in millions)			2023						2022
Interest rate swaps			$	26,071					$	26,071
Cross currency swaps			33,526						34,976
Foreign exchange forwards			995						920

Schedule Of Derivative Instruments Activity

The following tables summarize the activities of our designated derivatives:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2023						2022						2023						2022
Interest Rate Swaps:
Notional value entered into			$	—					$	—					$	—					$	7,155
Notional value settled			—						—						—						863
Pre-tax gain recognized in Interest expense			2						2						3						2
Cross Currency Swaps:
Notional value entered into			—						—						—						—
Notional value settled			—						—						1,450						—
Pre-tax loss recognized in Other comprehensive income (loss)(1)			N/A						N/A						N/A						(430)
Pre-tax loss on cross currency swaps recognized in Interest expense			(1,036)						(2,039)						(311)						(3,847)
Pre-tax gain on hedged debt recognized in Interest expense			1,036						2,039						311						3,847
Excluded components recognized in Other comprehensive income (loss)			809						169						851						(171)
Initial value of the excluded component amortized into Interest expense			28						27						82						54
Forward Starting Interest Rate Swaps:
Notional value entered into			—						—						—						—
Notional value settled			—						—						—						1,000
Pre-tax gain recognized in Other comprehensive income (loss)			—						—						—						196
Treasury Rate Locks:
Notional value entered into			—						—						500						—
Notional value settled			—						—						500						—
Pre-tax gain recognized in Other comprehensive income (loss)			—						—						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.

			Nine Months Ended
			September 30,
(dollars in millions)			2023						2022
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 locks			5						—
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 Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2023						2022						2023						2022
Foreign Exchange Forwards:
Notional value entered into			$	2,800					$	2,642					$	8,225					$	8,144
Notional value settled			2,785						2,703						8,150						8,136
Pre-tax loss recognized in Other income (expense), net			(39)						(75)						(17)						(169)
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 our interest rate swaps designated as fair value hedges. The cumulative amounts exclude cumulative basis adjustments related to foreign exchange risk.

			At September 30,						At December 31,
(dollars in millions)			2023						2022
Carrying amount of hedged liabilities			$	20,398					$	21,741
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities			(5,809)						(4,512)
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued			422						488

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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.

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-Section 50
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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