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Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash are included in the following line items in the consolidated balance sheets:
(dollars in millions)
At December 31,20232022Increase / (Decrease)
Cash and cash equivalents$2,065 $2,605 $(540)
Restricted cash:
Prepaid expenses and other1,244 1,343 (99)
Other assets188 163 25 
Cash, cash equivalents and restricted cash$3,497 $4,111 $(614)
Schedule of Restricted Cash
Cash, cash equivalents and restricted cash are included in the following line items in the consolidated balance sheets:
(dollars in millions)
At December 31,20232022Increase / (Decrease)
Cash and cash equivalents$2,065 $2,605 $(540)
Restricted cash:
Prepaid expenses and other1,244 1,343 (99)
Other assets188 163 25 
Cash, cash equivalents and restricted cash$3,497 $4,111 $(614)
Accounting Standards Update and Change in Accounting Principle
The following Accounting Standards Updates (ASUs) have been recently issued by the Financial Accounting Standards Board (FASB).
DescriptionEffect on Financial Statements
ASU 2023-07, Segment Reporting (Topic 280)
In November 2023, the FASB issued this standard update which requires additional information about a public company’s significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A retrospective transition approach is required. Early adoption of this standard is permitted.
Upon adoption of this standard, we expect to include the required disclosures in our notes to the financial statements for our segment reporting. This standard update will not affect our operating results.
ASU 2023-09, Income Taxes (Topic 740)
In December 2023, the FASB issued this standard update which requires enhanced disclosures primarily related to rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024. A prospective transition approach should be applied; however, a retrospective application is permitted. Early adoption of this standard is permitted.
Upon adoption of this standard, we expect to include the required disclosures in our notes to the financial statements for our income taxes. This standard update will not affect our operating results.