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Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024:

(dollars in millions)			Level 1(1)						Level 2(2)						Level 3(3)						Total
Assets:
Prepaid expenses and other:
Fixed income securities			$	—					$	17					$	—					$	17
Cross currency swaps			—						16						—						16
Interest rate caps			—						9						—						9
Other assets:
Fixed income securities			—						275						—						275
Cross currency swaps			—						760						—						760
Total			$	—					$	1,077					$	—					$	1,077
Liabilities:
Other current liabilities:
Interest rate swaps			$	—					$	1,692					$	—					$	1,692
Cross currency swaps			—						202						—						202
Foreign exchange forwards			—						2						—						2
Interest rate caps			—						9						—						9
Other liabilities:
Interest rate swaps			—						2,455						—						2,455
Cross currency swaps			—						1,623						—						1,623
Total			$	—					$	5,983					$	—					$	5,983

(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, 2023:

(dollars in millions)			Level 1(1)						Level 2(2)						Level 3(3)						Total
Assets:
Prepaid expenses and other:
Fixed income securities			$	—					$	25					$	—					$	25
Cross currency swaps			—						4						—						4
Foreign exchange forwards			—						4						—						4
Interest rate caps			—						37						—						37
Other assets:
Fixed income securities			—						254						—						254
Cross currency swaps			—						758						—						758
Interest rate caps			—						7						—						7
Total			$	—					$	1,089					$	—					$	1,089
Liabilities:
Other current liabilities:
Interest rate swaps			$	—					$	823					$	—					$	823
Cross currency swaps			—						294						—						294
Foreign exchange forwards			—						1						—						1
Interest rate caps			—						37						—						37
Contingent consideration			—						—						52						52
Other liabilities:
Interest rate swaps			—						3,648						—						3,648
Cross currency swaps			—						1,791						—						1,791
Interest rate caps			—						7						—						7
Total			$	—					$	6,601					$	52					$	6,653

(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 September 30, 2024			$	148,364					$	91,148					$	55,665					$	—					$	146,813
At December 31, 2023			148,583						86,806						58,804						—						145,610

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)			2024						2023
Interest rate swaps			$	24,817					$	26,071
Cross currency swaps			32,053						33,526
Foreign exchange forwards			620						1,050

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)			2024						2023						2024						2023
Interest Rate Swaps:
Notional value entered into			$	—					$	—					$	—					$	—
Notional value settled			1,254						—						1,254						—
Pre-tax gain (loss) recognized in Interest expense			(2)						2						1						3
Cross Currency Swaps:
Notional value entered into			—						—						2,146						—
Notional value settled			—						—						3,619						1,450
Pre-tax gain (loss) on cross currency swaps recognized in Interest expense			1,272						(1,036)						438						(311)
Pre-tax gain (loss) on hedged debt recognized in Interest expense			(1,272)						1,036						(438)						311
Excluded components recognized in Other comprehensive income (loss)			(573)						809						(407)						851
Initial value of the excluded component amortized into Interest expense			23						28						73						82
Treasury Rate Locks:
Notional value entered into			1,000						—						1,000						500
Notional value settled			1,000						—						1,000						500
Pre-tax gain (loss) recognized in Other comprehensive income (loss)			(21)						—						(21)						5

			Nine Months Ended
			September 30,
(dollars in millions)			2024						2023
Other, net Cash Flows from Operating Activities:
Cash paid for settlement of interest rate swaps, net			$	(6)					$	—
Cash received (paid) for settlement of treasury rate locks			(21)						5
Other, net Cash Flows from Financing Activities:
Cash paid for settlement of cross currency swaps, net			(243)						(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)			2024						2023						2024						2023
Foreign Exchange Forwards:
Notional value entered into			$	1,660					$	2,800					$	6,940					$	8,225
Notional value settled			1,640						2,785						7,370						8,150
Pre-tax gain (loss) recognized in Other income, net			21						(39)						(2)						(17)

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)			2024						2023
Carrying amount of hedged liabilities			$	20,853					$	21,838
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities			(4,033)						(4,354)
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued			327						400

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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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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.

+ References

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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