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Fair Value Measurements and Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025:
(dollars in millions)
Level 1(1)
Level 2(2)
Level 3(3)
Total
Assets:
Prepaid expenses and other:
Fixed income securities$— $32 $— $32 
Cross currency swaps— 1 — 1 
Foreign exchange forwards— 1 — 1 
Other assets:
Marketable equity securities
309 — — 309 
Fixed income securities— 304 — 304 
Cross currency swaps— 1,366 — 1,366 
Total$309 $1,704 $— $2,013 
Liabilities:
Other current liabilities:
Interest rate swaps$— $1,877 $— $1,877 
Cross currency swaps— 166 — 166 
Foreign exchange forwards— 3 — 3 
Treasury rate locks— 97 — 97 
Other liabilities:
Interest rate swaps— 2,830 — 2,830 
Cross currency swaps— 1,074 — 1,074 
Total$— $6,047 $— $6,047 
(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, 2024:
(dollars in millions)
Level 1(1)
Level 2(2)
Level 3(3)
Total
Assets:
Prepaid expenses and other:
Fixed income securities$— $16 $— $16 
Interest rate caps— 3 — 3 
Other assets:
Fixed income securities— 269 — 269 
Cross currency swaps— 500 — 500 
Total$— $788 $— $788 
Liabilities:
Other current liabilities:
Interest rate swaps
$— $1,964 $— $1,964 
Cross currency swaps
— 345 — 345 
Foreign exchange forwards
— 5 — 5 
Interest rate caps
— 3 — 3 
Other liabilities:
Interest rate swaps
— 3,338 — 3,338 
Cross currency swaps
— 2,344 — 2,344 
Total$— $7,999 $— $7,999 
(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 AmountLevel 1Level 2Level 3Total
At September 30, 2025$144,276 $84,492 $57,990 $— $142,482 
At December 31, 2024141,665 81,552 55,464 — 137,016 
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)20252024
Interest rate swaps$23,040 $24,025 
Cross currency swaps32,177 32,053 
Treasury rate locks6,000 — 
Foreign exchange forwards750 620 
Schedule Of Derivative Instruments Activity
The following tables summarize the activities of our designated derivatives:
Three Months EndedNine Months Ended
September 30,September 30,
(dollars in millions)2025202420252024
Interest Rate Swaps:
Notional value entered into$— $— $— $— 
Notional value settled— 1,254 985 1,254 
Pre-tax gain (loss) recognized in Interest expense
— (2)— 1 
Cross Currency Swaps:
Notional value entered into2,294 — 2,294 2,146 
Notional value settled995 — 2,170 3,619 
Pre-tax gain (loss) on cross currency swaps recognized in Interest expense
(206)1,272 3,293 438 
Pre-tax gain (loss) on hedged debt recognized in Interest expense
206 (1,272)(3,293)(438)
Excluded components recognized in Other comprehensive loss
(191)(573)(1,068)(407)
    Initial value of the excluded component amortized into Interest expense23 23 70 73 
Treasury Rate Locks:
Notional value entered into1,100 1,000 6,000 1,000 
Notional value settled— 1,000 — 1,000 
Pre-tax loss recognized in Other comprehensive loss
(42)(21)(97)(21)

Nine Months Ended
September 30,
(dollars in millions)20252024
Other, net Cash Flows from Operating Activities:
Cash paid for settlement of interest rate swaps, net
$(45)$(6)
   Cash received (paid) for settlement of treasury rate locks
— (21)
Other, net Cash Flows from Financing Activities:
Cash paid for settlement of cross currency swaps, net(91)(243)
The following table summarizes the activity of our derivatives not designated in hedging relationships:
Three Months EndedNine Months Ended
September 30,September 30,
(dollars in millions)2025202420252024
Foreign Exchange Forwards:
    Notional value entered into$2,050 $1,660 $6,030 $6,940 
Notional value settled2,030 1,640 5,900 7,370 
Pre-tax gain (loss) recognized in Other income, net
(8)21 80 (2)
Treasury Rate Locks:
Notional value entered into— — 1,250 — 
Notional value settled— — 1,250 — 
Pre-tax loss recognized in Interest expense
— — (5)— 
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)20252024
Carrying amount of hedged liabilities$18,434 $18,863 
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities(4,598)(5,192)
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued223 281