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Debt and Credit Agreements (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Activity Related to Long-Term Debt | Total activity related to long-term debt as of the end of first quarter 2022 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 10, Fair Value Measurements.
(Dollars in millions) | Current Portion | Long-term Portion | Total
Long-term Debt as of December 31, 2021 | $ | 181 |  | $ | 16,185 |  | $ | 16,366 |
2022 Activity: |  |  |
Long-term Debt Repaid | (6) |  |  | (6) |
Reclassifications | 142 |  | (142) |  | — |
Hedging, Discount, Premium and Other Activity | — |  | (24) |  | (24) |
Long-term Debt as of March 31, 2022 | $ | 317 |  | $ | 16,019 |  | $ | 16,336 |
Schedule of Interest Rate Derivatives | The amounts recorded in long-term debt on the consolidated balance sheet related to these fair value hedges is summarized in the table below.
(Dollars in millions) | March 31, 2022
Notional Value of Hedged Notes | $ | 800 |
Cumulative Fair Value Adjustment to Hedged Notes | (27) |
Carrying Amount of Hedged Notes | $ | 773 |

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