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Debt and Credit Agreements (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Activity Related to Long-Term Debt | Total activity related to long-term debt as of the end of second quarter 2023 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements.
(Dollars in millions) | Current Portion | Long-term Portion | Total
Long-term Debt as of December 31, 2022 | $ | 151 |  | $ | 17,896 |  | $ | 18,047 |
2023 Activity: |  |  |
Long-term Debt Repaid | (146) |  | — |  | (146) |
Reclassifications | 4 |  | (4) |  | — |
Hedging, Discount, Premium and Other Activity | 1 |  | 6 |  | 7 |
Long-term Debt as of June 30, 2023 | $ | 10 |  | $ | 17,898 |  | $ | 17,908 |
Schedule of Interest Rate Derivatives | The amounts recorded in long-term debt on the consolidated balance sheet related to these fair value hedges are summarized in the table below.
(Dollars in millions) | June 30, 2023 | December 31, 2022
Notional Value of Hedged Notes | $ | 800 |  | $ | 800 |
Cumulative Fair Value Adjustment to Hedged Notes | (119) |  | (118) |
Carrying Amount of Hedged Notes | $ | 681 |  | $ | 682 |
Derivative Instruments, Gain (Loss) | Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.
| Second Quarters |  | Six Months
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Unrealized Gain (Loss) - Net | $ | (7) |  |  | $ | 33 |  |  | $ | (10) |  |  | $ | 54 |

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