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Debt and Credit Agreements (Tables) | 9 Months Ended
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Sep. 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 third 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 Issued | — |  | 600 |  | 600 |
Long-term Debt Repaid | (150) |  | — |  | (150) |
Reclassifications | 557 |  | (557) |  | — |
Hedging, Discount, Premium and Other Activity | 1 |  | (36) |  | (35) |
Long-term Debt as of September 30, 2023 | $ | 559 |  | $ | 17,903 |  | $ | 18,462 |
Schedule of Interest Rate Derivatives | The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.
| Third Quarters |  | Nine Months
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Interest Expense Impact (Increase) Decrease | $ | (7) |  |  | $ | (1) |  |  | $ | (19) |  |  | $ | 3 |
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) | September 30, 2023 | December 31, 2022
Notional Value of Hedged Notes | $ | 800 |  | $ | 800 |
Cumulative Fair Value Adjustment to Hedged Notes | (159) |  | (118) |
Carrying Amount of Hedged Notes | $ | 641 |  | $ | 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.
| Third Quarters |  | Nine Months
(Dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Unrealized Gain - Net | $ | 14 |  |  | $ | 9 |  |  | $ | 4 |  |  | $ | 63 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
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