XML 34 R17.htm IDEA: XBRL DOCUMENT
v3.23.3

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Investments The Company's investment assets are carried at fair value on the consolidated balance sheet in accordance with the Fair Value Measurements and Disclosures Topic in the ASC. They are valued with assistance from a third-party trustee and consist of fixed income mutual funds, corporate bonds and government securities. The fixed income mutual funds are valued at the net asset value of shares held based on quoted market prices determined in an active market, which are Level 1 inputs. The corporate bonds and government securities are valued using broker quotes that utilize observable market inputs, which are Level 2 inputs. Unrealized losses as of September 30, 2023, and September 30, 2022, were not material. The Company believes any impairment of investments held with gross unrealized losses to be temporary and not the result of credit risk. The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table.
| September 30, 2023 |  | December 31, 2022
(Dollars in millions) | Level 1 | Level 2 |  | Total |  | Level 1 | Level 2 |  | Total
Fixed Income Mutual Funds | $ | 78 |  | $ | — |  |  | $ | 78 |  |  | $ | 89 |  | $ | — |  |  | $ | 89 |
Corporate Bonds | — |  | 47 |  |  | 47 |  |  | — |  | 49 |  |  | 49 |
Government Securities | — |  | 16 |  |  | 16 |  |  | — |  | 58 |  |  | 58 |
Total investments at fair value | $ | 78 |  | $ | 63 |  |  | $ | 141 |  |  | $ | 89 |  | $ | 107 |  |  | $ | 196 |
Total investments at amortized cost |  |  |  | $ | 147 |  |  |  |  |  | $ | 201 |
These investments have the following maturities:
(Dollars in millions) | September 30, 2023 |  | December 31, 2022
Less than 1 year | $ | 79 |  |  | $ | 129 |
1 - 5 years | 23 |  |  | 24 |
5 - 10 years | 10 |  |  | 10 |
Greater than 10 years | 29 |  |  | 33 |
Total investments at fair value | $ | 141 |  |  | $ | 196 |
NOTE 9. Fair Value Measurements, continued Long-term Debt Long-term debt is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. The fair value of a company's debt is a measure of its current value under present market conditions. It does not impact the financial statements under current accounting rules. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs. The fair value and carrying value of the Company's long-term debt is as follows:
(Dollars in millions) | September 30, 2023 |  | December 31, 2022
Long-term Debt (Including Current Maturities): |  |  |
Fair Value | $ | 15,839 |  |  | $ | 16,135 |
Carrying Value | 18,462 |  |  | 18,047 |
Interest Rate Derivatives The Company’s fixed-to-floating and forward starting interest rate swaps are carried at their respective fair values, which are determined with assistance from a third party based upon pricing models using inputs observed from actively quoted markets. All of the inputs used to determine the fair value of the swaps are Level 2 inputs. The fair value of the Company’s fixed-to-floating interest rate swaps was a liability of $159 million and $118 million as of September 30, 2023, and December 31, 2022, respectively. The fair value of the Company’s forward starting interest rate swap asset was $54 million and $127 million as of September 30, 2023, and December 31, 2022, respectively. See Note 7, Debt and Credit Agreements, for further information.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration