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Debt and Credit Agreements (Tables) | 3 Months Ended
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Mar. 31, 2024
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 2024 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, 2023 | $ | 558 |  | $ | 17,975 |  | $ | 18,533 |
2024 Activity: |  |  |
Long-term Debt Repaid | (2) |  | — |  | (2) |
Reclassifications | 1 |  | (1) |  | — |
Hedging, Discount, Premium and Other Activity | — |  | (30) |  | (30) |
Long-term Debt as of March 31, 2024 | $ | 557 |  | $ | 17,944 |  | $ | 18,501 |
Schedule of Interest Rate Derivatives | The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table below.
(Dollars in Millions) | March 31, 2024 | December 31, 2023
Notional Value of Hedged Notes | $ | 1,050 |  | $ | 1,050 |
Fair Value Asset Adjustment to Hedged Notes | 11 |  | 19 |
Fair Value Liability Adjustment to Hedged Notes | (131) |  | (107) |
Carrying Amount of Hedged Notes | $ | 930 |  | $ | 962 |
The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.
| First Quarters |  |
(Dollars in Millions) | 2024 |  | 2023 |  |  |  |
Interest Expense Impact (Increase) Decrease | $ | (8) |  |  | $ | (6) |  |  |  |  |
Derivative Instruments, Gain (Loss) | Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.
| First Quarters |  |
(Dollars in Millions) | 2024 |  | 2023 |  |  |  |
Unrealized Gain (Loss) - Net | $ | 2 |  |  | $ | (3) |  |  |  |  |

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