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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring | In accordance with the provisions of ASC 820, the following tables provide the valuation hierarchy classification of assets and liabilities that are recorded at fair value and measured on a recurring basis in our Unaudited Condensed Combined Balance Sheet:
March 31, 2020 |  |  |  |  |  |  |  |
(dollars in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Recurring fair value measurement: |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 23 |  | 1 | $ | — |  |  | $ | 23 |  |  | $ | — |
Derivative liabilities |  | $ | (10) |  | 2 | $ | — |  |  | $ | (10) |  |  | $ | — |
1 Included in Other assets, current on the accompanying Unaudited Condensed Combined Balance Sheet 2 Included in Accrued liabilities on the accompanying Unaudited Condensed Combined Balance Sheet The following table provides the carrying amounts and fair values of financial instruments that are not recorded at fair value in our Unaudited Condensed Combined Balance Sheet:
|  | March 31, 2020 |  |  |  | December 31, 2019 |  |  |
(dollars in millions) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
Current and long-term debt (excluding finance leases) |  | $ | 11,241 |  |  | $ | 10,634 |  |  | $ | 313 |  |  |  | $ | 313 |  |
The following table provides the valuation hierarchy classification of assets and liabilities that are not carried at fair value in our Unaudited Condensed Combined Balance Sheet:
March 31, 2020 |  |  |  |  |  |  |  |
(dollars in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Current and long-term debt (excluding finance leases) |  | $ | 10,634 |  |  | $ | 8,565 |  |  | $ | — |  |  | $ | 2,069 |
December 31, 2019 |  |  |  |  |  |  |  |
(dollars in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Current and long-term debt (excluding finance leases) |  | $ | 313 |  |  | $ | — |  |  | $ | — |  |  | $ | 313 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present changes during the quarters ended March 31, 2020 and 2019 in Level 3 liabilities not measured at fair value on a recurring basis:
|  | For the Quarters Ended March 31, |  |
(dollars in millions) |  | 2020 |  | 2019
Fair value as of January 1 |  | $ | 313 |  |  |  | $ | 291 |
Issuances |  | 1,790 |  |  |  | 52 |
Settlements |  | (34) |  |  |  | (1) |
Fair value as of March 31 |  | $ | 2,069 |  |  |  | $ | 342 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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