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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Derivative Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | For 2023, 2022 and 2021, the gains and losses recognized as interest expense were immaterial.
|  | DECEMBER 31, 2023 |  |  | DECEMBER 31, 2022 |  |
|  |  |  |  | Fair Value Measurements |  |  |  |  |  | Fair Value Measurements |  |
|  |  |  |  | Derivative asset |  |  | Derivative liability |  |  |  |  |  | Derivative asset |  |  | Derivative liability |  |
|  | Nominal |  |  | (Other current |  |  | (Other current |  |  | Nominal |  |  | (Other current |  |  | (Other current |  |
(Dollars in millions) |  | volume |  |  | assets) |  |  | liabilities) |  |  | volume |  |  | assets) |  |  | liabilities) |  |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange swaps, less than 6 months |  | $ | 1,895 |  | 1) | $ | 22 |  | 2) | $ | 12 |  | 3) | $ | 2,616 |  | 4) | $ | 22 |  | 5) | $ | 15 |  | 6)
TOTAL DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS |  | $ | 1,895 |  |  | $ | 22 |  |  | $ | 12 |  |  | $ | 2,616 |  |  | $ | 22 |  |  | $ | 15 |  |
1) Net nominal amount after deducting for offsetting swaps under ISDA agreemen ts is $1,895 million. 2) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million. 3) Net amount after deducting for offsetting swaps under ISDA agreements is $12 million. 4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,616 million. 5) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million. 6) Net amount after deducting for offsetting swaps under ISDA agreements is $15 million.
Fair Value of Debt | The fair value and carrying value of debt are summarized in the table below (dollars in millions).
|  | DECEMBER 31, 2023 |  |  | DECEMBER 31, 2022 |
|  | CARRYING VALUE 1) |  |  | FAIR VALUE |  |  | CARRYING VALUE 1) |  |  | FAIR VALUE |
LONG-TERM DEBT |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  | $ | 1,023 |  |  | $ | 1,022 |  |  | $ | 767 |  |  | $ | 735 |
Loans |  |  | 301 |  |  |  | 306 |  |  |  | 287 |  |  |  | 292 |
TOTAL |  | $ | 1,324 |  |  | $ | 1,328 |  |  | $ | 1,054 |  |  | $ | 1,027 |
SHORT-TERM DEBT |  |  |  |  |  |  |  |  |  |  |  |
Short-term portion of long-term debt |  | $ | 297 |  |  | $ | 297 |  |  | $ | 533 |  |  | $ | 527 |
Overdrafts and other short-term debt |  |  | 241 |  |  |  | 241 |  |  |  | 178 |  |  |  | 178 |
TOTAL |  | $ | 538 |  |  | $ | 538 |  |  | $ | 711 |  |  | $ | 705 |
1) Debt as reported in balance sheet.

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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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