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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Derivative Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The tables below present information about the Company’s derivative financial assets and liabilities measured at fair value on a recurring basis (dollars in millions).
|  | As of |  |
|  | September 30, 2024 |  |  |  | December 31, 2023 |  |
|  |  |  |  | Fair Value Measurements |  |  |  |  |  |  | Fair Value Measurements |  |
Description |  | Nominal volume |  |  | Derivative asset (Other current assets) |  |  | Derivative liability (Other current liabilities) |  |  |  | Nominal volume |  |  | Derivative asset (Other current assets) |  |  | Derivative liability (Other current liabilities) |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange swaps, less than 6 months |  | $ | 1,798 |  | 1) | $ | 19 |  | 2) | $ | 21 |  | 3) |  | $ | 1,895 |  | 4) | $ | 22 |  | 5) | $ | 12 |  | 6)
Total derivatives not designated as hedging instruments |  | $ | 1,798 |  |  | $ | 19 |  |  | $ | 21 |  |  |  | $ | 1,895 |  |  | $ | 22 |  |  | $ | 12 |  |
1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,798 million. 2) Net amount after deducting for offsetting swaps under ISDA agreements is $19 million. 3) Net amount after deducting for offsetting swaps under ISDA agreements is $21 million. 4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,895 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 $12 million.
Fair Value of Debt | The fair value and carrying value of debt is summarized in the table below (dollars in millions).
|  | As of |
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Carrying value 1) |  |  | Fair value |  |  | Carrying value 1) |  |  | Fair value |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  | $ | 1,586 |  |  | $ | 1,612 |  |  | $ | 1,023 |  |  | $ | 1,022 |
Loans |  |  | — |  |  |  | — |  |  |  | 301 |  |  |  | 306 |
Total long-term debt |  |  | 1,586 |  |  |  | 1,612 |  |  |  | 1,324 |  |  |  | 1,328 |
Short-term debt |  |  |  |  |  |  |  |  |  |  |  |
Short-term portion of long-term debt |  |  | 297 |  |  |  | 302 |  |  |  | 297 |  |  |  | 297 |
Overdrafts and other short-term debt |  |  | 327 |  |  |  | 327 |  |  |  | 241 |  |  |  | 241 |
Total short-term debt |  | $ | 624 |  |  | $ | 630 |  |  | $ | 538 |  |  | $ | 538 |
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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