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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Derivative Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | For 2024, 2023 and 2022, the gains and losses recognized as interest expense were immaterial.
|  | DECEMBER 31, 2024 |  |  | DECEMBER 31, 2023 |  |
|  |  |  |  | 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 |  | $ | 2,916 |  | 1) | $ | 22 |  | 2) | $ | 42 |  | 3) | $ | 1,895 |  | 4) | $ | 22 |  | 5) | $ | 12 |  | 6)
TOTAL DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS |  | $ | 2,916 |  |  | $ | 22 |  |  | $ | 42 |  |  | $ | 1,895 |  |  | $ | 22 |  |  | $ | 12 |  |
1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,916 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 $42 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 are summarized in the table below.
|  | DECEMBER 31, 2024 |  |  | DECEMBER 31, 2023 |
(Dollars in millions) |  | CARRYING VALUE 1) |  |  | FAIR VALUE |  |  | CARRYING VALUE 1) |  |  | FAIR VALUE |
LONG-TERM DEBT |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  | $ | 1,512 |  |  | $ | 1,527 |  |  | $ | 1,023 |  |  | $ | 1,022 |
Loans |  |  | 10 |  |  |  | 10 |  |  |  | 301 |  |  |  | 306 |
TOTAL |  | $ | 1,522 |  |  | $ | 1,537 |  |  | $ | 1,324 |  |  | $ | 1,328 |
SHORT-TERM DEBT |  |  |  |  |  |  |  |  |  |  |  |
Short-term portion of long-term debt |  | $ | 273 |  |  | $ | 275 |  |  | $ | 297 |  |  | $ | 297 |
Overdrafts and other short-term debt |  |  | 114 |  |  |  | 114 |  |  |  | 241 |  |  |  | 241 |
TOTAL |  | $ | 387 |  |  | $ | 389 |  |  | $ | 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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