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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
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 |  |
|  | June 30, 2025 |  |  |  | December 31, 2024 |  |
|  |  |  |  | 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 |  | $ | 2,202 |  | 1) | $ | 74 |  | 2) | $ | 7 |  | 3) |  | $ | 2,916 |  | 4) | $ | 22 |  | 5) | $ | 42 |  | 6)
Total derivatives not designated as hedging instruments |  | $ | 2,202 |  |  | $ | 74 |  |  | $ | 7 |  |  |  | $ | 2,916 |  |  | $ | 22 |  |  | $ | 42 |  |
1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,202 million. 2) Net amount after deducting for offsetting swaps under ISDA agreements is $74 million. 3) Net amount after deducting for offsetting swaps under ISDA agreements is $7 million. 4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,916 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 $42 million.
Fair Value of Debt | The fair value and carrying value of debt is summarized in the table below (dollars in millions).
|  | As of |
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | Carrying value 1) |  |  | Fair value |  |  | Carrying value 1) |  |  | Fair value |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  | $ | 1,358 |  |  | $ | 1,386 |  |  | $ | 1,512 |  |  | $ | 1,527 |
Loans |  |  | 14 |  |  |  | 14 |  |  |  | 10 |  |  |  | 10 |
Total long-term debt |  |  | 1,372 |  |  |  | 1,400 |  |  |  | 1,522 |  |  |  | 1,537 |
Short-term debt |  |  |  |  |  |  |  |  |  |  |  |
Short-term portion of long-term debt |  |  | 285 |  |  |  | 285 |  |  |  | 273 |  |  |  | 275 |
Overdrafts and other short-term debt |  |  | 394 |  |  |  | 394 |  |  |  | 114 |  |  |  | 114 |
Total short-term debt |  | $ | 679 |  |  | $ | 679 |  |  | $ | 387 |  |  | $ | 389 |
1) Debt as reported in balance sheet.

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