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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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

 

 

 

 

September 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

 

$

3,366

 

1)

$

41

 

2)

$

6

 

3)

 

$

2,916

 

4)

$

22

 

5)

$

42

 

6)

Total derivatives not designated
   as hedging instruments

 

$

3,366

 

 

$

41

 

 

$

6

 

 

 

$

2,916

 

 

$

22

 

 

$

42

 

 

1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $3,366 million.

2) Net amount after deducting for offsetting swaps under ISDA agreements is $41 million.

3) Net amount after deducting for offsetting swaps under ISDA agreements is $6 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

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

Carrying
value1)

 

 

Fair
value

 

 

Carrying
value1)

 

 

Fair
value

 

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

Bonds

 

$

1,360

 

 

$

1,389

 

 

$

1,512

 

 

$

1,527

 

Loans

 

 

14

 

 

 

14

 

 

 

10

 

 

 

10

 

Total long-term debt

 

 

1,374

 

 

 

1,403

 

 

 

1,522

 

 

 

1,537

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term debt

 

 

 

 

 

 

 

 

 

 

 

 

Short-term portion of long-term debt

 

 

285

 

 

 

289

 

 

 

273

 

 

 

275

 

Overdrafts and other short-term debt

 

 

369

 

 

 

369

 

 

 

114

 

 

 

114

 

Total short-term debt

 

$

654

 

 

$

658

 

 

$

387

 

 

$

389

 

1) Debt as reported in balance sheet.