v3.26.1
Debt and Credit Agreements (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Activity Related to Long-Term Debt
Total activity related to long-term debt during the quarter ended June 30, 2026, is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements.

(Dollars in Millions)
Current PortionLong-term PortionTotal
Long-term Debt as of December 31, 2025
$708 $18,165 $18,873 
2026 Activity:
Long-term Debt Repaid(9)— (9)
Reclassifications1,002 (1,002)— 
Hedging, Discount, Premium and Other Activity1 (1)— 
Long-term Debt as of June 30, 2026
$1,702 $17,162 $18,864 
Schedule of Interest Rate Derivatives The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table below.
(Dollars in Millions)June 30, 2026December 31, 2025
Notional Value of Hedged Notes$1,300 $1,300 
Fair Value Asset Adjustment to Hedged Notes13 23 
Fair Value Liability Adjustment to Hedged Notes(94)(87)
Carrying Amount of Hedged Notes$1,219 $1,236 
The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.
Second QuartersSix Months
(Dollars in Millions)2026202520262025
Interest Expense Impact (Increase)/ Decrease$(3)$(5)$(6)$(10)