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Hedging Transactions and Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments, Gain (Loss) | The following table summarizes the notional values as of December 31, 2023 and 2022 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (“OCI”) for the year then ended ($ in millions):
| Original Notional Amount |  | Notional Amount Outstanding |  | Gain (Loss) Recognized in OCI |  | Amounts Reclassified from OCI
Year ended December 31, 2023: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 3,875 |  |  | $ | 3,000 |  |  | $ | (148) |  |  | $ | — |
Foreign currency denominated debt | 4,263 |  |  | 4,263 |  |  | (102) |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 3,300 |  |  | (214) |  |  | 107 |
Interest rate swaps | 1,600 |  |  | — |  |  | — |  |  | 3 |
Total | $ | 13,738 |  |  | $ | 10,563 |  |  | $ | (464) |  |  | $ | 110 |
Year ended December 31, 2022: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 3,875 |  |  | $ | 3,000 |  |  | $ | 225 |  |  | $ | — |
Foreign currency denominated debt | 5,777 |  |  | 5,777 |  |  | 248 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 3,300 |  |  | 378 |  |  | (238) |
Interest rate swaps | 1,600 |  |  | — |  |  | — |  |  | 3 |
Total | $ | 15,252 |  |  | $ | 12,077 |  |  | $ | 851 |  |  | $ | (235) |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table summarizes the notional values as of December 31, 2023 and 2022 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (“OCI”) for the year then ended ($ in millions):
| Original Notional Amount |  | Notional Amount Outstanding |  | Gain (Loss) Recognized in OCI |  | Amounts Reclassified from OCI
Year ended December 31, 2023: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 3,875 |  |  | $ | 3,000 |  |  | $ | (148) |  |  | $ | — |
Foreign currency denominated debt | 4,263 |  |  | 4,263 |  |  | (102) |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 3,300 |  |  | (214) |  |  | 107 |
Interest rate swaps | 1,600 |  |  | — |  |  | — |  |  | 3 |
Total | $ | 13,738 |  |  | $ | 10,563 |  |  | $ | (464) |  |  | $ | 110 |
Year ended December 31, 2022: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 3,875 |  |  | $ | 3,000 |  |  | $ | 225 |  |  | $ | — |
Foreign currency denominated debt | 5,777 |  |  | 5,777 |  |  | 248 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 3,300 |  |  | 378 |  |  | (238) |
Interest rate swaps | 1,600 |  |  | — |  |  | — |  |  | 3 |
Total | $ | 15,252 |  |  | $ | 12,077 |  |  | $ | 851 |  |  | $ | (235) |
Schedule of Derivative and Non Derivative Instruments in Consolidated Condensed Balance Sheets | The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified as of December 31 in the Company’s Consolidated Balance Sheets as follows ($ in millions):
| 2023 |  | 2022 |  |
Derivative assets: |  |  |  |  |
Other long-term assets | $ | 291 |  |  | $ | 653 |  |  |
Nonderivative hedging instruments: |  |  |  |  |
Notes payable and current portion of long-term debt | 993 |  |  | — |  |  |
Long-term debt | 3,270 |  |  | 5,777 |  |  |

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