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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value, Cash Flow and Net Investment Hedges | The following table summarizes the location within the condensed consolidated financial statements and amount of gains/(losses) related to derivative and debt financial instruments for the six months ended June 30, 2020 and 2019. All dollar amounts are shown on a pretax basis.
| June 30, 2020 |  |  |  | June 30, 2019 |  |  |  |
($ in millions) | (Loss)Gain Deferred in OCI |  | Gain Recognized |  | (Loss)Gain Deferred in OCI |  | Gain/(Loss) Recognized |  | Caption In Condensed Consolidated Statement of Income
Economic |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $— |  |  | $26 |  |  | $— |  |  | $32 |  |  | Other charges
Fair Value |  |  |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 5 |  |  | — |  |  | 1 |  |  | Interest expense
Cash Flow |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | — |  |  | — |  |  | (3) |  |  | (4) |  |  | Other charges and Cost of sales
Total Cash Flow | $— |  |  | $31 |  |  | ($3) |  |  | $29 |  |  |
Net Investment |  |  |  |  |  |  |  |  |
Cross currency swaps | ($4) |  |  | $9 |  |  | $6 |  |  | $8 |  |  | Interest expense
Foreign denominated debt | 25 |  |  | — |  |  | 22 |  |  | — |  |  |
Total Net Investment | $21 |  |  | $9 |  |  | $28 |  |  | $8 |  |  |
Assets and Liabilities Reported at Fair Value on a Recurring Basis | Assets and liabilities reported at fair value on a recurring basis:
| June 30, 2020 |  |  |  |  |  | December 31, 2019 |  |  |  |
($ in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |
Other current assets: |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities | $5 |  |  | $— |  |  | $— |  |  | $5 |  |  | $— |  |  | $— |
Foreign currency forward contracts (a) | — |  |  | 15 |  |  | — |  |  | — |  |  | 14 |  |  | — |
Investments: |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities | $83 |  |  | $— |  |  | $— |  |  | $80 |  |  | $— |  |  | $— |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Cross currency swaps (b) | $— |  |  | $73 |  |  | $— |  |  | $— |  |  | $52 |  |  | $— |
Interest rate swaps (c) | — |  |  | 78 |  |  | — |  |  | — |  |  | 35 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts (d) | $— |  |  | $— |  |  | $— |  |  | $— |  |  | $1 |  |  | $— |
Foreign currency forward contracts (a) | — |  |  | 8 |  |  | — |  |  | — |  |  | 20 |  |  | — |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |
Cross currency swap (b) | $— |  |  | $— |  |  | $— |  |  | $— |  |  | $4 |  |  | $— |
(a) Derivatives not designated as hedging instruments | (c) Fair value hedges
(b) Net investment hedges | (d) Cash flow hedges
Schedule of Long-term Debt Instruments |
($ in millions) | June 30, 2020 (a) |  | December 31, 2019 (b)
Long-term debt - carrying value | $4,776 |  |  | $5,031 |
Long-term debt - fair value | $5,221 |  |  | $5,363 |
(a) Excluding finance lease obligations of $8 million and short-term borrowings of $1.5 billion as of June 30, 2020. (b) Excluding finance lease obligations of $11 million and short-term borrowings of $10 million as of December 31, 2019.

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