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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2020 and 2019. All dollar amounts are shown on a pretax basis.
| September 30, 2020 |  |  |  | September 30, 2019 |  |  |  | Caption In Condensed Consolidated Statement of Income
($ in millions) | Gain Deferred in OCI |  | Gain Recognized |  | (Loss)Gain Deferred in OCI |  | Gain Recognized |  |
Economic |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $— |  |  | $27 |  |  | $— |  |  | $44 |  |  | Other charges
Fair Value |  |  |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 8 |  |  | — |  |  | 2 |  |  | Interest expense
Cash Flow |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | — |  |  | — |  |  | (4) |  |  | 4 |  |  | Other charges and Cost of sales
Total Cash Flow | $— |  |  | $35 |  |  | ($4) |  |  | $50 |  |  |
Net Investment |  |  |  |  |  |  |  |  |
Cross currency swaps | $14 |  |  | $13 |  |  | $34 |  |  | $12 |  |  | Interest expense
Foreign denominated debt | 101 |  |  | — |  |  | 130 |  |  | — |  |  |
Total Net Investment | $115 |  |  | $13 |  |  | $164 |  |  | $12 |  |  |
Assets and Liabilities Reported at Fair Value on a Recurring Basis | Assets and liabilities reported at fair value on a recurring basis:
| September 30, 2020 |  |  |  |  |  | December 31, 2019 |  |  |  |
($ 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) | — |  |  | 9 |  |  | — |  |  | — |  |  | 14 |  |  | — |
Investments: |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities | $89 |  |  | $— |  |  | $— |  |  | $80 |  |  | $— |  |  | $— |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Cross currency swaps (b) | $— |  |  | $39 |  |  | $— |  |  | $— |  |  | $52 |  |  | $— |
Interest rate swaps (c) | — |  |  | 74 |  |  | — |  |  | — |  |  | 35 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts (a) | $— |  |  | $12 |  |  | $— |  |  | $— |  |  | $20 |  |  | $— |
Cross currency swaps (b) | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency forward contracts (d) | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |
Cross currency swap (b) | $— |  |  | $1 |  |  | $— |  |  | $— |  |  | $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) | September 30, 2020 (a) |  | December 31, 2019 (b)
Long-term debt - carrying value | $4,954 |  |  | $5,031 |
Long-term debt - fair value | $5,520 |  |  | $5,363 |
(a) Excluding finance lease obligations of $9 million and short-term borrowings of $540 million as of September 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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