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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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 related to derivative and debt financial instruments for the nine months ended September 30, 2021 and 2020. All dollar amounts are shown on a pretax basis.

			September 30, 2021												September 30, 2020												Caption In Condensed Consolidated Statement of Income
($ in millions)			Gain Deferred in OCI						Gain Recognized						Gain Deferred in OCI						Gain Recognized
Economic
Foreign currency forward contracts			$—						$14						$—						$27						Other charges
Fair Value
Interest rate swaps			—						11						—						8						Interest expense
Total forward contracts and interest rate swaps			$—						$25						$—						$35
Net Investment
Cross currency swaps			$41						$10						$14						$13						Interest expense
Foreign denominated debt			125						—						101						—
Total Net Investment			$166						$10						$115						$13

Assets and Liabilities Reported at Fair Value on a Recurring Basis

Assets and liabilities reported at fair value on a recurring basis:

			September 30, 2021																		December 31, 2020
($ in millions)			Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Assets:
Other current assets:
Marketable equity securities			$6						$—						$—						$6						$—						$—
Foreign currency forward contracts (a)			—						2						—						—						8						—
Investments:
Marketable equity securities			$95						$—						$—						$97						$—						$—
Other assets:
Cross currency swaps (b)			$—						$41						$—						$—						$13						$—
Interest rate swaps (c)			—						44						—						—						67						—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)			$—						$33						$—						$—						$6						$—
Cross currency swaps (b)			—						—						—						—						8						—
Other liabilities:
Cross currency swap (b)			$—						$3						$—						$—						$13						$—

(a)Derivatives not designated as hedging instruments

(b)Net investment hedges

(c)Fair value hedges

Schedule of Long-term Debt Instruments

($ in millions)			September 30, 2021 (a)						December 31, 2020 (b)
Long-term debt - carrying value			$6,780						$5,334
Long-term debt - fair value			$7,018						$5,913

(a)Excluding finance lease obligations of $10 million and short-term borrowings of $6 million as of September 30, 2021.

(b)Excluding finance lease obligations of $12 million and short-term borrowings of $403 million as of December 31, 2020.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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