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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value, Cash Flow and Net Investment Hedges | The following table summarizes the amount of gains and losses deferred in Other comprehensive income ("OCI") and the amount and location of gains and losses recognized within the condensed consolidated statement of income related to derivative and debt financial instruments for the three months ended March 31, 2024 and 2023. All amounts are shown on a pretax basis.
| March 31, 2024 |  | March 31, 2023 |  | Caption In Condensed Consolidated Statement of Income
($ in millions) | Gain Deferred in OCI |  | Gain/(Loss) Recognized |  | Loss Deferred in OCI |  | Gain/(Loss) Recognized |
Economic |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $— |  |  | $13 |  |  | $— |  |  | $13 |  |  | Other charges/(income), net
Fair Value |  |  |  |  |  |  |  |  |
Interest rate swaps | — |  |  | (3) |  |  | — |  |  | (2) |  |  | Interest expense
Total forward contracts and interest rate swaps | $— |  |  | $10 |  |  | $— |  |  | $11 |  |  |
Net Investment |  |  |  |  |  |  |  |  |
Cross currency swaps | $9 |  |  | $2 |  |  | ($3) |  |  | $5 |  |  | Interest expense
Foreign denominated debt | 74 |  |  | — |  |  | (33) |  |  | — |  |  |
Total Net Investment | $83 |  |  | $2 |  |  | ($36) |  |  | $5 |  |  |
Assets and Liabilities Reported at Fair Value on a Recurring Basis | Assets and liabilities reported at fair value on a recurring basis
| March 31, 2024 |  | December 31, 2023
($ in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |
Other current assets: |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities | $9 |  |  | $— |  |  | $— |  |  | $9 |  |  | $— |  |  | $— |
Foreign currency forward contracts (a) | $— |  |  | $56 |  |  | $— |  |  | $— |  |  | $28 |  |  | $— |
Cross currency swaps (b) | $— |  |  | $3 |  |  | $— |  |  | $— |  |  | $2 |  |  | $— |
Investments: |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities | $83 |  |  | $— |  |  | $— |  |  | $74 |  |  | $— |  |  | $— |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Cross currency swaps (b) | $— |  |  | $38 |  |  | $— |  |  | $— |  |  | $31 |  |  | $— |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts (a) | $— |  |  | $3 |  |  | $— |  |  | $— |  |  | $5 |  |  | $— |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (c) | $— |  |  | $20 |  |  | $— |  |  | $— |  |  | $14 |  |  | $— |
(a)Derivatives not designated as hedging instruments (b)Net investment hedges (c)Fair value hedges
Schedule of Long-term Debt Instruments |
($ in millions) | March 31, 2024 (a) |  | December 31, 2023 (b)
Long-term debt - carrying value | $6,234 |  |  | $6,042 |
Long-term debt - fair value | $5,977 |  |  | $5,781 |
(a)Excludes finance lease obligations of $8 million and short-term borrowings of $9 million as of March 31, 2024. (b)Excludes finance lease obligations of $8 million and short-term borrowings of $4 million as of December 31, 2023.

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