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Financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Financial Instruments [Abstract] |
Disclosure of fair value measurement of assets | The below tables summarize financial assets and liabilities measured at fair value on a recurring basis or at amortized cost or cost as of June 30, 2024 and December 31, 2023.
| June 30, 2024
($ millions) | Level 1 | Level 2 | Level 3 | Valued at amortized cost or cost(4) | Total
Non-current financial assets |  |  |  |  |
Long-term financial investments measured at FVOCI(1) | — |  | — |  | 243 |  | — |  | 243 |
Long-term financial investments measured at FVPL | — |  | — |  | 1 |  | — |  | 1 |
Long-term note receivable and other financial assets measured at amortized cost | — |  | — |  | — |  | 168 |  | 168 |
Long-term receivables from customers | — |  | — |  | — |  | 118 |  | 118 |
Deferred compensation assets(2) | 172 |  | — |  | — |  | — |  | 172 |
Non-current minimum lease payments from finance lease agreements | — |  | — |  | — |  | 35 |  | 35 |
Long-term loans, VAT receivables, advances and security deposits | — |  | — |  | — |  | 43 |  | 43 |
Non-current financial assets | 172 |  | — |  | 244 |  | 364 |  | 780 |
Current financial assets |  |  |  |  |
Money market funds | 237 |  | — |  | — |  | — |  | 237 |
Current portion of long-term financial investments measured at FVPL(3) | — |  | — |  | 2 |  | — |  | 2 |
Current portion of long-term receivables from customers(3) | — |  | — |  | — |  | 115 |  | 115 |
Current portion of minimum lease payments from finance lease agreements(3) | — |  | — |  | — |  | 27 |  | 27 |
VAT receivables(3) | — |  | — |  | — |  | 61 |  | 61 |
Other receivables, security deposits and current assets(3) | — |  | — |  | — |  | 98 |  | 98 |
Derivative financial instruments(3) | — |  | 11 |  | — |  | — |  | 11 |
Current financial assets | 237 |  | 11 |  | 2 |  | 301 |  | 551 |
Financial assets at fair value and amortized cost or cost | 409 |  | 11 |  | 246 |  | 665 |  | 1,331 |
Financial liabilities |  |  |  |  |
Contingent consideration liabilities | — |  | — |  | (94) |  | — |  | (94) |
Non-current financial debt | — |  | — |  | — |  | (4,550) |  | (4,550) |
Current financial debt | — |  | — |  | — |  | (136) |  | (136) |
Derivative financial instruments | — |  | (1) |  | — |  | — |  | (1) |
Financial liabilities at fair value and amortized cost | — |  | (1) |  | (94) |  | (4,686) |  | (4,781) |
(1) Includes $11 million of Long-term convertible notes due from an associated company. (2) Recorded in Other non-current assets. (3) Recorded in Other current assets. (4) The carrying amount is a reasonable approximation of fair value, with the exception of the Series 2026, 2028, 2029, 2030, 2032, 2049 and 2052 Notes recorded in Non-current financial debt with a fair value of $4,232 million and a carrying value of $4,550 million as of June 30, 2024. The fair value of notes was determined using Level 2 inputs. The notes were valued using the quoted market price for such notes, which have low trading volumes.
| December 31, 2023
($ millions) | Level 1 | Level 2 | Level 3 | Valued at amortized cost or cost(4) | Total
Non-current financial assets |  |  |  |  |
Long-term financial investments measured at FVOCI(1) | — |  | — |  | 147 |  | — |  | 147 |
Long-term financial investments measured at FVPL | — |  | — |  | 1 |  | — |  | 1 |
Long-term note receivable and other financial assets measured at amortized cost | — |  | — |  | — |  | 161 |  | 161 |
Long-term receivables from customers | — |  | — |  | — |  | 126 |  | 126 |
Deferred compensation assets(2) | 163 |  | — |  | — |  | — |  | 163 |
Non-current minimum lease payments from finance lease agreements | — |  | — |  | — |  | 38 |  | 38 |
Long-term loans, VAT receivables, advances and security deposits | — |  | — |  | — |  | 44 |  | 44 |
Non-current financial assets | 163 |  | — |  | 148 |  | 369 |  | 680 |
Current financial assets |  |  |  |  |
Money market funds | 84 |  | — |  | — |  | — |  | 84 |
Current portion of long-term financial investments measured at FVPL(3) | — |  | — |  | 7 |  | — |  | 7 |
Current portion of long-term receivables from customers(3) | — |  | — |  | — |  | 116 |  | 116 |
Current portion of minimum lease payments from finance lease agreements(3) | — |  | — |  | — |  | 27 |  | 27 |
VAT receivables(3) | — |  | — |  | — |  | 62 |  | 62 |
Other receivables, security deposits and current assets(3) | — |  | — |  | — |  | 101 |  | 101 |
Derivative financial instruments(3) | — |  | 2 |  | — |  | — |  | 2 |
Current financial assets | 84 |  | 2 |  | 7 |  | 306 |  | 399 |
Financial assets at fair value and amortized cost or cost | 247 |  | 2 |  | 155 |  | 675 |  | 1,079 |
Financial liabilities |  |  |  |  |
Contingent consideration liabilities | — |  | — |  | (90) |  | — |  | (90) |
Non-current financial debt | — |  | — |  | — |  | (4,676) |  | (4,676) |
Current financial debt | — |  | — |  | — |  | (53) |  | (53) |
Derivative financial instruments | — |  | (10) |  | — |  | — |  | (10) |
Financial liabilities at fair value and amortized cost | — |  | (10) |  | (90) |  | (4,729) |  | (4,829) |
(1) Includes $11 million of Long-term convertible notes due from an associated company. (2) Recorded in Other non-current assets. (3) Recorded in Other current assets. (4) The carrying amount is a reasonable approximation of fair value, with the exception of the Series 2026, 2028, 2029, 2030, 2032, 2049 and 2052 Notes recorded in Non-current financial debt with a fair value of $4,347 million and a carrying value of $4,566 million as of December 31, 2023. The fair value of notes was determined using Level 2 inputs. The notes were valued using the quoted market price for such notes, which have low trading volumes. Financial assets
|  | Long-term financial investments measured at FVOCI |  | Financial investments measured at FVPL
($ millions) |  | 2024 | 2023 |  | 2024 | 2023
Balance as of January 1 |  | 147 |  | 88 |  |  | 8 |  | 20 |
Additions |  | 90 |  | 53 |  |  | — |  | 8 |
Gains recognized in Consolidated Statement of Comprehensive Income |  | 6 |  | 2 |  |  | — |  | — |
Gains/(losses) in Consolidated Income Statement |  | — |  | — |  |  | 2 |  | (4) |
Amortization |  | — |  | — |  |  | (2) |  | (1) |
Settlement |  | — |  | — |  |  | (5) |  | — |
Balance as of June 30 |  | 243 |  | 143 |  |  | 3 |  | 23 |
Disclosure of fair value measurement of liabilities | The below tables summarize financial assets and liabilities measured at fair value on a recurring basis or at amortized cost or cost as of June 30, 2024 and December 31, 2023.
| June 30, 2024
($ millions) | Level 1 | Level 2 | Level 3 | Valued at amortized cost or cost(4) | Total
Non-current financial assets |  |  |  |  |
Long-term financial investments measured at FVOCI(1) | — |  | — |  | 243 |  | — |  | 243 |
Long-term financial investments measured at FVPL | — |  | — |  | 1 |  | — |  | 1 |
Long-term note receivable and other financial assets measured at amortized cost | — |  | — |  | — |  | 168 |  | 168 |
Long-term receivables from customers | — |  | — |  | — |  | 118 |  | 118 |
Deferred compensation assets(2) | 172 |  | — |  | — |  | — |  | 172 |
Non-current minimum lease payments from finance lease agreements | — |  | — |  | — |  | 35 |  | 35 |
Long-term loans, VAT receivables, advances and security deposits | — |  | — |  | — |  | 43 |  | 43 |
Non-current financial assets | 172 |  | — |  | 244 |  | 364 |  | 780 |
Current financial assets |  |  |  |  |
Money market funds | 237 |  | — |  | — |  | — |  | 237 |
Current portion of long-term financial investments measured at FVPL(3) | — |  | — |  | 2 |  | — |  | 2 |
Current portion of long-term receivables from customers(3) | — |  | — |  | — |  | 115 |  | 115 |
Current portion of minimum lease payments from finance lease agreements(3) | — |  | — |  | — |  | 27 |  | 27 |
VAT receivables(3) | — |  | — |  | — |  | 61 |  | 61 |
Other receivables, security deposits and current assets(3) | — |  | — |  | — |  | 98 |  | 98 |
Derivative financial instruments(3) | — |  | 11 |  | — |  | — |  | 11 |
Current financial assets | 237 |  | 11 |  | 2 |  | 301 |  | 551 |
Financial assets at fair value and amortized cost or cost | 409 |  | 11 |  | 246 |  | 665 |  | 1,331 |
Financial liabilities |  |  |  |  |
Contingent consideration liabilities | — |  | — |  | (94) |  | — |  | (94) |
Non-current financial debt | — |  | — |  | — |  | (4,550) |  | (4,550) |
Current financial debt | — |  | — |  | — |  | (136) |  | (136) |
Derivative financial instruments | — |  | (1) |  | — |  | — |  | (1) |
Financial liabilities at fair value and amortized cost | — |  | (1) |  | (94) |  | (4,686) |  | (4,781) |
(1) Includes $11 million of Long-term convertible notes due from an associated company. (2) Recorded in Other non-current assets. (3) Recorded in Other current assets. (4) The carrying amount is a reasonable approximation of fair value, with the exception of the Series 2026, 2028, 2029, 2030, 2032, 2049 and 2052 Notes recorded in Non-current financial debt with a fair value of $4,232 million and a carrying value of $4,550 million as of June 30, 2024. The fair value of notes was determined using Level 2 inputs. The notes were valued using the quoted market price for such notes, which have low trading volumes.
| December 31, 2023
($ millions) | Level 1 | Level 2 | Level 3 | Valued at amortized cost or cost(4) | Total
Non-current financial assets |  |  |  |  |
Long-term financial investments measured at FVOCI(1) | — |  | — |  | 147 |  | — |  | 147 |
Long-term financial investments measured at FVPL | — |  | — |  | 1 |  | — |  | 1 |
Long-term note receivable and other financial assets measured at amortized cost | — |  | — |  | — |  | 161 |  | 161 |
Long-term receivables from customers | — |  | — |  | — |  | 126 |  | 126 |
Deferred compensation assets(2) | 163 |  | — |  | — |  | — |  | 163 |
Non-current minimum lease payments from finance lease agreements | — |  | — |  | — |  | 38 |  | 38 |
Long-term loans, VAT receivables, advances and security deposits | — |  | — |  | — |  | 44 |  | 44 |
Non-current financial assets | 163 |  | — |  | 148 |  | 369 |  | 680 |
Current financial assets |  |  |  |  |
Money market funds | 84 |  | — |  | — |  | — |  | 84 |
Current portion of long-term financial investments measured at FVPL(3) | — |  | — |  | 7 |  | — |  | 7 |
Current portion of long-term receivables from customers(3) | — |  | — |  | — |  | 116 |  | 116 |
Current portion of minimum lease payments from finance lease agreements(3) | — |  | — |  | — |  | 27 |  | 27 |
VAT receivables(3) | — |  | — |  | — |  | 62 |  | 62 |
Other receivables, security deposits and current assets(3) | — |  | — |  | — |  | 101 |  | 101 |
Derivative financial instruments(3) | — |  | 2 |  | — |  | — |  | 2 |
Current financial assets | 84 |  | 2 |  | 7 |  | 306 |  | 399 |
Financial assets at fair value and amortized cost or cost | 247 |  | 2 |  | 155 |  | 675 |  | 1,079 |
Financial liabilities |  |  |  |  |
Contingent consideration liabilities | — |  | — |  | (90) |  | — |  | (90) |
Non-current financial debt | — |  | — |  | — |  | (4,676) |  | (4,676) |
Current financial debt | — |  | — |  | — |  | (53) |  | (53) |
Derivative financial instruments | — |  | (10) |  | — |  | — |  | (10) |
Financial liabilities at fair value and amortized cost | — |  | (10) |  | (90) |  | (4,729) |  | (4,829) |
(1) Includes $11 million of Long-term convertible notes due from an associated company. (2) Recorded in Other non-current assets. (3) Recorded in Other current assets. (4) The carrying amount is a reasonable approximation of fair value, with the exception of the Series 2026, 2028, 2029, 2030, 2032, 2049 and 2052 Notes recorded in Non-current financial debt with a fair value of $4,347 million and a carrying value of $4,566 million as of December 31, 2023. The fair value of notes was determined using Level 2 inputs. The notes were valued using the quoted market price for such notes, which have low trading volumes. Financial liabilities
| Contingent consideration liabilities
($ millions) | 2024 | 2023
Balance as of January 1 | (90) |  | (98) |
Accretion for passage of time | (4) |  | (4) |
Balance as of June 30 | (94) |  | (102) |
Disclosure of net value of unsettled positions for derivative forward contracts and swaps | The below table summarizes the net value of unsettled positions for currency derivatives contracts including swaps, forwards and options as of June 30, 2024 and December 31, 2023.
($ millions) | June 30, 2024 | December 31, 2023
Unrealized gains in Other current assets | 11 |  | 2 |
Unrealized losses in Current financial debts | (1) |  | (10) |
Net value of unsettled positions for derivatives contracts | 10 |  | (8) |

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