Hedging Transactions and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes the notional values as of December 31, 2023 and 2022 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (“OCI”) for the year then ended ($ in millions):

	Original Notional Amount		Notional Amount Outstanding		Gain (Loss) Recognized in OCI		Amounts Reclassified from OCI
Year ended December 31, 2023:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	(148)	$	—
Foreign currency denominated debt	4,263		4,263		(102)		—
Cash flow hedges:
Cross-currency contracts	4,000		3,300		(214)		107
Interest rate swaps	1,600		—		—		3
Total	$	13,738	$	10,563	$	(464)	$	110
Year ended December 31, 2022:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	225	$	—
Foreign currency denominated debt	5,777		5,777		248		—
Cash flow hedges:
Cross-currency contracts	4,000		3,300		378		(238)
Interest rate swaps	1,600		—		—		3
Total	$	15,252	$	12,077	$	851	$	(235)

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the notional values as of December 31, 2023 and 2022 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (“OCI”) for the year then ended ($ in millions):

	Original Notional Amount		Notional Amount Outstanding		Gain (Loss) Recognized in OCI		Amounts Reclassified from OCI
Year ended December 31, 2023:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	(148)	$	—
Foreign currency denominated debt	4,263		4,263		(102)		—
Cash flow hedges:
Cross-currency contracts	4,000		3,300		(214)		107
Interest rate swaps	1,600		—		—		3
Total	$	13,738	$	10,563	$	(464)	$	110
Year ended December 31, 2022:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	225	$	—
Foreign currency denominated debt	5,777		5,777		248		—
Cash flow hedges:
Cross-currency contracts	4,000		3,300		378		(238)
Interest rate swaps	1,600		—		—		3
Total	$	15,252	$	12,077	$	851	$	(235)

Schedule of Derivative and Non Derivative Instruments in Consolidated Condensed Balance Sheets

The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified as of December 31 in the Company’s Consolidated Balance Sheets as follows ($ in millions):

	2023		2022
Derivative assets:
Other long-term assets	$	291	$	653
Nonderivative hedging instruments:
Notes payable and current portion of long-term debt	993		—
Long-term debt	3,270		5,777