Hedging Transactions and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes the notional values as of December 31, 2024 and 2023 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated 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, 2024:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	128	$	—
Foreign currency denominated debt	3,042		3,042		249		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		(4)		(111)
Interest rate swaps	1,600		—		—		3
Total	$	12,517	$	8,642	$	373	$	(108)
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

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the notional values as of December 31, 2024 and 2023 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated 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, 2024:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	128	$	—
Foreign currency denominated debt	3,042		3,042		249		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		(4)		(111)
Interest rate swaps	1,600		—		—		3
Total	$	12,517	$	8,642	$	373	$	(108)
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

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):

	2024		2023
Derivative assets:
Other long-term assets	$	415	$	291
Nonderivative hedging instruments:
Notes payable and current portion of long-term debt	—		993
Long-term debt	3,042		3,270