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

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value, Cash Flow and Net Investment Hedges

The following table summarizes the location and amount of gains (losses) related to derivative financial instruments for the nine months ended September 30, 2015. All dollar amounts are shown on a pretax basis.

($ in millions)	September 30, 2015
Hedge Type	Gain Deferred in OCI		Gain (Loss) Recognized
			Amount			Caption
Fair Value
Equity forward arrangements	Not applicable		(76		)	Asbestos - net
Total Fair Value			$	(76	)
Cash Flow
Foreign currency forward contracts (a)	$	59	$	53		Other charges
Total Cash Flow	$	59	$	53
Net Investment
Cross currency swaps	$	64
Foreign currency forward contracts	19
Foreign denominated debt	28
Total Net Investment	$	111
Economic
Foreign currency forward contracts			$	19		Other charges

(a) The ineffective portion related to this item was $5 million of expense.

The following table summarizes the location and amount of gains (losses) related to derivative financial instruments for the nine months ended September 30, 2014. All amounts are shown on a pretax basis:

($ in millions)	September 30, 2014
Hedge Type	Gain (Loss) Deferred in OCI		Gain (Loss) Recognized
			Amount			Caption
Fair Value
Interest rate swaps	Not applicable		$	6		Interest expense
Foreign currency forward contracts	Not applicable		1			Net Sales
Equity forward arrangements	Not applicable		11			Asbestos - net
Total Fair Value			$	18
Cash Flow
Forward starting swaps	$	—	$	(9	)	Interest expense
Foreign currency forward contracts (a)	23		24			Other charges
Total Cash Flow	$	23	$	15
Net Investment
Cross currency swaps	$	47	$	—		Other charges
Foreign currency forward contracts	45		—			Other charges
Foreign denominated debt	33		Not applicable
Total Net Investment	$	125	$	—

Assets and Liabilities Reported at Fair Value on a Recurring Basis

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

	September 30, 2015
($ in millions)	Level 1		Level 2		Level 3
Assets:
Other current assets:
Marketable equity securities	$	5	$	—	$	—
Foreign currency forward contracts	—		45		—
Equity forward arrangement	—		192		—
Investments:
Marketable equity securities	72		—		—
Other Assets:
Cross currency swaps	—		29		—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts	—		2		—
	December 31, 2014
($ in millions)	Level 1		Level 2		Level 3
Assets:
Other current assets:
Marketable equity securities	$	5	$	—	$	—
Foreign currency forward contracts	—		52		—
Equity forward arrangement	—		268		—
Investments:
Marketable equity securities	74		—		—
Other assets:
Foreign currency forward contracts	—		16		—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts	—		23		—
Other liabilities:
Cross currency swaps	—		32		—