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

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value, Cash Flow and Net Investment Hedges

The following tables summarize the location within the financial statements and amount of gains (losses) related to derivative financial instruments for the three months ended March 31, 2016 and 2015. All dollar amounts are shown on a pre-tax basis.

($ in millions)	March 31, 2016
Hedge Type	Loss Deferred in OCI			Gain (Loss) Recognized
				Amount			Caption
Fair Value
Equity forward arrangements	Not applicable			36			Asbestos settlement - net
Total Fair Value				$	36
Cash Flow
Foreign currency forward contracts (a)	$	(15	)	$	(3	)	Other charges
Total Cash Flow	$	(15	)	$	(3	)
Net Investment
Cross currency swaps	$	(22	)
Foreign denominated debt	(95		)
Total Net Investment	$	(117	)

(a) The ineffective portion related to this item was $3 million of income.

($ in millions)	March 31, 2015
Hedge Type	Gain Deferred in OCI		Gain (Loss) Recognized
			Amount			Caption
Fair Value
Equity forward arrangements	Not applicable		(7		)	Asbestos settlement - net
Total Fair Value			$	(7	)
Cash Flow
Foreign currency forward contracts (a)	57		49			Other charges
Total Cash Flow	$	57	$	49
Net Investment
Cross currency swaps	$	82
Foreign currency forward contracts	18
Foreign denominated debt	113
Total Net Investment	$	213

(a) The ineffective portion related to this item was $2 million of expense.

Assets and Liabilities Reported at Fair Value on a Recurring Basis

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

	March 31, 2016
($ in millions)	Level 1		Level 2		Level 3
Assets:
Other current assets:
Marketable equity securities	$	4	$	—	$	—
Foreign currency forward contracts	—		38		—
Equity forward arrangement	—		259		—
Investments:
Marketable equity securities	77		—		—
Other Assets:
Cross currency swaps	—		36		—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts	—		9		—
	December 31, 2015
($ in millions)	Level 1		Level 2		Level 3
Assets:
Other current assets:
Marketable equity securities	$	4	$	—	$	—
Foreign currency forward contracts	—		47		—
Equity forward arrangement	—		223		—
Investments:
Marketable equity securities	77		—		—
Other assets:
Cross currency swaps	—		41		—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts	—		4		—

Long-term Debt [Text Block]

($ in millions)	March 31, 2016 (a)		December 31, 2015 (b)
Long-term debt - carrying value	$	4,200	$	4,265
Long-term debt - fair value	$	4,423	$	4,367

(a) Excluding capital lease obligations of $30 million and short term borrowings of $34 million as of March 31, 2016.

(b) Excluding capital lease obligations of $30 million and short term borrowings of $29 million as of December 31, 2015.