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

6 Months Ended

Jun. 30, 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 six months ended June 30, 2016 and 2015. All dollar amounts are shown on a pre-tax basis.

($ in millions)	June 30, 2016
Hedge Type	Loss Deferred in OCI			Gain (Loss) Recognized
				Amount			Caption
Fair Value
Equity forward arrangements	Not applicable			35			Asbestos settlement - net
Total Fair Value				$	35
Cash Flow
Foreign currency forward contracts (a)	$	(13	)	$	(2	)	Other charges
Total Cash Flow	$	(13	)	$	(2	)
Net Investment
Cross currency swaps	$	(6	)
Foreign denominated debt	(43		)
Total Net Investment	$	(49	)

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

($ in millions)	June 30, 2015
Hedge Type	Gain Deferred in OCI		Gain (Loss) Recognized
			Amount			Caption
Fair Value
Equity forward arrangements	Not applicable		(1		)	Asbestos settlement - net
Total Fair Value			$	(1	)
Cash Flow
Foreign currency forward contracts (a)	39		34			Other charges
Total Cash Flow	$	39	$	34
Net Investment
Cross currency swaps	$	61
Foreign currency forward contracts	19
Foreign denominated debt	33
Total Net Investment	$	113
Economic
Foreign currency forward contracts			$	18		Other charges

(a) The ineffective portion related to this item was $4 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:

	June 30, 2016
($ in millions)	Level 1		Level 2		Level 3
Assets:
Other current assets:
Marketable equity securities	$	4	$	—	$	—
Foreign currency forward contracts			24		—
Equity forward arrangement			—		—
Investments:
Marketable equity securities	76		—		—
Other Assets:
Cross currency swaps	—		53		—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts	—		7		—
	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)	June 30, 2016 (a)		December 31, 2015 (b)
Long-term debt - carrying value	$	4,400	$	4,265
Long-term debt - fair value	$	4,704	$	4,367

(a) Excluding capital lease obligations of $29 million and short term borrowings of $682 million as of June 30, 2016.

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