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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value, Cash Flow and Net Investment Hedges
The following tables summarize the location and amount of gains (losses) related to derivative and debt financial instruments for the years ended December 31, 2017, 2016 and 2015. All dollar amounts are shown on a pre-tax basis.
 
2017
 
2016
 
2015
Caption in Consolidated Statement of Income
($ in millions)
Loss Deferred in OCI

Gain Recognized

 
Gain (Loss) Deferred in OCI

(Loss)/Gain Recognized

 
Gain Deferred in OCI

(Loss)/Gain Recognized

Fair Value
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
—

—

 
—

—

 
—


($2
)
Sales
Equity forward arrangements
—

—

 
—

—

 
—

(44
)
Asbestos - net
Total Fair Value
—

—

 
—

—

 
—


($46
)
 
Cash Flow
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts (a)

($7
)

$9

 

$1


($5
)
 

$57


$50

Other charges and Cost of sales
Total Cash Flow

($7
)

$9

 

$1


($5
)
 

$57


$50

 
Net Investment
 
 
 
 
 
 
 
 
 
Cross currency swaps

($61
)


 

$25

 
 

$77

 
 
Foreign denominated debt
(403
)


 
122

 
 
85

 
 
Foreign currency forward contracts
—



 
(14
)
 
 
19

 
 
Total Net Investment

($464
)


 

$133



 

$181



 
Economic
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
 

$14

 
 

$14

 
 

$18

Other charges
(a)
The ineffective portion related to this item was $7 million, $9 million and $7 million of expense for the years ended December 31, 2017, 2016 and 2015, respectively.
Schedule of Derivative Liabilities at Fair Value
Assets and liabilities reported at fair value on a recurring basis
 
December 31, 2017
 
December 31, 2016
($ in millions)
Level 1

 
Level 2

 
Level 3

 
Level 1

 
Level 2

 
Level 3

Assets:
 
 
 
 
 
 
 
 
 
 
 
Other current assets:
 
 
 
 
 
 
 
 
 
 
 
Marketable equity securities

$4

 

$—

 
—

 

$4

 

$—

 
—

Foreign currency forward contracts
—

 
6

 
—

 
—

 
22

 
—

Cross currency swaps
—

 
2

 
—

 
—

 
—

 
—

Other assets:
 
 
 
 
 
 
 
 
 
 
 
Cross currency swaps
—

 
—

 
—

 
—

 

$65

 
—

Investments:
 
 
 
 
 
 
 
 
 
 
 
Marketable equity securities

$79

 
—

 
—

 

$78

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts
—

 

$23

 
—

 
—

 

$9

 
—
Schedule of Long-term Debt Instruments
Long-Term Debt
($ in millions)
December 31, 2017(a)
 
December 31, 2016(b)
Long-term debt - carrying value
$4,123
 
$4,299
Long-term debt - fair value
$4,341
 
$4,502

(a)
Excluding capital lease obligations of $15 million and short term borrowings of $8 million as of December 31, 2017.
(b)
Excluding capital lease obligations of $18 million and short term borrowings of $99 million as of December 31, 2016.