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

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value, Cash Flow and Net Investment Hedges

following table summarizes the location within the condensed consolidated financial statements and amount of gains (losses) related to derivative financial instruments activity for the six months ended June 30, 2019 and 2018. All dollar amounts are shown on a pre-tax basis.

	June 30, 2019						June 30, 2018
($ in millions)	(Loss)/ Gain Deferred in OCI			Gain/(Loss) Recognized			(Loss)/Gain Deferred in OCI			Gain/(Loss) Recognized			Caption In Condensed Consolidated Statement of Income
Economic
Foreign currency forward contracts		$—			$32			$—			$23		Other charges
Fair Value
Interest rate swaps	—			1			—			2			Interest expense
Cash Flow
Foreign currency forward contracts(1)	(3		)	(4		)	(3		)	(3		)	Other charges and Cost of sales
Total Cash Flow		($3	)		$29			($3	)		$22
Net Investment
Cross currency swaps		$6			$8			$5			$5		Interest expense
Foreign denominated debt	22			—			74			—
Total Net Investment		$28			$8			$79			$5

Assets and Liabilities Reported at Fair Value on a Recurring Basis

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

	June 30, 2019						December 31, 2018
($ 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 (a)	—		19		—		—		45		—
Investments:
Marketable equity securities	78		—		—		69		—		—
Other assets:
Cross currency swaps (b)	—		41		—		—		35		—
Interest rate swaps (c)	—		35		—		—		8		—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (d)	—		—		—		—		1		—
Foreign currency forward contracts (a)	—		10		—		—		9		—

(a) Derivatives not designated as hedging instruments	(c) Fair value hedges
(b) Net investment hedges	(d) Cash flow hedges

Long-term Debt [Text Block]

($ in millions)	June 30, 2019 (a)		December 31, 2018 (b)
Long-term debt - carrying value		$5,478		$5,000
Long-term debt - fair value		$5,666		$5,101

(a) Excluding finance lease obligations of $11 million and short term borrowings of $10 million as of June 30, 2019.

(b) Excluding capital lease obligations of $12 million and short term borrowings of $4 million as of December 31, 2018.