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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value, Cash Flow and Net Investment Hedges The following table summarizes the location within the condensed consolidated financial statements and amount of gains/(losses) related to derivative and debt financial instruments for the three months ended March 31, 2020 and 2019. All dollar amounts are shown on a pretax basis.
March 31, 2020March 31, 2019
($ in millions)Gain Deferred in OCIGain RecognizedGain Deferred in OCIGain/(Loss) RecognizedCaption In Condensed Consolidated Statement of Income
Economic
   Foreign currency forward contracts
$—  $16  $—  $6  Other charges
Fair Value
   Interest rate swaps
—  2  —  —  Interest expense
Cash Flow
Foreign currency forward contracts4  —  —  (1) Other charges and Cost of sales
Total Cash Flow$4  $18  $—  $5  
Net Investment
Cross currency swaps$42  $5  $13  $4  Interest expense
Foreign denominated debt36  —  57  —  
Total Net Investment$78  $5  $70  $4  
Assets and Liabilities Reported at Fair Value on a Recurring Basis
Assets and liabilities reported at fair value on a recurring basis:
March 31, 2020December 31, 2019
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:
Marketable equity securities$5  $—  $—  $5  $—  $—  
Foreign currency forward contracts (a)
—  33  —  —  14  —  
        Foreign currency forward contracts (d)
—  3  —  —  —  —  
Investments:
Marketable equity securities$68  $—  $—  $80  $—  $—  
Other assets:
Cross currency swaps (b)
$—  $90  $—  $—  $52  $—  
Interest rate swaps (c)
—  76  —  —  35  —  
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (d)
$—  $—  $—  $—  $1  $—  
Foreign currency forward contracts (a)
—  47  —  —  20  —  
Other liabilities:
Cross currency swap (b)
$—  $—  $—  $—  $4  $—  
(a) Derivatives not designated as hedging instruments
(c) Fair value hedges
(b) Net investment hedges
(d) Cash flow hedges
Schedule of Long-term Debt Instruments
($ in millions)
March 31, 2020 (a)
December 31, 2019 (b)
Long-term debt - carrying value$5,246  $5,031  
Long-term debt - fair value$5,443  $5,363  
(a) Excluding finance lease obligations of $9 million and short-term borrowings of $952 million as of March 31, 2020.
(b) Excluding finance lease obligations of $11 million and short-term borrowings of $10 million as of December 31, 2019.