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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2020 and 2019. All dollar amounts are shown on a pretax basis.
June 30, 2020June 30, 2019
($ in millions)(Loss)Gain Deferred in OCIGain Recognized(Loss)Gain Deferred in OCIGain/(Loss) RecognizedCaption In Condensed Consolidated Statement of Income
Economic
   Foreign currency forward contracts
$—  $26  $—  $32  Other charges
Fair Value
   Interest rate swaps
—  5  —  1  Interest expense
Cash Flow
Foreign currency forward contracts—  —  (3) (4) Other charges and Cost of sales
Total Cash Flow$—  $31  ($3) $29  
Net Investment
Cross currency swaps($4) $9  $6  $8  Interest expense
Foreign denominated debt25  —  22  —  
Total Net Investment$21  $9  $28  $8  
Assets and Liabilities Reported at Fair Value on a Recurring Basis
Assets and liabilities reported at fair value on a recurring basis:
June 30, 2020December 31, 2019
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:
Marketable equity securities$5  $—  $—  $5  $—  $—  
Foreign currency forward contracts (a)
—  15  —  —  14  —  
Investments:
Marketable equity securities$83  $—  $—  $80  $—  $—  
Other assets:
Cross currency swaps (b)
$—  $73  $—  $—  $52  $—  
Interest rate swaps (c)
—  78  —  —  35  —  
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (d)
$—  $—  $—  $—  $1  $—  
Foreign currency forward contracts (a)
—  8  —  —  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)
June 30, 2020 (a)
December 31, 2019 (b)
Long-term debt - carrying value$4,776  $5,031  
Long-term debt - fair value$5,221  $5,363  
(a) Excluding finance lease obligations of $8 million and short-term borrowings of $1.5 billion as of June 30, 2020.
(b) Excluding finance lease obligations of $11 million and short-term borrowings of $10 million as of December 31, 2019.