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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2020 and 2019. All dollar amounts are shown on a pretax basis.
September 30, 2020September 30, 2019Caption In Condensed Consolidated Statement of Income
($ in millions)Gain Deferred in OCIGain Recognized(Loss)Gain Deferred in OCIGain Recognized
Economic
   Foreign currency forward contracts
$— $27 $— $44 Other charges
Fair Value
   Interest rate swaps
— 8 — 2 Interest expense
Cash Flow
Foreign currency forward contracts— — (4)4 Other charges and Cost of sales
Total Cash Flow$— $35 ($4)$50 
Net Investment
Cross currency swaps$14 $13 $34 $12 Interest expense
Foreign denominated debt101 — 130 — 
Total Net Investment$115 $13 $164 $12 
Assets and Liabilities Reported at Fair Value on a Recurring Basis
Assets and liabilities reported at fair value on a recurring basis:
September 30, 2020December 31, 2019
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:
Marketable equity securities$5 $— $— $5 $— $— 
Foreign currency forward contracts (a)
— 9 — — 14 — 
Investments:
Marketable equity securities$89 $— $— $80 $— $— 
Other assets:
Cross currency swaps (b)
$— $39 $— $— $52 $— 
Interest rate swaps (c)
— 74 — — 35 — 
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)
$— $12 $— $— $20 $— 
        Cross currency swaps (b)
— 4 — — — — 
Foreign currency forward contracts (d)
— — — — 1 — 
Other liabilities:
Cross currency swap (b)
$— $1 $— $— $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)
September 30, 2020 (a)
December 31, 2019 (b)
Long-term debt - carrying value$4,954 $5,031 
Long-term debt - fair value$5,520 $5,363 
(a) Excluding finance lease obligations of $9 million and short-term borrowings of $540 million as of September 30, 2020.
(b) Excluding finance lease obligations of $11 million and short-term borrowings of $10 million as of December 31, 2019.