XML 45 R33.htm IDEA: XBRL DOCUMENT v3.21.2
Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
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, 2021 and 2020. All dollar amounts are shown on a pretax basis.
June 30, 2021June 30, 2020Caption In Condensed Consolidated Statement of Income
($ in millions)Gain Deferred in OCIGain Recognized(Loss)/Gain Deferred in OCIGain Recognized
Economic
   Foreign currency forward contracts
$— $8 $— $26 Other charges
Fair Value
   Interest rate swaps
— 7 — 5 Interest expense
Total forward contracts and interest rate swaps$— $15 $— $31 
Net Investment
Cross currency swaps$23 $7 ($4)$9 Interest expense
Foreign denominated debt70 — 25 — 
Total Net Investment$93 $7 $21 $9 
Assets and Liabilities Reported at Fair Value on a Recurring Basis
Assets and liabilities reported at fair value on a recurring basis:
June 30, 2021December 31, 2020
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:
Marketable equity securities$6 $— $— $6 $— $— 
Foreign currency forward contracts (a)
— 12 — — 8 — 
Investments:
Marketable equity securities$97 $— $— $97 $— $— 
Other assets:
Cross currency swaps (b)
$— $29 $— $— $13 $— 
Interest rate swaps (c)
— 48 — — 67 — 
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)
$— $6 $— $— $6 $— 
        Cross currency swaps (b)
— 6 — — 8 — 
Other liabilities:
Cross currency swap (b)
$— $8 $— $— $13 $— 
(a) Derivatives not designated as hedging instruments
(c) Fair value hedges
(b) Net investment hedges
Schedule of Long-term Debt Instruments
($ in millions)
June 30, 2021 (a)
December 31, 2020 (b)
Long-term debt - carrying value$7,091 $5,334 
Long-term debt - fair value$7,567 $5,913 
(a) Excluding finance lease obligations of $11 million and short-term borrowings of $55 million as of June 30, 2021.
(b) Excluding finance lease obligations of $12 million and short-term borrowings of $403 million as of December 31, 2020.