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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
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 related to derivative and debt financial instruments for the three months ended March 31, 2022 and 2021. All amounts are shown on a pretax basis.
March 31, 2022March 31, 2021Caption In Condensed Consolidated Statement of Income
($ in millions)Gain Deferred in OCIGain RecognizedGain Deferred in OCI(Loss)/Gain Recognized
Economic
   Foreign currency forward contracts
$— $12 $— ($3)Other charges
Fair Value
   Interest rate swaps
— 3 — 4 Interest expense
Total forward contracts and interest rate swaps$— $15 $— $1 
Net Investment
Cross currency swaps$5 $3 $28 $4 Interest expense
Foreign denominated debt43 — 97 — 
Total Net Investment$48 $3 $125 $4 
Assets and Liabilities Reported at Fair Value on a Recurring Basis
Assets and liabilities reported at fair value on a recurring basis:
March 31, 2022December 31, 2021
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:
Marketable equity securities$9 $— $— $6 $— $— 
Foreign currency forward contracts (a)
— 38 — — 28 — 
Cross currency swaps (b)
— 30 — — — — 
Interest rate swaps (c)
— 1 — — — — 
Investments:
Marketable equity securities$84 $— $— $98 $— $— 
Other assets:
Cross currency swaps (b)
$— $25 $— $— $50 $— 
Interest rate swaps (c)
— 9 — — 36 — 
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)
$— $4 $— $— $4 $— 
(a)Derivatives not designated as hedging instruments
(b)Net investment hedges
(c)Fair value hedges
Schedule of Long-term Debt Instruments
($ in millions)
March 31, 2022 (a)
December 31, 2021 (b)
Long-term debt - carrying value$7,129 $6,565 
Long-term debt - fair value$7,202 $6,958 
(a)Excluding finance lease obligations of $9 million and short-term borrowings of $15 million as of March 31, 2022.
(b)Excluding finance lease obligations of $10 million and short-term borrowings of $6 million as of December 31, 2021.