Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2022 and 2021. All amounts are shown on a pretax basis.

	June 30, 2022		June 30, 2021		Caption In Condensed Consolidated Statement of Income
($ in millions)	Gain Deferred in OCI	Gain Recognized	Gain Deferred in OCI	Gain Recognized
Economic
Foreign currency forward contracts	$—	$25	$—	$8	Other income, net
Fair Value
Interest rate swaps	—	6	—	7	Interest expense
Total forward contracts and interest rate swaps	$—	$31	$—	$15
Net Investment
Cross currency swaps	$49	$7	$23	$7	Interest expense
Foreign denominated debt	140	—	70	—
Total Net Investment	$189	$7	$93	$7

Assets and Liabilities Reported at Fair Value on a Recurring Basis

Assets and liabilities reported at fair value on a recurring basis:

	June 30, 2022			December 31, 2021
($ in millions)	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Assets:
Other current assets:
Marketable equity securities	$9	$—	$—	$6	$—	$—
Foreign currency forward contracts (a)	—	19	—	—	28	—
Cross currency swaps (b)	—	45	—	—	—	—
Interest rate swaps (c)	—	1	—	—	—	—
Investments:
Marketable equity securities	$66	$—	$—	$98	$—	$—
Other assets:
Cross currency swaps (b)	$—	$54	$—	$—	$50	$—
Interest rate swaps (c)	—	—	—	—	36	—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)	$—	$9	$—	$—	$4	$—

(a)Derivatives not designated as hedging instruments

(b)Net investment hedges

(c)Fair value hedges

Schedule of Long-term Debt Instruments

($ in millions)	June 30, 2022 (a)	December 31, 2021 (b)
Long-term debt - carrying value	$7,059	$6,565
Long-term debt - fair value	$6,817	$6,958

(a)Excluding finance lease obligations of $11 million and short-term borrowings of $21 million as of June 30, 2022.

(b)Excluding finance lease obligations of $10 million and short-term borrowings of $6 million as of December 31, 2021.