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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value, Cash Flow and Net Investment Hedges
The following table summarizes the amount of gains deferred in Other comprehensive (loss)/income ("OCI") and the amount and location of gains recognized within the condensed consolidated statement of income related to derivative and debt financial instruments for the nine months ended September 30, 2022 and 2021. All amounts are shown on a pretax basis.
September 30, 2022September 30, 2021Caption In Condensed Consolidated Statement of Income
($ in millions)Gain Deferred in OCIGain RecognizedGain Deferred in OCIGain Recognized
Economic
   Foreign currency forward contracts
$— $34 $— $14 Other income, net
Fair Value
   Interest rate swaps
— 7 — 11 Interest expense
Total forward contracts and interest rate swaps$— $41 $— $25 
Net Investment
Cross currency swaps$89 $11 $41 $10 Interest expense
Foreign denominated debt307 — 125 — 
Total Net Investment$396 $11 $166 $10 
Assets and Liabilities Reported at Fair Value on a Recurring Basis
Assets and liabilities reported at fair value on a recurring basis:
September 30, 2022December 31, 2021
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:
Marketable equity securities$9 $— $— $6 $— $— 
Foreign currency forward contracts (a)
— 8 — — 28 — 
Cross currency swaps (b)
— 61 — — — — 
Investments:
Marketable equity securities$61 $— $— $98 $— $— 
Other assets:
Cross currency swaps (b)
$— $78 $— $— $50 $— 
Interest rate swaps (c)
— — — — 36 — 
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)
$— $21 $— $— $4 $— 
Interest rate swaps (c)
— 1 — — — — 
Other liabilities:
Interest rate swaps (c)
$— $22 $— $— $— $— 
(a)Derivatives not designated as hedging instruments
(b)Net investment hedges
(c)Fair value hedges
Schedule of Long-term Debt Instruments
($ in millions)
September 30, 2022 (a)
December 31, 2021 (b)
Long-term debt - carrying value$6,770 $6,565 
Long-term debt - fair value$6,336 $6,958 
(a)Excluding finance lease obligations of $9 million and short-term borrowings of $13 million as of September 30, 2022.
(b)Excluding finance lease obligations of $10 million and short-term borrowings of $6 million as of December 31, 2021.