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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value, Cash Flow and Net Investment Hedges The following table summarizes the amount of gains/(losses) deferred in Other comprehensive income ("OCI") and the amount and location of gains/(losses) recognized within the condensed consolidated statement of income related to derivative and debt financial instruments for the six months ended June 30, 2023 and 2022. All amounts are shown on a pretax basis.
June 30, 2023June 30, 2022Caption In Condensed Consolidated Statement of Income
($ in millions)Loss Deferred in OCIGain/(Loss) RecognizedGain Deferred in OCIGain Recognized
Economic
   Foreign currency forward contracts
$— $25 $— $25 Other charges/(income), net
Fair Value
   Interest rate swaps
— (4)— 6 Interest expense
Total forward contracts and interest rate swaps$— $21 $— $31 
Net Investment
Cross currency swaps($11)$7 $49 $7 Interest expense
Foreign denominated debt(51)— 140 — 
Total Net Investment($62)$7 $189 $7 
Assets and Liabilities Reported at Fair Value on a Recurring Basis
Assets and liabilities reported at fair value on a recurring basis
June 30, 2023December 31, 2022
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:
Marketable equity securities$9 $— $— $9 $— $— 
Foreign currency forward contracts (a)
$— $9 $— $— $27 $— 
Cross currency swaps (b)
$— $— $— $— $39 $— 
Investments:
Marketable equity securities$72 $— $— $61 $— $— 
Other assets:
Cross currency swaps (b)
$— $38 $— $— $49 $— 
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)
$— $4 $— $— $3 $— 
Interest rate swaps (c)
$— $— $— $— $1 $— 
Other liabilities:
Interest rate swaps (c)
$— $22 $— $— $19 $— 
(a)Derivatives not designated as hedging instruments
(b)Net investment hedges
(c)Fair value hedges
Schedule of Long-term Debt Instruments
($ in millions)
June 30, 2023 (a)
December 31, 2022 (b)
Long-term debt - carrying value$6,892 $6,796 
Long-term debt - fair value$6,492 $6,375 
(a)Excludes finance lease obligations of $9 million and short-term borrowings of $7 million as of June 30, 2023.
(b)Excludes finance lease obligations of $10 million and short-term borrowings of $10 million as of December 31, 2022.