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

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022. All amounts are shown on a pretax basis.

	September 30, 2023		September 30, 2022		Caption In Condensed Consolidated Statement of Income
($ in millions)	Gain Deferred in OCI	Gain/(Loss) Recognized	Gain Deferred in OCI	Gain Recognized
Economic
Foreign currency forward contracts	$—	$37	$—	$34	Other charges/(income), net
Fair Value
Interest rate swaps	—	(7)	—	7	Interest expense
Total forward contracts and interest rate swaps	$—	$30	$—	$41
Net Investment
Cross currency swaps	$2	$10	$89	$11	Interest expense
Foreign denominated debt	48	—	307	—
Total Net Investment	$50	$10	$396	$11

Assets and Liabilities Reported at Fair Value on a Recurring Basis

Assets and liabilities reported at fair value on a recurring basis

	September 30, 2023			December 31, 2022
($ in millions)	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Assets:
Other current assets:
Marketable equity securities	$9	$—	$—	$9	$—	$—
Foreign currency forward contracts (a)	$—	$3	$—	$—	$27	$—
Cross currency swaps (b)	$—	$5	$—	$—	$39	$—
Investments:
Marketable equity securities	$68	$—	$—	$61	$—	$—
Other assets:
Cross currency swaps (b)	$—	$45	$—	$—	$49	$—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)	$—	$21	$—	$—	$3	$—
Interest rate swaps (c)	$—	$—	$—	$—	$1	$—
Other liabilities:
Interest rate swaps (c)	$—	$27	$—	$—	$19	$—

(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, 2023 (a)	December 31, 2022 (b)
Long-term debt - carrying value	$6,189	$6,796
Long-term debt - fair value	$5,736	$6,375

(a)Excludes finance lease obligations of $9 million and short-term borrowings of $4 million as of September 30, 2023.

(b)Excludes finance lease obligations of $10 million and short-term borrowings of $10 million as of December 31, 2022.