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

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value, Cash Flow and Net Investment Hedges

The following table summarizes the amount of gains and losses deferred in Other comprehensive income ("OCI") and the amount and location of gains and losses recognized within the condensed consolidated statement of income related to derivative and debt financial instruments for the three months ended March 31, 2024 and 2023. All amounts are shown on a pretax basis.

	March 31, 2024		March 31, 2023		Caption In Condensed Consolidated Statement of Income
($ in millions)	Gain Deferred in OCI	Gain/(Loss) Recognized	Loss Deferred in OCI	Gain/(Loss) Recognized
Economic
Foreign currency forward contracts	$—	$13	$—	$13	Other charges/(income), net
Fair Value
Interest rate swaps	—	(3)	—	(2)	Interest expense
Total forward contracts and interest rate swaps	$—	$10	$—	$11
Net Investment
Cross currency swaps	$9	$2	($3)	$5	Interest expense
Foreign denominated debt	74	—	(33)	—
Total Net Investment	$83	$2	($36)	$5

Assets and Liabilities Reported at Fair Value on a Recurring Basis

Assets and liabilities reported at fair value on a recurring basis

	March 31, 2024			December 31, 2023
($ 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)	$—	$56	$—	$—	$28	$—
Cross currency swaps (b)	$—	$3	$—	$—	$2	$—
Investments:
Marketable equity securities	$83	$—	$—	$74	$—	$—
Other assets:
Cross currency swaps (b)	$—	$38	$—	$—	$31	$—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)	$—	$3	$—	$—	$5	$—
Other liabilities:
Interest rate swaps (c)	$—	$20	$—	$—	$14	$—

(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, 2024 (a)	December 31, 2023 (b)
Long-term debt - carrying value	$6,234	$6,042
Long-term debt - fair value	$5,977	$5,781

(a)Excludes finance lease obligations of $8 million and short-term borrowings of $9 million as of March 31, 2024.

(b)Excludes finance lease obligations of $8 million and short-term borrowings of $4 million as of December 31, 2023.