XML 46 R34.htm IDEA: XBRL DOCUMENT v3.24.2
Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2024 and 2023. All amounts are shown on a pretax basis.
June 30, 2024June 30, 2023Caption In Condensed Consolidated Statement of Income
($ in millions)Gain Deferred in OCIGain/(Loss) RecognizedLoss Deferred in OCIGain/(Loss) Recognized
Economic
   Foreign currency forward contracts
$— $26 $— $25 Other charges/(income), net
Fair Value
   Interest rate swaps
— (5)— (4)Interest expense
Total forward contracts and interest rate swaps$— $21 $— $21 
Net Investment
Cross currency swaps$11 $5 ($11)$7 Interest expense
Foreign denominated debt96 — (51)— 
Total Net Investment$107 $5 ($62)$7 
Assets and Liabilities Reported at Fair Value on a Recurring Basis
Assets and liabilities reported at fair value on a recurring basis
June 30, 2024December 31, 2023
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:
Marketable equity securities$9 $— $— $9 $— $— 
Foreign currency forward contracts (a)
$— $13 $— $— $28 $— 
Cross currency swaps (b)
$— $4 $— $— $2 $— 
Investments:
Marketable equity securities$86 $— $— $74 $— $— 
Other assets:
Cross currency swaps (b)
$— $40 $— $— $31 $— 
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)
$— $14 $— $— $5 $— 
Other liabilities:
Interest rate swaps (c)
$— $21 $— $— $14 $— 
(a)Derivatives not designated as hedging instruments
(b)Net investment hedges
(c)Fair value hedges
Schedule of Long-term Debt Instruments
($ in millions)
June 30, 2024 (a)
December 31, 2023 (b)
Long-term debt - carrying value$6,381 $6,042 
Long-term debt - fair value$6,117 $5,781 
(a)Excludes finance lease obligations of $8 million and short-term borrowings of $15 million as of June 30, 2024.
(b)Excludes finance lease obligations of $8 million and short-term borrowings of $4 million as of December 31, 2023.