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

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023. All amounts are shown on a pretax basis.

	September 30, 2024		September 30, 2023		Caption In Condensed Consolidated Statement of Income
($ in millions)	Loss Deferred in OCI	Gain/(Loss) Recognized	Gain Deferred in OCI	Gain/(Loss) Recognized
Economic
Foreign currency forward contracts	$—	$38	$—	$37	Other (income)/charges, net
Fair Value
Interest rate swaps	—	(8)	—	(7)	Interest expense
Total forward contracts and interest rate swaps	$—	$30	$—	$30
Net Investment
Cross currency swaps	($1)	$7	$2	$10	Interest expense
Foreign denominated debt	(33)	—	48	—
Total Net Investment	($34)	$7	$50	$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, 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)	$—	$9	$—	$—	$28	$—
Cross currency swaps (b)	$—	$—	$—	$—	$2	$—
Investments:
Marketable equity securities	$87	$—	$—	$74	$—	$—
Other assets:
Cross currency swaps (b)	$—	$30	$—	$—	$31	$—
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)	$—	$30	$—	$—	$5	$—
Other liabilities:
Interest rate swaps (c)	$—	$8	$—	$—	$14	$—

(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, 2024 (a)	December 31, 2023 (b)
Long-term debt - carrying value	$6,466	$6,042
Long-term debt - fair value	$6,339	$5,781

(a)Excludes finance lease obligations of $8 million and short-term borrowings of $3 million as of September 30, 2024.

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