v3.26.3
Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2026
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 and nine months ended September 30, 2026 and 2025. All amounts are shown on a pretax basis.
Three Months Ended
September 30, 2026September 30, 2025Caption In Condensed Consolidated Statement of Income
($ in millions)Gain Deferred in OCIGain/(Loss) RecognizedGain Deferred in OCIGain/(Loss) Recognized
Economic
   Foreign currency forward contracts
$— $— $— $7 Other (income)/charges, net
Fair Value
   Interest rate swaps
— (1)— (2)Interest expense
Total forward contracts and interest rate swaps$— ($1)$— $5 
Net Investment
Foreign currency forward contracts$9 $— $— $— 
Cross currency swaps2 1 3 2 Interest expense
Foreign denominated debt43 — 21 — 
Total Net Investment$54 $1 $24 $2 
Nine Months Ended
September 30, 2026September 30, 2025Caption In Condensed Consolidated Statement of Income
($ in millions)Gain Deferred in OCIGain/(Loss) RecognizedLoss Deferred in OCIGain/(Loss) Recognized
Economic
   Foreign currency forward contracts
$— $24 $— $66 Other (income)/charges, net
Fair Value
   Interest rate swaps
— (3)— (5)Interest expense
Total forward contracts and interest rate swaps$— $21 $— $61 
Net Investment
Foreign currency forward contracts$9 $— $— $— 
Cross currency swaps10 5 (39)6 Interest expense
Foreign denominated debt172 — (532)— 
Total Net Investment$191 $5 ($571)$6 
Assets and Liabilities Reported at Fair Value on a Recurring Basis
Assets and liabilities reported at fair value on a recurring basis
September 30, 2026December 31, 2025
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:
Marketable equity securities$13 $— $— $10 $— $— 
Foreign currency forward contracts (a)
$— $14 $— $— $5 $— 
Foreign currency forward contracts (b)
$— $2 $— $— $— $— 
Investments:
Marketable equity securities$81 $— $— $79 $— $— 
Other assets:
Cross currency swaps (b)
$— $23 $— $— $15 $— 
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts (a)
$— $80 $— $— $4 $— 
Other liabilities:
Cross currency swaps (b)
$— $1 $— $— $4 $— 
Interest rate swaps (c)
$— $11 $— $— $6 $— 
(a)Derivatives not designated as hedging instruments
(b)Net investment hedges
(c)Fair value hedges
Schedule of Long-term Debt Instruments
($ in millions)
September 30, 2026 (a)
December 31, 2025 (b)
Long-term debt - carrying value$6,831 $7,297 
Long-term debt - fair value$6,578 $7,215 
(a)Excludes finance lease obligations of $6 million and short-term borrowings of $4 million as of September 30, 2026.
(b)Excludes finance lease obligations of $7 million and short-term borrowings of $4 million as of December 31, 2025.