Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value, Cash Flow and Net Investment Hedges
The following tables summarize the location within the financial statements and amount of gains (losses) related to derivative financial instruments for the three months ended March 31, 2016 and 2015. All dollar amounts are shown on a pre-tax basis.
($ in millions)
March 31, 2016

Hedge Type
Loss
Deferred in
OCI
 
Gain (Loss) Recognized
Amount
 
Caption
Fair Value
 
 
 
 
 
Equity forward arrangements
Not applicable
 
36

 
Asbestos settlement - net
Total Fair Value
 
 
$
36

 
 
Cash Flow
 
 
 
 
 
Foreign currency forward contracts (a)
$
(15
)
 
$
(3
)
 
Other charges
Total Cash Flow
$
(15
)

$
(3
)
 
 
Net Investment
 
 
 
 
 
Cross currency swaps
$
(22
)
 


 
 
Foreign denominated debt
(95
)
 
 
 
 
Total Net Investment
$
(117
)
 


 
 
(a) The ineffective portion related to this item was $3 million of income.
($ in millions)
March 31, 2015

Hedge Type
Gain
Deferred in OCI
 
Gain (Loss) Recognized
Amount
 
Caption
Fair Value
 
 
 
 
 
Equity forward arrangements
Not applicable
 
(7
)
 
Asbestos settlement - net
Total Fair Value
 
 
$
(7
)
 
 
Cash Flow
 
 
 
 
 
Foreign currency forward contracts (a)
57

 
49

 
Other charges
Total Cash Flow
$
57

 
$
49

 
 
Net Investment
 
 
 
 
 
Cross currency swaps
$
82

 


 
 
Foreign currency forward contracts
18

 
 
 
 
Foreign denominated debt
113

 
 
 
 
Total Net Investment
$
213

 


 
 

(a) The ineffective portion related to this item was $2 million of expense.
Assets and Liabilities Reported at Fair Value on a Recurring Basis
Assets and liabilities reported at fair value on a recurring basis:
 
March 31, 2016
($ in millions)
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
Other current assets:
 
 
 
 
 
Marketable equity securities
$
4

 
$
—

 
$
—

Foreign currency forward contracts
—

 
38

 
—

Equity forward arrangement
—

 
259

 
—

Investments:
 
 
 
 
 
Marketable equity securities
77

 
—

 
—

Other Assets:
 
 
 
 
 
 Cross currency swaps
—

 
36

 
—

Liabilities:
 
 
 
 
 
Accounts payable and accrued liabilities:
 
 
 
 
 
Foreign currency forward contracts
—

 
9

 
—

 
 
 
December 31, 2015
($ in millions)
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
Other current assets:
 
 
 
 
 
Marketable equity securities
$
4

 
$
—

 
$
—

Foreign currency forward contracts
—

 
47

 
—

Equity forward arrangement
—

 
223

 
—

Investments:
 
 
 
 
 
Marketable equity securities
77

 
—

 
—

Other assets:
 
 
 
 
 
Cross currency swaps
—

 
41

 
—

Liabilities:
 
 
 
 
 
Accounts payable and accrued liabilities:
 
 
 
 
 
Foreign currency forward contracts
—

 
4

 
—
Long-term Debt [Text Block]
($ in millions)
March 31, 2016 (a)
 
December 31, 2015 (b)
Long-term debt - carrying value
$
4,200

 
$
4,265

Long-term debt - fair value
$
4,423

 
$
4,367

(a) Excluding capital lease obligations of $30 million and short term borrowings of $34 million as of March 31, 2016.
(b) Excluding capital lease obligations of $30 million and short term borrowings of $29 million as of December 31, 2015.