Hedging Transactions and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes the notional values as of December 31, 2021 and 2020 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (“OCI”) for the year then ended ($ in millions):

	Original Notional Amount		Notional Amount Outstanding		Gain (Loss) Recognized in OCI		Amounts Reclassified from OCI
Year ended December 31, 2021:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	130	$	—
Foreign currency denominated debt	3,883		3,883		333		—
Cash flow hedges:
Cross-currency contracts	4,000		4,000		542		(283)
Interest rate swaps	1,600		—		(19)		3
Total	$	13,358	$	10,883	$	986	$	(280)
Year ended December 31, 2020:
Net investment hedges:
Cross-currency contracts	$	2,875	$	2,000	$	(104)	$	—
Foreign currency denominated debt	4,573		4,573		(418)		—
Cash flow hedges:
Cross-currency contracts	4,000		4,000		(432)		359
Interest rate swaps	850		—		—		2
Total	$	12,298	$	10,573	$	(954)	$	361

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified as of December 31 in the Company’s Consolidated Balance Sheets as follows ($ in millions):

	2021		2020
Derivative assets:
Prepaid expenses and other current assets	$	50	$	—
Derivative liabilities:
Accrued expenses and other liabilities	—		622
Nonderivative hedging instruments:
Long-term debt	3,883		4,573