v3.24.2.u1
Financial instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Financial Instruments [Abstract]  
Disclosure of fair value measurement of assets
The below tables summarize financial assets and liabilities measured at fair value on a recurring basis or at amortized cost or cost as of June 30, 2024 and December 31, 2023.
June 30, 2024
($ millions)Level 1Level 2Level 3
Valued at amortized cost or cost(4)
Total
Non-current financial assets
Long-term financial investments measured at FVOCI(1)
— — 243 — 243 
Long-term financial investments measured at FVPL— — 1 — 1 
Long-term note receivable and other financial assets measured at amortized cost— — — 168 168 
Long-term receivables from customers— — — 118 118 
Deferred compensation assets(2)
172 — — — 172 
Non-current minimum lease payments from finance lease agreements— — — 35 35 
Long-term loans, VAT receivables, advances and security deposits— — — 43 43 
Non-current financial assets172 — 244 364 780 
Current financial assets
Money market funds237 — — — 237 
Current portion of long-term financial investments measured at FVPL(3)
— — 2 — 2 
Current portion of long-term receivables from customers(3)
— — — 115 115 
Current portion of minimum lease payments from finance lease agreements(3)
— — — 27 27 
VAT receivables(3)
— — — 61 61 
Other receivables, security deposits and current assets(3)
— — — 98 98 
Derivative financial instruments(3)
— 11 — — 11 
Current financial assets237 11 2 301 551 
Financial assets at fair value and amortized cost or cost409 11 246 665 1,331 
Financial liabilities
Contingent consideration liabilities— — (94)— (94)
Non-current financial debt— — — (4,550)(4,550)
Current financial debt— — — (136)(136)
Derivative financial instruments
— (1)— — (1)
Financial liabilities at fair value and amortized cost— (1)(94)(4,686)(4,781)
(1)    Includes $11 million of Long-term convertible notes due from an associated company.
(2)    Recorded in Other non-current assets.
(3)    Recorded in Other current assets.
(4)    The carrying amount is a reasonable approximation of fair value, with the exception of the Series 2026, 2028, 2029, 2030, 2032, 2049 and 2052 Notes recorded in Non-current financial debt with a fair value of $4,232 million and a carrying value of $4,550 million as of June 30, 2024. The fair value of notes was determined using Level 2 inputs. The notes were valued using the quoted market price for such notes, which have low trading volumes.
December 31, 2023
($ millions)Level 1Level 2Level 3
Valued at amortized cost or cost(4)
Total
Non-current financial assets
Long-term financial investments measured at FVOCI(1)
— — 147 — 147 
Long-term financial investments measured at FVPL— — 1 — 1 
Long-term note receivable and other financial assets measured at amortized cost— — — 161 161 
Long-term receivables from customers— — — 126 126 
Deferred compensation assets(2)
163 — — — 163 
Non-current minimum lease payments from finance lease agreements— — — 38 38 
Long-term loans, VAT receivables, advances and security deposits— — — 44 44 
Non-current financial assets163 — 148 369 680 
Current financial assets
Money market funds84 — — — 84 
Current portion of long-term financial investments measured at FVPL(3)
— — 7 — 7 
Current portion of long-term receivables from customers(3)
— — — 116 116 
Current portion of minimum lease payments from finance lease agreements(3)
— — — 27 27 
VAT receivables(3)
— — — 62 62 
Other receivables, security deposits and current assets(3)
— — — 101 101 
Derivative financial instruments(3)
— 2 — — 2 
Current financial assets84 2 7 306 399 
Financial assets at fair value and amortized cost or cost247 2 155 675 1,079 
Financial liabilities
Contingent consideration liabilities— — (90)— (90)
Non-current financial debt— — — (4,676)(4,676)
Current financial debt— — — (53)(53)
Derivative financial instruments— (10)— — (10)
Financial liabilities at fair value and amortized cost— (10)(90)(4,729)(4,829)
(1)    Includes $11 million of Long-term convertible notes due from an associated company.
(2)    Recorded in Other non-current assets.
(3)    Recorded in Other current assets.
(4)    The carrying amount is a reasonable approximation of fair value, with the exception of the Series 2026, 2028, 2029, 2030, 2032, 2049 and 2052 Notes recorded in Non-current financial debt with a fair value of $4,347 million and a carrying value of $4,566 million as of December 31, 2023. The fair value of notes was determined using Level 2 inputs. The notes were valued using the quoted market price for such notes, which have low trading volumes.
Financial assets
Long-term financial investments measured
at FVOCI		Financial investments
measured at FVPL
($ millions)2024202320242023
Balance as of January 1147 88 8 20 
Additions90 53 — 8 
Gains recognized in Consolidated Statement of Comprehensive Income6 2 — — 
Gains/(losses) in Consolidated Income Statement— — 2 (4)
Amortization— — (2)(1)
Settlement— — (5)— 
Balance as of June 30243 143 3 23 
Disclosure of fair value measurement of liabilities
The below tables summarize financial assets and liabilities measured at fair value on a recurring basis or at amortized cost or cost as of June 30, 2024 and December 31, 2023.
June 30, 2024
($ millions)Level 1Level 2Level 3
Valued at amortized cost or cost(4)
Total
Non-current financial assets
Long-term financial investments measured at FVOCI(1)
— — 243 — 243 
Long-term financial investments measured at FVPL— — 1 — 1 
Long-term note receivable and other financial assets measured at amortized cost— — — 168 168 
Long-term receivables from customers— — — 118 118 
Deferred compensation assets(2)
172 — — — 172 
Non-current minimum lease payments from finance lease agreements— — — 35 35 
Long-term loans, VAT receivables, advances and security deposits— — — 43 43 
Non-current financial assets172 — 244 364 780 
Current financial assets
Money market funds237 — — — 237 
Current portion of long-term financial investments measured at FVPL(3)
— — 2 — 2 
Current portion of long-term receivables from customers(3)
— — — 115 115 
Current portion of minimum lease payments from finance lease agreements(3)
— — — 27 27 
VAT receivables(3)
— — — 61 61 
Other receivables, security deposits and current assets(3)
— — — 98 98 
Derivative financial instruments(3)
— 11 — — 11 
Current financial assets237 11 2 301 551 
Financial assets at fair value and amortized cost or cost409 11 246 665 1,331 
Financial liabilities
Contingent consideration liabilities— — (94)— (94)
Non-current financial debt— — — (4,550)(4,550)
Current financial debt— — — (136)(136)
Derivative financial instruments
— (1)— — (1)
Financial liabilities at fair value and amortized cost— (1)(94)(4,686)(4,781)
(1)    Includes $11 million of Long-term convertible notes due from an associated company.
(2)    Recorded in Other non-current assets.
(3)    Recorded in Other current assets.
(4)    The carrying amount is a reasonable approximation of fair value, with the exception of the Series 2026, 2028, 2029, 2030, 2032, 2049 and 2052 Notes recorded in Non-current financial debt with a fair value of $4,232 million and a carrying value of $4,550 million as of June 30, 2024. The fair value of notes was determined using Level 2 inputs. The notes were valued using the quoted market price for such notes, which have low trading volumes.
December 31, 2023
($ millions)Level 1Level 2Level 3
Valued at amortized cost or cost(4)
Total
Non-current financial assets
Long-term financial investments measured at FVOCI(1)
— — 147 — 147 
Long-term financial investments measured at FVPL— — 1 — 1 
Long-term note receivable and other financial assets measured at amortized cost— — — 161 161 
Long-term receivables from customers— — — 126 126 
Deferred compensation assets(2)
163 — — — 163 
Non-current minimum lease payments from finance lease agreements— — — 38 38 
Long-term loans, VAT receivables, advances and security deposits— — — 44 44 
Non-current financial assets163 — 148 369 680 
Current financial assets
Money market funds84 — — — 84 
Current portion of long-term financial investments measured at FVPL(3)
— — 7 — 7 
Current portion of long-term receivables from customers(3)
— — — 116 116 
Current portion of minimum lease payments from finance lease agreements(3)
— — — 27 27 
VAT receivables(3)
— — — 62 62 
Other receivables, security deposits and current assets(3)
— — — 101 101 
Derivative financial instruments(3)
— 2 — — 2 
Current financial assets84 2 7 306 399 
Financial assets at fair value and amortized cost or cost247 2 155 675 1,079 
Financial liabilities
Contingent consideration liabilities— — (90)— (90)
Non-current financial debt— — — (4,676)(4,676)
Current financial debt— — — (53)(53)
Derivative financial instruments— (10)— — (10)
Financial liabilities at fair value and amortized cost— (10)(90)(4,729)(4,829)
(1)    Includes $11 million of Long-term convertible notes due from an associated company.
(2)    Recorded in Other non-current assets.
(3)    Recorded in Other current assets.
(4)    The carrying amount is a reasonable approximation of fair value, with the exception of the Series 2026, 2028, 2029, 2030, 2032, 2049 and 2052 Notes recorded in Non-current financial debt with a fair value of $4,347 million and a carrying value of $4,566 million as of December 31, 2023. The fair value of notes was determined using Level 2 inputs. The notes were valued using the quoted market price for such notes, which have low trading volumes.
Financial liabilities
Contingent consideration liabilities
($ millions)20242023
Balance as of January 1(90)(98)
Accretion for passage of time(4)(4)
Balance as of June 30(94)(102)
Disclosure of net value of unsettled positions for derivative forward contracts and swaps
The below table summarizes the net value of unsettled positions for currency derivatives contracts including swaps, forwards and options as of June 30, 2024 and December 31, 2023.
($ millions)June 30, 2024December 31, 2023
Unrealized gains in Other current assets
11 2 
Unrealized losses in Current financial debts
(1)(10)
Net value of unsettled positions for derivatives contracts
10 (8)