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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Effect of Net Investment Hedges on OCI and the Consolidated Statement of Operations
The effects of the Company’s net investment hedges on OCI and the Condensed Consolidated Statement of Income are shown below:
Amount of Pretax (Gain) Loss Recognized in Other Comprehensive Income (1)
Amount of Pretax Gain Recognized in Other (income) expense, net for Amounts Excluded from Effectiveness Testing
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
($ in millions)20252024202520242025202420252024
Net Investment Hedging Relationships
Foreign exchange contracts$(20)$1 $45 $4 $(3)$— $(11)$(2)
Euro-denominated notes(1)169 540 73 — — — — 
(1)    No amounts were reclassified from AOCL into income related to the sale of a subsidiary.
Schedule of Interest Rate Swaps Held
At September 30, 2025, the Company was a party to seven pay-floating, receive-fixed interest rate swap contracts designated as fair value hedges of a portion of fixed-rate notes as detailed in the table below.
September 30, 2025
($ in millions)
Par Value of Debt
Number of Interest Rate Swaps Held
Total Swap Notional Amount
4.50% notes due 2033
$1,500 6 $1,500 
    5.00% notes due 2053
1,500 1 250
Schedule of Amounts Recorded on Balance Sheet Related to Fair Value Hedges
The table below presents the location of amounts recorded in the Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:
Carrying Amount of Hedged Liabilities
Cumulative Amount of Fair Value Hedging Adjustment Increase Included in the Carrying Amount
($ in millions)
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Balance Sheet Caption
Long-Term Debt
$1,819 $1,509 $80 $17 
Schedule of Fair Value of Derivatives on a Gross Basis Segregated between those Derivatives that are Designated as Hedging Instruments and those that are Not Designated as Hedging Instruments
Presented in the table below is the fair value of derivatives on a gross basis segregated between those derivatives that are designated as hedging instruments and those that are not designated as hedging instruments:
  September 30, 2025December 31, 2024
  Fair Value of DerivativeU.S. Dollar
Notional		Fair Value of DerivativeU.S. Dollar
Notional
($ in millions)AssetLiabilityAssetLiability
Derivatives Designated as Hedging InstrumentsBalance Sheet Caption
Interest rate swap contracts
Other Assets
$80 $— $1,750 $17 $— $1,500 
Foreign exchange contractsOther current assets55 — 4,681 323 — 8,662 
Foreign exchange contractsOther Assets37 — 2,274 66 — 2,125 
Foreign exchange contractsAccrued and other current liabilities— 246 5,694 — 1 162 
Foreign exchange contractsOther Noncurrent Liabilities— — — — 1 16 
  $172 $246 $14,399 $406 $2 $12,465 
Derivatives Not Designated as Hedging InstrumentsBalance Sheet Caption      
Foreign exchange contractsOther current assets$144 $— $12,498 $323 $— $12,544 
Foreign exchange contractsAccrued and other current liabilities— 246 15,975 — 343 13,551 
  $144 $246 $28,473 $323 $343 $26,095 
  $316 $492 $42,872 $729 $345 $38,560 
Schedule of Information on Derivative Positions Subject to Master Netting Arrangements as if they were Presented on a Net Basis The following table provides information on the Company’s derivative positions subject to these master netting arrangements as if they were presented on a net basis, allowing for the right of offset by counterparty and cash collateral exchanged per the master agreements and related credit support annexes:
 September 30, 2025December 31, 2024
($ in millions)AssetLiabilityAssetLiability
Gross amounts recognized in the condensed consolidated balance sheet$316 $492 $729 $345 
Gross amounts subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet(246)(246)(299)(299)
Cash collateral received
(1)— (165)— 
Net amounts$69 $246 $265 $46 
Schedule of Location and Amount of Pretax Gains and Losses of Derivatives
The table below provides information regarding the location and amount of pretax gains and losses of derivatives designated in fair value or cash flow hedging relationships:
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions)202520242025202420252024202520242025202420252024
Financial Statement Caption in which Effects of Fair Value or Cash Flow
Hedges are Recorded		Sales
Other (income) expense, net (1)
Other comprehensive income (loss)Sales
Other (income) expense, net (1)
Other comprehensive income (loss)
$17,276 $16,657 $(238)$(162)$219 $(10)$48,611 $48,544 $(281)$(151)$(257)$(210)
Loss (gain) on fair value hedging relationships:
Interest rate swap contracts
Hedged items— — 4 68 — — — — 62 42 — — 
Derivatives designated as hedging instruments— — (5)(69)— — — — (63)(43)— — 
Impact of cash flow hedging relationships:
Foreign exchange contracts
Amount of gain (loss) recognized in OCI on derivatives
— — — — 113 (325)— — — — (630)22 
(Decrease) increase in Sales as a result of AOCL reclassifications
(85)48 — — 85 (48)(35)146 — — 35 (146)
Interest rate contracts
Amount of gain recognized in Other (income) expense, net on derivatives
— — — — — — — — (1)(1)— — 
Amount of gain (loss) recognized in OCI on derivatives
— — — — 18 — — — — — 17 (1)
(1)    Interest expense is a component of Other (income) expense, net.
Schedule of Income Statement Effects of Derivatives Not Designated as Hedging Instruments
The table below provides information regarding the income statement effects of derivatives not designated as hedging instruments:
Amount of Derivative Pretax Loss (Gain) Recognized in Income
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions)2025202420252024
Derivatives Not Designated as Hedging InstrumentsIncome Statement Caption
Foreign exchange contracts (1)
Other (income) expense, net$39 $(139)$(217)$(65)
Foreign exchange contracts (2)
Sales(8)10 26 (10)
(1)    These derivative contracts primarily mitigate changes in the value of remeasured foreign currency denominated monetary assets and liabilities attributable to changes in foreign currency exchange rates.
(2)    These derivative contracts serve as economic hedges of forecasted transactions.
Schedule of Information on Investments in Debt and Equity Securities
Information on investments in debt and equity securities is as follows:
 September 30, 2025December 31, 2024
 Amortized
Cost		Gross UnrealizedFair
Value		Amortized
Cost		Gross UnrealizedFair
Value
($ in millions)GainsLossesGainsLosses
U.S. government and agency securities$99 $— $— $99 $188 $— $— $188 
Commercial paper45 — — 45 348 — — 348 
Foreign government bonds
1 — — 1 — — — — 
Total debt securities$145 $— $— $145 $536 $— $— $536 
Publicly traded equity securities (1)
1,546 920 
Total debt and publicly traded equity securities$1,691 $1,456 
(1)    Unrealized net gains of $367 million and $630 million were recorded in Other (income) expense, net in the third quarter and first nine months of 2025, respectively, on equity securities still held at September 30, 2025. Unrealized net losses (gains) of $42 million and $(82) million were recorded in Other (income) expense, net in the third quarter and first nine months of 2024, respectively, on equity securities still held at September 30, 2024.
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
Fair Value Measurements UsingFair Value Measurements Using
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
($ in millions)September 30, 2025December 31, 2024
Assets
Investments
Commercial paper$— $45 $— $45 $— $348 $— $348 
Foreign government bonds
— 1 — 1 — — — — 
U.S. government and agency securities— — — — — 99 — 99 
Publicly traded equity securities1,116 — — 1,116 463 — — 463 
 1,116 46 — 1,162 463 447 — 910 
Other assets (1)
U.S. government and agency securities99 — — 99 89 — — 89 
Publicly traded equity securities (2)
430 — — 430 457 — — 457 
529 — — 529 546 — — 546 
Derivative assets (3)
Forward exchange contracts— 169 — 169 — 499 — 499 
Interest rate swaps
— 80 — 80 — 17 — 17 
Purchased currency options— 67 — 67 — 213 — 213 
 — 316 — 316 — 729 — 729 
Total assets$1,645 $362 $— $2,007 $1,009 $1,176 $— $2,185 
Liabilities
Other liabilities
Contingent consideration$— $— $— $— $— $— $193 $193 
Derivative liabilities (3)
Forward exchange contracts— 461 — 461 — 338 — 338 
Written currency options— 31 — 31 — 7 — 7 
— 492 — 492 — 345 — 345 
Total liabilities$— $492 $— $492 $— $345 $193 $538 
(1)    Investments included in other assets are restricted as to use, including for the payment of benefits under employee benefit plans.
(2)    Includes securities with an aggregate fair value of $81 million at December 31, 2024, which were subject to a contractual sale restriction that expired in April 2025.
(3)    The fair value determination of derivatives includes the impact of the credit risk of counterparties to the derivatives and the Company’s own credit risk, the effects of which were not significant.
Schedule of Information About the Changes in Liabilities for Contingent Consideration
Summarized information about the changes in the fair value of liabilities for contingent consideration associated with business combinations is as follows:
($ in millions)20252024
Fair value January 1$193 $354 
Changes in estimated fair value (1)
(52)2 
Payments (2)
(141)(148)
Fair value September 30
$— $208 
(1)    Recorded in Cost of sales, Research and development expenses, and Other (income) expense, net. Includes cumulative translation adjustments. Amount in 2025 includes the reversal of $45 million for a Zerbaxa sales-based milestone as it was determined that payment was not probable.
(2)    Amount in both periods reflects payments related to the 2016 termination of the Sanofi Pasteur MSD joint venture. Amount in 2025 also includes a $25 million payment related to the achievement of a sales-based milestone for Zerbaxa.