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Financial Instruments, Derivatives and Fair Value Measures (Tables)

6 Months Ended

Jun. 30, 2016

Financial Instruments, Derivatives and Fair Value Measures

Summary of the amounts and location of certain derivative financial instruments

		Fair Value - Assets								Fair Value - Liabilities
(in millions)		June 30, 2016			Dec. 31, 2015			Balance Sheet Caption		June 30, 2016			Dec. 31, 2015			Balance Sheet Caption
Interest rate swaps designated as fair value hedges		$	261		$	116		Deferred income taxes and other assets		$	—		$	—		n/a
Foreign currency forward exchange contracts:
Hedging instruments		30			64			Prepaid expenses and other receivables		85			18			Other accrued liabilities
Others not designated as hedges		110			115			Prepaid expenses and other receivables		76			84			Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary		—			—			n/a		516			439			Short-term borrowings
		$	401		$	295				$	677		$	541

Schedule of derivatives gain (loss) in OCI and earnings

		Gain (loss) Recognized in Other Comprehensive Income (loss)												Income (expense) and Gain (loss) Reclassified into Income
		Three Months Ended June 30						Six Months Ended June 30						Three Months Ended June 30						Six Months Ended June 30						Income Statement
(in millions)		2016			2015			2016			2015			2016			2015			2016			2015			Caption
Foreign currency forward exchange contracts designated as cash flow hedges		$	7		$	5		$	(51	)	$	48		$	23		$	30		$	54		$	47		Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary		(45		)	11			(77		)	14			n/a			n/a			n/a			n/a			n/a
Interest rate swaps designated as fair value hedges		n/a			n/a			n/a			n/a			44			(63		)	145			(14		)	Interest expense

Schedule of carrying values and fair values of certain financial instruments

		June 30, 2016						December 31, 2015
(in millions)		Carrying Value			Fair Value			Carrying Value			Fair Value
Investment Securities:
Equity securities		$	3,288		$	3,288		$	4,014		$	4,014
Other		51			54			27			30
Total Long-term Debt		(6,020		)	(6,712		)	(5,874		)	(6,337		)
Foreign Currency Forward Exchange Contracts:
Receivable position		140			140			179			179
(Payable) position		(161		)	(161		)	(102		)	(102		)
Interest Rate Hedge Contracts:
Receivable position		261			261			116			116

Schedule of assets and liabilities measured at fair value on a recurring basis

					Basis of Fair Value Measurement
(in millions)		Outstanding Balances			Quoted Prices in Active Markets			Significant Other Observable Inputs			Significant Unobservable Inputs
June 30, 2016:
Equity securities		$	3,030		$	3,030		$	—		$	—
Interest rate swap derivative financial instruments		261			—			261			—
Foreign currency forward exchange contracts		140			—			140			—
Total Assets		$	3,431		$	3,030		$	401		$	—
Fair value of hedged long-term debt		$	4,280		$	—		$	4,280		$	—
Foreign currency forward exchange contracts		161			—			161			—
Contingent consideration related to business combinations		162			—			—			162
Total Liabilities		$	4,603		$	—		$	4,441		$	162
December 31, 2015:
Equity securities		$	3,780		$	3,780		$	—		$	—
Interest rate swap derivative financial instruments		116			—			116			—
Foreign currency forward exchange contracts		179			—			179			—
Total Assets		$	4,075		$	3,780		$	295		$	—
Fair value of hedged long-term debt		$	4,135		$	—		$	4,135		$	—
Foreign currency forward exchange contracts		102			—			102			—
Contingent consideration related to business combinations		173			—			—			173
Total Liabilities		$	4,410		$	—		$	4,237		$	173

Schedule summarizes the available-for-sale equity securities in an unrealized loss position

(in millions)		June 30, 2016			December 31, 2015
Fair value of securities in an unrealized loss position		$	3,016		$	—
Unrealized gross losses		589			—

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Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 4C
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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