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Derivative instruments (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of notional amounts and interest rates for cross-currency swaps | The notional amounts and interest rates of our cross-currency swaps as of September 30, 2018, were as follows (notional amounts in millions):
|  | Foreign currency |  | U.S. dollars
Hedged notes |  | Notional amounts |  | Interest rates |  | Notional amounts |  | Interest rates
2.125% 2019 euro Notes |  | € | 675 |  |  | 2.125 | % |  | $ | 864 |  |  | 2.6 | %
1.25% 2022 euro Notes |  | € | 1,250 |  |  | 1.25 | % |  | $ | 1,388 |  |  | 3.2 | %
0.41% 2023 Swiss franc Bonds |  | CHF | 700 |  |  | 0.41 | % |  | $ | 704 |  |  | 3.4 | %
2.00% 2026 euro Notes |  | € | 750 |  |  | 2.00 | % |  | $ | 833 |  |  | 3.9 | %
5.50% 2026 pound sterling Notes |  | £ | 475 |  |  | 5.50 | % |  | $ | 747 |  |  | 6.0 | %
4.00% 2029 pound sterling Notes |  | £ | 700 |  |  | 4.00 | % |  | $ | 1,111 |  |  | 4.5 | %
Unrealized gain (loss) recognized in Other Comprehensive Income for our derivative instruments designated as cash flow hedges | The unrealized gains and losses recognized in AOCI for our derivative instruments designated as cash flow hedges were as follows (in millions):
|  | Three months ended September 30, |  | Nine months ended September 30,
Derivatives in cash flow hedging relationships |  | 2018 |  | 2017 |  | 2018 |  | 2017
Foreign currency contracts |  | $ | 41 |  |  | $ | (110 | ) |  | $ | 233 |  |  | $ | (360 | )
Cross-currency swap contracts |  | (22 | ) |  | 165 |  |  | (99 | ) |  | 446 |
Forward interest rate contracts |  | — |  |  | 10 |  |  | — |  |  | 13 |
Total unrealized gains |  | $ | 19 |  |  | $ | 65 |  |  | $ | 134 |  |  | $ | 99 |
Location in the Condensed Consolidated Statements of Income and the gain (loss) reclassified from Accumulated Other Comprehensive Income into earnings for our derivative instruments designated as cash flow hedges | The locations in the Condensed Consolidated Statements of Income and the gains and losses reclassified out of AOCI and into earnings for our derivative instruments designated as cash flow hedges were as follows (in millions):
|  |  |  | Three months ended September 30, |  | Nine months ended September 30,
Derivatives in cash flow hedging relationships |  | Condensed Consolidated Statements of Income locations |  | 2018 |  | 2017 |  | 2018 |  | 2017
Foreign currency contracts |  | Product sales |  | $ | 3 |  |  | $ | (2 | ) |  | $ | (51 | ) |  | $ | 88 |
Cross-currency swap contracts |  | Interest and other income, net |  | (36 | ) |  | 143 |  |  | (170 | ) |  | 514 |
Forward interest rate contracts |  | Interest expense, net |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Total realized (losses) gains |  |  |  | $ | (33 | ) |  | $ | 140 |  |  | $ | (221 | ) |  | $ | 601 |
Derivatives in fair value hedging relationships | Net unrealized gains and losses on our outstanding interest rate swap contracts were as follows (in millions):
|  | Three months ended September 30, |  | Nine months ended September 30,
Derivatives in fair value hedging relationships |  | 2018 |  | 2017 |  | 2018 |  | 2017
Net unrealized (losses) gains recognized for interest rate swap contracts |  | $ | (44 | ) |  | $ | (17 | ) |  | $ | (259 | ) |  | $ | 1 |
Net unrealized gains (losses) recognized for related hedged debt |  | $ | 44 |  |  | $ | 17 |  |  | $ | 259 |  |  | $ | (1 | )
The hedged liabilities and related cumulative-basis adjustments for fair value hedges of those liabilities were recorded in the Condensed Consolidated Balance Sheets as follows (in millions):
|  | Carrying amounts of hedged liabilities(1) |  | Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities(2)
Condensed Consolidated Balance Sheet locations |  | September 30, 2018 |  | December 31, 2017 |  | September 30, 2018 |  | December 31, 2017
Current portion of long-term debt |  | $ | 2,397 |  |  | $ | 500 |  |  | $ | (2 | ) |  | $ | 23 |
Long-term debt |  | $ | 7,859 |  |  | $ | 10,516 |  |  | $ | (264 | ) |  | $ | (11 | )
____________
(1) | Current portion of long-term debt includes $1.0 billion and $500 million of carrying value with discontinued hedging relationships as of September 30, 2018 and December 31, 2017, respectively. Long-term debt includes $137 million and $1.1 billion of carrying value with discontinued hedging relationships as of September 30, 2018 and December 31, 2017, respectively.
(2) | Current portion of long-term debt includes $7 million and $23 million of hedging adjustments on discontinued hedging relationships as of September 30, 2018 and December 31, 2017, respectively. Long-term debt includes $37 million and $40 million of hedging adjustments on discontinued hedging relationships as of September 30, 2018 and December 31, 2017, respectively.
Summary of amounts of income and expense line items | The following table summarizes the amounts recorded in income and expense line items and the effects thereon from fair value and cash flow hedging, including discontinued hedging relationships (in millions):
|  | Three months ended September 30, 2018 |  | Nine months ended September 30, 2018
|  | Product sales |  | Interest and other income, net |  | Interest (expense), net |  | Product sales |  | Interest and other income, net |  | Interest (expense), net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income |  | $ | 5,510 |  |  | $ | 126 |  |  | $ | (355 | ) |  | $ | 16,532 |  |  | $ | 519 |  |  | $ | (1,040 | )
The effects of cash flow and fair value hedging: |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on cash flow hedging relationships reclassified out of AOCI: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | (51 | ) |  | $ | — |  |  | $ | — |
Cross-currency swap contracts |  | $ | — |  |  | $ | (36 | ) |  | $ | — |  |  | $ | — |  |  | $ | (170 | ) |  | $ | — |
Gains (losses) on fair value hedging relationships—interest rate swap agreements: |  |  |  |  |  |  |  |  |  |  |  |
Hedged items(1) |  | $ | — |  |  | $ | — |  |  | $ | 48 |  |  | $ | — |  |  | $ | — |  |  | $ | 278 |
Derivatives designated as hedging instruments |  | $ | — |  |  | $ | — |  |  | $ | (44 | ) |  | $ | — |  |  | $ | — |  |  | $ | (259 | )
__________
(1) | The amounts include benefits of $4 million and $19 million related to the amortization of the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt for discontinued hedging relationships for the three and nine months ended September 30, 2018, respectively.
Location in the Condensed Consolidated Statements of Income and the amount of gain (loss) recognized in earnings for the derivative instruments not designated as hedging instruments | The location in the Condensed Consolidated Statements of Income and the amounts of gains (losses) recognized in earnings for our derivative instruments not designated as hedging instruments were as follows (in millions):
|  |  |  | Three months ended September 30, |  | Nine months ended September 30,
Derivatives not designated as hedging instruments |  | Condensed Consolidated Statements of Income location |  | 2018 |  | 2017 |  | 2018 |  | 2017
Foreign currency contracts |  | Interest and other income, net |  | $ | 11 |  |  | $ | (2 | ) |  | $ | 44 |  |  | $ | 12 |
Fair values of derivatives included in the Condensed Consolidated Balance Sheets | The fair values of derivatives included in the Condensed Consolidated Balance Sheets were as follows (in millions):
|  | Derivative assets |  | Derivative liabilities
September 30, 2018 |  | Condensed Consolidated Balance Sheet locations |  | Fair values |  | Condensed Consolidated Balance Sheet locations |  | Fair values
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts |  | Other current assets/ Other assets |  | $ | 121 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | $ | 49 |
Cross-currency swap contracts |  | Other current assets/ Other assets |  | 261 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 306 |
Interest rate swap contracts |  | Other current assets/ Other assets |  | — |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 310 |
Total derivatives designated as hedging instruments |  |  |  | $ | 382 |  |  |  |  | $ | 665 |
|  | Derivative assets |  | Derivative liabilities
December 31, 2017 |  | Condensed Consolidated Balance Sheet locations |  | Fair values |  | Condensed Consolidated Balance Sheet locations |  | Fair values
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts |  | Other current assets/ Other assets |  | $ | 6 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | $ | 204 |
Cross-currency swap contracts |  | Other current assets/ Other assets |  | 270 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 220 |
Interest rate swap contracts |  | Other current assets/ Other assets |  | 10 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 61 |
Total derivatives designated as hedging instruments |  |  |  | $ | 286 |  |  |  |  | $ | 485 |

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