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Derivative instruments (Tables) | 6 Months Ended
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Jun. 30, 2020
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 June 30, 2020, were as follows (notional amounts in millions):
|  | Foreign currency |  |  |  | U.S. dollars |  |
Hedged notes |  | Notional amounts |  | Interest rates |  | Notional amounts |  | Interest rates
1.25% 2022 euro Notes |  | € | 1,250 |  |  | 1.3 | % |  | $ | 1,388 |  |  | 3.2 | %
0.41% 2023 Swiss franc Bonds |  | CHF | 700 |  |  | 0.4 | % |  | $ | 704 |  |  | 3.4 | %
2.00% 2026 euro Notes |  | € | 750 |  |  | 2.0 | % |  | $ | 833 |  |  | 3.9 | %
5.50% 2026 pound sterling Notes |  | £ | 475 |  |  | 5.5 | % |  | $ | 747 |  |  | 6.0 | %
4.00% 2029 pound sterling Notes |  | £ | 700 |  |  | 4.0 | % |  | $ | 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 June 30, |  |  |  | Six months ended June 30, |  |
Derivatives in cash flow hedging relationships |  | 2020 |  | 2019 |  | 2020 |  | 2019
Foreign currency contracts |  | $ | (101) |  |  | $ | (16) |  |  | $ | 138 |  |  | $ | 69 |
Cross-currency swap contracts |  | 71 |  |  | (80) |  |  | (330) |  |  | (135) |
Total unrealized losses |  | $ | (30) |  |  | $ | (96) |  |  | $ | (192) |  |  | $ | (66) |
Derivatives in fair value hedging relationships | 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 Sheets locations |  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019
Current portion of long-term debt |  | $ | 89 |  |  | $ | 903 |  |  | $ | 89 |  |  | $ | 4 |
Long-term debt |  | $ | 7,816 |  |  | $ | 8,814 |  |  | $ | 589 |  |  | $ | 292 |
____________ (1) Current portion of long-term debt includes $89 million of carrying value with discontinued hedging relationships as of June 30, 2020. Long-term debt includes $569 million and $136 million of carrying value with discontinued hedging relationships as of June 30, 2020 and December 31, 2019, respectively. (2) Current portion of long-term debt includes $89 million of hedging adjustments on discontinued hedging relationships as of June 30, 2020. Long-term debt includes $469 million and $36 million of hedging adjustments on discontinued hedging relationships as of June 30, 2020 and December 31, 2019, respectively.
Summary of amounts of income and expense line items | The following tables summarize 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 June 30, 2020 |  |  |  |  |  | Six months ended June 30, 2020 |  |  |  |
|  | 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 |  | $ | 5,908 |  |  | $ | 3 |  |  | $ | (296) |  |  | $ | 11,802 |  |  | $ | 14 |  |  | $ | (642) |
The effects of cash flow and fair value hedging: |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on cash flow hedging relationships reclassified out of AOCI: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 68 |  |  | $ | — |  |  | $ | — |  |  | $ | 117 |  |  | $ | — |  |  | $ | — |
Cross-currency swap contracts |  | $ | — |  |  | $ | 51 |  |  | $ | — |  |  | $ | — |  |  | $ | (82) |  |  | $ | — |
(Losses) gains on fair value hedging relationships—interest rate swap agreements: |  |  |  |  |  |  |  |  |  |  |  |
Hedged items(1) |  | $ | — |  |  | $ | — |  |  | $ | (30) |  |  | $ | — |  |  | $ | — |  |  | $ | 180 |
Derivatives designated as hedging instruments |  | $ | — |  |  | $ | — |  |  | $ | 53 |  |  | $ | — |  |  | $ | — |  |  | $ | (137) |
|  | Three months ended June 30, 2019 |  |  |  |  |  | Six months ended June 30, 2019 |  |  |  |
|  | 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 |  | $ | 5,574 |  |  | $ | 218 |  |  | $ | (332) |  |  | $ | 10,860 |  |  | $ | 403 |  |  | $ | (675) |
The effects of cash flow and fair value hedging: |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on cash flow hedging relationships reclassified out of AOCI: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 36 |  |  | $ | — |  |  | $ | — |
Cross-currency swap contracts |  | $ | — |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | (28) |  |  | $ | — |
(Losses) gains on fair value hedging relationships—interest rate swap agreements: |  |  |  |  |  |  |  |  |  |  |  |
Hedged items(1) |  | $ | — |  |  | $ | — |  |  | $ | (218) |  |  | $ | — |  |  | $ | — |  |  | $ | (348) |
Derivatives designated as hedging instruments |  | $ | — |  |  | $ | — |  |  | $ | 218 |  |  | $ | — |  |  | $ | — |  |  | $ | 351 |
__________ (1) (Losses) gains on hedged items do not completely offset gains (losses) on the related designated hedging instruments due to amortization of the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedged debt for discontinued hedging relationships and the recognition of gains on terminated hedges where the corresponding hedged item was paid down in the period.
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 |  |
June 30, 2020 |  | Condensed Consolidated Balance Sheets locations |  | Fair values |  | Condensed Consolidated Balance Sheets locations |  | Fair values
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts |  | Other current assets/ Other assets |  | $ | 236 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | $ | 26 |
Cross-currency swap contracts |  | Other current assets/ Other assets |  | 27 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 604 |
Interest rate swap contracts |  | Other current assets/ Other assets |  | 121 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 2 |
Total derivatives designated as hedging instruments |  |  |  | 384 |  |  |  |  | 632 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts |  | Other current assets |  | — |  |  | Accrued liabilities |  | — |
Total derivatives not designated as hedging instruments |  |  |  | — |  |  |  |  | — |
Total derivatives |  |  |  | $ | 384 |  |  |  |  | $ | 632 |
|  | Derivative assets |  |  |  | Derivative liabilities |  |
December 31, 2019 |  | Condensed Consolidated Balance Sheets locations |  | Fair values |  | Condensed Consolidated Balance Sheets locations |  | Fair values
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts |  | Other current assets/ Other assets |  | $ | 223 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | $ | 31 |
Cross-currency swap contracts |  | Other current assets/ Other assets |  | 66 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 315 |
Interest rate swap contracts |  | Other current assets/ Other assets |  | 259 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | — |
Total derivatives designated as hedging instruments |  |  |  | 548 |  |  |  |  | 346 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts |  | Other current assets |  | 1 |  |  | Accrued liabilities |  | — |
Total derivatives not designated as hedging instruments |  |  |  | 1 |  |  |  |  | — |
Total derivatives |  |  |  | $ | 549 |  |  |  |  | $ | 346 |

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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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