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Derivative instruments (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021, 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						2021						2020						2021						2020
Foreign currency contracts						$	(46)					$	(101)					$	137					$	138
Cross-currency swap contracts						15						71						(60)						(330)
Total unrealized (losses) gains						$	(31)					$	(30)					$	77					$	(192)

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, 2021						December 31, 2020						June 30, 2021						December 31, 2020
Current portion of long-term debt						$	844					$	89					$	94					$	89
Long-term debt						$	6,857					$	6,258					$	330					$	477

____________

(1)     Current portion of long-term debt includes $89 million of carrying value with discontinued hedging relationships as of both June 30, 2021 and December 31, 2020. Long-term debt includes $481 million and $525 million of carrying value with discontinued hedging relationships as of June 30, 2021 and December 31, 2020, respectively.

(2)    Current portion of long-term debt includes $89 million of hedging adjustments on discontinued hedging relationships as of both June 30, 2021 and December 31, 2020. Long-term debt includes $381 million and $425 million of hedging adjustments on discontinued hedging relationships as of June 30, 2021 and December 31, 2020, 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, 2021																		Six months ended June 30, 2021
						Product sales						Other income, net						Interest expense, net						Product sales						Other income, net						Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income						$	6,114					$	11					$	(281)					$	11,706					$	24					$	(566)
The effects of cash flow and fair value hedging:
(Losses) gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts						$	(18)					$	—					$	—					$	(19)					$	—					$	—
Cross-currency swap contracts						$	—					$	46					$	—					$	—					$	(86)					$	—
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	(34)					$	—					$	—					$	141
Derivatives designated as hedging instruments						$	—					$	—					$	55					$	—					$	—					$	(97)

						Three months ended June 30, 2020																		Six months ended June 30, 2020
						Product sales						Other income, net						Interest expense, net						Product sales						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)

__________

(1)    Gains on hedged items do not exactly offset 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 when 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, 2021						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						$	62					Accrued liabilities/ Other noncurrent liabilities						$	119
Cross-currency swap contracts						Other current assets/ Other assets						182						Accrued liabilities/ Other noncurrent liabilities						305
Interest rate swap contracts						Other current assets/ Other assets						45						Accrued liabilities/ Other noncurrent liabilities						90
Total derivatives designated as hedging instruments												$	289											$	514

						Derivative assets												Derivative liabilities
December 31, 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						$	28					Accrued liabilities/ Other noncurrent liabilities						$	237
Cross-currency swap contracts						Other current assets/ Other assets						255						Accrued liabilities/ Other noncurrent liabilities						318
Interest rate swap contracts						Other current assets/ Other assets						66						Accrued liabilities/ Other noncurrent liabilities						15
Total derivatives designated as hedging instruments												$	349											$	570

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Schedule of Notional Amounts and Interest Rates for Cross-Currency Swaps

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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.

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-SubTopic 10
-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 derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
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Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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