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Derivative instruments - (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021, were as follows (notional amounts in millions):

						Foreign currency												U.S. dollars
Hedged notes						Notional amounts						Interest rates						Notional amounts						Interest rates
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		%

Effective portion of the 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):

												Years ended December 31,
Derivatives in cash flow hedging relationships												2021						2020						2019
Foreign currency contracts												$	373					$	(251)					$	148
Cross-currency swap contracts												(214)						190						(21)
Total unrealized gains (losses)												$	159					$	(61)					$	127

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 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)
						December 31,												December 31,
Consolidated Balance Sheets locations						2021						2020						2021						2020
Current portion of long-term debt						$	85					$	89					$	85					$	89
Long-term debt						$	6,729					$	6,258					$	199					$	477

____________

(1)Current portion of long-term debt includes $85 million and $89 million of carrying value with discontinued hedging relationships as of December 31, 2021 and 2020, respectively. Long-term debt includes $440 million and $525 million of carrying value with discontinued hedging relationships as of December 31, 2021 and 2020, respectively.

(2)Current portion of long-term debt includes $85 million and $89 million of hedging adjustments on discontinued hedging relationships as of December 31, 2021 and 2020, respectively. Long-term debt includes $340 million and $425 million of hedging adjustments on discontinued hedging relationships as of December 31, 2021 and 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):

						Year ended December 31, 2021
						Product sales						Other income, net						Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income						$	24,297					$	259					$	(1,197)
The effects of cash flow and fair value hedging:
Losses on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts						$	(8)					$	—					$	—
Cross-currency swap contracts						$	—					$	(245)					$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	281
Derivatives designated as hedging instruments						$	—					$	—					$	(192)

						Year ended December 31, 2020
						Product sales						Other income, net						Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income						$	24,240					$	256					$	(1,262)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts						$	178					$	—					$	—
Cross-currency swap contracts						$	—					$	323					$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	315
Derivatives designated as hedging instruments						$	—					$	—					$	(204)

						Year ended December 31, 2019
						Product sales						Other income, net						Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income						$	22,204					$	753					$	(1,289)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts						$	101					$	—					$	—
Cross-currency swap contracts						$	—					$	110					$	—
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	(349)
Derivatives designated as hedging instruments						$	—					$	—					$	352

__________

(1)    Gains on hedged items do not completely 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 Consolidated Balance Sheets

The fair values of derivatives included in the Consolidated Balance Sheets were as follows (in millions):

						Derivative assets												Derivative liabilities
December 31, 2021						Consolidated Balance Sheets locations						Fair values						Consolidated Balance Sheets locations						Fair values
Derivatives designated as hedging instruments:
Foreign currency contracts						Other current assets/ Other noncurrent assets						$	183					Accrued liabilities/ Other noncurrent liabilities						$	39
Cross-currency swap contracts						Other current assets/ Other noncurrent assets						66						Accrued liabilities/ Other noncurrent liabilities						339
Interest rate swap contracts						Other current assets/ Other noncurrent assets						16						Accrued liabilities/ Other noncurrent liabilities						156
Total derivatives designated as hedging instruments												265												534
Total derivatives												$	265											$	534
						Derivative assets												Derivative liabilities
December 31, 2020						Consolidated Balance Sheets locations						Fair values						Consolidated Balance Sheets locations						Fair values
Derivatives designated as hedging instruments:
Foreign currency contracts						Other current assets/ Other noncurrent assets						$	28					Accrued liabilities/ Other noncurrent liabilities						$	237
Cross-currency swap contracts						Other current assets/ Other noncurrent assets						255						Accrued liabilities/ Other noncurrent liabilities						318
Interest rate swap contracts						Other current assets/ Other noncurrent assets						66						Accrued liabilities/ Other noncurrent liabilities						15
Total derivatives designated as hedging instruments												349												570
Total derivatives												$	349											$	570

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

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 4B
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

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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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