XML 42 R33.htm IDEA: XBRL DOCUMENT v3.22.2.2

Derivative instruments (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022, 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					4.6		%

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						2022						2021						2022						2021
Foreign currency contracts						$	324					$	136					$	654					$	273
Cross-currency swap contracts						(279)						(120)						(486)						(180)
Total unrealized gains						$	45					$	16					$	168					$	93

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						September 30, 2022						December 31, 2021						September 30, 2022						December 31, 2021
Current portion of long-term debt						$	82					$	85					$	82					$	85
Long-term debt						$	6,002					$	6,729					$	(532)					$	199

____________

(1)     Current portion of long-term debt includes $82 million and $85 million of carrying value with discontinued hedging relationships as of September 30, 2022 and December 31, 2021, respectively. Long-term debt includes $378 million and $440 million of carrying value with discontinued hedging relationships as of September 30, 2022 and December 31, 2021, respectively.

(2)    Current portion of long-term debt includes $82 million and $85 million of hedging adjustments on discontinued hedging relationships as of September 30, 2022 and December 31, 2021, respectively. Long-term debt includes $278 million and $340 million of hedging adjustments on discontinued hedging relationships as of September 30, 2022 and December 31, 2021, 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 September 30, 2022																		Nine months ended September 30, 2022
						Product sales						Other income (expense), net						Interest expense, net						Product sales						Other income (expense), net						Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income						$	6,237					$	100					$	(368)					$	18,249					$	(747)					$	(991)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts						$	69					$	—					$	—					$	149					$	—					$	—
Cross-currency swap contracts						$	—					$	(198)					$	—					$	—					$	(461)					$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	240					$	—					$	—					$	734
Derivatives designated as hedging instruments						$	—					$	—					$	(220)					$	—					$	—					$	(670)

						Three months ended September 30, 2021																		Nine months ended September 30, 2021
						Product sales						Other income (expense), net						Interest expense, net						Product sales						Other income (expense), net						Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income						$	6,320					$	73					$	(296)					$	18,026					$	97					$	(862)
The effects of cash flow and fair value hedging:
Losses on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts						$	(5)					$	—					$	—					$	(24)					$	—					$	—
Cross-currency swap contracts						$	—					$	(104)					$	—					$	—					$	(190)					$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	54					$	—					$	—					$	195
Derivatives designated as hedging instruments						$	—					$	—					$	(31)					$	—					$	—					$	(128)

__________

(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
September 30, 2022						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 noncurrent assets						$	639					Accrued liabilities/ Other noncurrent liabilities						$	22
Cross-currency swap contracts						Other current assets/ Other noncurrent assets						6						Accrued liabilities/ Other noncurrent liabilities						754
Interest rate swap contracts						Other current assets/ Other noncurrent assets						—						Accrued liabilities/ Other noncurrent liabilities						810
Total derivatives designated as hedging instruments												$	645											$	1,586

						Derivative assets												Derivative liabilities
December 31, 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 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

X

- Definition

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

+ References

No definition available.

+ Details

Name:	amgn_ScheduleOfNotionalAmountsAndInterestRatesForCrossCurrencySwapsTableTextBlock
Namespace Prefix:	amgn_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

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 (a)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration