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Derivative instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023, were as follows (notional amounts in millions):
|  | Foreign currency |  | U.S. dollars
Hedged notes |  | Notional amounts |  | Interest rates |  | Notional amounts |  | Interest rates
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 | Gains and losses recognized in AOCI for our derivative instruments designated as cash flow hedges were as follows (in millions):
|  | Three months ended March 31, |  |
Derivatives in cash flow hedging relationships |  | 2023 |  | 2022 |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 78 |  |  |  |  |
Cross-currency swap contracts |  | (40) |  |  | (22) |  |  |  |  |
Forward interest rate contracts |  | (31) |  |  | — |  |  |  |  |
Total unrealized (losses) gains |  | $ | (71) |  |  | $ | 56 |  |  |  |  |
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 |  | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022
Current portion of long-term debt |  | $ | 82 |  |  | $ | 82 |  |  | $ | 82 |  |  | $ | 82 |
Long-term debt |  | $ | 6,112 |  |  | $ | 6,017 |  |  | $ | (425) |  |  | $ | (519) |
____________ (1) Current portion of long-term debt includes $82 million of carrying value with discontinued hedging relationships as of both March 31, 2023 and December 31, 2022. Long-term debt includes $337 million and $357 million of carrying value with discontinued hedging relationships as of March 31, 2023 and December 31, 2022, respectively. (2) Current portion of long-term debt includes $82 million of hedging adjustments on discontinued hedging relationships as of both March 31, 2023 and December 31, 2022. Long-term debt includes $237 million and $257 million of hedging adjustments on discontinued hedging relationships as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 |  |
|  | 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 |  | $ | 5,846 |  |  | $ | 2,064 |  |  | $ | (543) |  |  |  |  |  |  |
The effects of cash flow and fair value hedging: |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on cash flow hedging relationships reclassified out of AOCI: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 52 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |
Cross-currency swap contracts |  | $ | — |  |  | $ | (22) |  |  | $ | — |  |  |  |  |  |  |
(Losses) gains on fair value hedging relationships—interest rate swap agreements: |  |  |  |  |  |  |  |  |  |  |  |
Hedged items(1) |  | $ | — |  |  | $ | — |  |  | $ | (88) |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | — |  |  | $ | — |  |  | $ | 114 |  |  |  |  |  |  |
|  | Three months ended March 31, 2022 |  |
|  | 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 |  | $ | 5,731 |  |  | $ | (530) |  |  | $ | (295) |  |  |  |  |  |  |
The effects of cash flow and fair value hedging: |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on cash flow hedging relationships reclassified out of AOCI: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 27 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |
Cross-currency swap contracts |  | $ | — |  |  | $ | (78) |  |  | $ | — |  |  |  |  |  |  |
Gains (losses) on fair value hedging relationships—interest rate swap agreements: |  |  |  |  |  |  |  |  |  |  |  |
Hedged items(1) |  | $ | — |  |  | $ | — |  |  | $ | 337 |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | — |  |  | $ | — |  |  | $ | (315) |  |  |  |  |  |  |
__________ (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
March 31, 2023 |  | Condensed Consolidated Balance Sheets locations |  | Fair values |  | Condensed Consolidated Balance Sheets locations |  | Fair values
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Other current assets/ Other noncurrent assets |  | $ | 252 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | $ | 73 |
Cross-currency swap contracts |  | Other current assets/ Other noncurrent assets |  | — |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 517 |
Interest rate swap contracts |  | Other current assets/ Other noncurrent assets |  | — |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 662 |
Forward interest rate contracts |  | Other current assets/ Other noncurrent assets |  | — |  |  | Accrued liabilities/ Other noncurrent liabilities |  | — |
Total derivatives designated as hedging instruments |  |  |  | 252 |  |  |  |  | 1,252 |
Total derivatives |  |  |  | $ | 252 |  |  |  |  | $ | 1,252 |
|  | Derivative assets |  | Derivative liabilities
December 31, 2022 |  | Condensed Consolidated Balance Sheets locations |  | Fair values |  | Condensed Consolidated Balance Sheets locations |  | Fair values
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Other current assets/ Other noncurrent assets |  | $ | 287 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | $ | 76 |
Cross-currency swap contracts |  | Other current assets/ Other noncurrent assets |  | 54 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 541 |
Interest rate swap contracts |  | Other current assets/ Other noncurrent assets |  | — |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 776 |
Forward interest rate contracts |  | Other current assets/ Other noncurrent assets |  | — |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 5 |
Total derivatives designated as hedging instruments |  |  |  | 341 |  |  |  |  | 1,398 |
Total derivatives |  |  |  | $ | 341 |  |  |  |  | $ | 1,398 |

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