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Derivative instruments (Tables)

3 Months Ended

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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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.

+ References

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-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

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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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-Publisher FASB
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-Topic 815
-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
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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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