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Derivative instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cross-Currency Swaps

The notional amounts and interest rates of our cross-currency swaps as of September 30, 2024, 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		%

Summary of Unrealized Gains and Losses Recognized in AOCI

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						2024						2023						2024						2023
Foreign currency forward contracts						$	(238)					$	198					$	87					$	222
Cross-currency swap contracts						80						(22)						50						(36)
Forward interest rate contracts						—						—						—						(31)
Total unrealized (losses) gains						$	(158)					$	176					$	137					$	155

Hedged Liabilities and Cumulative Amount

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, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Current portion of long-term debt						$	1,039					$	1,441					$	39					$	41
Long-term debt						$	5,307					$	4,788					$	(231)					$	(355)

____________

(1)     Current portion of long-term debt includes $58 million and $69 million of carrying value with discontinued hedging relationships as of September 30, 2024 and December 31, 2023, respectively. Long-term debt includes $245 million and $288 million of carrying value with discontinued hedging relationships as of September 30, 2024 and December 31, 2023, respectively.

(2)    Current portion of long-term debt includes $58 million and $69 million of hedging adjustments on discontinued hedging relationships as of September 30, 2024 and December 31, 2023, respectively. Long-term debt includes $145 million and $188 million of hedging adjustments on discontinued hedging relationships as of September 30, 2024 and December 31, 2023, respectively.

Summary 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, 2024																		Nine months ended September 30, 2024
						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						$	8,151					$	1,830					$	(776)					$	23,310					$	1,288					$	(2,408)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts						$	45					$	—					$	—					$	151					$	—					$	—
Cross-currency swap contracts						$	—					$	121					$	—					$	—					$	87					$	—
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	(153)					$	—					$	—					$	(122)
Derivatives designated as hedging instruments						$	—					$	—					$	168					$	—					$	—					$	176

						Three months ended September 30, 2023																		Nine months ended September 30, 2023
						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						$	6,548					$	685					$	(759)					$	19,077					$	2,431					$	(2,054)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts						$	33					$	—					$	—					$	121					$	—					$	—
Cross-currency swap contracts						$	—					$	(86)					$	—					$	—					$	(57)					$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	58					$	—					$	—					$	63
Derivatives designated as hedging instruments						$	—					$	—					$	(37)					$	—					$	—					$	5

__________

(1)    Gains (losses) on hedged items do not exactly offset losses (gains) 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 Value of Derivatives

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

						Derivative assets												Derivative liabilities
September 30, 2024						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						$	99					Accrued liabilities/ Other noncurrent liabilities						$	121
Cross-currency swap contracts						Other current assets/ Other noncurrent assets						4						Accrued liabilities/ Other noncurrent liabilities						361
Interest rate swap contracts						Other current assets/ Other noncurrent assets						9						Accrued liabilities/ Other noncurrent liabilities						404
Total derivatives designated as hedging instruments												112												886
Total derivatives												$	112											$	886

						Derivative assets												Derivative liabilities
December 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						$	145					Accrued liabilities/ Other noncurrent liabilities						$	116
Cross-currency swap contracts						Other current assets/ Other noncurrent assets						—						Accrued liabilities/ Other noncurrent liabilities						405
Interest rate swap contracts						Other current assets/ Other noncurrent assets						—						Accrued liabilities/ Other noncurrent liabilities						571
Total derivatives designated as hedging instruments												145												1,092
Total derivatives												$	145											$	1,092

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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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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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