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Derivative instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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		%

Schedule of Unrealized Gains and Losses Recognized in AOCI

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												2024						2023						2022
Foreign currency forward contracts												$	585					$	(14)					$	308
Cross-currency swap contracts												(79)						73						(219)
Forward interest rate contracts												—						(31)						(5)
Total unrealized gains												$	506					$	28					$	84

Schedule of Interest Rate Derivatives

As of December 31, 2024 and 2023, the interest rates on the portion of notes for which we have entered into interest rate swap contracts and the related notional amounts of these contracts were as follows (dollar amounts in millions):

						December 31,
						2024												2023
Notes						Notional amounts						Interest rates						Notional amounts						Interest rates
3.625% 2024 Notes						$	—					N/A						$	1,400					SOFR + 3.4%
3.125% 2025 Notes						1,000						SOFR + 2.1%						1,000						SOFR + 2.1%
2.60% 2026 Notes						1,250						SOFR + 2.1%						1,250						SOFR + 2.1%
2.45% 2030 Notes						1,000						SOFR + 1.3%						1,000						SOFR + 1.3%
2.30% 2031 Notes						500						SOFR + 1.1%						500						SOFR + 1.1%
5.25% 2033 Notes						1,400						SOFR + 1.8%						—						N/A
4.663% 2051 Notes						1,500						SOFR + 4.3%						1,500						SOFR + 4.3%
Total notional amounts						$	6,650											$	6,650

N/A = not applicable

Schedule of Hedged Liabilities and Cumulative Amount

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						2024						2023						2024						2023
Current portion of long-term debt						$	1,045					$	1,441					$	45					$	41
Long-term debt						$	5,152					$	4,788					$	(388)					$	(355)

____________

(1)Current portion of long-term debt includes $56 million and $69 million of carrying value with discontinued hedging relationships as of December 31, 2024 and 2023, respectively. Long-term debt includes $232 million and $288 million of carrying value with discontinued hedging relationships as of December 31, 2024 and 2023, respectively.

(2)Current portion of long-term debt includes $56 million and $69 million of hedging adjustments on discontinued hedging relationships as of December 31, 2024 and 2023, respectively. Long-term debt includes $132 million and $188 million of hedging adjustments on discontinued hedging relationships as of December 31, 2024 and 2023, respectively.

Schedule 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, 2024
						Product sales						Other income (expense), net						Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income						$	32,026					$	506					$	(3,155)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts						$	192					$	—					$	—
Cross-currency swap contracts						$	—					$	(75)					$	—
Gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	29
Derivatives designated as hedging instruments						$	—					$	—					$	40

						Year ended December 31, 2023
						Product sales						Other income (expense), net						Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income						$	26,910					$	2,833					$	(2,875)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts						$	180					$	—					$	—
Cross-currency swap contracts						$	—					$	42					$	—
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	(118)
Derivatives designated as hedging instruments						$	—					$	—					$	205

						Year ended December 31, 2022
						Product sales						Other income (expense), net						Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income						$	24,801					$	(814)					$	(1,406)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts						$	231					$	—					$	—
Cross-currency swap contracts						$	—					$	(233)					$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)						$	—					$	—					$	716
Derivatives designated as hedging instruments						$	—					$	—					$	(636)

__________

(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.

Schedule of Fair Value of Derivatives

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

						Derivative assets												Derivative liabilities
December 31, 2024						Consolidated Balance Sheets locations						Fair values						Consolidated Balance Sheets locations						Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts						Other current assets/ Other noncurrent assets						$	420					Accrued liabilities/ Other noncurrent liabilities						$	8
Cross-currency swap contracts						Other current assets/ Other noncurrent assets						—						Accrued liabilities/ Other noncurrent liabilities						483
Interest rate swap contracts						Other current assets/ Other noncurrent assets						—						Accrued liabilities/ Other noncurrent liabilities						531
Total derivatives designated as hedging instruments												420												1,022
Total derivatives												$	420											$	1,022
						Derivative assets												Derivative liabilities
December 31, 2023						Consolidated Balance Sheets locations						Fair values						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

For additional information, see Note 18, Fair value measurement.

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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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