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Derivative instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
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, 2025, 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 |  |  | 4.7 | %
Schedule 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 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Foreign currency forward contracts |  | $ | 123 |  |  | $ | (238) |  |  | $ | (592) |  |  | $ | 87 |
Cross-currency swap contracts |  | (50) |  |  | 80 |  |  | 196 |  |  | 50 |
Total unrealized gains (losses) |  | $ | 73 |  |  | $ | (158) |  |  | $ | (396) |  |  | $ | 137 |
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 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, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Current portion of long-term debt |  | $ | 1,266 |  |  | $ | 1,045 |  |  | $ | 16 |  |  | $ | 45 |
Long-term debt |  | $ | 4,670 |  |  | $ | 5,152 |  |  | $ | (175) |  |  | $ | (388) |
____________ (1) Current portion of long-term debt includes $51 million and $56 million of carrying value with discontinued hedging relationships as of September 30, 2025 and December 31, 2024, respectively. Long-term debt includes $194 million and $232 million of carrying value with discontinued hedging relationships as of September 30, 2025 and December 31, 2024, respectively. (2) Current portion of long-term debt includes $51 million and $56 million of hedging adjustments on discontinued hedging relationships as of September 30, 2025 and December 31, 2024, respectively. Long-term debt includes $94 million and $132 million of hedging adjustments on discontinued hedging relationships as of September 30, 2025 and December 31, 2024, 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):
|  | Three months ended September 30, 2025 |  | Nine months ended September 30, 2025
|  | 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 |  | $ | 9,137 |  |  | $ | 2,080 |  |  | $ | (685) |  |  | $ | 25,781 |  |  | $ | 3,204 |  |  | $ | (2,102) |
The effects of cash flow and fair value hedging: |  |  |  |  |  |  |  |  |  |  |  |
(Losses) gains on cash flow hedging relationships reclassified out of AOCI: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | (28) |  |  | $ | — |  |  | $ | — |  |  | $ | 40 |  |  | $ | — |  |  | $ | — |
Cross-currency swap contracts |  | $ | — |  |  | $ | (39) |  |  | $ | — |  |  | $ | — |  |  | $ | 216 |  |  | $ | — |
(Losses) gains on fair value hedging relationships—interest rate swap agreements: |  |  |  |  |  |  |  |  |  |  |  |
Hedged items(1) |  | $ | — |  |  | $ | — |  |  | $ | (27) |  |  | $ | — |  |  | $ | — |  |  | $ | (184) |
Derivatives designated as hedging instruments |  | $ | — |  |  | $ | — |  |  | $ | 40 |  |  | $ | — |  |  | $ | — |  |  | $ | 227 |
|  | 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 |
__________ (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 Condensed Consolidated Balance Sheets were as follows (in millions):
|  | Derivative assets |  | Derivative liabilities
September 30, 2025 |  | 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 |  | $ | 93 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | $ | 261 |
Cross-currency swap contracts |  | Other current assets/ Other noncurrent assets |  | 48 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 337 |
Interest rate swap contracts |  | Other current assets/ Other noncurrent assets |  | 1 |  |  | Accrued liabilities/ Other noncurrent liabilities |  | 306 |
Total derivatives designated as hedging instruments |  |  |  | 142 |  |  |  |  | 904 |
Total derivatives |  |  |  | $ | 142 |  |  |  |  | $ | 904 |
|  | Derivative assets |  | Derivative liabilities
December 31, 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 |  | $ | 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 |

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- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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- 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://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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