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Hedging Activities and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative [Line Items] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table presents the contractual amounts of our hedging instruments outstanding:
(in millions) |  | FASB ASC Topic 815 Designation |  | As of
| September 30, 2020 |  | December 31, 2019
Forward currency contracts |  | Cash flow hedge |  | $ | 4,118 |  |  | $ | 3,891 |
Forward currency contracts |  | Net investment hedge |  | 991 |  |  | 953 |
Foreign currency-denominated debt(1) |  | Net investment hedge |  | 894 |  |  | 997 |
Forward currency contracts |  | Non-designated |  | 4,283 |  |  | 4,377 |
Total Notional Outstanding |  |  |  | $ | 10,286 |  |  | $ | 10,218 |
(1) The €900 million (approximately $1.000 billion) debt principal is a nonderivative instrument designated as a net investment hedge of our net investments in certain of our euro functional subsidiaries. We dedesignated a portion of the net investment hedges in the second and third quarters of 2020.
Derivative Instruments, Gain (Loss) [Table Text Block] |
| Effect of Hedging Relationships on Accumulated Other Comprehensive Income
| Amount Recognized in OCI on Hedges |  | Unaudited Condensed Consolidated Statements of Operations (1) |  | Amount Reclassified from AOCI into Earnings
(in millions) | Pre-Tax Gain (Loss) | Tax Benefit (Expense) | Gain (Loss) Net of Tax |  | Location of Amount Reclassified and Total Amount of Line Item |  | Pre-Tax (Gain) Loss | Tax (Benefit) Expense | (Gain) Loss Net of Tax
Three Months Ended September 30, 2020
Forward currency contracts |  |  |  |  |  |  |  |
Cash flow hedges | $ | (64) |  | $ | 14 |  | $ | (50) |  |  | Cost of products sold | $ | 869 |  |  | $ | (20) |  | $ | 4 |  | $ | (15) |
Net investment hedges (2) | (21) |  | 5 |  | (16) |  |  | Interest expense | 86 |  |  | (6) |  | 1 |  | (5) |
Foreign currency-denominated debt |  |  |  |  |  |  |  |
Net investment hedges (3) | (46) |  | 10 |  | (36) |  |  | Other, net | (64) |  |  | — |  | — |  | — |
Interest rate derivative contracts |  |  |  |  |  |  |  |
Cash flow hedges | — |  | — |  | — |  |  | Interest expense | 86 |  |  | 1 |  | — |  | 1 |
Three Months Ended September 30, 2019
Forward currency contracts |  |  |  |  |  |  |  |
Cash flow hedges | $ | 101 |  | $ | (23) |  | $ | 78 |  |  | Cost of products sold | $ | 777 |  |  | $ | (22) |  | $ | 5 |  | $ | (17) |
Net investment hedges (2) | 64 |  | (14) |  | 50 |  |  | Interest expense | 95 |  |  | (12) |  | 3 |  | (9) |
Interest rate derivative contracts |  |  |  |  |  |  |  |
Cash flow hedges | — |  | — |  | — |  |  | Interest Expense | 95 |  |  | 1 |  | — |  | 1 |
Nine Months Ended September 30, 2020
Forward currency contracts |  |  |  |  |  |  |  |
Cash flow hedges | $ | 47 |  | $ | (11) |  | $ | 36 |  |  | Cost of products sold | $ | 2,465 |  |  | $ | (70) |  | $ | 16 |  | $ | (55) |
Net investment hedges (2) | (4) |  | (21) |  | (25) |  |  | Interest expense | 265 |  |  | (18) |  | 4 |  | (14) |
Foreign currency-denominated debt |  |  |  |  |  |  |  |
Net investment hedges (3) | (44) |  | 13 |  | (31) |  |  | Other, net | (9) |  |  | — |  | — |  | — |
Interest rate derivative contracts |  |  |  |  |  |  |  |
Cash flow hedges | — |  | — |  | — |  |  | Interest expense | 265 |  |  | 4 |  | (1) |  | 3 |
Nine Months Ended September 30, 2019
Forward currency contracts |  |  |  |  |  |  |  |
Cash flow hedges | $ | 176 |  | $ | (40) |  | $ | 136 |  |  | Cost of products sold | $ | 2,265 |  |  | $ | (47) |  | $ | 10 |  | $ | (36) |
Net investment hedges (2) | 92 |  | (21) |  | 71 |  |  | Interest expense | 294 |  |  | (33) |  | 7 |  | (25) |
Interest rate derivative contracts |  |  |  |  |  |  |  |
Cash flow hedges | — |  | — |  | — |  |  | Interest expense | 294 |  |  | 3 |  | (1) |  | 2 |
(1) In all periods presented in the table above, the pre-tax (gain) loss amounts reclassified from AOCI to earnings represent the effect of the hedging relationships on earnings. All other amounts included in earnings related to hedging relationships were immaterial. (2) For our outstanding forward currency contracts designated as net investment hedges, the net gain or loss reclassified from AOCI to earnings as a reduction of Interest expense represents the straight-line amortization of the excluded component as calculated at the date of designation. This initial value of the excluded component has been excluded from the assessment of effectiveness in accordance with FASB ASC Topic 815. In the current period, we did not recognize any gains or losses on the components included in the assessment of hedge effectiveness in earnings. (3) For our outstanding euro-denominated debt principal designated as a net investment hedge, the change in fair value attributable to changes in the spot rate is recorded in the Foreign currency translation adjustment (CTA) component of OCI. No amounts were reclassified from AOCI to current period earnings.
Derivative Instruments, Gain (Loss) that may be Reclassified from AOCI to Earnings within Twelve Months [Table Text Block] | As of September 30, 2020, pre-tax net gains or losses for our derivative instruments designated, or previously designated, as cash flow and net investment hedges under FASB ASC Topic 815 that may be reclassified from AOCI to earnings within the next twelve months are presented below (in millions):
Designated Hedging Instrument |  | FASB ASC Topic 815 Designation |  | Location on Unaudited Condensed Consolidated Statements of Operations |  | Amount of Pre-Tax Gain (Loss) that may be Reclassified to Earnings
Forward currency contracts |  | Cash flow hedge |  | Cost of products sold |  | $ | 79 |
Forward currency contracts |  | Net investment hedge |  | Interest expense |  | 17 |
Interest rate derivative contracts |  | Cash flow hedge |  | Interest expense |  | (5) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Net gains and losses on currency hedge contracts not designated as hedging instruments offset by net gains and losses from currency transaction exposures are presented below:
|  | Location on Unaudited Condensed Consolidated Statements of Operations |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net gain (loss) on currency hedge contracts |  | Other, net |  | $ | 29 |  |  | $ | (202) |  |  | $ | 20 |  |  | $ | (334) |
Net gain (loss) on currency transaction exposures |  | Other, net |  | (30) |  |  | (4) |  |  | (33) |  |  | — |
Net currency exchange gain (loss) |  |  |  | $ | (1) |  |  | $ | (207) |  |  | $ | (13) |  |  | $ | (334) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following are the balances of our derivative and nonderivative assets and liabilities:
|  | Location on Unaudited Condensed Consolidated Balance Sheets (1) |  | As of
(in millions) |  |  | September 30, 2020 |  | December 31, 2019
Derivative and Nonderivative Assets: |  |  |  |  |  |
Designated Hedging Instruments |  |  |  |  |  |
Forward currency contracts |  | Other current assets |  | $ | 90 |  |  | $ | 72 |
Forward currency contracts |  | Other long-term assets |  | 179 |  |  | 216 |
|  |  |  | 270 |  |  | 288 |
Non-Designated Hedging Instruments |  |  |  |  |  |
Forward currency contracts |  | Other current assets |  | 56 |  |  | 33 |
Total Derivative and Nonderivative Assets |  |  |  | $ | 325 |  |  | $ | 321 |
Derivative and Nonderivative Liabilities: |  |  |  |  |  |
Designated Hedging Instruments |  |  |  |  |  |
Forward currency contracts |  | Other current liabilities |  | $ | 6 |  |  | $ | 3 |
Forward currency contracts |  | Other long-term liabilities |  | 9 |  |  | 8 |
Foreign currency-denominated debt |  | Other long-term liabilities |  | 1,042 |  |  | 998 |
|  |  |  | 1,058 |  |  | 1,009 |
Non-Designated Hedging Instruments |  |  |  |  |  |
Forward currency contracts |  | Other current liabilities |  | 58 |  |  | 29 |
Total Derivative and Nonderivative Liabilities |  |  |  | $ | 1,116 |  |  | $ | 1,037 |
(1) We classify derivative and nonderivative assets and liabilities as current when the settlement date of the contract is one year or less.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis consist of the following:
| As of
| September 30, 2020 |  | December 31, 2019
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds and time deposits | $ | 1,716 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,716 |  |  | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |
Publicly-held securities | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Hedging instruments | — |  |  | 325 |  |  | — |  |  | 325 |  |  | — |  |  | 321 |  |  | — |  |  | 321 |
Licensing arrangements | — |  |  | — |  |  | 396 |  |  | 396 |  |  | — |  |  | — |  |  | 518 |  |  | 518 |
| $ | 1,717 |  |  | $ | 325 |  |  | $ | 396 |  |  | $ | 2,438 |  |  | $ | 51 |  |  | $ | 321 |  |  | $ | 518 |  |  | $ | 890 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedging instruments | $ | — |  |  | $ | 1,116 |  |  | $ | — |  |  | $ | 1,116 |  |  | $ | — |  |  | $ | 1,037 |  |  | $ | — |  |  | $ | 1,037 |
Contingent consideration liability | — |  |  | — |  |  | 214 |  |  | 214 |  |  | — |  |  | — |  |  | 354 |  |  | 354 |
Licensing arrangements | — |  |  | — |  |  | 413 |  |  | 413 |  |  | — |  |  | — |  |  | 571 |  |  | 571 |
| $ | — |  |  | $ | 1,116 |  |  | $ | 627 |  |  | $ | 1,743 |  |  | $ | — |  |  | $ | 1,037 |  |  | $ | 925 |  |  | $ | 1,963 |
The recurring Level 3 fair value measurements of our licensing arrangements recognized in our unaudited condensed consolidated balance sheets as of September 30, 2020 include the following significant unobservable inputs:
Licensing Arrangements | Fair Value as of September 30, 2020 | Valuation Technique | Unobservable Input | Range | Weighted Average (1)
Financial Asset | $396 million | Discounted Cash Flow | Discount Rate | 11 | % | - | 15% | 15%
Projected Year of Payment | 2020 | - | 2028 | 2024
Financial Liability | $413 million | Discounted Cash Flow | Discount Rate | 12 | % | - | 15% | 13%
Projected Year of Payment | 2020 | - | 2027 | 2024
(1) Unobservable inputs relate to a single financial asset and liability. As such, unobservable inputs were not weighted by the relative fair value of the instruments. For projected year of payment, the amount represents the median of the inputs and is not a weighted average. Changes in the fair value of our licensing arrangements' financial asset were as follows:
(in millions) |
Balance as of December 31, 2019 | $ | 518 |
Proceeds from royalty rights | (132) |
Fair value adjustment (expense) benefit | 9 |
Balance as of September 30, 2020 | $ | 396 |
Changes in the fair value of our licensing arrangements' financial liability were as follows:
(in millions) |
Balance as of December 31, 2019 | $ | 571 |
Payments for royalty rights | (165) |
Fair value adjustment expense (benefit) | 7 |
Balance as of September 30, 2020 | $ | 413 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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