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Derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the classification and fair values of derivative instruments on our Consolidated Balance Sheets (in millions):
|  | December 31, 2017
|  | Asset Derivatives |  | Liability Derivatives
|  | Classification |  | Fair Value |  | Classification |  | Fair Value
Derivatives designated as hedges: |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Other current assets |  | $ | 2 |  |  | Other accrued liabilities |  | $ | (89 | )
Foreign currency exchange contracts |  | Other long-term assets |  | 1 |  |  | Other long-term obligations |  | (3 | )
Total derivatives designated as hedges |  |  |  | 3 |  |  |  |  | (92 | )
Derivatives not designated as hedges: |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Other current assets |  | 10 |  |  | Other accrued liabilities |  | (1 | )
Total derivatives not designated as hedges |  |  |  | 10 |  |  |  |  | (1 | )
Total derivatives |  |  |  | $ | 13 |  |  |  |  | $ | (93 | )
|  | December 31, 2016
|  | Asset Derivatives |  | Liability Derivatives
|  | Classification |  | Fair Value |  | Classification |  | Fair Value
Derivatives designated as hedges: |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Other current assets |  | $ | 225 |  |  | Other accrued liabilities |  | $ | (1 | )
Foreign currency exchange contracts |  | Other long-term assets |  | 20 |  |  | Other long-term obligations |  | — |
Total derivatives designated as hedges |  |  |  | 245 |  |  |  |  | (1 | )
Derivatives not designated as hedges: |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Other current assets |  | 81 |  |  | Other accrued liabilities |  | (34 | )
Foreign currency exchange contracts |  | Other long-term assets |  | 10 |  |  | Other long-term obligations |  | (2 | )
Total derivatives not designated as hedges |  |  |  | 91 |  |  |  |  | (36 | )
Total derivatives |  |  |  | $ | 336 |  |  |  |  | $ | (37 | )
Summary of the effect of foreign currency exchange contracts on consolidated statements of income | The following table summarizes the effect of our foreign currency exchange contracts on our Consolidated Financial Statements (in millions):
|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015
Derivatives designated as hedges: |  |  |  |  |  |
Gains (losses) recognized in AOCI (effective portion) |  | $ | (315 | ) |  | $ | 5 |  |  | $ | 410 |
Gains (losses) reclassified from AOCI into product sales (effective portion) |  | $ | (28 | ) |  | $ | 73 |  |  | $ | 602 |
Gains (losses) recognized in Other income (expense), net (ineffective portion and amounts excluded from effectiveness testing) |  | $ | 41 |  |  | $ | (32 | ) |  | $ | 13 |
Derivatives not designated as hedges: |  |  |  |  |  |  |  |  |
Gains (losses) recognized in Other income (expense), net |  | $ | (113 | ) |  | $ | 206 |  |  | $ | 117 |
Derivatives Offsetting | The following table summarizes the potential effect of offsetting derivatives by type of financial instrument on our Consolidated Balance Sheets (in millions):
As of December 31, 2017
Offsetting of Derivative Assets/Liabilities
|  |  |  |  |  |  |  | Gross Amounts Not Offset on the Consolidated Balance Sheets |  |
Description |  | Gross Amounts of Recognized Assets/Liabilities |  | Gross Amounts Offset on the Consolidated Balance Sheets |  | Amounts of Assets/Liabilities Presented on the Consolidated Balance Sheets |  | Derivative Financial Instruments |  | Cash Collateral Received/Pledged |  | Net Amount (Legal Offset)
Derivative assets |  | $ | 13 |  |  | $ | — |  |  | $ | 13 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | 5 |
Derivative liabilities |  | (93 | ) |  | — |  |  | (93 | ) |  | 8 |  |  | — |  |  | (85 | )
As of December 31, 2016
Offsetting of Derivative Assets/Liabilities
|  |  |  |  |  |  |  | Gross Amounts Not Offset on the Consolidated Balance Sheets |  |
Description |  | Gross Amounts of Recognized Assets/Liabilities |  | Gross Amounts Offset on the Consolidated Balance Sheets |  | Amounts of Assets/Liabilities Presented on the Consolidated Balance Sheets |  | Derivative Financial Instruments |  | Cash Collateral Received/Pledged |  | Net Amount (Legal Offset)
Derivative assets |  | $ | 336 |  |  | $ | — |  |  | $ | 336 |  |  | $ | (37 | ) |  | $ | — |  |  | $ | 299 |
Derivative liabilities |  | (37 | ) |  | — |  |  | (37 | ) |  | 37 |  |  | — |  |  | — |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 + 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 + Details
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