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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of classification and fair value of derivative instruments The following table summarizes the classification and fair values of derivative instruments in our Consolidated Balance Sheets:
December 31, 2020
Asset DerivativesLiability Derivatives
(in millions)Classification
Fair Value
ClassificationFair
Value
Derivatives designated as hedges:
Foreign currency exchange contracts
Prepaid and other current assets$— Other accrued liabilities$(113)
Foreign currency exchange contracts
Other long-term assets— Other long-term obligations(7)
Total derivatives designated as hedges
— (120)
Derivatives not designated as hedges:
Foreign currency exchange contracts
Prepaid and other current assets12 Other accrued liabilities(1)
Total derivatives not designated as hedges
12 (1)
Total derivatives$12 $(121)
December 31, 2019
Asset DerivativesLiability Derivatives
(in millions)Classification
Fair Value
ClassificationFair
Value
Derivatives designated as hedges:
Foreign currency exchange contracts
Prepaid and other current assets$36 Other accrued liabilities$(6)
Foreign currency exchange contracts
Other long-term assets— Other long-term obligations(2)
Total derivatives designated as hedges
36 (8)
Derivatives not designated as hedges:
Foreign currency exchange contracts
Prepaid and other current assets1 Other accrued liabilities— 
Total derivatives not designated as hedges
1 — 
Total derivatives$37 $(8)
Summary of effect of foreign currency exchange contracts
The following table summarizes the effect of our foreign currency exchange contracts on our Consolidated Financial Statements:
Year Ended December 31,
(in millions)202020192018
Derivatives designated as hedges:  
Gain (loss) recognized in AOCI$(118)$76 $114 
Gain (loss) reclassified from AOCI into product sales$47 $127 $(87)
Derivatives not designated as hedges:   
Gain (loss) recognized in Other income (expense), net$(51)$22 $(2)
Summary of potential effect of offsetting derivatives The following table summarizes the potential effect of offsetting our foreign currency exchange contracts on our Consolidated Balance Sheets:
Gross Amounts Not Offset on the Consolidated Balance Sheets
(in millions)Gross Amounts of Recognized Assets/LiabilitiesGross Amounts Offset on the Consolidated Balance SheetsAmounts of Assets/Liabilities Presented on the Consolidated Balance SheetsDerivative Financial InstrumentsCash Collateral Received/PledgedNet Amount (Legal Offset)
As of December 31, 2020
Derivative assets$12 $— $12 $(12)$— $— 
Derivative liabilities$(121)$— $(121)$12 $— $(109)
As of December 31, 2019
Derivative assets$37 $— $37 $(6)$— $31 
Derivative liabilities$(8)$— $(8)$7 $— $(1)