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Financial Instruments (Tables) | 6 Months Ended
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Jun. 28, 2020
Financial Instruments [Abstract] |
Schedule of Financial Assets and Liabilities Measured At Fair Value On a Recurring Basis |
The following table presents the financial assets and liabilities measured at fair value using a market approach on a recurring basis by balance sheet categories and fair value hierarchy level as defined in Notes to Consolidated Financial Statements––Note 1E. Basis of Presentation and Significant Accounting Policies: Fair Value in our 2019 Financial Report:
|  | June 28, 2020 |  | December 31, 2019
(MILLIONS OF DOLLARS) |  | Total |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2
Financial assets measured at fair value on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |
Classified as equity securities with readily determinable fair values: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(a) |  | $ | 13,033 |  |  | $ | — |  |  | $ | 13,033 |  |  | $ | 705 |  |  | $ | — |  |  | $ | 705 |
Classified as available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Government and agency—non-U.S. |  | 6,218 |  |  | — |  |  | 6,218 |  |  | 4,863 |  |  | — |  |  | 4,863 |
Government and agency—U.S. |  | 14 |  |  | — |  |  | 14 |  |  | 811 |  |  | — |  |  | 811 |
Corporate and other |  | 1,440 |  |  | — |  |  | 1,440 |  |  | 1,013 |  |  | — |  |  | 1,013 |
|  | 7,672 |  |  | — |  |  | 7,672 |  |  | 6,687 |  |  | — |  |  | 6,687 |
Total short-term investments |  | 20,705 |  |  | — |  |  | 20,705 |  |  | 7,392 |  |  | — |  |  | 7,392 |
Other current assets |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | 17 |  |  | — |  |  | 17 |  |  | 53 |  |  | — |  |  | 53 |
Foreign exchange contracts |  | 413 |  |  | — |  |  | 413 |  |  | 413 |  |  | — |  |  | 413 |
Total other current assets |  | 431 |  |  | — |  |  | 431 |  |  | 465 |  |  | — |  |  | 465 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |
Classified as equity securities with readily determinable fair values(b) |  | 2,072 |  |  | 2,046 |  |  | 26 |  |  | 1,902 |  |  | 1,863 |  |  | 39 |
Classified as available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Government and agency—U.S. |  | 243 |  |  | — |  |  | 243 |  |  | 303 |  |  | — |  |  | 303 |
Corporate and other |  | 11 |  |  | — |  |  | 11 |  |  | 11 |  |  | — |  |  | 11 |
|  | 254 |  |  | — |  |  | 254 |  |  | 315 |  |  | — |  |  | 315 |
Total long-term investments |  | 2,326 |  |  | 2,046 |  |  | 280 |  |  | 2,216 |  |  | 1,863 |  |  | 354 |
Other noncurrent assets |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | 140 |  |  | — |  |  | 140 |  |  | 266 |  |  | — |  |  | 266 |
Foreign exchange contracts |  | 221 |  |  | — |  |  | 221 |  |  | 261 |  |  | — |  |  | 261 |
Total derivative assets |  | 362 |  |  | — |  |  | 362 |  |  | 526 |  |  | — |  |  | 526 |
Insurance contracts(c) |  | 578 |  |  | — |  |  | 578 |  |  | 575 |  |  | — |  |  | 575 |
Total other noncurrent assets |  | 940 |  |  | — |  |  | 940 |  |  | 1,102 |  |  | — |  |  | 1,102 |
Total assets |  | $ | 24,402 |  |  | $ | 2,046 |  |  | $ | 22,355 |  |  | $ | 11,176 |  |  | $ | 1,863 |  |  | $ | 9,313 |
Financial liabilities measured at fair value on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 127 |  |  | $ | — |  |  | $ | 127 |  |  | $ | 114 |  |  | $ | — |  |  | $ | 114 |
Total other current liabilities |  | 127 |  |  | — |  |  | 127 |  |  | 114 |  |  | — |  |  | 114 |
Other noncurrent liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 866 |  |  | — |  |  | 866 |  |  | 604 |  |  | — |  |  | 604 |
Total other noncurrent liabilities |  | 866 |  |  | — |  |  | 866 |  |  | 604 |  |  | — |  |  | 604 |
Total liabilities |  | $ | 993 |  |  | $ | — |  |  | $ | 993 |  |  | $ | 718 |  |  | $ | — |  |  | $ | 718 |
(a) | As of June 28, 2020, $11.4 billion of proceeds from the Upjohn debt transactions (see Note 7D) are invested in money market funds and included in Restricted short-term investments in the condensed consolidated balance sheet.
(b) | As of June 28, 2020, long-term equity securities of $163 million and as of December 31, 2019, long-term equity securities of $176 million were held in restricted trusts for benefits attributable to various U.S. non-qualified employee benefit plans.
(c) Other noncurrent assets include life insurance policies held in restricted trusts attributable to the funding of various U.S. non-qualified employee benefit plans. The underlying invested assets in these insurance contracts are marketable securities, which are carried at fair value, with changes in fair value recognized in Other (income)/deductions––net in the condensed consolidated statements of income (see Note 4).
Schedule of Financial Liabilities Not Measured At Fair Value On a Recurring Basis |
The following table presents the financial liabilities not measured at fair value on a recurring basis, including the carrying values and estimated fair values using a market approach:
|  | June 28, 2020 |  | December 31, 2019
|  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
(MILLIONS OF DOLLARS) |  |  |  | Total |  | Level 2 |  |  |  | Total |  | Level 2
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, excluding the current portion(a) |  | $ | 50,529 |  |  | $ | 59,121 |  |  | $ | 59,121 |  |  | $ | 35,955 |  |  | $ | 40,842 |  |  | $ | 40,842 |
(a) As of June 28, 2020, $11.4 billion of proceeds from the Upjohn debt transactions (see Note 7D) are invested in money market funds and included in Restricted short-term investments in the condensed consolidated balance sheet.
Investments by Classification Type |
The following table represents our investments by classification type:
(MILLIONS OF DOLLARS) |  | June 28, 2020 |  |  | December 31, 2019 |
Short-term investments |  |  |  |
Equity securities with readily determinable fair values(a) |  | $ | 13,033 |  |  | $ | 705 |
Available-for-sale debt securities |  | 7,672 |  |  | 6,687 |
Held-to-maturity debt securities |  | 288 |  |  | 1,133 |
Total Short-term investments |  | $ | 20,993 |  |  | $ | 8,525 |
Long-term investments |  |  |  |
Equity securities with readily determinable fair values |  | $ | 2,072 |  |  | $ | 1,902 |
Available-for-sale debt securities |  | 254 |  |  | 315 |
Held-to-maturity debt securities |  | 43 |  |  | 42 |
Private equity securities at cost |  | 772 |  |  | 756 |
Total Long-term investments |  | $ | 3,142 |  |  | $ | 3,014 |
Equity-method investments |  | 15,578 |  |  | 17,133 |
Total long-term investments and equity-method investments |  | $ | 18,720 |  |  | $ | 20,147 |
Held-to-maturity cash equivalents |  | $ | 119 |  |  | $ | 163 |
(a) | As of June 28, 2020 and December 31, 2019, equity securities with readily determinable fair values included money market funds primarily invested in U.S. Treasury and government debt. As of June 28, 2020, $11.4 billion of proceeds from the Upjohn debt transactions (see Note 7D) are invested in money market funds and included in Restricted short-term investments in the condensed consolidated balance sheet.
.
Schedule of Held-to-maturity Securities |
At June 28, 2020, our investment securities portfolio consisted of debt securities that were virtually all investment-grade. Information on investments in debt securities at June 28, 2020 and December 31, 2019 is as follows, including, as of June 28, 2020, the contractual maturities, or as necessary, the estimated maturities, of the available-for-sale and held-to-maturity debt securities:
|  | June 28, 2020 |  | December 31, 2019
|  |  |  | Gross Unrealized |  |  |  | Maturities (in Years) |  |  |  |  | Gross Unrealized |  |
(MILLIONS OF DOLLARS) |  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |  |  | Within 1 |  |  | Over 1 to 5 |  |  | Over 5 |  |  | Total |  |  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agency––non-U.S. |  | $ | 6,209 |  |  | $ | 12 |  |  | $ | (3 | ) |  | $ | 6,218 |  |  | $ | 6,218 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,218 |  |  | $ | 4,895 |  |  | $ | 6 |  |  | $ | (38 | ) |  | $ | 4,863 |
Government and agency––U.S. |  | 257 |  |  | 1 |  |  | (1 | ) |  | 257 |  |  | 14 |  |  | 243 |  |  | — |  |  | 257 |  |  | 1,120 |  |  | — |  |  | (6 | ) |  | 1,114 |
Corporate and other(a) |  | 1,450 |  |  | 2 |  |  | (1 | ) |  | 1,451 |  |  | 1,440 |  |  | 11 |  |  | — |  |  | 1,451 |  |  | 1,027 |  |  | — |  |  | (2 | ) |  | 1,025 |
Held-to-maturity debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and other |  | 228 |  |  | — |  |  | — |  |  | 228 |  |  | 189 |  |  | 9 |  |  | 30 |  |  | 228 |  |  | 535 |  |  | — |  |  | — |  |  | 535 |
Government and agency––non-U.S. |  | 222 |  |  | — |  |  | — |  |  | 222 |  |  | 218 |  |  | — |  |  | 4 |  |  | 222 |  |  | 803 |  |  | — |  |  | — |  |  | 803 |
Total debt securities |  | $ | 8,366 |  |  | $ | 16 |  |  | $ | (5 | ) |  | $ | 8,376 |  |  | $ | 8,079 |  |  | $ | 263 |  |  | $ | 35 |  |  | $ | 8,376 |  |  | $ | 8,380 |  |  | $ | 6 |  |  | $ | (47 | ) |  | $ | 8,340 |
(a) Primarily issued by a diverse group of corporations.
Schedule of Available-for-sale Securities |
At June 28, 2020, our investment securities portfolio consisted of debt securities that were virtually all investment-grade. Information on investments in debt securities at June 28, 2020 and December 31, 2019 is as follows, including, as of June 28, 2020, the contractual maturities, or as necessary, the estimated maturities, of the available-for-sale and held-to-maturity debt securities:
|  | June 28, 2020 |  | December 31, 2019
|  |  |  | Gross Unrealized |  |  |  | Maturities (in Years) |  |  |  |  | Gross Unrealized |  |
(MILLIONS OF DOLLARS) |  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |  |  | Within 1 |  |  | Over 1 to 5 |  |  | Over 5 |  |  | Total |  |  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agency––non-U.S. |  | $ | 6,209 |  |  | $ | 12 |  |  | $ | (3 | ) |  | $ | 6,218 |  |  | $ | 6,218 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,218 |  |  | $ | 4,895 |  |  | $ | 6 |  |  | $ | (38 | ) |  | $ | 4,863 |
Government and agency––U.S. |  | 257 |  |  | 1 |  |  | (1 | ) |  | 257 |  |  | 14 |  |  | 243 |  |  | — |  |  | 257 |  |  | 1,120 |  |  | — |  |  | (6 | ) |  | 1,114 |
Corporate and other(a) |  | 1,450 |  |  | 2 |  |  | (1 | ) |  | 1,451 |  |  | 1,440 |  |  | 11 |  |  | — |  |  | 1,451 |  |  | 1,027 |  |  | — |  |  | (2 | ) |  | 1,025 |
Held-to-maturity debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and other |  | 228 |  |  | — |  |  | — |  |  | 228 |  |  | 189 |  |  | 9 |  |  | 30 |  |  | 228 |  |  | 535 |  |  | — |  |  | — |  |  | 535 |
Government and agency––non-U.S. |  | 222 |  |  | — |  |  | — |  |  | 222 |  |  | 218 |  |  | — |  |  | 4 |  |  | 222 |  |  | 803 |  |  | — |  |  | — |  |  | 803 |
Total debt securities |  | $ | 8,366 |  |  | $ | 16 |  |  | $ | (5 | ) |  | $ | 8,376 |  |  | $ | 8,079 |  |  | $ | 263 |  |  | $ | 35 |  |  | $ | 8,376 |  |  | $ | 8,380 |  |  | $ | 6 |  |  | $ | (47 | ) |  | $ | 8,340 |
(a) Primarily issued by a diverse group of corporations.
Contractual Maturities of Available-for-sale and Held-to-maturity Debt Securities |
At June 28, 2020, our investment securities portfolio consisted of debt securities that were virtually all investment-grade. Information on investments in debt securities at June 28, 2020 and December 31, 2019 is as follows, including, as of June 28, 2020, the contractual maturities, or as necessary, the estimated maturities, of the available-for-sale and held-to-maturity debt securities:
|  | June 28, 2020 |  | December 31, 2019
|  |  |  | Gross Unrealized |  |  |  | Maturities (in Years) |  |  |  |  | Gross Unrealized |  |
(MILLIONS OF DOLLARS) |  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |  |  | Within 1 |  |  | Over 1 to 5 |  |  | Over 5 |  |  | Total |  |  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agency––non-U.S. |  | $ | 6,209 |  |  | $ | 12 |  |  | $ | (3 | ) |  | $ | 6,218 |  |  | $ | 6,218 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,218 |  |  | $ | 4,895 |  |  | $ | 6 |  |  | $ | (38 | ) |  | $ | 4,863 |
Government and agency––U.S. |  | 257 |  |  | 1 |  |  | (1 | ) |  | 257 |  |  | 14 |  |  | 243 |  |  | — |  |  | 257 |  |  | 1,120 |  |  | — |  |  | (6 | ) |  | 1,114 |
Corporate and other(a) |  | 1,450 |  |  | 2 |  |  | (1 | ) |  | 1,451 |  |  | 1,440 |  |  | 11 |  |  | — |  |  | 1,451 |  |  | 1,027 |  |  | — |  |  | (2 | ) |  | 1,025 |
Held-to-maturity debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and other |  | 228 |  |  | — |  |  | — |  |  | 228 |  |  | 189 |  |  | 9 |  |  | 30 |  |  | 228 |  |  | 535 |  |  | — |  |  | — |  |  | 535 |
Government and agency––non-U.S. |  | 222 |  |  | — |  |  | — |  |  | 222 |  |  | 218 |  |  | — |  |  | 4 |  |  | 222 |  |  | 803 |  |  | — |  |  | — |  |  | 803 |
Total debt securities |  | $ | 8,366 |  |  | $ | 16 |  |  | $ | (5 | ) |  | $ | 8,376 |  |  | $ | 8,079 |  |  | $ | 263 |  |  | $ | 35 |  |  | $ | 8,376 |  |  | $ | 8,380 |  |  | $ | 6 |  |  | $ | (47 | ) |  | $ | 8,340 |
(a) Primarily issued by a diverse group of corporations.
Schedule of Gains and Losses on Investment Securities |
The following table presents the calculation of the portion of unrealized gains for the period that relates to equity securities, excluding equity method investments, still held at the reporting date:
|  | Three Months Ended |  | Six Months Ended
(MILLIONS OF DOLLARS) |  | June 28, 2020 |  |  | June 30, 2019 |  |  | June 28, 2020 |  |  | June 30, 2019 |
Net gains recognized during the period on equity securities(a) |  | $ | (732 | ) |  | $ | (36 | ) |  | $ | (478 | ) |  | $ | (147 | )
Less: Net (gains)/losses recognized during the period on equity securities sold during the period |  | 1 |  |  | (6 | ) |  | (18 | ) |  | (10 | )
Net unrealized gains during the reporting period on equity securities still held at the reporting date(b) |  | $ | (733 | ) |  | $ | (31 | ) |  | $ | (459 | ) |  | $ | (137 | )
(a) | The net gains on investments in equity securities are reported in Other (income)/deductions––net. For additional information, see Note 4.
(b) Included in net unrealized gains are observable price changes on equity securities without readily determinable fair values. Since January 1, 2018, there were cumulative impairments and downward adjustments of $67 million and upward adjustments of $66 million. Impairments, downward and upward adjustments were not significant in the second quarter and the first six months of 2020 and 2019.
Schedule of Short-term Borrowings |
Short-term borrowings include:
(MILLIONS OF DOLLARS) |  | June 28, 2020 |  |  | December 31, 2019 |
Commercial paper |  | $ | 10,660 |  |  | $ | 13,915 |
Current portion of long-term debt, principal amount |  | 1,481 |  |  | 1,458 |
Other short-term borrowings, principal amount(a) |  | 956 |  |  | 860 |
Total short-term borrowings, principal amount |  | 13,097 |  |  | 16,233 |
Net fair value adjustments related to hedging and purchase accounting |  | 1 |  |  | 5 |
Net unamortized discounts, premiums and debt issuance costs |  | (14 | ) |  | (43 | )
Total Short-term borrowings, including current portion of long-term debt, carried at historical proceeds, as adjusted |  | $ | 13,084 |  |  | $ | 16,195 |
(a) Other short-term borrowings primarily include cash collateral. For additional information, see Note 7E.
Schedule of Principal Amounts of Senior Unsecured Long-Term Debt and Adjustments |
In the second quarter of 2020, we issued the following senior unsecured notes:
(MILLIONS OF DOLLARS) |  |  |  |
|  |  |  | Principal
Interest Rate |  | Maturity Date |  | As of June 28, 2020
Pfizer Inc.(a) |  |  |  |
0.800% |  | May 28, 2025 |  | $ | 750 |
1.700% |  | May 28, 2030 |  | 1,000 |
2.550% |  | May 28, 2040 |  | 1,000 |
2.700% |  | May 28, 2050 |  | 1,250 |
|  |  |  | $ | 4,000 |
Upjohn Inc., a wholly-owned subsidiary of Pfizer Inc.(b) |  |  |  |
1.125% |  | June 22, 2022 |  | $ | 1,000 |
1.650% |  | June 22, 2025 |  | 750 |
2.300% |  | June 22, 2027 |  | 750 |
2.700% |  | June 22, 2030 |  | 1,450 |
3.850% |  | June 22, 2040 |  | 1,500 |
4.000% |  | June 22, 2050 |  | 2,000 |
|  |  |  | $ | 7,450 |
Upjohn Finance B.V., a wholly-owned subsidiary of Upjohn Inc.(b) |  |  |  |
0.816% |  | June 23, 2022 |  | € | 750 |
1.023% |  | June 23, 2024 |  | 750 |
1.362% |  | June 23, 2027 |  | 850 |
1.908% |  | June 23, 2032 |  | 1,250 |
|  |  |  | € | 3,600 |
(a) | The notes may be redeemed by us at any time, in whole, or in part, at varying redemption prices plus accrued and unpaid interest. The weighted-average effective interest rate for the notes at issuance was 2.11%.
(b) | In June 2020, Upjohn Inc. and Upjohn Finance B.V. completed privately placed debt offerings in connection with the previously announced proposed Reverse Morris Trust transaction that will ultimately combine Upjohn and Mylan to form a new company, Viatris. The notes may be redeemed by Upjohn Inc. and Upjohn Finance B.V., as applicable, at any time, in whole, or in part, at varying redemption prices plus accrued and unpaid interest. The weighted-average effective interest rates at issuance were 2.95% for the $7.45 billion notes and 1.37% for the €3.60 billion notes. If the proposed transaction with Mylan does not close on or prior to February 1, 2021, or if, prior to such date, Upjohn Inc. and Mylan notify the trustee that the business combination agreement for the proposed transaction with Mylan is terminated, or the transaction will not otherwise be pursued, the notes must be redeemed at redemption prices equal to 101% of their respective principal amounts, plus accrued and unpaid interest. Pfizer has guaranteed these notes, and such guarantees will automatically and unconditionally terminate without the consent of holders of the notes upon the proposed distribution to Pfizer’s stockholders of all of the issued and outstanding shares of Upjohn Inc.’s common stock held by Pfizer (the Distribution). Upjohn Inc. has guaranteed the notes issued by Upjohn Finance B.V., and Upjohn Inc. will remain a guarantor of such notes post Distribution. Following the separation, Upjohn Inc. and Upjohn Finance B.V., as applicable, will remain the obligor. The proceeds from the financings will be used in part to fund a cash distribution from Upjohn Inc. to Pfizer immediately prior to the Distribution. In the interim, the $11.4 billion of proceeds are classified as Restricted short-term investments in the condensed consolidated balance sheet as of June 28, 2020 pursuant to the terms of the transaction agreements.
In the first quarter of 2020, we issued the following senior unsecured notes:
(MILLIONS OF DOLLARS) |  |  |  | Principal
Interest Rate |  | Maturity Date |  | As of June 28, 2020
2.625%(a) |  | April 1, 2030 |  | $ | 1,250 |
Total long-term debt issued in the first quarter of 2020(b) |  |  |  | $ | 1,250 |
(a) | The notes may be redeemed by us at any time, in whole, or in part, at a redemption price plus accrued and unpaid interest.
(b) The effective interest rate for the notes at issuance was 2.67%.
The following table provides the aggregate principal amount of our senior unsecured long-term debt, and adjustments to report our aggregate long-term debt:
(MILLIONS OF DOLLARS) |  | June 28, 2020 |  |  | December 31, 2019 |
Total long-term debt, principal amount(a) |  | $ | 49,187 |  |  | $ | 34,820 |
Net fair value adjustments related to hedging and purchase accounting |  | 1,654 |  |  | 1,305 |
Net unamortized discounts, premiums and debt issuance costs |  | (317 | ) |  | (176 | )
Other long-term debt |  | 5 |  |  | 5 |
Total long-term debt, carried at historical proceeds, as adjusted |  | $ | 50,529 |  |  | $ | 35,955 |
Current portion of long-term debt, carried at historical proceeds, as adjusted (not included above) |  | $ | 1,481 |  |  | $ | 1,462 |
(a) As of June 28, 2020, $11.4 billion of proceeds from the Upjohn debt transactions are invested in money market funds and included in Restricted short-term investments in the condensed consolidated balance sheet.
Schedule of Derivative Instruments |
The following table provides the fair value of the derivative financial instruments and the related notional amounts presented between those derivatives that are designated as hedging instruments and those that are not designated as hedging instruments:
(MILLIONS OF DOLLARS) |  | June 28, 2020 |  | December 31, 2019
|  |  |  | Fair Value |  |  |  | Fair Value
|  | Notional |  | Asset |  | Liability |  | Notional |  | Asset |  | Liability
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts(a) |  | $ | 22,543 |  |  | $ | 551 |  |  | $ | 914 |  |  | $ | 25,193 |  |  | $ | 591 |  |  | $ | 662 |
Interest rate contracts |  | 1,995 |  |  | 158 |  |  | — |  |  | 6,645 |  |  | 318 |  |  | — |
|  |  |  | 708 |  |  | 914 |  |  |  |  | 909 |  |  | 662 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 14,433 |  |  | 84 |  |  | 79 |  |  | $ | 19,623 |  |  | 82 |  |  | 55 |
Total |  |  |  | $ | 792 |  |  | $ | 993 |  |  |  |  | $ | 992 |  |  | $ | 718 |
(a) The notional amount of outstanding foreign currency forward-exchange contracts hedging our intercompany forecasted inventory sales was $5.2 billion as of June 28, 2020 and $5.9 billion as of December 31, 2019.
Schedule of Derivative Assets |
The following table provides the fair value of the derivative financial instruments and the related notional amounts presented between those derivatives that are designated as hedging instruments and those that are not designated as hedging instruments:
(MILLIONS OF DOLLARS) |  | June 28, 2020 |  | December 31, 2019
|  |  |  | Fair Value |  |  |  | Fair Value
|  | Notional |  | Asset |  | Liability |  | Notional |  | Asset |  | Liability
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts(a) |  | $ | 22,543 |  |  | $ | 551 |  |  | $ | 914 |  |  | $ | 25,193 |  |  | $ | 591 |  |  | $ | 662 |
Interest rate contracts |  | 1,995 |  |  | 158 |  |  | — |  |  | 6,645 |  |  | 318 |  |  | — |
|  |  |  | 708 |  |  | 914 |  |  |  |  | 909 |  |  | 662 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 14,433 |  |  | 84 |  |  | 79 |  |  | $ | 19,623 |  |  | 82 |  |  | 55 |
Total |  |  |  | $ | 792 |  |  | $ | 993 |  |  |  |  | $ | 992 |  |  | $ | 718 |
(a) The notional amount of outstanding foreign currency forward-exchange contracts hedging our intercompany forecasted inventory sales was $5.2 billion as of June 28, 2020 and $5.9 billion as of December 31, 2019.
Schedule of Derivative Liabilities |
The following table provides the fair value of the derivative financial instruments and the related notional amounts presented between those derivatives that are designated as hedging instruments and those that are not designated as hedging instruments:
(MILLIONS OF DOLLARS) |  | June 28, 2020 |  | December 31, 2019
|  |  |  | Fair Value |  |  |  | Fair Value
|  | Notional |  | Asset |  | Liability |  | Notional |  | Asset |  | Liability
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts(a) |  | $ | 22,543 |  |  | $ | 551 |  |  | $ | 914 |  |  | $ | 25,193 |  |  | $ | 591 |  |  | $ | 662 |
Interest rate contracts |  | 1,995 |  |  | 158 |  |  | — |  |  | 6,645 |  |  | 318 |  |  | — |
|  |  |  | 708 |  |  | 914 |  |  |  |  | 909 |  |  | 662 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 14,433 |  |  | 84 |  |  | 79 |  |  | $ | 19,623 |  |  | 82 |  |  | 55 |
Total |  |  |  | $ | 792 |  |  | $ | 993 |  |  |  |  | $ | 992 |  |  | $ | 718 |
(a) The notional amount of outstanding foreign currency forward-exchange contracts hedging our intercompany forecasted inventory sales was $5.2 billion as of June 28, 2020 and $5.9 billion as of December 31, 2019.
Information about Gains/(Losses) Incurred to Hedge or Offset Operational Foreign Exchange or Interest Rate Risk |
The following table provides information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk:
|  | Amount of Gains/(Losses) Recognized in OID(a) |  | Amount of Gains/(Losses) Recognized in OCI(a), (b) |  | Amount of Gains/(Losses) Reclassified from OCI into OID and COS(a), (b)
(MILLIONS OF DOLLARS) |  | June 28, 2020 |  |  | June 30, 2019 |  |  | June 28, 2020 |  |  | June 30, 2019 |  |  | June 28, 2020 |  |  | June 30, 2019 |
Three Months Ended |  |  |  |  |  |  |  |  |  |  |  |
Derivative Financial Instruments in Cash Flow Hedge Relationships: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts(c) |  | $ | — |  |  | $ | — |  |  | $ | 187 |  |  | $ | (204 | ) |  | $ | 172 |  |  | $ | 48 |
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach(d) |  | — |  |  | — |  |  | 13 |  |  | 28 |  |  | 14 |  |  | 32 |
Derivative Financial Instruments in Fair Value Hedge Relationships: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | 6 |  |  | 483 |  |  | — |  |  | — |  |  | — |  |  | — |
Hedged item |  | (6 | ) |  | (483 | ) |  | — |  |  | — |  |  | — |  |  | — |
Foreign exchange contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Hedged item |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative Financial Instruments in Net Investment Hedge Relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | — |  |  | — |  |  | (144 | ) |  | (48 | ) |  | — |  |  | — |
The portion on foreign exchange contracts excluded from the assessment of hedge effectiveness(d) |  | — |  |  | — |  |  | 29 |  |  | 52 |  |  | 42 |  |  | 31 |
Non-Derivative Financial Instruments in Net Investment Hedge Relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency short-term borrowings(e) |  | — |  |  | — |  |  | — |  |  | (16 | ) |  | — |  |  | — |
Foreign currency long-term debt(e) |  | — |  |  | — |  |  | (42 | ) |  | (27 | ) |  | — |  |  | — |
Derivative Financial Instruments Not Designated as Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 8 |  |  | (4 | ) |  | — |  |  | — |  |  | — |  |  | — |
All other net(d) |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | — |
|  | $ | 8 |  |  | $ | (4 | ) |  | $ | 56 |  |  | $ | (216 | ) |  | $ | 228 |  |  | $ | 111 |
|  | Amount of Gains/(Losses) Recognized in OID(a) |  | Amount of Gains/(Losses) Recognized in OCI(a), (b) |  | Amount of Gains/(Losses) Reclassified from OCI into OID and COS(a), (b)
(MILLIONS OF DOLLARS) |  | June 28, 2020 |  |  | June 30, 2019 |  |  | June 28, 2020 |  |  | June 30, 2019 |  |  | June 28, 2020 |  |  | June 30, 2019 |
Six Months Ended |  |  |  |  |  |  |  |  |  |  |  |
Derivative Financial Instruments in Cash Flow Hedge Relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts(c) |  | $ | — |  |  | $ | — |  |  | $ | (341 | ) |  | $ | 6 |  |  | $ | 126 |  |  | $ | 257 |
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach(d) |  | — |  |  | — |  |  | 42 |  |  | 84 |  |  | 41 |  |  | 86 |
Derivative Financial Instruments in Fair Value Hedge Relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | 392 |  |  | 813 |  |  | — |  |  | — |  |  | — |  |  | — |
Hedged item |  | (392 | ) |  | (813 | ) |  | — |  |  | — |  |  | — |  |  | — |
Foreign exchange contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Hedged item |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative Financial Instruments in Net Investment Hedge Relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | — |  |  | — |  |  | 240 |  |  | (25 | ) |  | — |  |  | — |
The portion of foreign exchange contracts excluded from the assessment of hedge effectiveness(d) |  | — |  |  | — |  |  | 176 |  |  | 93 |  |  | 84 |  |  | 55 |
Non-Derivative Financial Instruments in Net Investment Hedge Relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency short-term borrowings(e) |  | — |  |  | — |  |  | 8 |  |  | 19 |  |  | — |  |  | — |
Foreign currency long-term debt(e) |  | — |  |  | — |  |  | 3 |  |  | 11 |  |  | — |  |  | — |
Derivative Financial Instruments Not Designated as Hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | (51 | ) |  | (124 | ) |  | — |  |  | — |  |  | — |  |  | — |
All other net(d) |  | — |  |  | — |  |  | 12 |  |  | 1 |  |  | (1 | ) |  | — |
|  | $ | (51 | ) |  | $ | (124 | ) |  | $ | 139 |  |  | $ | 188 |  |  | $ | 251 |  |  | $ | 398 |
(a) | OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income. COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of income. OCI = Other comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income.
(b) | For derivative financial instruments in cash flow hedge relationships, the gains and losses are included in Other comprehensive loss––Unrealized holding gains/(losses) on derivative financial instruments, net. For derivative financial instruments in net investment hedge relationships and for foreign currency debt designated as hedging instruments, the gains and losses are included in Other comprehensive loss––Foreign currency translation adjustments, net.
(c) | The amounts reclassified from OCI into COS were:
• | a net gain of $80 million in the second quarter of 2020;
• | a net gain of $150 million in the first six months of 2020;
• | a net gain of $59 million in the second quarter of 2019; and
• | a net gain of $103 million in the first six months of 2019.
The remaining amounts were reclassified from OCI into OID. Based on quarter-end foreign exchange rates that are subject to change, we expect to reclassify a pre-tax gain of $102 million within the next 12 months into income. The maximum length of time over which we are hedging future foreign exchange cash flow relates to our $1.8 billion U.K. pound debt maturing in 2043.
(d) | The amounts reclassified from OCI were reclassified into OID.
(e) Long-term debt includes foreign currency long-term borrowings with carrying values of $2.0 billion as of June 28, 2020, which are used as hedging instruments in net investment hedges.
Schedule of Total Amount of Each Income and Expense Line in which Results of Fair Value Hedges are Recorded |
The following table provides the amounts recorded in our condensed consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
|  | June 28, 2020 |  | December 31, 2019
|  |  |  | Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount |  |  |  | Cumulative Amount of Fair Value Hedging Adjustment Increase/(Decrease) to Carrying Amount
(MILLIONS OF DOLLARS) |  | Carrying Amount of Hedged Assets/Liabilities(a) |  |  | Active Hedging Relationships |  |  | Discontinued Hedging Relationships |  |  | Carrying Amount of Hedged Assets/Liabilities(a) |  |  | Active Hedging Relationships |  |  | Discontinued Hedging Relationships |
Short-term investments |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Long-term investments |  | — |  |  | — |  |  | — |  |  | 45 |  |  | — |  |  | — |
Long-term debt |  | 2,023 |  |  | 140 |  |  | 1,181 |  |  | 7,092 |  |  | 266 |  |  | 690 |
(a) Carrying amounts exclude the cumulative amount of fair value hedging adjustments.

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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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