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Financial instruments - additional disclosures (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments - additional disclosure [abstract]

Disclosure of financial assets and financial liabilities

				2020
(USD millions)		Note		Financial instruments at amortized costs		Financial instruments at fair value through other comprehensive income		Financial instruments at fair value through the consolidated income statement		Other financial liabilities
Cash and cash equivalents		16		9 658
Time deposits and short-term investments with original maturity more than 90 days		16		1 609
Trade receivables		15		8 217
Other current assets		17		963
Marketable securities - debt securities		16				26
Long-term financial investments - equity securities		13				1 111		466
Long-term financial investments - debt securities		13				36
Long-term financial investments - fund investments		13						366
Long-term loans, advances, security deposits and other long-term receivables		13		297
Associated companies at fair value through profit and loss								211
Derivative financial instruments		16						159
Contingent consideration receivables		13						625
Total financial assets				20 744		1 173		1 827
Interest-bearing accounts of associates payable on demand		21		2 085
Bank and other short-term financial debt		21		976
Commercial paper		21		4 258
Straight bonds		19		28 298
Long-term liabilities to banks and other financial institutions		19		233
Trade payables				5 403
Commitment for repurchase of own shares		18/22		1 769
Contingent consideration liabilities (see Note 20/22) and other financial liabilities								1 069
Derivative financial instruments		21						194
Lease liabilities		10								2 005
Total financial liabilities				43 022				1 263		2 005

				2019
(USD millions)		Note		Financial instruments at amortized costs		Financial instruments at fair value through other comprehensive income		Financial instruments at fair value through the consolidated income statement		Other financial liabilities
Cash and cash equivalents		16		11 112
Time deposits and short-term investments with original maturity more than 90 days		16		61
Trade receivables		15		8 301
Other current assets		17		2 036
Marketable securities - debt securities		16				24
Marketable securities - fund investments		16						37
Long-term financial investments - equity securities		13				1 158		366
Long-term financial investments - debt securities		13				33
Long-term financial investments - fund investments		13						233
Long-term loans, advances, security deposits and other long-term receivables		13		329
Associated companies at fair value through profit and loss								186
Derivative financial instruments		16						102
Contingent consideration receivables		13						399
Total financial assets				21 839		1 215		1 323
Interest-bearing accounts of associates payable on demand		21		1 836
Bank and other short-term financial debt		21		719
Commercial paper		21		2 289
Straight bonds		19		22 167
Long-term liabilities to banks and other financial institutions		19		188
Trade payables				5 424
Contingent consideration liabilities (see Note 20/22) and other financial liabilities								1 065
Derivative financial instruments		21						185
Lease liabilities		10								1 949
Total financial liabilities				32 623				1 250		1 949

Derivative financial instruments

		Contract or underlying principal amount				Positive fair values				Negative fair values
(USD millions)		2020		2019		2020		2019		2020		2019
Forward foreign exchange rate contracts		13 679		10 779		151		96		– 165		– 75
Commodity purchase contract		11		9		8		6
Options on equity securities		70		269						– 29		– 110
Total derivative financial instruments included in marketable securities and in current financial debts		13 760		11 057		159		102		– 194		– 185

Contract or underlying principal amount the derivative financial instruments, by currency

		2020
(USD millions)		EUR		USD		Other		Total
Forward foreign exchange rate contracts		2 432		6 376		4 871		13 679
Commodity purchase contract				11				11
Options on equity securities				70				70
Total derivative financial instruments		2 432		6 457		4 871		13 760

		2019
(USD millions)		EUR		USD		Other		Total
Forward foreign exchange rate contracts		1 373		7 760		1 646		10 779
Commodity purchase contract				9				9
Options on equity securities				250		19		269
Total derivative financial instruments		1 373		8 019		1 665		11 057

Fair value by hierarchy

		2020
(USD millions)		Level 1		Level 2		Level 3		Total
Financial assets
Debt securities				26				26
Total marketable securities				26				26
Derivative financial instruments				159				159
Total marketable securities and derivative financial instruments				185				185
Debt and equity securities		1 153				460		1 613
Fund investments						366		366
Contingent consideration receivables						625		625
Total long-term financial investments		1 153				1 451		2 604
Associated companies at fair value through profit and loss						211		211
Financial liabilities
Contingent consideration payables						– 1 046		– 1 046
Other financial liabilities						– 23		– 23
Derivative financial instruments				– 194				– 194
Total financial liabilities at fair value				– 194		– 1 069		– 1 263

		2019
(USD millions)		Level 1		Level 2		Level 3		Total
Financial assets
Debt securities				24				24
Fund investments		37						37
Total marketable securities		37		24				61
Derivative financial instruments				102				102
Total marketable securities and derivative financial instruments		37		126				163
Debt and equity securities		976				581		1 557
Fund investments						233		233
Contingent consideration receivables						399		399
Total long-term financial investments		976				1 213		2 189
Associated companies at fair value through profit and loss						186		186
Financial liabilities
Contingent consideration payables						– 1 036		– 1 036
Other financial liabilities						– 29		– 29
Derivative financial instruments				– 185				– 185
Total financial liabilities at fair value				– 185		– 1 065		– 1 250

Reconciliation of changes in fair value measurement

		2020
(USD millions)		Associated companies at fair value through profit and loss		Fund investments		Long-term financial investments		Contingent consideration receivables		Contingent consideration payables		Other financial liabilities
January 1		186		233		581		399		– 1 036		– 29
Fair value gains and other adjustments, including from divestments recognized in the consolidated income statement		57		151		34		173		206
Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement		– 18		– 8		– 39				– 90		– 3
Fair value adjustments recognized in the consolidated statement of comprehensive income, including currency translation effects		4		3		33		40		– 62		– 2
Purchases		24		17		123		43		– 123
Cash receipts and payments								– 30		63		11
Disposals		– 23		– 61		– 109
Reclassification		– 19		31		– 163				– 4
December 31		211		366		460		625		– 1 046		– 23
Total of fair value gains and losses recognized in the consolidated income statement for assets and liabilities held at December 31, 2020		39		143		– 5		173		116		– 3

2019

(USD millions)

Associated companies at fair value through profit and loss

Fund investments

Long-term financial investments

Contingent consideration receivables

Contingent consideration payables

Other financial liabilities

January 1

145

251

488

396

– 907

– 10

Impact from discontinued operations  1

– 28

– 19

163

Fair value gains and other adjustments, including from divestments recognized in the consolidated income statement

12

6

35

195

1

Fair value losses (including impairments and amortizations) and other adjustments recognized in the consolidated income statement

– 15

– 89

– 48

Fair value adjustments recognized in the consolidated statement of comprehensive income

– 6

Purchases

49

28

229

– 401

– 5

Cash receipts and payments

– 32

3

33

Disposals

– 3

– 30

– 53

Reclassification

10

– 64

December 31

186

233

581

399

– 1 036

– 29

Total of fair value gains and losses recognized in the consolidated income statement for assets and liabilities held at December 31, 2019

– 15

12

6

35

106

– 47

1  Notes 1, 2 and 30 provide information related to discontinued operations.

Equity securities measured at fair value through other comprehensive income

(USD millions)		2020		2019
Listed equity securities		862		843
Non-listed equity securities		249		315
Total equity securities		1 111		1 158

Monitoring of net debt or liquidity based on contractual maturities

2020

(USD millions)

Due within one month

Due later than one month but less than three months

Due later than three months but less than one year

Due later than one year but less than five years

Due after five years

Total

Current assets

Marketable securities, time deposits and short-term investments with original maturity more than 90 days

13

1 571

25

5

21

1 635

Commodities

111

111

Derivative financial instruments and accrued interest

38

110

4

4

3

159

Cash and cash equivalents

8 558

1 100

9 658

Total current financial assets

8 609

2 781

29

9

135

11 563

Non-current liabilities

Financial debt

– 10 621

– 15 638

– 26 259

Financial debt - undiscounted

– 10 661

– 15 802

– 26 463

Total non-current financial debt

– 10 621

– 15 638

– 26 259

Current liabilities

Financial debt

– 4 195

– 2 218

– 3 178

– 9 591

Financial debt - undiscounted

– 4 195

– 2 219

– 3 179

– 9 593

Derivative financial instruments

– 93

– 84

– 17

– 194

Total current financial debt

– 4 288

– 2 302

– 3 195

– 9 785

Net debt

4 321

479

– 3 166

– 10 612

– 15 503

– 24 481

2019

(USD millions)

Due within one month

Due later than one month but less than three months

Due later than three months but less than one year

Due later than one year but less than five years

Due after five years

Total

Current assets

Marketable securities, time deposits and short-term investments with original maturity more than 90 days

20

26

16

3

57

122

Commodities

110

110

Derivative financial instruments and accrued interest

14

79

3

3

3

102

Cash and cash equivalents

9 712

1 400

11 112

Total current financial assets

9 746

1 505

19

6

170

11 446

Non-current liabilities

Financial debt

– 9 110

– 11 243

– 20 353

Financial debt - undiscounted

– 9 150

– 11 355

– 20 505

Total non-current financial debt

– 9 110

– 11 243

– 20 353

Current liabilities

Financial debt

– 4 243

– 1 373

– 1 230

– 6 846

Financial debt - undiscounted

– 4 243

– 1 373

– 1 230

– 6 846

Derivative financial instruments

– 130

– 29

– 26

– 185

Total current financial debt

– 4 373

– 1 402

– 1 256

– 7 031

Net debt

5 373

103

– 1 237

– 9 104

– 11 073

– 15 938

Derivative financial instruments and accrued interest on derivative financial instruments

		2020
(USD millions)		Due within one month		Due later than one month but less than three months		Due later than three months but less than one year		Total
Derivative financial instruments and accrued interest on derivative financial instruments
Potential outflows in various currencies - from financial derivative liabilities		– 930		– 4 096		– 719		– 5 745
Potential inflows in various currencies - from financial derivative assets		904		4 114		710		5 728

		2019
(USD millions)		Due within one month		Due later than one month but less than three months		Due later than three months but less than one year		Total
Derivative financial instruments and accrued interest on derivative financial instruments
Potential outflows in various currencies - from financial derivative liabilities		– 814		– 4 624		– 952		– 6 390
Potential inflows in various currencies - from financial derivative assets		807		4 656		922		6 385

Other contractual liabilities of the net debt or liquidity

		2020
(USD millions)		Due within three months		Due later than three months but less than one year		Due later than one year but less than five years		Due after five years		Total
Contractual interest on non-current liabilities		– 82		– 468		– 1 846		– 4 251		– 6 647
Lease liabilities		– 77		– 209		– 692		– 1 027		– 2 005
Trade payables		– 5 239		– 164						– 5 403
Commitment for repurchase of own shares		– 1 769								– 1 769
Contingent consideration liabilities		– 24		– 38		– 639		– 345		– 1 046

		2019
(USD millions)		Due within three months		Due later than three months but less than one year		Due later than one year but less than five years		Due after five years		Total
Contractual interest on non-current liabilities		– 36		– 428		– 1 531		– 3 439		– 5 434
Lease liabilities		– 65		– 181		– 622		– 1 081		– 1 949
Trade payables		– 5 222		– 202						– 5 424
Contingent consideration liabilities		– 62		– 9		– 582		– 383		– 1 036

Ten day loss fair value VAR model

(USD millions)		2020		2019
All financial instruments		587		355
Analyzed by components:
Instruments sensitive to foreign currency exchange rates		199		89
Instruments sensitive to equity market movements		62		31
Instruments sensitive to interest rates		197		187

Ten day loss fair value VAR model, average, high, and low VAR amounts

		2020
(USD millions)		Average		High		Low
All financial instruments		568		659		322
Analyzed by components:
Instruments sensitive to foreign currency exchange rates		225		515		71
Instruments sensitive to equity market movements		78		261		21
Instruments sensitive to interest rates		329		912		173

		2019
(USD millions)		Average		High		Low
All financial instruments		348		385		303
Analyzed by components:
Instruments sensitive to foreign currency exchange rates		143		195		86
Instruments sensitive to equity market movements		36		81		16
Instruments sensitive to interest rates		233		303		187

X

- Definition

The disclosure of derivative financial instruments. [Refer: Derivatives [member]]

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