Financial Instruments and Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2015

Financial Instruments and Fair Value Measures

Schedule of amounts and balance sheet location of derivatives

	Fair value—Derivatives in asset position					Fair value—Derivatives in liability position
as of December 31 (in millions)	2015		2014		Balance sheet caption	2015		2014		Balance sheet caption
Foreign currency forward exchange contracts—
Hedging instruments	$	33	$	141	Prepaid expenses and other	$	—	$	—	Accounts payable and accrued liabilities
Others not designated as hedges		28		70	Prepaid expenses and other		21		63	Accounts payable and accrued liabilities
Interest rate swaps designated as fair value hedges		9		—	Prepaid expenses and other		81		180	Other long-term liabilities
Total derivatives	$	70	$	211		$	102	$	243

Schedule of derivative activity and amounts and location of income (expense) and gain (loss) reclassified into net earnings

years ended December 31 (in millions)	2015			2014			2013			Statement of earnings caption
Foreign currency forward exchange contracts—
Designated as cash flow hedges	$	265		$	(79	)	$	—		Cost of products sold
Not designated as hedges		(155	)		(523	)		81		Net foreign exchange loss
Interest rate swaps designated as fair value hedges		108			252			(351	)	Interest expense, net
Total	$	218		$	(350	)	$	(270	)

Summary of the bases used to measure certain assets and liabilities that are carried at fair value on a recurring basis in the condensed consolidated balance sheets

			Basis of fair value measurement
(in millions)	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable Inputs (Level 3)
Assets
Cash and equivalents	$	8,399	$	798	$	7,601	$	—
Time deposits		8		—		8		—
Equity securities		111		111		—		—
Interest rate hedges		9		—		9		—
Foreign currency contracts		61		—		61		—
Total assets	$	8,588	$	909	$	7,679	$	—
Liabilities
Interest rate hedges	$	81	$	—	$	81	$	—
Foreign currency contracts		21		—		21		—
Total liabilities	$	102	$	—	$	102	$	—

			Basis of fair value measurement
(in millions)	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable Inputs (Level 3)
Assets
Cash and equivalents	$	8,348	$	1,214	$	7,134	$	—
Time deposits		9		—		9		—
Equity securities		13		13		—		—
Foreign currency contracts		211		—		211		—
Total assets	$	8,581	$	1,227	$	7,354	$	—
Liabilities
Interest rate hedges	$	180	$	—	$	180	$	—
Foreign currency contracts		63		—		63		—
Total liabilities	$	243	$	—	$	243	$	—

Schedule of the carrying values and fair values of certain financial instruments

	Book values				Approximate fair values
as of December 31 (in millions)	2015		2014		2015		2014
Assets
Investments	$	34	$	95	$	37	$	145
Liabilities
Short-term borrowings	$	406	$	425	$	406	$	425
Current portion of long-term debt and lease obligations	$	2,025	$	4,014	$	2,016	$	4,026
Long-term debt and lease obligations, excluding fair value hedges	$	29,312	$	10,718	$	29,143	$	10,803

Schedule of fair value of financial instruments by fair value basis

			Basis of fair value measurement
(in millions)	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable Inputs (Level 3)
Assets
Investments	$	37	$	—	$	—	$	37
Total assets	$	37	$	—	$	—	$	37
Liabilities
Short-term borrowings	$	406	$	—	$	406	$	—
Current portion of long-term debt and lease obligations		2,016		—		2,016		—
Long-term debt and lease obligations, excluding fair value hedges		29,143		27,061		2,082		—
Total liabilities	$	31,565	$	27,061	$	4,504	$	—

			Basis of fair value measurement
(in millions)	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable Inputs (Level 3)
Assets
Investments	$	145	$	68	$	13	$	64
Total assets	$	145	$	68	$	13	$	64
Liabilities
Short-term borrowings	$	425	$	—	$	425	$	—
Current portion of long-term debt and lease obligations		4,026		4,005		21		—
Long-term debt and lease obligations, excluding fair value hedges		10,803		10,710		93		—
Total liabilities	$	15,254	$	14,715	$	539	$	—