XML 59 R42.htm IDEA: XBRL DOCUMENT v3.23.1
Hedging Activities and Fair Value Measurements (Details)
€ in Millions
3 Months Ended
Mar. 31, 2023
USD ($)
derivative_instrument
units
Mar. 31, 2022
USD ($)
Mar. 31, 2023
EUR (€)
derivative_instrument
units
Dec. 31, 2022
USD ($)
derivative_instrument
Dec. 31, 2021
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]          
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax $ 225,000,000 $ 229,000,000   $ 269,000,000 $ 206,000,000
Derivative, Notional Amount 7,657,000,000     8,321,000,000  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax 10,000,000 35,000,000      
Cost of Goods and Services Sold 1,040,000,000 955,000,000      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax 53,000,000 12,000,000      
Interest Expense 65,000,000 279,000,000      
Other Operating Income (Expense), Net 43,000,000 31,000,000      
Derivative Asset, Fair Value, Gross Asset 319,000,000     381,000,000  
Derivative Liability, Fair Value, Gross Liability 1,009,000,000     1,005,000,000  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Derivative Asset 133,000,000     149,000,000  
Licensing arrangements, asset 57,000,000     67,000,000  
Business Combination, Contingent Consideration, Liability 93,000,000     149,000,000  
Licensing arrangements, liability 63,000,000     80,000,000  
Cash 400,000,000     256,000,000  
Non-cash impact of transferred royalty rights (9,000,000) (19,000,000)      
Debt Instrument, Fair Value Disclosure 8,467,000,000     8,203,000,000  
Accumulated Foreign Currency Adjustment Attributable to Parent          
Derivative Instruments, Gain (Loss) [Line Items]          
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent 0 0      
December 2027 Notes [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Long-term Debt $ 979,000,000   € 900 960,000,000  
Debt Instrument, Interest Rate, Stated Percentage 0.625%   0.625%    
Licensing arrangement assets [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Discount Rate, Fair Value Input 15.00%   15.00%    
Proceeds from Royalties Received $ (18,000,000)        
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option 4,000,000        
Licensing arrangement liabilities [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Payments for Royalties (43,000,000)        
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option 5,000,000        
Fair Value, Inputs, Level 3 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Licensing arrangements, asset 113,000,000        
Licensing arrangements, liability 120,000,000        
Fair Value, Measurements, Recurring [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Money Market Funds, at Carrying Value 170,000,000     673,000,000  
Equity Securities, FV-NI 2,000,000     2,000,000  
Derivative Asset 319,000,000     381,000,000  
Licensing arrangements, asset 113,000,000     127,000,000  
Assets, Fair Value Disclosure 604,000,000     1,182,000,000  
Derivative Liability 1,009,000,000     1,005,000,000  
Business Combination, Contingent Consideration, Liability 93,000,000     149,000,000  
Licensing arrangements, liability 120,000,000     159,000,000  
Financial and Nonfinancial Liabilities, Fair Value Disclosure 1,222,000,000     1,313,000,000  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Money Market Funds, at Carrying Value 170,000,000     673,000,000  
Equity Securities, FV-NI 2,000,000     2,000,000  
Derivative Asset 0     0  
Licensing arrangements, asset 0     0  
Assets, Fair Value Disclosure 172,000,000     674,000,000  
Derivative Liability 0     0  
Business Combination, Contingent Consideration, Liability 0     0  
Licensing arrangements, liability 0     0  
Financial and Nonfinancial Liabilities, Fair Value Disclosure 0     0  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Money Market Funds, at Carrying Value 0     0  
Equity Securities, FV-NI 0     0  
Derivative Asset 319,000,000     381,000,000  
Licensing arrangements, asset 0     0  
Assets, Fair Value Disclosure 319,000,000     381,000,000  
Derivative Liability 1,009,000,000     1,005,000,000  
Business Combination, Contingent Consideration, Liability 0     0  
Licensing arrangements, liability 0     0  
Financial and Nonfinancial Liabilities, Fair Value Disclosure 1,009,000,000     1,005,000,000  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Money Market Funds, at Carrying Value 0     0  
Equity Securities, FV-NI 0     0  
Derivative Asset 0     0  
Licensing arrangements, asset 113,000,000     127,000,000  
Assets, Fair Value Disclosure 113,000,000     127,000,000  
Derivative Liability 0     0  
Business Combination, Contingent Consideration, Liability 93,000,000     149,000,000  
Licensing arrangements, liability 120,000,000     159,000,000  
Financial and Nonfinancial Liabilities, Fair Value Disclosure 213,000,000     308,000,000  
Designated as Hedging Instrument [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative Instruments in Hedges, Assets, at Fair Value 299,000,000     345,000,000  
Derivative Instruments in Hedges, Liabilities, at Fair Value 972,000,000     953,000,000  
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative Instruments in Hedges, Liabilities, at Fair Value $ 971,000,000     952,000,000  
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Forward Currency Contracts, Time to Maturity | units 36   36    
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Prepaid Expenses and Other Current Assets [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative Instruments in Hedges, Assets, at Fair Value $ 168,000,000     196,000,000  
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Noncurrent Assets [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative Instruments in Hedges, Assets, at Fair Value 132,000,000     149,000,000  
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Noncurrent Liabilities [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative Instruments in Hedges, Liabilities, at Fair Value 0     1,000,000  
Not Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments (8,000,000) (29,000,000)      
Foreign Currency Transaction Gain (Loss), before Tax (6,000,000) 21,000,000      
Net currency exchange gain (loss) (14,000,000) (9,000,000)      
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Notional Amount 3,623,000,000     4,235,000,000  
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Prepaid Expenses and Other Current Assets [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value 19,000,000     36,000,000  
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Liabilities [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value $ 37,000,000     $ 52,000,000  
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Term of Contract (less than) 1 year        
Derivative, Remaining Maturity 1 year        
Weighted Average [Member] | Licensing arrangement assets [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Discount Rate, Fair Value Input 15.00%   15.00%    
Weighted Average [Member] | Licensing arrangement liabilities [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Discount Rate, Fair Value Input 13.00%   13.00%    
Minimum [Member] | Licensing arrangement liabilities [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Discount Rate, Fair Value Input 12.00%   12.00%    
Maximum [Member] | Licensing arrangement liabilities [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Discount Rate, Fair Value Input 15.00%   15.00%    
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months $ 189,000,000        
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net $ (3,000,000)        
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Number of Interest Rate Derivatives Held | derivative_instrument 0   0 0  
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Notional Amount $ 2,673,000,000     $ 2,725,000,000  
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 13,000,000 45,000,000      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax (3,000,000) (10,000,000)      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax 10,000,000 35,000,000      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax (69,000,000) (30,000,000)      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax 16,000,000 7,000,000      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax (54,000,000) (23,000,000)      
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Interest Expense [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0 0      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax 0 0      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax 0 0      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 1,000,000 14,000,000      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax 0 (3,000,000)      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax 1,000,000 11,000,000      
Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | Interest Expense [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative Used in Net Investment Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net 9,000,000        
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Notional Amount 365,000,000     365,000,000  
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Interest Expense [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax 6,000,000 15,000,000      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments, Tax (1,000,000) (3,000,000)      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments, after Tax 4,000,000 11,000,000      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, before Tax (3,000,000) (2,000,000)      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, Tax 1,000,000 0      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, after Tax (2,000,000) (2,000,000)      
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | foreign currency denominated in debt [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Notional Amount 997,000,000     $ 997,000,000  
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | foreign currency denominated in debt [Member] | Interest Expense [Member]          
Derivative Instruments, Gain (Loss) [Line Items]          
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax (19,000,000) 24,000,000      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments, Tax 4,000,000 (5,000,000)      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments, after Tax (14,000,000) 18,000,000      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, before Tax 0 0      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, Tax 0 0      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, after Tax $ 0 $ 0