Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Aggregate Notional Value of Outstanding Derivative Contracts

The following table provides the aggregate notional value of outstanding derivative contracts.

	December 31,		December 31,
(In millions)	2024		2023
Notional amount
Cross-currency interest rate swaps designated as net investment hedge - euro	$	1,000	$	1,000
Cross-currency interest rate swaps designated as net investment hedge - Japanese yen	4,650		4,650
Cross-currency interest rate swaps designated as net investment hedge - Swiss franc	2,500		2,500
Currency exchange contracts	1,588		1,567

Schedule of Fair Value of Derivative Instruments

While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the balance sheet. The following tables present the fair value of derivative instruments in the accompanying balance sheets and statements of income.

	Fair value – assets				Fair value – liabilities
	December 31,		December 31,		December 31,		December 31,
(In millions)	2024		2023		2024		2023
Derivatives designated as hedging instruments
Cross-currency interest rate swaps	$	458	$	5	$	57	$	287
Derivatives not designated as hedging instruments
Currency exchange contracts	2		3		2		3
Total derivatives	$	460	$	8	$	59	$	290

Schedule of Derivative Instruments Gains and Losses

	Gain/(loss) recognized
(In millions)	2024		2023		2022
Fair value hedging relationships
Cross-currency interest rate swaps
Hedged long-term obligations - included in other income/(expense)	$	—	$	—	$	77
Derivatives designated as hedging instruments - included in other income/(expense)	—		—		(81)
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive items to interest expense	(3)		(4)		—
Amount reclassified from accumulated other comprehensive items to other income/(loss)	—		(3)		(3)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in currency translation adjustment within other comprehensive income/(loss)	686		(356)		695
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive income/(loss)	682		(222)		52
Included in interest expense	267		120		19
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues	21		1		6
Included in other income/(expense)	(16)		(29)		102