Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Foreign Currency Derivatives

Total gross notional amount and fair value of our foreign currency derivatives were as follows (in millions):

	March 31, 2022
	Notional Amount		Fair Value
			Asset (1)		Liability (2)
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	$	969	$	35	$	—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	627		—		9
Total derivatives	$	1,596	$	35	$	9

	December 31, 2021
	Notional Amount		Fair Value
			Asset (1)		Liability (2)
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	$	565	$	20	$	—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	$	1,370	$	1	$	7
Total derivatives	$	1,935	$	21	$	7

_________

(1) As presented in the condensed consolidated balance sheets within prepaid expenses and other current assets.

(2) As presented in the condensed consolidated balance sheets within other current liabilities.

Gains on our foreign currency derivatives, net of tax, recognized in our condensed consolidated statements of comprehensive income for the three months ended March 31, 2022 were as follows (in millions):

	Three Months Ended March 31, 2022
Derivatives in cash flow hedging relationships:
Foreign currency forward contracts	$	25

The effect of our foreign currency derivatives in our condensed consolidated statements of income for the three months ended March 31, 2022 and 2021 was as follows (in millions):

	Statement of Income Classification	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Derivatives in cash flow hedging relationships:
Foreign currency forward contracts
Net gain reclassified from AOCI into income	Product sales	$	14	$	—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts
Net realized and unrealized gain	Other expense, net	$	28	$	35