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Derivative instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts and interest rates for cross-currency swaps
The notional amounts and interest rates of our cross-currency swaps as of September 30, 2020, were as follows (notional amounts in millions):
Foreign currencyU.S. dollars
Hedged notesNotional amountsInterest ratesNotional amountsInterest rates
1.25% 2022 euro Notes€1,250 1.3 %$1,388 3.2 %
0.41% 2023 Swiss franc BondsCHF700 0.4 %$704 3.4 %
2.00% 2026 euro Notes€750 2.0 %$833 3.9 %
5.50% 2026 pound sterling Notes£475 5.5 %$747 6.0 %
4.00% 2029 pound sterling Notes£700 4.0 %$1,111 4.5 %
Unrealized gain (loss) recognized in Other Comprehensive Income for our derivative instruments designated as cash flow hedges
The unrealized gains and losses recognized in AOCI for our derivative instruments designated as cash flow hedges were as follows (in millions):
 Three months ended
September 30,		Nine months ended
September 30,
Derivatives in cash flow hedging relationships2020201920202019
Foreign currency contracts$(163)$176 $(25)$245 
Cross-currency swap contracts223 (105)(107)(240)
Total unrealized gains (losses)$60 $71 $(132)$5 
Derivatives in fair value hedging relationships
The hedged liabilities and related cumulative-basis adjustments for fair value hedges of those liabilities were recorded in the Condensed Consolidated Balance Sheets as follows (in millions):
Carrying amounts of hedged liabilities(1)
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities(2)
Condensed Consolidated Balance Sheets locationsSeptember 30, 2020December 31, 2019September 30, 2020December 31, 2019
Current portion of long-term debt$89 $903 $89 $4 
Long-term debt$7,782 $8,814 $554 $292 
____________
(1)     Current portion of long-term debt includes $89 million of carrying value with discontinued hedging relationships as of September 30, 2020. Long-term debt includes $547 million and $136 million of carrying value with discontinued hedging relationships as of September 30, 2020 and December 31, 2019, respectively.
(2)    Current portion of long-term debt includes $89 million of hedging adjustments on discontinued hedging relationships as of September 30, 2020. Long-term debt includes $447 million and $36 million of hedging adjustments on discontinued hedging relationships as of September 30, 2020 and December 31, 2019, respectively.
Summary of amounts of income and expense line items
The following tables summarize the amounts recorded in income and expense line items and the effects thereon from fair value and cash flow hedging, including discontinued hedging relationships (in millions):
Three months ended September 30, 2020Nine months ended September 30, 2020
Product salesInterest and other income, netInterest (expense), netProduct salesInterest and other income, netInterest (expense), net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income$6,104 $55 $(302)$17,906 $69 $(944)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts$41 $— $— $158 $— $— 
Cross-currency swap contracts$— $183 $— $— $101 $— 
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)
$— $— $35 $— $— $215 
Derivatives designated as hedging instruments$— $— $(13)$— $— $(150)

Three months ended September 30, 2019Nine months ended September 30, 2019
Product salesInterest and other income, netInterest (expense), netProduct salesInterest and other income, netInterest (expense), net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income$5,463 $114 $(313)$16,323 $517 $(988)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts$26 $— $— $62 $— $— 
Cross-currency swap contracts$— $(64)$— $— $(92)$— 
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)
$— $— $(96)$— $— $(444)
Derivatives designated as hedging instruments$— $— $96 $— $— $447 
__________
(1)    (Losses) gains on hedged items do not completely offset gains (losses) on the related designated hedging instruments due to amortization of the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedged debt for discontinued hedging relationships and the recognition of gains on terminated hedges where the corresponding hedged item was paid down in the period.
Fair values of derivatives included in the Condensed Consolidated Balance Sheets
The fair values of derivatives included in the Condensed Consolidated Balance Sheets were as follows (in millions):
 Derivative assetsDerivative liabilities
September 30, 2020Condensed Consolidated
Balance Sheets locations		Fair valuesCondensed Consolidated
Balance Sheets locations		Fair values
Derivatives designated as hedging instruments:
Foreign currency contracts
Other current assets/ Other assets
$111 
Accrued liabilities/ Other noncurrent liabilities
$88 
Cross-currency swap contracts
Other current assets/ Other assets
124 
Accrued liabilities/ Other noncurrent liabilities
481 
Interest rate swap contracts
Other current assets/ Other assets
109 
Accrued liabilities/ Other noncurrent liabilities
4 
Total derivatives designated as hedging instruments
344 573 
Derivatives not designated as hedging instruments:
Foreign currency contracts
Other current assets
— 
Accrued liabilities
— 
Total derivatives not designated as hedging instruments
— — 
Total derivatives$344 $573 

 Derivative assetsDerivative liabilities
December 31, 2019Condensed Consolidated
Balance Sheets locations		Fair valuesCondensed Consolidated
Balance Sheets locations		Fair values
Derivatives designated as hedging instruments:
Foreign currency contracts
Other current assets/ Other assets
$223 
Accrued liabilities/ Other noncurrent liabilities
$31 
Cross-currency swap contracts
Other current assets/ Other assets
66 
Accrued liabilities/ Other noncurrent liabilities
315 
Interest rate swap contracts
Other current assets/ Other assets
259 
Accrued liabilities/ Other noncurrent liabilities
— 
Total derivatives designated as hedging instruments
548 346 
Derivatives not designated as hedging instruments:
Foreign currency contractsOther current assets1 Accrued liabilities— 
Total derivatives not designated as hedging instruments
1 — 
Total derivatives$549 $346