0000318154-19-000037 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2019	Jul. 24, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-37702
Entity Registrant Name	Amgen Inc.
Entity Central Index Key	0000318154
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3540776
Entity Address, Address Line One	One Amgen Center Drive
Entity Address, City or Town	Thousand Oaks
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91320-1799
City Area Code	805
Local Phone Number	447-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		599,701,222
The NASDAQ Global Select Market [Member] \| Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	AMGN
Security Exchange Name	NASDAQ
New York Stock Exchange [Member] \| 1.250% Senior Notes Due 2022 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.250% Senior Notes Due 2022
Trading Symbol	AMGN22
Security Exchange Name	NYSE
New York Stock Exchange [Member] \| 2.00% Senior Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.00% Senior Notes Due 2026
Trading Symbol	AMGN26
Security Exchange Name	NYSE

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 2,179	$ 2,296	$ 4,171	$ 4,607
Other comprehensive income (loss), net of reclassification adjustments and taxes:
Losses on foreign currency translation	(4)	(111)	(17)	(82)
(Losses) gains on cash flow hedges	(104)	223	(59)	229
Gains (losses) on available-for-sale securities	153	9	374	(334)
Other	6	0	6	2
Other comprehensive income (loss), net of taxes	51	121	304	(185)
Comprehensive income	$ 2,230	$ 2,417	$ 4,475	$ 4,422

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 5,871	$ 6,059	$ 11,428	$ 11,613
Operating expenses:
Cost of sales	1,012	1,024	2,067	1,968
Research and development	924	869	1,803	1,629
Selling, general and administrative	1,260	1,353	2,414	2,480
Other	(3)	(19)	(6)	(22)
Total operating expenses	3,193	3,227	6,278	6,055
Operating income	2,678	2,832	5,150	5,558
Interest expense, net	332	347	675	685
Interest and other income, net	218	162	403	393
Income before income taxes	2,564	2,647	4,878	5,266
Provision for income taxes	385	351	707	659
Net income	$ 2,179	$ 2,296	$ 4,171	$ 4,607
Earnings per share:
Basic (in usd per share)	$ 3.59	$ 3.50	$ 6.78	$ 6.76
Diluted (in usd per share)	$ 3.57	$ 3.48	$ 6.75	$ 6.73
Shares used in calculation of earnings per share:
Basic (in shares)	607	656	615	682
Diluted (in shares)	610	660	618	685
Product sales [Member]
Revenues:
Product sales	$ 5,574	$ 5,679	$ 10,860	$ 11,022
Other revenues [Member]
Revenues:
Total revenues	$ 297	$ 380	$ 568	$ 591

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 5,525	$ 6,945
Marketable securities	16,233	22,359
Trade receivables, net	3,801	3,580
Inventories	3,176	2,940
Other current assets	2,011	1,794
Total current assets	30,746	37,618
Property, plant and equipment, net	4,882	4,958
Intangible assets, net	6,813	7,443
Goodwill	14,689	14,699
Other assets	2,243	1,698
Total assets	59,373	66,416
Current liabilities:
Accounts payable	1,001	1,207
Accrued liabilities	6,805	7,862
Current portion of long-term debt	2,816	4,419
Total current liabilities	10,622	13,488
Long-term debt	27,798	29,510
Long-term deferred tax liabilities	763	864
Long-term tax liabilities	7,861	8,770
Other noncurrent liabilities	1,535	1,284
Contingencies and commitments
Stockholders’ equity:
Common stock and additional paid-in capital; $0.0001 par value; 2,750.0 shares authorized; outstanding — 602.1 shares in 2019 and 629.6 shares in 2018	31,313	31,246
Accumulated deficit	(20,054)	(17,977)
Accumulated other comprehensive loss	(465)	(769)
Total stockholders’ equity	10,794	12,500
Total liabilities and stockholders’ equity	$ 59,373	$ 66,416

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock and additional paid-in capital, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock and additional paid-in capital, shares authorized	2,750.0	2,750.0
Common stock and additional paid-in capital, shares outstanding	602.1	629.6

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Number of shares of common stock [Member]	Common stock and additional paid-in capital [Member]	Accumulated deficit [Member]	Accumulated other comprehensive loss [Member]
Beginning Balance, Shares at Dec. 31, 2017		722.2
Balance as of beginning of period at Dec. 31, 2017	$ 25,241		$ 30,992	$ (5,072)	$ (679)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for basic and diluted EPS	2,311			2,311
Other comprehensive income (loss), net of taxes	(306)				(306)
Dividends declared on common stock	(877)			(877)
Issuance of common stock in connection with the Company’s equity award programs, Shares		0.6
Issuance of common stock in connection with the Company’s equity award programs	5		5
Stock-based compensation expense	61		61
Tax impact related to employee stock-based compensation expense	(57)		(57)
Repurchases of common stock, Shares		(56.4)
Repurchases of common stock	(10,787)			(10,787)
Ending Balance, Shares at Mar. 31, 2018		666.4
Balance as of end of period at Mar. 31, 2018	15,620		31,001	(14,387)	(994)
Beginning Balance, Shares at Dec. 31, 2017		722.2
Balance as of beginning of period at Dec. 31, 2017	25,241		30,992	(5,072)	(679)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for basic and diluted EPS	4,607
Ending Balance, Shares at Jun. 30, 2018		649.0
Balance as of end of period at Jun. 30, 2018	14,909		31,048	(15,266)	(873)
Beginning Balance, Shares at Mar. 31, 2018		666.4
Balance as of beginning of period at Mar. 31, 2018	15,620		31,001	(14,387)	(994)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for basic and diluted EPS	2,296			2,296
Other comprehensive income (loss), net of taxes	121				121
Issuance of common stock in connection with the Company’s equity award programs, Shares		0.8
Issuance of common stock in connection with the Company’s equity award programs	19		19
Stock-based compensation expense	93		93
Tax impact related to employee stock-based compensation expense	(65)		(65)
Repurchases of common stock, Shares		(18.2)
Repurchases of common stock	(3,190)			(3,190)
Other	15			15
Ending Balance, Shares at Jun. 30, 2018		649.0
Balance as of end of period at Jun. 30, 2018	$ 14,909		31,048	(15,266)	(873)
Beginning Balance, Shares at Dec. 31, 2018	629.6	629.6
Balance as of beginning of period at Dec. 31, 2018	$ 12,500		31,246	(17,977)	(769)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for basic and diluted EPS	1,992			1,992
Other comprehensive income (loss), net of taxes	253				253
Dividends declared on common stock	(879)			(879)
Issuance of common stock in connection with the Company’s equity award programs, Shares		0.7
Issuance of common stock in connection with the Company’s equity award programs	6		6
Stock-based compensation expense	64		64
Tax impact related to employee stock-based compensation expense	(73)		(73)
Repurchases of common stock, Shares		(15.9)
Repurchases of common stock	(3,031)			(3,031)
Ending Balance, Shares at Mar. 31, 2019		614.4
Balance as of end of period at Mar. 31, 2019	$ 10,832		31,243	(19,895)	(516)
Beginning Balance, Shares at Dec. 31, 2018	629.6	629.6
Balance as of beginning of period at Dec. 31, 2018	$ 12,500		31,246	(17,977)	(769)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for basic and diluted EPS	$ 4,171
Ending Balance, Shares at Jun. 30, 2019	602.1	602.1
Balance as of end of period at Jun. 30, 2019	$ 10,794		31,313	(20,054)	(465)
Beginning Balance, Shares at Mar. 31, 2019		614.4
Balance as of beginning of period at Mar. 31, 2019	10,832		31,243	(19,895)	(516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for basic and diluted EPS	2,179			2,179
Other comprehensive income (loss), net of taxes	51				51
Issuance of common stock in connection with the Company’s equity award programs, Shares		0.8
Issuance of common stock in connection with the Company’s equity award programs	23		23
Stock-based compensation expense	97		97
Tax impact related to employee stock-based compensation expense	(50)		(50)
Repurchases of common stock, Shares		(13.1)
Repurchases of common stock	(2,349)			(2,349)
Other	$ 11			11
Ending Balance, Shares at Jun. 30, 2019	602.1	602.1
Balance as of end of period at Jun. 30, 2019	$ 10,794		$ 31,313	$ (20,054)	$ (465)

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	1 Months Ended		3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common stock, dividends declared per share (in usd per share)	$ 1.45	$ 1.45	$ 1.45	$ 1.32

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 4,171	$ 4,607
Depreciation, amortization and other	996	955
Deferred income taxes	(70)	(114)
Other items, net	32	181
Changes in operating assets and liabilities, net of acquisition:
Trade receivables, net	(228)	(348)
Inventories	(118)	(135)
Other assets	(158)	(232)
Accounts payable	(205)	(329)
Accrued income taxes, net	(257)	(314)
Long-term tax liabilities	(322)	134
Other liabilities	(582)	424
Net cash provided by operating activities	3,259	4,829
Cash flows from investing activities:
Purchases of marketable securities	(7,250)	(6,733)
Proceeds from sales of marketable securities	217	23,723
Proceeds from maturities of marketable securities	13,617	993
Cash acquired in acquisition, net of cash paid	0	197
Purchases of property, plant and equipment	(260)	(342)
Other	(24)	6
Net cash provided by investing activities	6,300	17,844
Cash flows from financing activities:
Repayment of debt	(3,650)	(500)
Repurchases of common stock	(5,447)	(13,941)
Dividends paid	(1,781)	(1,816)
Other	(101)	(85)
Net cash used in financing activities	(10,979)	(16,342)
(Decrease) increase in cash and cash equivalents	(1,420)	6,331
Cash and cash equivalents at beginning of period	6,945	3,800
Cash and cash equivalents at end of period	$ 5,525	$ 10,131

Summary of significant accounting policies	6 Months Ended
Summary of significant accounting policies	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Business Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate in one business segment: human therapeutics. Basis of presentation The financial information for the three and six months ended June 30, 2019 and 2018, is unaudited but includes all adjustments (consisting of only normal, recurring adjustments unless otherwise indicated), which Amgen considers necessary for a fair presentation of its condensed consolidated results of operations for those periods. Interim results are not necessarily indicative of results for the full fiscal year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2018, and with our condensed consolidated financial statements and the notes thereto contained in our Quarterly Report on Form 10-Q for the period ended March 31, 2019. Principles of consolidation The condensed consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. We do not have any significant interests in any variable interest entities. All material intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates. Property, plant and equipment, net Property, plant and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $8.1 billion and $7.8 billion as of June 30, 2019 and December 31, 2018, respectively. Leases Adoption of new lease standard In February 2016, the Financial Accounting Standards Board (FASB) issued a new accounting standard that amends the guidance for the accounting and disclosure of leases. This new standard requires that lessees recognize the assets and liabilities that arise from leases on the balance sheet, including leases classified as operating leases, and that they disclose qualitative and quantitative information about leasing arrangements. The FASB subsequently issued additional amendments to address issues arising from the implementation of the new lease standard. We adopted this standard as of January 1, 2019, using the modified-retrospective method. This approach provides a method for recording existing leases at adoption. We used the adoption date as our date of initial application, and thus comparative-period financial information is not presented for periods prior to the adoption date. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed us to carry forward the historical lease classification. Adoption of the new standard resulted in total lease liabilities of $510 million and right-of-use (ROU) assets of $439 million as of January 1, 2019. The difference between the initial lease liabilities and the ROU assets is related primarily to previously existing lease liabilities. The standard did not materially impact our Condensed Consolidated Statements of Income and had no impact on our Condensed Consolidated Statements of Cash Flows. Our accounting policies under the new standard are described below. See Note 8, Leases. Lease recognition At inception of a contract, we determine whether an arrangement is or contains a lease. For all leases, we determine the classification as either operating or financing. Operating leases are included in Other assets, Accrued liabilities and Other noncurrent liabilities in our Condensed Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments under the lease. Lease recognition occurs at the commencement date, and lease liability amounts are based on the present value of lease payments made during the lease term. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Because most of our leases do not provide information to determine an implicit interest rate, we use our incremental borrowing rate in determining the present value of lease payments. ROU assets also include any lease payments made prior to the commencement date and exclude lease incentives received. Operating lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with both lease and nonlease components, which are generally accounted for together as a single lease component. In addition, for certain vehicle and equipment leases, we apply a portfolio approach to determine the lease term and discount rate. Other recent accounting pronouncements In June 2016, the FASB issued a new accounting standard that amends the guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the incurred-loss model with an expected-loss model. Accordingly, these financial assets will be presented at the net amount expected to be collected. This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than by reducing the carrying amount under the current, other-than-temporary-impairment model. The new standard is effective for interim and annual periods beginning on January 1, 2020, but may be adopted earlier. With certain exceptions, adjustments are to be applied using a modified-retrospective approach by reflecting adjustments through a cumulative-effect impact on retained earnings as of the beginning of the fiscal year of adoption. We are currently evaluating the impact that this new standard will have on our condensed consolidated financial statements.

Revenues

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues

We operate in one business segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. Rest-of-world (ROW) revenues relate to products that are sold primarily in Europe.

Revenues were as follows (in millions):



	Three months ended June 30,
	2019						2018
	US		ROW		Total		US		ROW		Total
Enbrel^®(etanercept)	$	1,315	$	48	$	1,363	$	1,252	$	50	$	1,302
Neulasta^®(pegfilgrastim)	719		105		824		948		152		1,100
Prolia^®(denosumab)	458		240		698		396		214		610
XGEVA^® (denosumab)	379		120		499		339		113		452
Aranesp^®(darbepoetin alfa)	192		244		436		241		231		472
KYPROLIS^®(carfilzomib)	166		101		267		151		112		263
EPOGEN^®(epoetin alfa)	223		—		223		250		—		250
Sensipar^®/Mimpara^®(cinacalcet)	43		79		122		330		90		420
Other products	647		495		1,142		460		350		810
Total product sales⁽¹⁾	$	4,142	$	1,432	5,574		$	4,367	$	1,312	5,679
Other revenues					297						380
Total revenues					$	5,871					$	6,059



	Six months ended June 30,
	2019						2018
	US		ROW		Total		US		ROW		Total
ENBREL	$	2,421	$	93	$	2,514	$	2,302	$	105	$	2,407
Neulasta^®	1,612		233		1,845		1,957		298		2,255
Prolia^®	848		442		1,290		716		388		1,104
XGEVA^®	735		235		970		671		226		897
Aranesp^®	374		476		850		466		460		926
KYPROLIS^®	320		192		512		288		197		485
EPOGEN^®	442		—		442		494		—		494
Sensipar^®/Mimpara^®	178		157		335		739		178		917
Other products	1,203		899		2,102		881		656		1,537
Total product sales⁽¹⁾	$	8,133	$	2,727	10,860		$	8,514	$	2,508	11,022
Other revenues					568						591
Total revenues					$	11,428					$	11,613

^____________

⁽¹⁾

Hedging gains and losses, which are included in product sales, were not material for the three and six months ended June 30, 2019 and 2018.

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The effective tax rates for the three and six months ended June 30, 2019, were 15.0% and 14.5%, respectively, compared with 13.3% and 12.5%, respectively, for the corresponding periods of the prior year. The increase in our effective tax rates for the three and six months ended June 30, 2019, was due primarily to a prior-year tax benefit associated with intercompany sales under U.S. corporate tax reform. The effective tax rates differ from the federal statutory rate primarily as a result of foreign earnings from the Company’s operations conducted in Puerto Rico, a territory of the United States that is treated as a foreign jurisdiction for U.S. tax purposes and that is subject to tax incentive grants through 2035; these earnings are subject to U.S. tax at a reduced 10.5% rate. The U.S. territory of Puerto Rico imposes an excise tax on the gross intercompany purchase price of goods and services from our manufacturer in Puerto Rico. The rate of 4% is effective through December 31, 2027. We account for the excise tax as a manufacturing cost that is capitalized in inventory and expensed in cost of sales when the related products are sold. For U.S. income tax purposes, the excise tax results in foreign tax credits that are generally recognized in our provision for income taxes when the excise tax is incurred. One or more of our legal entities file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and certain foreign jurisdictions. Our income tax returns are routinely examined by tax authorities in those jurisdictions. Significant disputes may arise with authorities involving issues of the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws and regulations and the interpretations of the relevant facts. As previously disclosed, we received a Revenue Agent Report (RAR) from the Internal Revenue Service (IRS) for the years 2010, 2011 and 2012. The RAR proposes to make significant adjustments that relate primarily to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. In November 2017, we received a modified RAR that revised the IRS’s calculation but continued to propose substantial adjustments. We disagree with the proposed adjustments and are pursuing resolution with the IRS administrative appeals office, which currently has jurisdiction over the matter. If we deem necessary, we will vigorously contest the proposed adjustments through the judicial process. Final resolution of this complex matter is not likely within the next 12 months and could have a material impact on our condensed consolidated financial statements. We believe our accrual for income tax liabilities is appropriate based on past experience, interpretations of tax law, and judgments about potential actions by tax authorities; however, due to the complexity of the provision for income taxes, the ultimate resolution of any tax matters may result in payments greater or less than amounts accrued. We are no longer subject to U.S. federal income tax examinations for years ended on or before December 31, 2009. In addition, we are currently under examination by a number of other state and foreign tax jurisdictions. During the three and six months ended June 30, 2019, the gross amounts of our unrecognized tax benefits (UTBs) increased $60 million and $110 million, respectively, as a result of tax positions taken during the current year. Substantially all of the UTBs as of June 30, 2019, if recognized, would affect our effective tax rate.

Earnings per share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings per share

The computation of basic earnings per share (EPS) is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which include primarily shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method.

The computations for basic and diluted EPS were as follows (in millions, except per-share data):



	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Income (Numerator):
Net income for basic and diluted EPS	$	2,179	$	2,296	$	4,171	$	4,607

Shares (Denominator):
Weighted-average shares for basic EPS	607		656		615		682
Effect of dilutive securities	3		4		3		3
Weighted-average shares for diluted EPS	610		660		618		685

Basic EPS	$	3.59	$	3.50	$	6.78	$	6.76
Diluted EPS	$	3.57	$	3.48	$	6.75	$	6.73

For the three and six months ended June 30, 2019 and 2018, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.

Investments

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Investments

Available-for-sale investments

The amortized cost, gross unrealized gains, gross unrealized losses and fair values of interest-bearing securities, which are considered available-for-sale, by type of security were as follows (in millions):



Types of securities as of June 30, 2019	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair values
U.S. Treasury notes	$	2,709	$	10	$	(2	)	$	2,717
U.S. Treasury bills	3,497		—		—			3,497
Other government-related debt securities:
U.S.	112		—		—			112
Foreign and other	962		18		(3		)	977
Corporate debt securities:
Financial	2,755		19		(1		)	2,773
Industrial	2,400		14		(6		)	2,408
Other	558		4		—			562
Residential-mortgage-backed securities	1,335		2		(4		)	1,333
Other mortgage- and asset-backed securities	469		—		(6		)	463
Money market mutual funds	3,886		—		—			3,886
Other short-term interest-bearing securities	2,389		—		—			2,389
Total interest-bearing securities	$	21,072	$	67	$	(22	)	$	21,117



Types of securities as of December 31, 2018	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair values
U.S. Treasury notes	$	2,710	$	—	$	(47	)	$	2,663
U.S. Treasury bills	8,191		—		—			8,191
Other government-related debt securities:
U.S.	112		—		(2		)	110
Foreign and other	972		1		(41		)	932
Corporate debt securities:
Financial	2,778		—		(81		)	2,697
Industrial	2,603		—		(99		)	2,504
Other	583		—		(21		)	562
Residential-mortgage-backed securities	1,458		—		(36		)	1,422
Other mortgage- and asset-backed securities	483		—		(14		)	469
Money market mutual funds	5,659		—		—			5,659
Other short-term interest-bearing securities	3,515		—		—			3,515
Total interest-bearing securities	$	29,064	$	1	$	(341	)	$	28,724

The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions):



Condensed Consolidated Balance Sheets locations	June 30, 2019		December 31, 2018
Cash and cash equivalents	$	4,884	$	6,365
Marketable securities	16,233		22,359
Total interest-bearing securities	$	21,117	$	28,724

Cash and cash equivalents in the above table excludes bank account cash of $641 million and $580 million as of June 30, 2019 and December 31, 2018, respectively.

The fair values of interest-bearing securities by contractual maturity, except for mortgage- and asset-backed securities that do not have a single maturity date, were as follows (in millions):



Contractual maturities	June 30, 2019		December 31, 2018
Maturing in one year or less	$	9,872	$	17,424
Maturing after one year through three years	5,730		3,356
Maturing after three years through five years	2,961		5,168
Maturing after five years through ten years	758		885
Mortgage- and asset-backed securities	1,796		1,891
Total interest-bearing securities	$	21,117	$	28,724

For the three months ended June 30, 2019 and 2018, realized gains on interest-bearing securities were $1 million and $5 million, respectively, and realized losses on interest-bearing securities were $3 million and $120 million, respectively. For the six months ended June 30, 2019 and 2018, realized gains on interest-bearing securities were $2 million and $22 million, respectively, and realized losses on interest-bearing securities were $8 million and $271 million, respectively. Realized gains and losses on interest-bearing securities are recorded in Interest and other income, net, in the Condensed Consolidated Statements of Income. The cost of securities sold is based on the specific-identification method.

The fair values and gross unrealized losses of interest-bearing securities in an unrealized loss position aggregated by type and length of time that the securities have been in a continuous loss position were as follows (in millions):



	Less than 12 months					12 months or more
Types of securities as of June 30, 2019	Fair values		Unrealized losses			Fair values		Unrealized losses
U.S. Treasury notes	$	105	$	—		$	724	$	(2	)
Other government-related debt securities:
U.S.	—		—			48		—
Foreign and other	6		—			115		(3		)
Corporate debt securities:
Financial	121		—			320		(1		)
Industrial	191		(3		)	500		(3		)
Other	30		—			40		—
Residential-mortgage-backed securities	93		—			685		(4		)
Other mortgage- and asset-backed securities	—		—			401		(6		)
Total	$	546	$	(3	)	$	2,833	$	(19	)



	Less than 12 months					12 months or more
Types of securities as of December 31, 2018	Fair values		Unrealized losses			Fair values		Unrealized losses
U.S. Treasury notes	$	1,219	$	(21	)	$	1,444	$	(26	)
Other government-related debt securities:
U.S.	—		—			110		(2		)
Foreign and other	631		(31		)	240		(10		)
Corporate debt securities:
Financial	1,968		(59		)	718		(22		)
Industrial	1,898		(81		)	529		(18		)
Other	529		(20		)	28		(1		)
Residential-mortgage-backed securities	576		(14		)	840		(22		)
Other mortgage- and asset-backed securities	17		—			451		(14		)
Total	$	6,838	$	(226	)	$	4,360	$	(115	)

The primary objective of our investment portfolio is to enhance overall returns in an efficient manner while maintaining safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with primarily investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.

We review our available-for-sale investments for other-than-temporary declines in fair value below our cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. The evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below our cost basis as well as adverse conditions related specifically to the security, such as any changes to the credit rating of the security and the intent to sell or whether we will more likely than not be required to sell the security before recovery of its amortized cost basis. Our assessment of whether a security is other-than-temporarily impaired could change in the future based on new developments or changes in assumptions related to that particular security. As of June 30, 2019 and December 31, 2018, we believe the cost bases for our available-for-sale investments were recoverable in all material respects.

Equity securities

We held investments in equity securities with readily determinable fair values of $287 million and $176 million as of June 30, 2019 and December 31, 2018, respectively, which are included in Other assets in the Condensed Consolidated Balance Sheets. Gains and losses recognized on equity securities with readily determinable fair values, including gains and losses recognized on sales, were not material for the three and six months ended June 30, 2019 and 2018.

As of June 30, 2019 and December 31, 2018, respectively, we held investments of $169 million and $222 million in equity securities without readily determinable fair values, which are included in Other assets in the Condensed Consolidated Balance Sheets. Adjustments to the carrying values of these securities were not material for the three and six months ended June 30, 2019 and 2018.

Limited partnership investments

We held limited partnership investments of $312 million and $285 million as of June 30, 2019 and December 31, 2018, respectively, which are included in Other assets in the Condensed Consolidated Balance Sheets. These investments are measured by using the net asset values of the underlying investments as a practical expedient. These investments are typically redeemable only through distributions upon liquidation of the underlying assets. As of June 30, 2019, unfunded additional commitments to be made during the next several years for these investments were not material. Gains and losses recognized on our limited partnership investments were not material for the three and six months ended June 30, 2019 and 2018.

Inventories

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in millions):



	June 30, 2019		December 31, 2018
Raw materials	$	294	$	257
Work in process	1,788		1,660
Finished goods	1,094		1,023
Total inventories	$	3,176	$	2,940

Goodwill and other intangible assets

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Goodwill

The change in the carrying amount of goodwill was as follows (in millions):



	Six months ended June 30, 2019
Beginning balance	$	14,699
Currency translation adjustment	(10		)
Ending balance	$	14,689

Other intangible assets

Other intangible assets consisted of the following (in millions):



	June 30, 2019							December 31, 2018
	Gross carrying amounts		Accumulated amortization			Other intangible assets, net		Gross carrying amounts		Accumulated amortization			Other intangible assets, net
Finite-lived intangible assets:
Developed-product-technology rights	$	12,563	$	(7,812	)	$	4,751	$	12,573	$	(7,479	)	$	5,094
Licensing rights	3,693		(2,174		)	1,519		3,772		(2,032		)	1,740
Marketing-related rights	1,209		(959		)	250		1,297		(1,019		)	278
Research and development technology rights	1,148		(910		)	238		1,148		(872		)	276
Total finite-lived intangible assets	18,613		(11,855		)	6,758		18,790		(11,402		)	7,388
Indefinite-lived intangible assets:
In-process research and development	55		—			55		55		—			55
Total other intangible assets	$	18,668	$	(11,855	)	$	6,813	$	18,845	$	(11,402	)	$	7,443

Developed-product-technology rights consists of rights related to marketed products acquired in business combinations. Licensing rights consists primarily of contractual rights acquired in business combinations to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and up-front payments associated with royalty obligations for marketed products. Marketing-related rights consists primarily of rights related to the sale and distribution of marketed products. Research and development (R&D) technology rights pertains to technology used in R&D that have alternative future uses.

In-process research and development (IPR&D) consists of R&D projects acquired in a business combination that are not complete at the time of acquisition due to remaining technological risks and/or lack of receipt of required regulatory approvals. We review IPR&D projects for impairment annually, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon the establishment of technological feasibility or regulatory approval.

During the three months ended June 30, 2019 and 2018, we recognized amortization associated with our finite-lived intangible assets of $315 million and $332 million, respectively. During the six months ended June 30, 2019 and 2018, we recognized amortization associated with our finite-lived intangible assets of $630 million and $652 million, respectively. Amortization of intangible assets is included primarily in Cost of sales in the Condensed Consolidated Statements of Income. The total estimated amortization for our finite-lived intangible assets for the remaining six months ending December 31, 2019, and the years ending December 31, 2020, 2021, 2022, 2023 and 2024, are $0.6 billion, $1.2 billion, $1.0 billion, $0.9 billion, $0.9 billion and $0.8 billion, respectively.

Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

On January 1, 2019, we adopted a new accounting standard that amends the guidance for the accounting and reporting of leases. Certain required disclosures have been made on a prospective basis in accordance with the guidance of the standard. See Note 1, Summary of significant accounting policies.

We lease certain facilities and equipment related primarily to administrative, R&D and sales and marketing activities. Leases with lease terms of 12 months or less are expensed on a straight-line basis over the lease term and are not recorded in the Condensed Consolidated Balance Sheets.

Most leases include one or more options to renew, with renewal terms that may extend the lease term up to seven years. The exercise of lease renewal options is at our sole discretion. In addition, some of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements neither contain any residual value guarantees nor impose any significant restrictions or covenants. We sublease certain real estate to third parties. Our sublease portfolio consists of operating leases from former R&D and administrative space.

The following table summarizes information related to our leases, all of which are classified as operating, included in our Condensed Consolidated Balance Sheets (in millions):



Condensed Consolidated Balance Sheets locations	June 30, 2019
Assets:
Other assets	$	430
Liabilities:
Accrued liabilities	$	134
Other noncurrent liabilities	363
Total lease liabilities	$	497

The components of net lease costs were as follows (in millions):



Lease costs	Three months ended June 30, 2019			Six months ended June 30, 2019
Operating⁽¹⁾	$	51		$	99
Sublease income	(9		)	(17		)
Total net lease costs	$	42		$	82

^____________


⁽¹⁾	Includes short-term leases and variable lease costs, which were not material for the three and six months ended June 30, 2019.

Maturities of lease liabilities as of June 30, 2019, were as follows (in millions):



Maturity dates	Operating leases
Remaining six months ending December 31, 2019	$	69
2020	152
2021	132
2022	73
2023	62
Thereafter	48
Total lease payments⁽¹⁾	536
Less imputed interest	(39		)
Present value of lease liabilities	$	497

^____________


⁽¹⁾	Includes future rental commitments for abandoned leases of $200 million. We expect to receive total future rental income of $158 million related to noncancelable subleases for abandoned facilities.

The weighted-average remaining lease term and weighted-average discount rate of our leases were 4.2 years and 3.32%, respectively, as of June 30, 2019.

Cash and noncash information related to our leases was as follows (in millions):



	Three months ended June 30, 2019		Six months ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	39	$	73
ROU assets obtained in exchange for lease obligations:
Operating leases	$	46	$	54

Financing arrangements

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Financing arrangements

Our borrowings consisted of the following (in millions):



	June 30, 2019			December 31, 2018
5.70% notes due 2019 (5.70% 2019 Notes)	$	—		$	1,000
1.90% notes due 2019 (1.90% 2019 Notes)	—			700
Floating Rate Notes due 2019	—			550
2.20% notes due 2019 (2.20% 2019 Notes)	—			1,400
2.125% €675 million notes due 2019 (2.125% 2019 euro Notes)	768			774
4.50% notes due 2020 (4.50% 2020 Notes)	300			300
2.125% notes due 2020 (2.125% 2020 Notes)	750			750
Floating Rate Notes due 2020	300			300
2.20% notes due 2020 (2.20% 2020 Notes)	700			700
3.45% notes due 2020 (3.45% 2020 Notes)	900			900
4.10% notes due 2021 (4.10% 2021 Notes)	1,000			1,000
1.85% notes due 2021 (1.85% 2021 Notes)	750			750
3.875% notes due 2021 (3.875% 2021 Notes)	1,750			1,750
1.25% €1,250 million notes due 2022 (1.25% 2022 euro Notes)	1,422			1,433
2.70% notes due 2022 (2.70% 2022 Notes)	500			500
2.65% notes due 2022 (2.65% 2022 Notes)	1,500			1,500
3.625% notes due 2022 (3.625% 2022 Notes)	750			750
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds)	717			713
2.25% notes due 2023 (2.25% 2023 Notes)	750			750
3.625% notes due 2024 (3.625% 2024 Notes)	1,400			1,400
3.125% notes due 2025 (3.125% 2025 Notes)	1,000			1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)	853			860
2.60% notes due 2026 (2.60% 2026 Notes)	1,250			1,250
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)	603			606
3.20% notes due 2027 (3.20% 2027 Notes)	1,000			1,000
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)	889			893
6.375% notes due 2037 (6.375% 2037 Notes)	552			552
6.90% notes due 2038 (6.90% 2038 Notes)	291			291
6.40% notes due 2039 (6.40% 2039 Notes)	466			466
5.75% notes due 2040 (5.75% 2040 Notes)	412			412
4.95% notes due 2041 (4.95% 2041 Notes)	600			600
5.15% notes due 2041 (5.15% 2041 Notes)	974			974
5.65% notes due 2042 (5.65% 2042 Notes)	487			487
5.375% notes due 2043 (5.375% 2043 Notes)	261			261
4.40% notes due 2045 (4.40% 2045 Notes)	2,250			2,250
4.563% notes due 2048 (4.563% 2048 Notes)	1,415			1,415
4.663% notes due 2051 (4.663% 2051 Notes)	3,541			3,541
Other notes due 2097	100			100
Unamortized bond discounts, premiums and issuance costs, net	(882		)	(896		)
Fair value adjustments	295			(53		)
Total carrying value of debt	30,614			33,929
Less current portion	(2,816		)	(4,419		)
Total long-term debt	$	27,798		$	29,510

There are no material differences between the effective interest rates and coupon rates of any of our borrowings, except for the 4.563% 2048 Notes and the 4.663% 2051 Notes, which have effective interest rates of 6.3% and 5.6%, respectively.

Stockholders' equity

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

Stock repurchase program

Activity under our stock repurchase program, on a trade date basis, was as follows (in millions):



	2019			2018
	Shares *	Dollars		Shares	Dollars
First quarter	15.9	$	3,031	56.4	$	10,787
Second quarter	13.1	2,349		18.2	3,190
Total stock repurchases	28.9	$	5,380	74.6	$	13,977

* Total shares do not add due to rounding.

In May 2019, our Board of Directors increased the amount authorized under our stock repurchase program by an additional $5.0 billion. As of June 30, 2019, $4.7 billion of authorization remained available under our stock repurchase program.

Dividends

In March 2019 and December 2018, the Board of Directors declared quarterly cash dividends of $1.45 per share, which were paid in June 2019 and March 2019, respectively.

Accumulated other comprehensive income (loss)

The components of Accumulated other comprehensive income (loss) (AOCI) were as follows (in millions):



	Foreign currency translation			Cash flow hedges			Available-for-sale securities			Other			AOCI
Balance as of December 31, 2018	$	(670	)	$	241		$	(338	)	$	(2	)	$	(769	)
Foreign currency translation adjustments	(13		)	—			—			—			(13		)
Unrealized gains	—			30			218			—			248
Reclassification adjustments to income	—			28			4			—			32
Income taxes	—			(13		)	(1		)	—			(14		)
Balance as of March 31, 2019	(683		)	286			(117		)	(2		)	(516		)
Foreign currency translation adjustments	(4		)	—			—			—			(4		)
Unrealized (losses) gains	—			(96		)	161			—			65
Reclassification adjustments to income	—			(36		)	2			—			(34		)
Other	—			—			—			6			6
Income taxes	—			28			(10		)	—			18
Balance as of June 30, 2019	$	(687	)	$	182		$	36		$	4		$	(465	)

Reclassifications out of AOCI and into earnings were as follows (in millions):



	Three months ended June 30,
Components of AOCI	2019			2018			Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains (losses)	$	22		$	(20	)	Product sales
Cross-currency swap contract gains (losses)	14			(298		)	Interest and other income, net
	36			(318		)	Income before income taxes
	(8		)	68			Provision for income taxes
	$	28		$	(250	)	Net income
Available-for-sale securities:
Net realized losses	$	(2	)	$	(115	)	Interest and other income, net
	—			1			Provision for income taxes
	$	(2	)	$	(114	)	Net income



	Six months ended June 30,
Components of AOCI	2019			2018			Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains (losses)	$	36		$	(54	)	Product sales
Cross-currency swap contract losses	(28		)	(134		)	Interest and other income, net
	8			(188		)	Income before income taxes
	(2		)	40			Provision for income taxes
	$	6		$	(148	)	Net income
Available-for-sale securities:
Net realized losses	$	(6	)	$	(249	)	Interest and other income, net
	—			2			Provision for income taxes
	$	(6	)	$	(247	)	Net income

Fair value measurement

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair value measurement

To estimate the fair value of our financial assets and liabilities, we use valuation approaches within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing an asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is divided into three levels based on the source of inputs as follows:



Level 1	—	Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access
Level 2	—	Valuations for which all significant inputs are observable either directly or indirectly—other than Level 1 inputs
Level 3	—	Valuations based on inputs that are unobservable and significant to the overall fair value measurement

The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used for measuring fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level of input used that is significant to the overall fair value measurement.

The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):



	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Fair value measurement as of June 30, 2019, using:							Total
Assets:
Interest-bearing securities:
U.S. Treasury notes	$	2,717	$	—	$	—	$	2,717
U.S. Treasury bills	3,497		—		—		3,497
Other government-related debt securities:
U.S.	—		112		—		112
Foreign and other	—		977		—		977
Corporate debt securities:
Financial	—		2,773		—		2,773
Industrial	—		2,408		—		2,408
Other	—		562		—		562
Residential-mortgage-backed securities	—		1,333		—		1,333
Other mortgage- and asset-backed securities	—		463		—		463
Money market mutual funds	3,886		—		—		3,886
Other short-term interest-bearing securities	—		2,389		—		2,389
Equity securities	287		—		—		287
Derivatives:
Foreign currency contracts	—		205		—		205
Cross-currency swap contracts	—		150		—		150
Interest rate swap contracts	—		258		—		258
Total assets	$	10,387	$	11,630	$	—	$	22,017

Liabilities:
Derivatives:
Foreign currency contracts	$	—	$	15	$	—	$	15
Cross-currency swap contracts	—		515		—		515
Contingent consideration obligations	—		—		63		63
Total liabilities	$	—	$	530	$	63	$	593



	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Fair value measurement as of December 31, 2018, using:							Total
Assets:
Interest-bearing securities:
U.S. Treasury notes	$	2,663	$	—	$	—	$	2,663
U.S. Treasury bills	8,191		—		—		8,191
Other government-related debt securities:
U.S.	—		110		—		110
Foreign and other	—		932		—		932
Corporate debt securities:
Financial	—		2,697		—		2,697
Industrial	—		2,504		—		2,504
Other	—		562		—		562
Residential-mortgage-backed securities	—		1,422		—		1,422
Other mortgage- and asset-backed securities	—		469		—		469
Money market mutual funds	5,659		—		—		5,659
Other short-term interest-bearing securities	—		3,515		—		3,515
Equity securities	176		—		—		176
Derivatives:
Foreign currency contracts	—		182		—		182
Cross-currency swap contracts	—		170		—		170
Interest rate swap contracts	—		56		—		56
Total assets	$	16,689	$	12,619	$	—	$	29,308

Liabilities:
Derivatives:
Foreign currency contracts	$	—	$	26	$	—	$	26
Cross-currency swap contracts	—		401		—		401
Interest rate swap contracts	—		149		—		149
Contingent consideration obligations	—		—		72		72
Total liabilities	$	—	$	576	$	72	$	648

Interest-bearing and equity securities

The fair values of our U.S. Treasury securities, money market mutual funds and equity securities are based on quoted market prices in active markets, with no valuation adjustment.

Most of our other government-related and corporate debt securities are investment grade and have maturity dates of five years or less from the balance sheet date. Our other government-related debt securities portfolio is composed of securities with weighted-average credit ratings of A– or equivalent by Standard & Poor’s Financial Services LLC (S&P), Moody’s Investors Service, Inc. (Moody’s), or Fitch Ratings, Inc. (Fitch); and our corporate debt securities portfolio has weighted-average credit ratings of A– by Fitch and BBB + or equivalent by S&P or Moody’s. We estimate the fair values of these securities by taking into consideration valuations obtained from third-party pricing services. The pricing services use industry-standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable either directly or indirectly to estimate fair value. The inputs include reported trades of and broker-dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs.

Our residential-mortgage-, other-mortgage- and asset-backed-securities portfolio is composed entirely of senior tranches with credit ratings of AAA by S&P, Moody’s or Fitch. We estimate the fair values of these securities by taking into consideration valuations obtained from third-party pricing services. The pricing services use industry-standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable either directly or indirectly to estimate fair value. The inputs include reported trades of and broker-dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; prepayment or default projections based on historical data; and other observable inputs.

We value our other short-term interest-bearing securities at amortized cost, which approximates fair value given their near-term maturity dates.

Derivatives

All of our foreign currency forward and option derivative contracts have maturities of three years or less, and all are with counterparties that have minimum credit ratings of A– or equivalent by S&P, Moody’s or Fitch. We estimate the fair values of these contracts by taking into consideration valuations obtained from a third-party valuation service that uses an income-based industry-standard valuation model for which all significant inputs are observable either directly or indirectly. These inputs include foreign currency exchange rates, the London Interbank Offered Rate (LIBOR), swap rates and obligor credit default swap rates. In addition, inputs for our foreign currency option contracts include implied volatility measures. These inputs, when applicable, are at commonly quoted intervals. See Note 12, Derivative instruments.

Our cross-currency swap contracts are with counterparties that have minimum credit ratings of A– or equivalent by S&P, Moody’s or Fitch. We estimate the fair values of these contracts by taking into consideration valuations obtained from a third-party valuation service that uses an income-based industry-standard valuation model for which all significant inputs are observable either directly or indirectly. These inputs include foreign currency exchange rates, LIBOR, swap rates, obligor credit default swap rates and cross-currency-basis swap spreads. See Note 12, Derivative instruments.

Our interest rate swap contracts are with counterparties that have minimum credit ratings of A– or equivalent by S&P, Moody’s or Fitch. We estimate the fair values of these contracts by using an income-based industry-standard valuation model for which all significant inputs are observable either directly or indirectly. These inputs include LIBOR, swap rates and obligor credit default swap rates. See Note 12, Derivative instruments.

Contingent consideration obligations

As a result of our business acquisitions, we have incurred contingent consideration obligations. The contingent consideration obligations are recorded at their fair values by using probability-adjusted discounted cash flows, and we revalue these obligations each reporting period until the related contingencies have been resolved. The fair value measurements of these obligations are based on significant unobservable inputs related to licensing rights and product candidates acquired in business combinations, and they are reviewed quarterly by management in our R&D and commercial sales organizations. Changes in the fair values of contingent consideration obligations are recognized in Other operating expenses in the Condensed Consolidated Statements of Income. Changes in the carrying amounts of contingent consideration obligations for the three and six months ended June 30, 2019 and 2018, were not material.

During the three and six months ended June 30, 2019 and 2018, there were no transfers of assets or liabilities between fair value measurement levels, and there were no material remeasurements to the fair values of assets and liabilities that are not measured at fair value on a recurring basis.

Summary of the fair values of other financial instruments

Cash equivalents

The fair values of cash equivalents approximate their carrying values due to the short-term nature of such financial instruments.

Borrowings

We estimated the fair values of our borrowings by using Level 2 inputs. As of June 30, 2019 and December 31, 2018, the aggregate fair values of our borrowings were $33.4 billion and $35.0 billion, respectively, and the carrying values were $30.6 billion and $33.9 billion, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative instruments

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments

The Company is exposed to foreign currency exchange rate and interest rate risks related to its business operations. To reduce our risks related to such exposures, we use or have used certain derivative instruments, including foreign currency forward, foreign currency option, cross-currency swap, forward interest rate and interest rate swap contracts. We do not use derivatives for speculative trading purposes.

Cash flow hedges

We are exposed to possible changes in the values of certain anticipated foreign currency cash flows resulting from changes in foreign currency exchange rates associated primarily with our euro-denominated international product sales. Increases and decreases in the cash flows associated with our international product sales due to movements in foreign currency exchange rates are offset partially by corresponding increases and decreases in the cash flows from our international operating expenses resulting from these foreign currency exchange rate movements. To further reduce our exposure to foreign currency exchange rate fluctuations with regard to our international product sales, we enter into foreign currency forward and option contracts to hedge a portion of our projected international product sales primarily over a three-year time horizon, with, at any given point in time, a higher percentage of nearer-term projected product sales being hedged than in successive periods.

As of both June 30, 2019 and December 31, 2018, we had outstanding foreign currency forward contracts with aggregate notional amounts of $4.5 billion and outstanding foreign currency option contracts with aggregate notional amounts of $21 million. We have designated these foreign currency forward and foreign currency option contracts, which are primarily euro based, as cash flow hedges. Accordingly, we report the unrealized gains and losses on these contracts in AOCI in the Condensed Consolidated Balance Sheets, and we reclassify them to Product sales in the Condensed Consolidated Statements of Income in the same periods during which the hedged transactions affect earnings.

To hedge our exposure to foreign currency exchange rate risk associated with certain of our long-term debt denominated in foreign currencies, we enter into cross-currency swap contracts. Under the terms of such contracts, we paid euros, pounds sterling and Swiss francs and received U.S. dollars for the notional amounts at the inception of the contracts; and based on these notional amounts, we exchange interest payments at fixed rates over the lives of the contracts by paying U.S. dollars and receiving euros, pounds sterling and Swiss francs. In addition, we will pay U.S. dollars to and receive euros, pounds sterling and Swiss francs from the counterparties at the maturities of the contracts for these same notional amounts. The terms of these contracts correspond to the related hedged debt, thereby effectively converting the interest payments and principal repayment on the debt from euros, pounds sterling and Swiss francs to U.S. dollars. We have designated these cross-currency swap contracts as cash flow hedges. Accordingly, the unrealized gains and losses on these contracts are reported in AOCI in the Condensed Consolidated Balance Sheets and reclassified to Interest and other income, net, in the Condensed Consolidated Statements of Income in the same periods during which the hedged debt affects earnings.

The notional amounts and interest rates of our cross-currency swaps as of June 30, 2019, were as follows (notional amounts in millions):



	Foreign currency				U.S. dollars
Hedged notes	Notional amounts		Interest rates		Notional amounts		Interest rates
2.125% 2019 euro Notes	€	675	2.1	%	$	864	2.6	%
1.25% 2022 euro Notes	€	1,250	1.3	%	$	1,388	3.2	%
0.41% 2023 Swiss franc Bonds	CHF	700	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	%

In connection with the anticipated issuance of long-term fixed-rate debt, we occasionally enter into forward interest rate contracts in order to hedge the variability in cash flows due to changes in the applicable U.S. Treasury rate between the time we enter into these contracts and the time the related debt is issued. Gains and losses on forward interest rate contracts, which are designated as cash flow hedges, are recognized in AOCI in the Condensed Consolidated Balance Sheets and are amortized into Interest expense, net, in the Condensed Consolidated Statements of Income over the lives of the associated debt issuances. Amounts recognized in connection with forward interest rate swaps during the six months ended June 30, 2019, and amounts expected to be recognized during the subsequent 12 months are not material.

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 June 30,						Six months ended June 30,
Derivatives in cash flow hedging relationships	2019			2018			2019			2018
Foreign currency contracts	$	(16	)	$	281		$	69		$	192
Cross-currency swap contracts	(80		)	(315		)	(135		)	(77		)
Total unrealized (losses) gains	$	(96	)	$	(34	)	$	(66	)	$	115

Fair value hedges

To achieve a desired mix of fixed-rate and floating-rate debt, we entered into interest rate swap contracts that qualified for and were designated as fair value hedges. These interest rate swap contracts effectively convert fixed-rate coupons to floating-rate LIBOR-based coupons over the terms of the related hedge contracts. As of June 30, 2019 and December 31, 2018, we had interest rate swap contracts with aggregate notional amounts of $9.55 billion and $10.95 billion respectively, that hedge certain portions of our long-term debt issuances.

For interest rate swap contracts that qualify for and are designated as fair value hedges, we recognize in Interest expense, net, in the Condensed Consolidated Statements of Income the unrealized gain or loss on the derivative resulting from the change in fair value during the period, as well as the offsetting unrealized loss or gain of the hedged item resulting from the change in fair value during the period attributable to the hedged risk. If a hedging relationship involving an interest rate swap contract is terminated, the gain or loss realized on contract termination is recorded as an adjustment to the carrying value of the debt and amortized into Interest expense, net, over the remaining life of the previously hedged debt.

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 locations	June 30, 2019		December 31, 2018		June 30, 2019		December 31, 2018
Current portion of long-term debt	$	—	$	2,396	$	—	$	(3	)
Long-term debt	$	9,712	$	9,361	$	295	$	(50	)

^____________


⁽¹⁾	Current portion of long-term debt includes $1.0 billion of carrying value with discontinued hedging relationships as of December 31, 2018. Long-term debt includes $136 million and $137 million of carrying value with discontinued hedging relationships as of June 30, 2019 and December 31, 2018, respectively.


⁽²⁾	Current portion of long-term debt includes $3 million of hedging adjustments on discontinued hedging relationships as of December 31, 2018. Long-term debt includes $36 million and $37 million of hedging adjustments on discontinued hedging relationships as of June 30, 2019 and December 31, 2018, respectively.

Impact of hedging transactions

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 June 30, 2019							Six months ended June 30, 2019
	Product sales		Interest and other income, net		Interest (expense), net			Product sales		Interest and other income, net			Interest (expense), net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income	$	5,574	$	218	$	(332	)	$	10,860	$	403		$	(675	)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts	$	22	$	—	$	—		$	36	$	—		$	—
Cross-currency swap contracts	$	—	$	14	$	—		$	—	$	(28	)	$	—
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items⁽¹⁾	$	—	$	—	$	(218	)	$	—	$	—		$	(348	)
Derivatives designated as hedging instruments	$	—	$	—	$	218		$	—	$	—		$	351



	Three months ended June 30, 2018									Six months ended June 30, 2018
	Product sales			Interest and other income, net			Interest (expense), net			Product sales			Interest and other income, net			Interest (expense), net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income	$	5,679		$	162		$	(347	)	$	11,022		$	393		$	(685	)
The effects of cash flow and fair value hedging:
Losses on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts	$	(20	)	$	—		$	—		$	(54	)	$	—		$	—
Cross-currency swap contracts	$	—		$	(298	)	$	—		$	—		$	(134	)	$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items⁽¹⁾	$	—		$	—		$	58		$	—		$	—		$	230
Derivatives designated as hedging instruments	$	—		$	—		$	(51	)	$	—		$	—		$	(215	)

^__________


⁽¹⁾	Gains (losses) on hedged items do not completely offset (losses) gains 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.

No portions of our cash flow hedge contracts were excluded from the assessment of hedge effectiveness. As of June 30, 2019, we expected to reclassify $86 million of net losses on our foreign currency and cross-currency swap contracts out of AOCI and into earnings during the next 12 months.

Derivatives not designated as hedges

To reduce our exposure to foreign currency fluctuations in certain assets and liabilities denominated in foreign currencies, we enter into foreign currency forward contracts that are not designated as hedging transactions. Most of these exposures are hedged on a month-to-month basis. As of June 30, 2019 and December 31, 2018, the total notional amounts of these foreign currency forward contracts were $1.2 billion and $0.7 billion, respectively. Gains and losses recognized in earnings for our derivative instruments not designated as hedging instruments were not material for the three and six months ended June 30, 2019 and 2018.

The fair values of derivatives included in the Condensed Consolidated Balance Sheets were as follows (in millions):



	Derivative assets			Derivative liabilities
June 30, 2019	Condensed Consolidated Balance Sheets locations	Fair values		Condensed Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets/ Other assets	$	203	Accrued liabilities/ Other noncurrent liabilities	$	15
Cross-currency swap contracts	Other current assets/ Other assets	150		Accrued liabilities/ Other noncurrent liabilities	515
Interest rate swap contracts	Other current assets/ Other assets	258		Accrued liabilities/ Other noncurrent liabilities	—
Total derivatives designated as hedging instruments		611			530
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	2		Accrued liabilities	—
Total derivatives not designated as hedging instruments		2			—
Total derivatives		$	613		$	530



	Derivative assets			Derivative liabilities
December 31, 2018	Condensed Consolidated Balance Sheets locations	Fair values		Condensed Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets/ Other assets	$	181	Accrued liabilities/ Other noncurrent liabilities	$	26
Cross-currency swap contracts	Other current assets/ Other assets	170		Accrued liabilities/ Other noncurrent liabilities	401
Interest rate swap contracts	Other current assets/ Other assets	56		Accrued liabilities/ Other noncurrent liabilities	149
Total derivatives designated as hedging instruments		407			576
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	1		Accrued liabilities	—
Total derivatives not designated as hedging instruments		1			—
Total derivatives		$	408		$	576

Our derivative contracts that were in liability positions as of June 30, 2019, contain certain credit-risk-related contingent provisions that would be triggered if (i) we were to undergo a change in control and (ii) our or the surviving entity’s creditworthiness deteriorates, which is generally defined as having either a credit rating that is below investment grade or a materially weaker creditworthiness after the change in control. If these events were to occur, the counterparties would have the right but not the obligation to close the contracts under early-termination provisions. In such circumstances, the counterparties could request immediate settlement of these contracts for amounts that approximate the then current fair values of the contracts. In addition, our derivative contracts are not subject to any type of master netting arrangement, and amounts due either to or from a counterparty under the contracts may be offset against other amounts due either to or from the same counterparty only if an event of default or termination, as defined, were to occur.

The cash flow effects of our derivative contracts are included in Net cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows.

Contingencies and commitments	6 Months Ended
Contingencies and commitments	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies and commitments	Contingencies and commitments Contingencies In the ordinary course of business, we are involved in various legal proceedings, government investigations and other matters that are complex in nature and have outcomes that are difficult to predict. See our Annual Report on Form 10-K for the year ended December 31, 2018, Part I, Item 1A. Risk Factors—Our business may be affected by litigation and government investigations. We describe our legal proceedings and other matters that are significant or that we believe could become significant in this footnote; in Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2018; and in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the period ended March 31, 2019. We record accruals for loss contingencies to the extent that we conclude it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. We evaluate, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that has been accrued previously. Our legal proceedings involve various aspects of our business and a variety of claims, some of which present novel factual allegations and/or unique legal theories. In each of the matters described in this filing, in Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2018, or in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the period ended March 31, 2019, in which we could incur a liability, our opponents seek an award of a not-yet-quantified amount of damages or an amount that is not material. In addition, a number of the matters pending against us are at very early stages of the legal process, which in complex proceedings of the sort we face often extend for several years. As a result, none of the matters described in this filing, in Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2018, or in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the period ended March 31, 2019, in which we could incur a liability, have progressed sufficiently through discovery and/or the development of important factual information and legal issues to enable us to estimate a range of possible loss, if any, or such amounts are not material. While it is not possible to accurately predict or determine the eventual outcomes of these matters, an adverse determination in one or more of these matters currently pending could have a material adverse effect on our consolidated results of operations, financial position or cash flows. Certain recent developments concerning our legal proceedings and other matters are discussed below: Novartis Breach of Contract Action On July 16, 2019, Novartis Pharma AG (Novartis) filed an amended complaint in the U.S. District Court for the Southern District of New York adding a claim for breach of contract alleging Novartis is owed amounts associated with 2018 budget overruns and Amgen responded with a counterclaim alleging additional breaches by Novartis of the collaboration agreements between the parties. Repatha^® (evolocumab) Patent Litigation On June 6, 13 and 21, 2019, the U.S. District Court for the District of Delaware (the Delaware District Court) held evidentiary hearings on Amgen’s motion for a permanent injunction against PRALUENT^®. The Delaware District Court has scheduled an August 8, 2019 hearing on the post-trial motion for a judgment notwithstanding the jury verdict filed by Sanofi, Sanofi-Aventis U.S. LLC, Aventisub LLC, formerly doing business as Aventis Pharmaceuticals Inc., and Regeneron Pharmaceuticals, Inc. Sensipar^®(cinacalcet) Litigation Cipla Ltd. v. Amgen Inc. On May 2, 2019, the Delaware District Court denied Amgen’s motion for preliminary injunction in the lawsuit by Cipla Limited and Cipla USA, Inc. (collectively, Cipla) seeking a declaration that provisions of its settlement agreement with Amgen have been triggered by the at-risk launch of a generic cinacalcet product by Teva Pharmaceutical Industries Ltd. (Teva). On the same day, Amgen filed its notice of appeal of the Delaware District Court’s denial of Amgen’s motion for preliminary injunction in the United States Court of Appeals for the Third Circuit (the Third Circuit Court of Appeals). On May 3, 2019, Amgen filed a motion for injunction pending appeal in the Delaware District Court, which was denied on May 9, 2019. On May 13, 2019, Amgen filed a motion for injunction pending appeal and expedited briefing in the Third Circuit Court of Appeals. On May 23, 2019, the Third Circuit Court of Appeals denied the motion for injunction pending appeal and granted the request for expedited briefing. On July 16, 2019, the Third Circuit Court of Appeals affirmed the Delaware District Court’s decision denying Amgen’s motion for a preliminary injunction. With respect to Cipla’s pending claims, the Delaware District Court has given Cipla until July 31, 2019 to amend its complaint. Amgen Inc. v. Amneal Pharmaceuticals LLC, et al. Abbreviated New Drug Application (ANDA) Patent Litigation On June 13, 2019, the Delaware District Court held a hearing on the motion filed by Sun Pharma Global FZE, Sun Pharmaceutical Industries, Ltd. and Sun Pharmaceutical Industries, Inc. (collectively, Sun) to enforce the settlement agreement entered between Amgen and Sun. By its complaint, Sun is contending that its generic cinacalcet product should not be held off the U.S. market. On July 17, 2019, Amgen filed a motion requesting the U.S. Court of Appeals for the Federal Circuit (the Federal Circuit Court) to vacate the Delaware District Court’s noninfringement judgment in favor of Watson Laboratories, Inc. and Actavis Pharma, Inc. and direct entry of the parties’ proposed consent judgment. KYPROLIS^® (carfilzomib) ANDA Patent Litigation On May 6, 2019, the Delaware District Court commenced trial in the Onyx Therapeutics, Inc. v. Cipla Limited., et al. consolidated case. On May 7, 2019, the Delaware District Court signed consent judgments filed prior to trial by Onyx Therapeutics, Inc. (Onyx Therapeutics) and each of Aurobindo Pharma USA, Inc. (Aurobindo); InnoPharma Inc. (InnoPharma); Sagent Pharmaceuticals, Inc. (Sagent); Apotex Inc. and Apotex Corp. (collectively, Apotex); Fresenius Kabi USA, Inc. and Fresenius Kabi USA, LLC (collectively, Fresenius) and signed a consent judgment filed that same day by Onyx Therapeutics and MSN Laboratories Private Limited and MSN Pharmaceuticals, Inc. (collectively, MSN). On May 14, 2019, the Delaware District Court signed consent judgments filed during trial by Onyx Therapeutics and each of Dr. Reddy’s Laboratories, Inc. and Dr. Reddy’s Laboratories, Ltd. (collectively, DRL) and Breckenridge Pharmaceutical, Inc. (Breckenridge). In the consent judgments between Onyx Therapeutics and each of Aurobindo, InnoPharma, Sagent, Apotex, Fresenius, DRL, and Breckenridge, the parties stipulated to entry of: (1) judgment dismissing with prejudice all of the parties’ claims, counterclaims, affirmative defenses and demands; and (2) an injunction prohibiting infringement of U.S. Patent Nos. 7,417,042; 7,737,112 (the ’112 Patent); and 8,207,125 by the manufacture, use, sale, offer to sell, or importation into the United States of the applicable defendant’s carfilzomib product unless specifically authorized pursuant to the applicable confidential settlement agreement. In the consent judgment between Onyx Therapeutics and MSN, the parties stipulated to entry of: (1) judgment dismissing with prejudice all of the parties’ claims, counterclaims, affirmative defenses and demands; and (2) an injunction prohibiting infringement of the ’112 Patent by the manufacture, use, sale, offer to sell, or importation into the United States of MSN’s carfilzomib product unless specifically authorized pursuant to the confidential settlement agreement. On May 16, 2019, trial concluded between Onyx Therapeutics and the lone remaining defendant, Cipla. The parties await the judgment of the Delaware District Court. NEUPOGEN^® (filgrastim) / Neulasta^®(pegfilgrastim) Patent Litigation Coherus Neulasta^® Patent Litigation On July 29, 2019, the Federal Circuit Court affirmed the Delaware District Court’s final judgment dismissing Amgen’s lawsuit against Coherus BioSciences, Inc. (Coherus) for infringement of U.S. Patent No. 8,273,707. Sandoz NEUPOGEN^® / Neulasta^® Patent Litigation On May 8, 2019, the Federal Circuit Court affirmed the U.S. District Court for the Northern District of California’s grant of summary judgment of noninfringement of U.S. Patent Nos. 8,940,878 and 6,162,427 by Sandoz Inc., Sandoz International GmbH and Sandoz GmbH. On June 7, 2019, Amgen and Amgen Manufacturing, Limited (AML) filed a petition for rehearing en banc in the Federal Circuit Court. On May 13, 2019, Sandoz Inc. voluntarily dismissed, without prejudice, the separate lawsuit it had filed in the U.S. District Court for the Northern District of California against Amgen and AML seeking a judgment of noninfringement and invalidity of the U.S. Patent No. 9,643,997 (the ’997 Patent). Mylan Neulasta^® Patent Litigation On June 13, 2019, the District Court for the Western District of Pennsylvania granted the request by Mylan Inc., Mylan Pharmaceuticals Inc., Mylan GmbH, and Mylan N.V. (collectively, Mylan) for a temporary stay pending the outcome of Amgen’s Federal Circuit Court appeal in the Coherus Neulasta^® Patent Litigation, and Amgen’s petition for en banc review of the Federal Circuit Court’s May 8, 2019 decision in the Sandoz NEUPOGEN^® / Neulasta^® Patent Litigation (each case discussed above). Tanvex NEUPOGEN^® Patent Litigation On July 23, 2019, Amgen filed a lawsuit in the U.S. District Court for the Southern District of California against Tanvex BioPharma USA, Inc., Tanvex BioPharma, Inc., and Tanvex Biologics Corp. (collectively, Tanvex) for infringement of U.S. Patent No. 9,856,287 (the ’287 Patent) in accordance with the patent provisions of the Biologics Price Competition and Innovation Act (BPCIA). This lawsuit stems from Tanvex’s submissions of an application for U.S. Food and Drug Administration (FDA) licensure of a filgrastim product as biosimilar to Amgen’s NEUPOGEN^®. By its complaint, Amgen seeks, among other remedies, an injunction prohibiting Tanvex from infringing the ’287 Patent. Coherus Neulasta^® Trade Secret Litigation Following a May 1, 2019 settlement between Amgen and Coherus, on May 2, 2019, pursuant to a joint request regarding settlement, the Ventura County Superior Court dismissed Amgen’s claims against Coherus with prejudice. Patent Trial and Appeal Board Patent Challenges On May 20, 2019, the U.S. Patent and Trademark Office’s Patent Trial and Appeal Board (PTAB) issued a decision denying Apotex’s request for rehearing on the PTAB’s finding and sua sponte amending the final decision with a finding the one remaining claim in Amgen’s U.S. Patent No. 8,952,138 is unpatentable. On July 22, 2019, Amgen filed a notice of appeal to the Federal Circuit Court with respect to all claims held to be unpatentable. On June 8, 2019, Fresenius Kabi USA, LLC and Fresenius Kabi SwissBioSim GmbH filed a petition seeking to institute inter partes review (IPR) proceedings before the PTAB to challenge the patentability of the ’997 Patent. The ’997 Patent is also among the patents at issue in the Mylan Neulasta^® Patent Litigation, the previously-disclosed litigation between Amgen and Kashiv Biosciences, LLC (formerly known as Adello Biologics, LLC), Amneal Pharmaceuticals LLC, and Amneal Pharmaceuticals, Inc., and the previously-disclosed litigation between Amgen and Pfizer Inc. and Hospira Inc. Amgen’s patent owner preliminary response to this IPR petition is due September 11, 2019, after which the PTAB will have three months to render a decision regarding whether to institute PTAB trial proceedings on the ’997 Patent. Patent Litigation Relating to our Biosimilar Products AMJEVITA^TM (adalimumab-atto) / AMGEVITA^TMPatent Litigation As previously disclosed, Amgen has been sued in a number of European countries by Fresenius Kabi Deutschland GmbH (Fresenius), alleging that AMGEVITA^TM infringes various patents of Fresenius and seeking, among other remedies, injunctive relief prohibiting patent infringement. In May 2019, the parties acted jointly, to the extent necessary, to withdraw from and/or seek dismissal of the lawsuits. KANJINTI^TM (trastuzumab) Patent Litigation On July 10, 2019, Genentech, Inc. (Genentech) filed a motion asking the Delaware District Court for a temporary restraining order and preliminarily injunction prohibiting Amgen from commercially launching, marketing or selling KANJINTI^TM until the Delaware District Court renders a decision on the merits of Genentech’s asserted U.S. Patent Nos. 6,627,196; 7,371,379; and 10,160,811. Following Amgen’s opposition, on July 18, 2019, the Delaware District Court denied Genentech’s motion. On July 19, 2019, Genentech filed a notice of appeal and a motion requesting the Federal Circuit Court to enter an injunction prohibiting Amgen from continuing with its launch of KANJINTI^TM until final resolution of Genentech’s appeal. On July 24, 2019, the Delaware District Court entered an order dismissing City of Hope as a party to the lawsuit and dismissing with prejudice Genentech’s claims for infringement of a number of expired patents, leaving eight patents asserted by Genentech in the litigation. MVASI^TM (bevacizumab-awwb) Patent Litigation On July 10, 2019, Genentech, alleging that Amgen’s notice of commercial marketing pursuant to the BPCIA is insufficient, filed motions asking the Delaware District Court for a temporary restraining order and enforcement of the BPCIA to prohibit Amgen from commercially marketing MVASI^TM until Amgen has provided new notice and waited until the expiry of the notice period. Following Amgen’s opposition, on July 18, 2019, the Delaware District Court denied Genentech’s motions. On July 19, 2019, Genentech filed a notice of appeal and a motion requesting the Federal Circuit Court to enter an injunction prohibiting Amgen from marketing MVASI^TM until final resolution of Genentech’s appeal. Antitrust Class Actions Humira^® Biosimilar Antitrust Class Actions As previously disclosed, in March and April 2019, ten purported class actions against Amgen, along with AbbVie Inc. and AbbVie Biotechnology Ltd. (collectively, AbbVie), were filed in U.S. District Court for the Northern District of Illinois (the Illinois Northern District Court). In April and May 2019, two additional purported class actions against Amgen and AbbVie were filed in the Illinois Northern District Court. The additional cases are captioned: Louisiana Health Service & Indemnity Co., d/b/a Blue Cross and Blue Shield of Louisiana, and HMO Louisiana, Inc. v. AbbVie Inc., et al. (April 30, 2019) (Louisiana Health); and Cleveland Bakers and Teamsters Health and Welfare Fund v. AbbVie Inc., et al. (May 10, 2019) (Cleveland Bakers, and together with Louisiana Health, the New Humira^® Antitrust Class Actions). In each of the New Humira^® Antitrust Class Actions, the plaintiffs bring federal antitrust claims along with various state law claims under common law and antitrust, consumer protection, and unfair competition statutes. The plaintiffs in the New Humira^® Antitrust Class Actions specifically allege that AbbVie has unlawfully monopolized the alleged market for Humira^® and biosimilars of Humira^®, including by creating an allegedly unlawful so-called patent thicket around Humira^®. The plaintiffs in the New Humira^® Antitrust Class Actions allege that AbbVie and Amgen entered into an allegedly unlawful settlement agreement under which Amgen allegedly agreed to delay its entry into the U.S. market with AMGEVITA^TM, its Humira^® biosimilar, in exchange for an alleged promise of exclusivity as the sole Humira^® biosimilar in that market for five months, beginning in January 2023. In each of the New Humira^® Antitrust Class Actions, plaintiffs seek injunctive relief, treble damages and attorney’s fees on behalf of a putative class of third-party payers and/or consumers that have indirectly purchased, paid for or provided reimbursement for Humira^® in the United States. On June 4, 2019, the Illinois Northern District Court entered an order consolidating the twelve purported class action cases for pre-trial purposes. On June 13, 2019, the Illinois Northern District Court entered an order requiring the plaintiffs to file a consolidated complaint by August 12, 2019. Sensipar^® Antitrust Class Actions As previously disclosed, a plaintiff in one of the class action lawsuits against Amgen and various entities affiliated with Teva filed a motion seeking to have the four class action lawsuits consolidated and designated as a multidistrict litigation (MDL) in the U.S. District Court for the Eastern District of Pennsylvania, and a different plaintiff in another of the class action lawsuits filed a motion seeking to have the four class action lawsuits, along with Cipla Ltd. v. Amgen Inc., consolidated and designated as a MDL in the Delaware District Court. On July 25, 2019, the MDL panel held a hearing on the motions to consolidate.

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2019
Accounting Policies [Abstract]
Business	Business Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate in one business segment: human therapeutics.
Basis of presentation	Basis of presentation The financial information for the three and six months ended June 30, 2019 and 2018, is unaudited but includes all adjustments (consisting of only normal, recurring adjustments unless otherwise indicated), which Amgen considers necessary for a fair presentation of its condensed consolidated results of operations for those periods. Interim results are not necessarily indicative of results for the full fiscal year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2018, and with our condensed consolidated financial statements and the notes thereto contained in our Quarterly Report on Form 10-Q for the period ended March 31, 2019.
Principles of consolidation	Principles of consolidation The condensed consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. We do not have any significant interests in any variable interest entities. All material intercompany transactions and balances have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Property, plant and equipment, net	Property, plant and equipment, net Property, plant and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $8.1 billion and $7.8 billion as of June 30, 2019 and December 31, 2018, respectively.
Leases	Leases Adoption of new lease standard In February 2016, the Financial Accounting Standards Board (FASB) issued a new accounting standard that amends the guidance for the accounting and disclosure of leases. This new standard requires that lessees recognize the assets and liabilities that arise from leases on the balance sheet, including leases classified as operating leases, and that they disclose qualitative and quantitative information about leasing arrangements. The FASB subsequently issued additional amendments to address issues arising from the implementation of the new lease standard. We adopted this standard as of January 1, 2019, using the modified-retrospective method. This approach provides a method for recording existing leases at adoption. We used the adoption date as our date of initial application, and thus comparative-period financial information is not presented for periods prior to the adoption date. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed us to carry forward the historical lease classification. Adoption of the new standard resulted in total lease liabilities of $510 million and right-of-use (ROU) assets of $439 million as of January 1, 2019. The difference between the initial lease liabilities and the ROU assets is related primarily to previously existing lease liabilities. The standard did not materially impact our Condensed Consolidated Statements of Income and had no impact on our Condensed Consolidated Statements of Cash Flows. Our accounting policies under the new standard are described below. See Note 8, Leases. Lease recognition At inception of a contract, we determine whether an arrangement is or contains a lease. For all leases, we determine the classification as either operating or financing. Operating leases are included in Other assets, Accrued liabilities and Other noncurrent liabilities in our Condensed Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments under the lease. Lease recognition occurs at the commencement date, and lease liability amounts are based on the present value of lease payments made during the lease term. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Because most of our leases do not provide information to determine an implicit interest rate, we use our incremental borrowing rate in determining the present value of lease payments. ROU assets also include any lease payments made prior to the commencement date and exclude lease incentives received. Operating lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with both lease and nonlease components, which are generally accounted for together as a single lease component. In addition, for certain vehicle and equipment leases, we apply a portfolio approach to determine the lease term and discount rate.
Other recent accounting pronouncements	Other recent accounting pronouncements In June 2016, the FASB issued a new accounting standard that amends the guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the incurred-loss model with an expected-loss model. Accordingly, these financial assets will be presented at the net amount expected to be collected. This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than by reducing the carrying amount under the current, other-than-temporary-impairment model. The new standard is effective for interim and annual periods beginning on January 1, 2020, but may be adopted earlier. With certain exceptions, adjustments are to be applied using a modified-retrospective approach by reflecting adjustments through a cumulative-effect impact on retained earnings as of the beginning of the fiscal year of adoption. We are currently evaluating the impact that this new standard will have on our condensed consolidated financial statements.

Revenues (Tables)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue by product and by geographic area

Revenues were as follows (in millions):



	Three months ended June 30,
	2019						2018
	US		ROW		Total		US		ROW		Total
Enbrel^®(etanercept)	$	1,315	$	48	$	1,363	$	1,252	$	50	$	1,302
Neulasta^®(pegfilgrastim)	719		105		824		948		152		1,100
Prolia^®(denosumab)	458		240		698		396		214		610
XGEVA^® (denosumab)	379		120		499		339		113		452
Aranesp^®(darbepoetin alfa)	192		244		436		241		231		472
KYPROLIS^®(carfilzomib)	166		101		267		151		112		263
EPOGEN^®(epoetin alfa)	223		—		223		250		—		250
Sensipar^®/Mimpara^®(cinacalcet)	43		79		122		330		90		420
Other products	647		495		1,142		460		350		810
Total product sales⁽¹⁾	$	4,142	$	1,432	5,574		$	4,367	$	1,312	5,679
Other revenues					297						380
Total revenues					$	5,871					$	6,059



	Six months ended June 30,
	2019						2018
	US		ROW		Total		US		ROW		Total
ENBREL	$	2,421	$	93	$	2,514	$	2,302	$	105	$	2,407
Neulasta^®	1,612		233		1,845		1,957		298		2,255
Prolia^®	848		442		1,290		716		388		1,104
XGEVA^®	735		235		970		671		226		897
Aranesp^®	374		476		850		466		460		926
KYPROLIS^®	320		192		512		288		197		485
EPOGEN^®	442		—		442		494		—		494
Sensipar^®/Mimpara^®	178		157		335		739		178		917
Other products	1,203		899		2,102		881		656		1,537
Total product sales⁽¹⁾	$	8,133	$	2,727	10,860		$	8,514	$	2,508	11,022
Other revenues					568						591
Total revenues					$	11,428					$	11,613

^____________

⁽¹⁾

Hedging gains and losses, which are included in product sales, were not material for the three and six months ended June 30, 2019 and 2018.

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Computation for basic and diluted earnings per share

The computations for basic and diluted EPS were as follows (in millions, except per-share data):



	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Income (Numerator):
Net income for basic and diluted EPS	$	2,179	$	2,296	$	4,171	$	4,607

Shares (Denominator):
Weighted-average shares for basic EPS	607		656		615		682
Effect of dilutive securities	3		4		3		3
Weighted-average shares for diluted EPS	610		660		618		685

Basic EPS	$	3.59	$	3.50	$	6.78	$	6.76
Diluted EPS	$	3.57	$	3.48	$	6.75	$	6.73

Investments (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of available-for-sale investments by type of security



Types of securities as of June 30, 2019	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair values
U.S. Treasury notes	$	2,709	$	10	$	(2	)	$	2,717
U.S. Treasury bills	3,497		—		—			3,497
Other government-related debt securities:
U.S.	112		—		—			112
Foreign and other	962		18		(3		)	977
Corporate debt securities:
Financial	2,755		19		(1		)	2,773
Industrial	2,400		14		(6		)	2,408
Other	558		4		—			562
Residential-mortgage-backed securities	1,335		2		(4		)	1,333
Other mortgage- and asset-backed securities	469		—		(6		)	463
Money market mutual funds	3,886		—		—			3,886
Other short-term interest-bearing securities	2,389		—		—			2,389
Total interest-bearing securities	$	21,072	$	67	$	(22	)	$	21,117



Types of securities as of December 31, 2018	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair values
U.S. Treasury notes	$	2,710	$	—	$	(47	)	$	2,663
U.S. Treasury bills	8,191		—		—			8,191
Other government-related debt securities:
U.S.	112		—		(2		)	110
Foreign and other	972		1		(41		)	932
Corporate debt securities:
Financial	2,778		—		(81		)	2,697
Industrial	2,603		—		(99		)	2,504
Other	583		—		(21		)	562
Residential-mortgage-backed securities	1,458		—		(36		)	1,422
Other mortgage- and asset-backed securities	483		—		(14		)	469
Money market mutual funds	5,659		—		—			5,659
Other short-term interest-bearing securities	3,515		—		—			3,515
Total interest-bearing securities	$	29,064	$	1	$	(341	)	$	28,724

Fair values of available-for-sale investments by classification in the Consolidated Balance Sheets

The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions):



Condensed Consolidated Balance Sheets locations	June 30, 2019		December 31, 2018
Cash and cash equivalents	$	4,884	$	6,365
Marketable securities	16,233		22,359
Total interest-bearing securities	$	21,117	$	28,724

Fair values of available-for-sale interest-bearing security investments by contractual maturity

The fair values of interest-bearing securities by contractual maturity, except for mortgage- and asset-backed securities that do not have a single maturity date, were as follows (in millions):



Contractual maturities	June 30, 2019		December 31, 2018
Maturing in one year or less	$	9,872	$	17,424
Maturing after one year through three years	5,730		3,356
Maturing after three years through five years	2,961		5,168
Maturing after five years through ten years	758		885
Mortgage- and asset-backed securities	1,796		1,891
Total interest-bearing securities	$	21,117	$	28,724

Available-for-sale securities, continuous unrealized loss position, fair value



	Less than 12 months					12 months or more
Types of securities as of June 30, 2019	Fair values		Unrealized losses			Fair values		Unrealized losses
U.S. Treasury notes	$	105	$	—		$	724	$	(2	)
Other government-related debt securities:
U.S.	—		—			48		—
Foreign and other	6		—			115		(3		)
Corporate debt securities:
Financial	121		—			320		(1		)
Industrial	191		(3		)	500		(3		)
Other	30		—			40		—
Residential-mortgage-backed securities	93		—			685		(4		)
Other mortgage- and asset-backed securities	—		—			401		(6		)
Total	$	546	$	(3	)	$	2,833	$	(19	)



	Less than 12 months					12 months or more
Types of securities as of December 31, 2018	Fair values		Unrealized losses			Fair values		Unrealized losses
U.S. Treasury notes	$	1,219	$	(21	)	$	1,444	$	(26	)
Other government-related debt securities:
U.S.	—		—			110		(2		)
Foreign and other	631		(31		)	240		(10		)
Corporate debt securities:
Financial	1,968		(59		)	718		(22		)
Industrial	1,898		(81		)	529		(18		)
Other	529		(20		)	28		(1		)
Residential-mortgage-backed securities	576		(14		)	840		(22		)
Other mortgage- and asset-backed securities	17		—			451		(14		)
Total	$	6,838	$	(226	)	$	4,360	$	(115	)

Inventories (Tables)

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in millions):



	June 30, 2019		December 31, 2018
Raw materials	$	294	$	257
Work in process	1,788		1,660
Finished goods	1,094		1,023
Total inventories	$	3,176	$	2,940

Goodwill and other intangible assets (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The change in the carrying amount of goodwill was as follows (in millions):



	Six months ended June 30, 2019
Beginning balance	$	14,699
Currency translation adjustment	(10		)
Ending balance	$	14,689

Schedule of identifiable intangible assets

Other intangible assets consisted of the following (in millions):



	June 30, 2019							December 31, 2018
	Gross carrying amounts		Accumulated amortization			Other intangible assets, net		Gross carrying amounts		Accumulated amortization			Other intangible assets, net
Finite-lived intangible assets:
Developed-product-technology rights	$	12,563	$	(7,812	)	$	4,751	$	12,573	$	(7,479	)	$	5,094
Licensing rights	3,693		(2,174		)	1,519		3,772		(2,032		)	1,740
Marketing-related rights	1,209		(959		)	250		1,297		(1,019		)	278
Research and development technology rights	1,148		(910		)	238		1,148		(872		)	276
Total finite-lived intangible assets	18,613		(11,855		)	6,758		18,790		(11,402		)	7,388
Indefinite-lived intangible assets:
In-process research and development	55		—			55		55		—			55
Total other intangible assets	$	18,668	$	(11,855	)	$	6,813	$	18,845	$	(11,402	)	$	7,443

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Summary information, components of lease costs and cash and noncash information on leases

Cash and noncash information related to our leases was as follows (in millions):



	Three months ended June 30, 2019		Six months ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	39	$	73
ROU assets obtained in exchange for lease obligations:
Operating leases	$	46	$	54

The following table summarizes information related to our leases, all of which are classified as operating, included in our Condensed Consolidated Balance Sheets (in millions):



Condensed Consolidated Balance Sheets locations	June 30, 2019
Assets:
Other assets	$	430
Liabilities:
Accrued liabilities	$	134
Other noncurrent liabilities	363
Total lease liabilities	$	497

The components of net lease costs were as follows (in millions):



Lease costs	Three months ended June 30, 2019			Six months ended June 30, 2019
Operating⁽¹⁾	$	51		$	99
Sublease income	(9		)	(17		)
Total net lease costs	$	42		$	82

^____________

⁽¹⁾

Includes short-term leases and variable lease costs, which were not material for the three and six months ended June 30, 2019.

Maturities of lease liabilities

Maturities of lease liabilities as of June 30, 2019, were as follows (in millions):



Maturity dates	Operating leases
Remaining six months ending December 31, 2019	$	69
2020	152
2021	132
2022	73
2023	62
Thereafter	48
Total lease payments⁽¹⁾	536
Less imputed interest	(39		)
Present value of lease liabilities	$	497

^____________

⁽¹⁾

Includes future rental commitments for abandoned leases of $200 million. We expect to receive total future rental income of $158 million related to noncancelable subleases for abandoned facilities.

Financing arrangements (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of borrowings

Our borrowings consisted of the following (in millions):



	June 30, 2019			December 31, 2018
5.70% notes due 2019 (5.70% 2019 Notes)	$	—		$	1,000
1.90% notes due 2019 (1.90% 2019 Notes)	—			700
Floating Rate Notes due 2019	—			550
2.20% notes due 2019 (2.20% 2019 Notes)	—			1,400
2.125% €675 million notes due 2019 (2.125% 2019 euro Notes)	768			774
4.50% notes due 2020 (4.50% 2020 Notes)	300			300
2.125% notes due 2020 (2.125% 2020 Notes)	750			750
Floating Rate Notes due 2020	300			300
2.20% notes due 2020 (2.20% 2020 Notes)	700			700
3.45% notes due 2020 (3.45% 2020 Notes)	900			900
4.10% notes due 2021 (4.10% 2021 Notes)	1,000			1,000
1.85% notes due 2021 (1.85% 2021 Notes)	750			750
3.875% notes due 2021 (3.875% 2021 Notes)	1,750			1,750
1.25% €1,250 million notes due 2022 (1.25% 2022 euro Notes)	1,422			1,433
2.70% notes due 2022 (2.70% 2022 Notes)	500			500
2.65% notes due 2022 (2.65% 2022 Notes)	1,500			1,500
3.625% notes due 2022 (3.625% 2022 Notes)	750			750
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds)	717			713
2.25% notes due 2023 (2.25% 2023 Notes)	750			750
3.625% notes due 2024 (3.625% 2024 Notes)	1,400			1,400
3.125% notes due 2025 (3.125% 2025 Notes)	1,000			1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)	853			860
2.60% notes due 2026 (2.60% 2026 Notes)	1,250			1,250
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)	603			606
3.20% notes due 2027 (3.20% 2027 Notes)	1,000			1,000
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)	889			893
6.375% notes due 2037 (6.375% 2037 Notes)	552			552
6.90% notes due 2038 (6.90% 2038 Notes)	291			291
6.40% notes due 2039 (6.40% 2039 Notes)	466			466
5.75% notes due 2040 (5.75% 2040 Notes)	412			412
4.95% notes due 2041 (4.95% 2041 Notes)	600			600
5.15% notes due 2041 (5.15% 2041 Notes)	974			974
5.65% notes due 2042 (5.65% 2042 Notes)	487			487
5.375% notes due 2043 (5.375% 2043 Notes)	261			261
4.40% notes due 2045 (4.40% 2045 Notes)	2,250			2,250
4.563% notes due 2048 (4.563% 2048 Notes)	1,415			1,415
4.663% notes due 2051 (4.663% 2051 Notes)	3,541			3,541
Other notes due 2097	100			100
Unamortized bond discounts, premiums and issuance costs, net	(882		)	(896		)
Fair value adjustments	295			(53		)
Total carrying value of debt	30,614			33,929
Less current portion	(2,816		)	(4,419		)
Total long-term debt	$	27,798		$	29,510

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Stockholders' equity (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Summary of activity under our stock repurchase program

Activity under our stock repurchase program, on a trade date basis, was as follows (in millions):



	2019			2018
	Shares *	Dollars		Shares	Dollars
First quarter	15.9	$	3,031	56.4	$	10,787
Second quarter	13.1	2,349		18.2	3,190
Total stock repurchases	28.9	$	5,380	74.6	$	13,977

Components of accumulated other comprehensive income

The components of Accumulated other comprehensive income (loss) (AOCI) were as follows (in millions):



	Foreign currency translation			Cash flow hedges			Available-for-sale securities			Other			AOCI
Balance as of December 31, 2018	$	(670	)	$	241		$	(338	)	$	(2	)	$	(769	)
Foreign currency translation adjustments	(13		)	—			—			—			(13		)
Unrealized gains	—			30			218			—			248
Reclassification adjustments to income	—			28			4			—			32
Income taxes	—			(13		)	(1		)	—			(14		)
Balance as of March 31, 2019	(683		)	286			(117		)	(2		)	(516		)
Foreign currency translation adjustments	(4		)	—			—			—			(4		)
Unrealized (losses) gains	—			(96		)	161			—			65
Reclassification adjustments to income	—			(36		)	2			—			(34		)
Other	—			—			—			6			6
Income taxes	—			28			(10		)	—			18
Balance as of June 30, 2019	$	(687	)	$	182		$	36		$	4		$	(465	)

Reclassifications out of accumulated other comprehensive income

Reclassifications out of AOCI and into earnings were as follows (in millions):



	Three months ended June 30,
Components of AOCI	2019			2018			Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains (losses)	$	22		$	(20	)	Product sales
Cross-currency swap contract gains (losses)	14			(298		)	Interest and other income, net
	36			(318		)	Income before income taxes
	(8		)	68			Provision for income taxes
	$	28		$	(250	)	Net income
Available-for-sale securities:
Net realized losses	$	(2	)	$	(115	)	Interest and other income, net
	—			1			Provision for income taxes
	$	(2	)	$	(114	)	Net income



	Six months ended June 30,
Components of AOCI	2019			2018			Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains (losses)	$	36		$	(54	)	Product sales
Cross-currency swap contract losses	(28		)	(134		)	Interest and other income, net
	8			(188		)	Income before income taxes
	(2		)	40			Provision for income taxes
	$	6		$	(148	)	Net income
Available-for-sale securities:
Net realized losses	$	(6	)	$	(249	)	Interest and other income, net
	—			2			Provision for income taxes
	$	(6	)	$	(247	)	Net income

Fair value measurement (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair value of each major class of financial assets and liabilities measured at fair value on a recurring basis

The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):



	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Fair value measurement as of June 30, 2019, using:							Total
Assets:
Interest-bearing securities:
U.S. Treasury notes	$	2,717	$	—	$	—	$	2,717
U.S. Treasury bills	3,497		—		—		3,497
Other government-related debt securities:
U.S.	—		112		—		112
Foreign and other	—		977		—		977
Corporate debt securities:
Financial	—		2,773		—		2,773
Industrial	—		2,408		—		2,408
Other	—		562		—		562
Residential-mortgage-backed securities	—		1,333		—		1,333
Other mortgage- and asset-backed securities	—		463		—		463
Money market mutual funds	3,886		—		—		3,886
Other short-term interest-bearing securities	—		2,389		—		2,389
Equity securities	287		—		—		287
Derivatives:
Foreign currency contracts	—		205		—		205
Cross-currency swap contracts	—		150		—		150
Interest rate swap contracts	—		258		—		258
Total assets	$	10,387	$	11,630	$	—	$	22,017

Liabilities:
Derivatives:
Foreign currency contracts	$	—	$	15	$	—	$	15
Cross-currency swap contracts	—		515		—		515
Contingent consideration obligations	—		—		63		63
Total liabilities	$	—	$	530	$	63	$	593



	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Fair value measurement as of December 31, 2018, using:							Total
Assets:
Interest-bearing securities:
U.S. Treasury notes	$	2,663	$	—	$	—	$	2,663
U.S. Treasury bills	8,191		—		—		8,191
Other government-related debt securities:
U.S.	—		110		—		110
Foreign and other	—		932		—		932
Corporate debt securities:
Financial	—		2,697		—		2,697
Industrial	—		2,504		—		2,504
Other	—		562		—		562
Residential-mortgage-backed securities	—		1,422		—		1,422
Other mortgage- and asset-backed securities	—		469		—		469
Money market mutual funds	5,659		—		—		5,659
Other short-term interest-bearing securities	—		3,515		—		3,515
Equity securities	176		—		—		176
Derivatives:
Foreign currency contracts	—		182		—		182
Cross-currency swap contracts	—		170		—		170
Interest rate swap contracts	—		56		—		56
Total assets	$	16,689	$	12,619	$	—	$	29,308

Liabilities:
Derivatives:
Foreign currency contracts	$	—	$	26	$	—	$	26
Cross-currency swap contracts	—		401		—		401
Interest rate swap contracts	—		149		—		149
Contingent consideration obligations	—		—		72		72
Total liabilities	$	—	$	576	$	72	$	648

Derivative instruments (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019, were as follows (notional amounts in millions):



	Foreign currency				U.S. dollars
Hedged notes	Notional amounts		Interest rates		Notional amounts		Interest rates
2.125% 2019 euro Notes	€	675	2.1	%	$	864	2.6	%
1.25% 2022 euro Notes	€	1,250	1.3	%	$	1,388	3.2	%
0.41% 2023 Swiss franc Bonds	CHF	700	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 June 30,						Six months ended June 30,
Derivatives in cash flow hedging relationships	2019			2018			2019			2018
Foreign currency contracts	$	(16	)	$	281		$	69		$	192
Cross-currency swap contracts	(80		)	(315		)	(135		)	(77		)
Total unrealized (losses) gains	$	(96	)	$	(34	)	$	(66	)	$	115

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 locations	June 30, 2019		December 31, 2018		June 30, 2019		December 31, 2018
Current portion of long-term debt	$	—	$	2,396	$	—	$	(3	)
Long-term debt	$	9,712	$	9,361	$	295	$	(50	)

^____________


⁽¹⁾	Current portion of long-term debt includes $1.0 billion of carrying value with discontinued hedging relationships as of December 31, 2018. Long-term debt includes $136 million and $137 million of carrying value with discontinued hedging relationships as of June 30, 2019 and December 31, 2018, respectively.

⁽²⁾

Current portion of long-term debt includes $3 million of hedging adjustments on discontinued hedging relationships as of December 31, 2018. Long-term debt includes $36 million and $37 million of hedging adjustments on discontinued hedging relationships as of June 30, 2019 and December 31, 2018, respectively.

Summary of amounts of income and expense line items



	Three months ended June 30, 2019							Six months ended June 30, 2019
	Product sales		Interest and other income, net		Interest (expense), net			Product sales		Interest and other income, net			Interest (expense), net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income	$	5,574	$	218	$	(332	)	$	10,860	$	403		$	(675	)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts	$	22	$	—	$	—		$	36	$	—		$	—
Cross-currency swap contracts	$	—	$	14	$	—		$	—	$	(28	)	$	—
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items⁽¹⁾	$	—	$	—	$	(218	)	$	—	$	—		$	(348	)
Derivatives designated as hedging instruments	$	—	$	—	$	218		$	—	$	—		$	351



	Three months ended June 30, 2018									Six months ended June 30, 2018
	Product sales			Interest and other income, net			Interest (expense), net			Product sales			Interest and other income, net			Interest (expense), net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income	$	5,679		$	162		$	(347	)	$	11,022		$	393		$	(685	)
The effects of cash flow and fair value hedging:
Losses on cash flow hedging relationships reclassified out of AOCI:
Foreign currency contracts	$	(20	)	$	—		$	—		$	(54	)	$	—		$	—
Cross-currency swap contracts	$	—		$	(298	)	$	—		$	—		$	(134	)	$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items⁽¹⁾	$	—		$	—		$	58		$	—		$	—		$	230
Derivatives designated as hedging instruments	$	—		$	—		$	(51	)	$	—		$	—		$	(215	)

^__________

⁽¹⁾

Gains (losses) on hedged items do not completely offset (losses) gains 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.

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 assets			Derivative liabilities
June 30, 2019	Condensed Consolidated Balance Sheets locations	Fair values		Condensed Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets/ Other assets	$	203	Accrued liabilities/ Other noncurrent liabilities	$	15
Cross-currency swap contracts	Other current assets/ Other assets	150		Accrued liabilities/ Other noncurrent liabilities	515
Interest rate swap contracts	Other current assets/ Other assets	258		Accrued liabilities/ Other noncurrent liabilities	—
Total derivatives designated as hedging instruments		611			530
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	2		Accrued liabilities	—
Total derivatives not designated as hedging instruments		2			—
Total derivatives		$	613		$	530



	Derivative assets			Derivative liabilities
December 31, 2018	Condensed Consolidated Balance Sheets locations	Fair values		Condensed Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets/ Other assets	$	181	Accrued liabilities/ Other noncurrent liabilities	$	26
Cross-currency swap contracts	Other current assets/ Other assets	170		Accrued liabilities/ Other noncurrent liabilities	401
Interest rate swap contracts	Other current assets/ Other assets	56		Accrued liabilities/ Other noncurrent liabilities	149
Total derivatives designated as hedging instruments		407			576
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	1		Accrued liabilities	—
Total derivatives not designated as hedging instruments		1			—
Total derivatives		$	408		$	576

Summary of significant accounting policies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($) segment	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| segment	1
Accumulated depreciation and amortization on property, plant and equipment	$ 8,100		$ 7,800
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liabilities	497
ROU asset	$ 430
New Lease Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liabilities		$ 510
ROU asset		$ 439

Revenues (Details) $ in Millions	3 Months Ended		6 Months Ended
Revenues (Details) $ in Millions	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) segment	Jun. 30, 2018 USD ($)
Revenue from Contract with Customer [Abstract]
Number of operating segments \| segment			1
Revenue from External Customer [Line Items]
Total revenues	$ 5,871	$ 6,059	$ 11,428	$ 11,613
Product sales [Member]
Revenue from External Customer [Line Items]
Total product sales	5,574	5,679	10,860	11,022
Product sales [Member] \| US [Member]
Revenue from External Customer [Line Items]
Total product sales	4,142	4,367	8,133	8,514
Product sales [Member] \| ROW [Member]
Revenue from External Customer [Line Items]
Total product sales	1,432	1,312	2,727	2,508
Enbrel® (etanercept) [Member]
Revenue from External Customer [Line Items]
Total product sales	1,363	1,302	2,514	2,407
Enbrel® (etanercept) [Member] \| US [Member]
Revenue from External Customer [Line Items]
Total product sales	1,315	1,252	2,421	2,302
Enbrel® (etanercept) [Member] \| ROW [Member]
Revenue from External Customer [Line Items]
Total product sales	48	50	93	105
Neulasta® (pegfilgrastim) [Member]
Revenue from External Customer [Line Items]
Total product sales	824	1,100	1,845	2,255
Neulasta® (pegfilgrastim) [Member] \| US [Member]
Revenue from External Customer [Line Items]
Total product sales	719	948	1,612	1,957
Neulasta® (pegfilgrastim) [Member] \| ROW [Member]
Revenue from External Customer [Line Items]
Total product sales	105	152	233	298
Prolia® (denosumab) [Member]
Revenue from External Customer [Line Items]
Total product sales	698	610	1,290	1,104
Prolia® (denosumab) [Member] \| US [Member]
Revenue from External Customer [Line Items]
Total product sales	458	396	848	716
Prolia® (denosumab) [Member] \| ROW [Member]
Revenue from External Customer [Line Items]
Total product sales	240	214	442	388
XGEVA® (denosumab) [Member]
Revenue from External Customer [Line Items]
Total product sales	499	452	970	897
XGEVA® (denosumab) [Member] \| US [Member]
Revenue from External Customer [Line Items]
Total product sales	379	339	735	671
XGEVA® (denosumab) [Member] \| ROW [Member]
Revenue from External Customer [Line Items]
Total product sales	120	113	235	226
Aranesp® (darbepoetin alfa) [Member]
Revenue from External Customer [Line Items]
Total product sales	436	472	850	926
Aranesp® (darbepoetin alfa) [Member] \| US [Member]
Revenue from External Customer [Line Items]
Total product sales	192	241	374	466
Aranesp® (darbepoetin alfa) [Member] \| ROW [Member]
Revenue from External Customer [Line Items]
Total product sales	244	231	476	460
KYPROLIS® (carfilzomib) [Member]
Revenue from External Customer [Line Items]
Total product sales	267	263	512	485
KYPROLIS® (carfilzomib) [Member] \| US [Member]
Revenue from External Customer [Line Items]
Total product sales	166	151	320	288
KYPROLIS® (carfilzomib) [Member] \| ROW [Member]
Revenue from External Customer [Line Items]
Total product sales	101	112	192	197
EPOGEN® (epoetin alfa) [Member]
Revenue from External Customer [Line Items]
Total product sales	223	250	442	494
EPOGEN® (epoetin alfa) [Member] \| US [Member]
Revenue from External Customer [Line Items]
Total product sales	223	250	442	494
EPOGEN® (epoetin alfa) [Member] \| ROW [Member]
Revenue from External Customer [Line Items]
Total product sales	0	0	0	0
Sensipar® / Mimpara® (cinacalcet) [Member]
Revenue from External Customer [Line Items]
Total product sales	122	420	335	917
Sensipar® / Mimpara® (cinacalcet) [Member] \| US [Member]
Revenue from External Customer [Line Items]
Total product sales	43	330	178	739
Sensipar® / Mimpara® (cinacalcet) [Member] \| ROW [Member]
Revenue from External Customer [Line Items]
Total product sales	79	90	157	178
Other products [Member]
Revenue from External Customer [Line Items]
Total product sales	1,142	810	2,102	1,537
Other products [Member] \| US [Member]
Revenue from External Customer [Line Items]
Total product sales	647	460	1,203	881
Other products [Member] \| ROW [Member]
Revenue from External Customer [Line Items]
Total product sales	495	350	899	656
Other revenues [Member]
Revenue from External Customer [Line Items]
Total revenues	$ 297	$ 380	$ 568	$ 591

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income taxes (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	15.00%	13.30%	14.50%	12.50%
Increase in unrecognized tax benefits resulting from tax positions taken during the current period	$ 60		$ 110

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Income (Numerator):
Net income for basic and diluted EPS	$ 2,179	$ 1,992	$ 2,296	$ 2,311	$ 4,171	$ 4,607
Shares (Denominator):
Weighted-average shares for basic EPS (in shares)	607		656		615	682
Effect of dilutive securities (in shares)	3		4		3	3
Weighted-average shares for diluted EPS (in shares)	610		660		618	685
Basic EPS (in usd per share)	$ 3.59		$ 3.50		$ 6.78	$ 6.76
Diluted EPS (in usd per share)	$ 3.57		$ 3.48		$ 6.75	$ 6.73

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 220
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Investments (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 21,072	$ 29,064
Gross unrealized gains	67	1
Gross unrealized losses	(22)	(341)
Fair values	21,117	28,724
U.S. Treasury notes [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	2,709	2,710
Gross unrealized gains	10	0
Gross unrealized losses	(2)	(47)
Fair values	2,717	2,663
U.S. Treasury bills [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	3,497	8,191
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	3,497	8,191
Other government-related debt securities - U.S. [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	112	112
Gross unrealized gains	0	0
Gross unrealized losses	0	(2)
Fair values	112	110
Other government-related debt securities - Foreign and other [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	962	972
Gross unrealized gains	18	1
Gross unrealized losses	(3)	(41)
Fair values	977	932
Corporate debt securities - Financial [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	2,755	2,778
Gross unrealized gains	19	0
Gross unrealized losses	(1)	(81)
Fair values	2,773	2,697
Corporate debt securities - Industrial [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	2,400	2,603
Gross unrealized gains	14	0
Gross unrealized losses	(6)	(99)
Fair values	2,408	2,504
Corporate debt securities - Other [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	558	583
Gross unrealized gains	4	0
Gross unrealized losses	0	(21)
Fair values	562	562
Residential mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	1,335	1,458
Gross unrealized gains	2	0
Gross unrealized losses	(4)	(36)
Fair values	1,333	1,422
Other mortgage- and asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	469	483
Gross unrealized gains	0	0
Gross unrealized losses	(6)	(14)
Fair values	463	469
Money market mutual funds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	3,886	5,659
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	3,886	5,659
Other short-term interest-bearing securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized cost	2,389	3,515
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	$ 2,389	$ 3,515

Investments (Fair Values by Classification) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair values of available-for-sale investments by classification in the Consolidated Balance Sheets
Cash and cash equivalents	$ 5,525	$ 6,945
Marketable securities	16,233	22,359
Total interest-bearing securities	21,117	28,724
Available-for-sale investments [Member]
Fair values of available-for-sale investments by classification in the Consolidated Balance Sheets
Cash and cash equivalents	4,884	6,365
Marketable securities	16,233	22,359
Total interest-bearing securities	$ 21,117	$ 28,724

Investments (Available-for-sale Investments) (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Cash and cash equivalents	$ 641		$ 641		$ 580
Total realized gains	1	$ 5	2	$ 22
Total realized losses	$ 3	$ 120	$ 8	$ 271

Investments (Fair Values by Contractual Maturity) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 9,872	$ 17,424
Maturing after one year through three years	5,730	3,356
Maturing after three years through five years	2,961	5,168
Maturing after five years through ten years	758	885
Mortgage- and asset-backed securities	1,796	1,891
Total interest-bearing securities	$ 21,117	$ 28,724

Investments (Unrealized Losses and Fair Values) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair values	$ 546	$ 6,838
Less than 12 months, Unrealized losses	(3)	(226)
12 months or more, Fair values	2,833	4,360
12 months or more, Unrealized losses	(19)	(115)
U.S. Treasury notes [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair values	105	1,219
Less than 12 months, Unrealized losses	0	(21)
12 months or more, Fair values	724	1,444
12 months or more, Unrealized losses	(2)	(26)
Other government-related debt securities - U.S. [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair values	0	0
Less than 12 months, Unrealized losses	0	0
12 months or more, Fair values	48	110
12 months or more, Unrealized losses	0	(2)
Other government-related debt securities - Foreign and other [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair values	6	631
Less than 12 months, Unrealized losses	0	(31)
12 months or more, Fair values	115	240
12 months or more, Unrealized losses	(3)	(10)
Corporate debt securities - Financial [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair values	121	1,968
Less than 12 months, Unrealized losses	0	(59)
12 months or more, Fair values	320	718
12 months or more, Unrealized losses	(1)	(22)
Corporate debt securities - Industrial [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair values	191	1,898
Less than 12 months, Unrealized losses	(3)	(81)
12 months or more, Fair values	500	529
12 months or more, Unrealized losses	(3)	(18)
Corporate debt securities - Other [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair values	30	529
Less than 12 months, Unrealized losses	0	(20)
12 months or more, Fair values	40	28
12 months or more, Unrealized losses	0	(1)
Residential mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair values	93	576
Less than 12 months, Unrealized losses	0	(14)
12 months or more, Fair values	685	840
12 months or more, Unrealized losses	(4)	(22)
Other mortgage- and asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair values	0	17
Less than 12 months, Unrealized losses	0	0
12 months or more, Fair values	401	451
12 months or more, Unrealized losses	$ (6)	$ (14)

Investments (Equity Securities) (Details Textual) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Equity securities	$ 287	$ 176
Equity securities without readily determinable fair value	$ 169	$ 222

Investments Investments (Limited Partnership Investments) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Limited Partnership [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Net Investment Income [Line Items]
Investments	$ 312	$ 285

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 294	$ 257
Work in process	1,788	1,660
Finished goods	1,094	1,023
Total inventories	$ 3,176	$ 2,940

Goodwill and other intangible assets (Goodwill Roll Forward) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 14,699
Currency translation adjustment	(10)
Ending balance	$ 14,689

Goodwill and other intangible assets (Identifiable Intangible Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross carrying amounts	$ 18,613	$ 18,790
Accumulated amortization	(11,855)	(11,402)
Other intangible assets, net	6,758	7,388
Gross carrying amount	18,668	18,845
Accumulated amortization	(11,855)	(11,402)
Intangible assets, net	6,813	7,443
In-process Research and Development [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	55	55
Developed-Product-Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amounts	12,563	12,573
Accumulated amortization	(7,812)	(7,479)
Other intangible assets, net	4,751	5,094
Licensing Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amounts	3,693	3,772
Accumulated amortization	(2,174)	(2,032)
Other intangible assets, net	1,519	1,740
Marketing-Related Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amounts	1,209	1,297
Accumulated amortization	(959)	(1,019)
Other intangible assets, net	250	278
Research and Development Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amounts	1,148	1,148
Accumulated amortization	(910)	(872)
Other intangible assets, net	$ 238	$ 276

Goodwill and other intangible assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization charges associated with finite-lived intangible assets	$ 315	$ 332	$ 652
Total estimated amortization of finite-lived intangible assets for the six months ending December 31, 2019	600
Total estimated amortization of finite-lived intangible assets for 2020	1,200
Total estimated amortization of finite-lived intangible assets for 2021	1,000
Total estimated amortization of finite-lived intangible assets for 2022	900
Total estimated amortization of finite-lived intangible assets for 2023	900
Total estimated amortization of finite-lived intangible assets for 2024	$ 800

Leases (Textual) (Details)	Jun. 30, 2019
Leases [Abstract]
Renewal term	7 years
Weighted-average remaining lease term (in years)	4 years 2 months 12 days
Weighted-average discount rate	3.32%

Leases (Summary of Leases) (Details) $ in Millions	Jun. 30, 2019 USD ($)
Assets:
Other assets	$ 430
Liabilities:
Accrued liabilities	134
Other noncurrent liabilities	363
Total lease liabilities	$ 497

Leases (Components of Lease Costs) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating	$ 51	$ 99
Sublease income	(9)	(17)
Total net lease costs	$ 42	$ 82

Leases (Maturities of Lease Liabilities) (Details) $ in Millions	Jun. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Remaining six months ending December 31, 2019	$ 69
2020	152
2021	132
2022	73
2023	62
Thereafter	48
Total lease payments	536
Less imputed interest	(39)
Total lease liabilities	497
Abandoned Leases [Member]
Lessee, Lease, Description [Line Items]
Total lease payments	200
Expected total future rental income to be received	$ 158

Leases (Cash and Noncash Information of Leases) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 39	$ 73
ROU assets obtained in exchange for lease obligations	$ 46	$ 54

Financing arrangements (Principal Amounts and Carrying Value of Long-term Borrowings) (Details) $ in Millions	Jun. 30, 2019 USD ($)	Jun. 30, 2019 GBP (£)	Jun. 30, 2019 CHF (SFr)	Jun. 30, 2019 EUR (€)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Unamortized bond discounts, premiums and issuance costs, net	$ (882)				$ (896)
Fair value adjustments	295				(53)
Total carrying value of debt	30,614				33,929
Less current portion	(2,816)				(4,419)
Total long-term debt	$ 27,798				29,510
Notes [Member] \| 5.70% notes due 2019 (5.70% 2019 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross					1,000
Interest rate, stated percentage	5.70%	5.70%	5.70%	5.70%
Notes [Member] \| 1.90% notes due 2019 (1.90% 2019 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 0				700
Interest rate, stated percentage	1.90%	1.90%	1.90%	1.90%
Notes [Member] \| Floating Rate Notes due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt, gross					550
Notes [Member] \| 2.20% notes due 2019 (2.20% 2019 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross					1,400
Interest rate, stated percentage	2.20%	2.20%	2.20%	2.20%
Notes [Member] \| 2.125% €675 million notes due 2019 (2.125% 2019 euro Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 768				774
Face amount \| €				€ 675,000,000
Interest rate, stated percentage	2.125%	2.125%	2.125%	2.125%
Notes [Member] \| 4.50% notes due 2020 (4.50% 2020 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 300				300
Interest rate, stated percentage	4.50%	4.50%	4.50%	4.50%
Notes [Member] \| 2.125% notes due 2020 (2.125% 2020 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 750				750
Interest rate, stated percentage	2.125%	2.125%	2.125%	2.125%
Notes [Member] \| Floating Rate Notes Due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 300				300
Notes [Member] \| 2.20% notes due 2020 (2.20% 2020 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 700				700
Interest rate, stated percentage	2.20%	2.20%	2.20%	2.20%
Notes [Member] \| 3.45% notes due 2020 (3.45% 2020 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 900				900
Interest rate, stated percentage	3.45%	3.45%	3.45%	3.45%
Notes [Member] \| 4.10% notes due 2021 (4.10% 2021 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000				1,000
Interest rate, stated percentage	4.10%	4.10%	4.10%	4.10%
Notes [Member] \| 1.85% notes due 2021 (1.85% 2021 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 750				750
Interest rate, stated percentage	1.85%	1.85%	1.85%	1.85%
Notes [Member] \| 3.875% notes due 2021 (3.875% 2021 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,750				1,750
Interest rate, stated percentage	3.875%	3.875%	3.875%	3.875%
Notes [Member] \| 1.25% €1,250 million notes due 2022 (1.25% 2022 euro Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,422				1,433
Face amount \| €				€ 1,250,000,000
Interest rate, stated percentage	1.25%	1.25%	1.25%	1.25%
Notes [Member] \| 2.70% notes due 2022 (2.70% 2022 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 500				500
Interest rate, stated percentage	2.70%	2.70%	2.70%	2.70%
Notes [Member] \| 2.65% notes due 2022 (2.65% 2022 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,500				1,500
Interest rate, stated percentage	2.65%	2.65%	2.65%	2.65%
Notes [Member] \| 3.625% notes due 2022 (3.625% 2022 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 750				750
Interest rate, stated percentage	3.625%	3.625%	3.625%	3.625%
Notes [Member] \| 0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 717				713
Face amount \| SFr			SFr 700,000,000
Interest rate, stated percentage	0.41%	0.41%	0.41%	0.41%
Notes [Member] \| 2.25% notes due 2023 (2.25% 2023 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 750				750
Interest rate, stated percentage	2.25%	2.25%	2.25%	2.25%
Notes [Member] \| 3.625% notes due 2024 (3.625% 2024 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,400				1,400
Interest rate, stated percentage	3.625%	3.625%	3.625%	3.625%
Notes [Member] \| 3.125% notes due 2025 (3.125% 2025 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000				1,000
Interest rate, stated percentage	3.125%	3.125%	3.125%	3.125%
Notes [Member] \| 2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 853				860
Face amount \| €				€ 750,000,000
Interest rate, stated percentage	2.00%	2.00%	2.00%	2.00%
Notes [Member] \| 2.60% notes due 2026 (2.60% 2026 notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,250				1,250
Interest rate, stated percentage	2.60%	2.60%	2.60%	2.60%
Notes [Member] \| 5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 603				606
Face amount \| £		£ 475,000,000
Interest rate, stated percentage	5.50%	5.50%	5.50%	5.50%
Notes [Member] \| 3.20% notes due 2027 (3.20% 2027 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000				1,000
Interest rate, stated percentage	3.20%	3.20%	3.20%	3.20%
Notes [Member] \| 4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 889				893
Face amount \| £		£ 700,000,000
Interest rate, stated percentage	4.00%	4.00%	4.00%	4.00%
Notes [Member] \| 6.375% notes due 2037 (6.375% 2037 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 552				552
Interest rate, stated percentage	6.375%	6.375%	6.375%	6.375%
Notes [Member] \| 6.90% notes due 2038 (6.90% 2038 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 291				291
Interest rate, stated percentage	6.90%	6.90%	6.90%	6.90%
Notes [Member] \| 6.40% notes due 2039 (6.40% 2039 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 466				466
Interest rate, stated percentage	6.40%	6.40%	6.40%	6.40%
Notes [Member] \| 5.75% notes due 2040 (5.75% 2040 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 412				412
Interest rate, stated percentage	5.75%	5.75%	5.75%	5.75%
Notes [Member] \| 4.95% notes due 2041 (4.95% 2041 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 600				600
Interest rate, stated percentage	4.95%	4.95%	4.95%	4.95%
Notes [Member] \| 5.15% notes due 2041 (5.15% 2041 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 974				974
Interest rate, stated percentage	5.15%	5.15%	5.15%	5.15%
Notes [Member] \| 5.65% notes due 2042 (5.65% 2042 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 487				487
Interest rate, stated percentage	5.65%	5.65%	5.65%	5.65%
Notes [Member] \| 5.375% notes due 2043 (5.375% 2043 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 261				261
Interest rate, stated percentage	5.375%	5.375%	5.375%	5.375%
Notes [Member] \| 4.40% notes due 2045 (4.40% 2045 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,250				2,250
Interest rate, stated percentage	4.40%	4.40%	4.40%	4.40%
Notes [Member] \| 4.563% notes due 2048 (4.563% 2048 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,415				1,415
Interest rate, stated percentage	4.563%	4.563%	4.563%	4.563%
Notes [Member] \| 4.663% notes due 2051 (4.663% 2051 Notes) [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,541				3,541
Interest rate, stated percentage	4.663%	4.663%	4.663%	4.663%
Notes [Member] \| Other notes due 2097 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 100				$ 100

Financing arrangements (Details Textual) - Notes [Member]	Jun. 30, 2019
4.563% 2048 Notes [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	4.563%
Effective interest rate	6.30%
4.663% 2051 Notes [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	4.663%
Effective interest rate	5.60%

Stockholders' equity (Share Repurchase Program) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity [Abstract]
Stock repurchased, Shares	13.1	15.9	18.2	56.4	28.9	74.6
Stock repurchased	$ 2,349	$ 3,031	$ 3,190	$ 10,787	$ 5,380	$ 13,977

Stockholders' equity (Details Textual) - USD ($)	1 Months Ended			3 Months Ended
Stockholders' equity (Details Textual) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	May 31, 2019
Equity [Abstract]
Stock repurchase program, additional authorized amount						$ 5,000,000,000.0
Amount available for stock repurchases under a board approved stock repurchase plan	$ 4,700,000,000
Dividends declared per share (in usd per share)		$ 1.45	$ 1.45	$ 1.45	$ 1.32
Dividends paid per share (in usd per share)	$ 1.45	$ 1.45

Stockholders' equity (Components of AOCI) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in AOCI [Roll Forward]
Balance as of beginning of period	$ 10,832	$ 12,500	$ 15,620	$ 12,500	$ 25,241
Foreign currency translation adjustments	(4)		(111)	(17)	(82)
Balance as of end of period	10,794	10,832	14,909	10,794	14,909
Foreign currency translation [Member]
Increase (Decrease) in AOCI [Roll Forward]
Balance as of beginning of period	(683)	(670)		(670)
Foreign currency translation adjustments	(4)	(13)
Income taxes	0	0
Balance as of end of period	(687)	(683)		(687)
Cash flow hedges [Member]
Increase (Decrease) in AOCI [Roll Forward]
Balance as of beginning of period	286	241		241
Unrealized gains	(96)	30
Reclassification adjustments to income	(36)	28
Income taxes	28	(13)
Balance as of end of period	182	286		182
Available-for-sale securities [Member]
Increase (Decrease) in AOCI [Roll Forward]
Balance as of beginning of period	(117)	(338)		(338)
Unrealized gains	161	218
Reclassification adjustments to income	2	4
Income taxes	(10)	(1)
Balance as of end of period	36	(117)		36
Other [Member]
Increase (Decrease) in AOCI [Roll Forward]
Balance as of beginning of period	(2)	(2)		(2)
Unrealized gains	0	0
Other	6
Balance as of end of period	4	(2)		4
AOCI [Member]
Increase (Decrease) in AOCI [Roll Forward]
Balance as of beginning of period	(516)	(769)	(994)	(769)	(679)
Foreign currency translation adjustments	(4)	(13)
Unrealized gains	65	248
Reclassification adjustments to income	(34)	32
Other	6
Income taxes	18	(14)
Balance as of end of period	$ (465)	$ (516)	$ (873)	$ (465)	$ (873)

Stockholders' equity (Reclassifications out of AOCI) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Interest and other income, net	$ 218		$ 162		$ 403	$ 393
Income before income taxes	2,564		2,647		4,878	5,266
Provision for income taxes	(385)		(351)		(707)	(659)
Net income	2,179	$ 1,992	2,296	$ 2,311	4,171	4,607
Product sales [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Product sales	5,574		5,679		10,860	11,022
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Cash flow hedges [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	36		(318)		8	(188)
Provision for income taxes	(8)		68		(2)	40
Net income	28		(250)		6	(148)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Available-for-sale securities [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Interest and other income, net	(2)		(115)		(6)	(249)
Provision for income taxes	0		1		0	2
Net income	(2)		(114)		(6)	(247)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Foreign currency contract [Member] \| Cash flow hedges [Member] \| Product sales [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Product sales	22		(20)		36	(54)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Cross-currency swap contract [Member] \| Cash flow hedges [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Interest and other income, net	14		(298)		(28)	(134)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Cash flow hedges [Member] \| Foreign currency contract [Member] \| Cash flow hedges [Member] \| Product sales [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Product sales	22		(20)		36	(54)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Cash flow hedges [Member] \| Cross-currency swap contract [Member] \| Cash flow hedges [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Interest and other income, net	$ 14		$ (298)		$ (28)	$ (134)

Fair value measurement (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets:
Interest-bearing securities	$ 21,117	$ 28,724
Equity securities	287	176
Derivatives:
Total assets	22,017	29,308
Derivatives:
Contingent consideration obligations	63	72
Total liabilities	593	648
Foreign currency contracts [Member]
Derivatives:
Foreign currency and cross-currency swap contracts	205	182
Derivatives:
Foreign currency and cross-currency swap contracts	15	26
Cross-currency swap contracts [Member]
Derivatives:
Foreign currency and cross-currency swap contracts	150	170
Derivatives:
Foreign currency and cross-currency swap contracts	515	401
Interest rate swap contracts [Member]
Derivatives:
Interest rate swap contracts	258	56
Derivatives:
Interest rate swap contracts		149
Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Equity securities	287	176
Derivatives:
Total assets	10,387	16,689
Derivatives:
Contingent consideration obligations	0	0
Total liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) [Member] \| Foreign currency contracts [Member]
Derivatives:
Foreign currency and cross-currency swap contracts	0	0
Derivatives:
Foreign currency and cross-currency swap contracts	0	0
Quoted prices in active markets for identical assets (Level 1) [Member] \| Cross-currency swap contracts [Member]
Derivatives:
Foreign currency and cross-currency swap contracts	0	0
Derivatives:
Foreign currency and cross-currency swap contracts	0	0
Quoted prices in active markets for identical assets (Level 1) [Member] \| Interest rate swap contracts [Member]
Derivatives:
Interest rate swap contracts	0	0
Derivatives:
Interest rate swap contracts		0
Significant other observable inputs (Level 2) [Member]
Assets:
Equity securities	0	0
Derivatives:
Total assets	11,630	12,619
Derivatives:
Contingent consideration obligations	0	0
Total liabilities	530	576
Significant other observable inputs (Level 2) [Member] \| Foreign currency contracts [Member]
Derivatives:
Foreign currency and cross-currency swap contracts	205	182
Derivatives:
Foreign currency and cross-currency swap contracts	15	26
Significant other observable inputs (Level 2) [Member] \| Cross-currency swap contracts [Member]
Derivatives:
Foreign currency and cross-currency swap contracts	150	170
Derivatives:
Foreign currency and cross-currency swap contracts	515	401
Significant other observable inputs (Level 2) [Member] \| Interest rate swap contracts [Member]
Derivatives:
Interest rate swap contracts	258	56
Derivatives:
Interest rate swap contracts		149
Significant unobservable inputs (Level 3) [Member]
Assets:
Equity securities	0	0
Derivatives:
Total assets	0	0
Derivatives:
Contingent consideration obligations	63	72
Total liabilities	63	72
Significant unobservable inputs (Level 3) [Member] \| Foreign currency contracts [Member]
Derivatives:
Foreign currency and cross-currency swap contracts	0	0
Derivatives:
Foreign currency and cross-currency swap contracts	0	0
Significant unobservable inputs (Level 3) [Member] \| Cross-currency swap contracts [Member]
Derivatives:
Foreign currency and cross-currency swap contracts	0	0
Derivatives:
Foreign currency and cross-currency swap contracts	0	0
Significant unobservable inputs (Level 3) [Member] \| Interest rate swap contracts [Member]
Derivatives:
Interest rate swap contracts	0	0
Derivatives:
Interest rate swap contracts		0
U.S. Treasury notes [Member]
Assets:
Interest-bearing securities	2,717	2,663
U.S. Treasury notes [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	2,717	2,663
U.S. Treasury notes [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	0	0
U.S. Treasury notes [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	0	0
U.S. Treasury bills [Member]
Assets:
Interest-bearing securities	3,497	8,191
U.S. Treasury bills [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	3,497	8,191
U.S. Treasury bills [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	0	0
U.S. Treasury bills [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	0	0
Other government-related debt securities - U.S. [Member]
Assets:
Interest-bearing securities	112	110
Other government-related debt securities - U.S. [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	0	0
Other government-related debt securities - U.S. [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	112	110
Other government-related debt securities - U.S. [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	0	0
Other government-related debt securities - Foreign and other [Member]
Assets:
Interest-bearing securities	977	932
Other government-related debt securities - Foreign and other [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	0	0
Other government-related debt securities - Foreign and other [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	977	932
Other government-related debt securities - Foreign and other [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	0	0
Corporate debt securities - Financial [Member]
Assets:
Interest-bearing securities	2,773	2,697
Corporate debt securities - Financial [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	0	0
Corporate debt securities - Financial [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	2,773	2,697
Corporate debt securities - Financial [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	0	0
Corporate debt securities - Industrial [Member]
Assets:
Interest-bearing securities	2,408	2,504
Corporate debt securities - Industrial [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	0	0
Corporate debt securities - Industrial [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	2,408	2,504
Corporate debt securities - Industrial [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	0	0
Corporate debt securities - Other [Member]
Assets:
Interest-bearing securities	562	562
Corporate debt securities - Other [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	0	0
Corporate debt securities - Other [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	562	562
Corporate debt securities - Other [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	0	0
Residential mortgage-backed securities [Member]
Assets:
Interest-bearing securities	1,333	1,422
Residential mortgage-backed securities [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	0	0
Residential mortgage-backed securities [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	1,333	1,422
Residential mortgage-backed securities [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	0	0
Other mortgage- and asset-backed securities [Member]
Assets:
Interest-bearing securities	463	469
Other mortgage- and asset-backed securities [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	0	0
Other mortgage- and asset-backed securities [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	463	469
Other mortgage- and asset-backed securities [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	0	0
Money market mutual funds [Member]
Assets:
Interest-bearing securities	3,886	5,659
Money market mutual funds [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	3,886	5,659
Money market mutual funds [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	0	0
Money market mutual funds [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	0	0
Other short-term interest-bearing securities [Member]
Assets:
Interest-bearing securities	2,389	3,515
Other short-term interest-bearing securities [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member]
Assets:
Interest-bearing securities	0	0
Other short-term interest-bearing securities [Member] \| Significant other observable inputs (Level 2) [Member]
Assets:
Interest-bearing securities	2,389	3,515
Other short-term interest-bearing securities [Member] \| Significant unobservable inputs (Level 3) [Member]
Assets:
Interest-bearing securities	$ 0	$ 0

Fair value measurement (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Length of time hedged in foreign currency contracts (or less)	3 years
Long-term debt, fair value	$ 33,400	$ 35,000
Carrying value of debt	$ 30,614	$ 33,929
Other Government-related and Corporate Debt Securities [Member]
Business Acquisition [Line Items]
Investment maturity period	5 years

Derivative instruments (Details Textual) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Foreign currency and cross currency swap contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amounts expected to be reclassified from AOCI into earnings over the next 12 months, foreign currency and cross-currency swaps	$ (86)
Derivatives designated as hedging instrument [Member] \| Foreign currency forward contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	4,500	$ 4,500
Derivatives designated as hedging instrument [Member] \| Foreign currency option contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	21	21
Derivatives designated as hedging instrument [Member] \| Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	9,550	10,950
Derivatives not designated as hedging instrument [Member] \| Foreign currency forward contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 1,200	$ 700

Derivative instruments (Cross-currency Swaps) (Details) - Cash flow hedge [Member] - Cross-currency swap contracts [Member] € in Millions, £ in Millions, SFr in Millions, $ in Millions	Jun. 30, 2019 USD ($)	Jun. 30, 2019 GBP (£)	Jun. 30, 2019 CHF (SFr)	Jun. 30, 2019 EUR (€)
2.125% 2019 euro Notes [Member]
Derivative [Line Items]
Notional amounts	$ 864			€ 675
1.25% 2022 euro Notes [Member]
Derivative [Line Items]
Notional amounts	1,388			1,250
0.41% 2023 Swiss franc Bonds [Member]
Derivative [Line Items]
Notional amounts	704		SFr 700
2.00% 2026 euro Notes [Member]
Derivative [Line Items]
Notional amounts	833			€ 750
5.50% 2026 pound sterling Notes [Member]
Derivative [Line Items]
Notional amounts	747	£ 475
4.00% 2029 pound sterling Notes [Member]
Derivative [Line Items]
Notional amounts	$ 1,111	£ 700
Euro Member Countries, Euro \| 2.125% 2019 euro Notes [Member]
Derivative [Line Items]
Interest rates	2.10%	2.10%	2.10%	2.10%
Euro Member Countries, Euro \| 1.25% 2022 euro Notes [Member]
Derivative [Line Items]
Interest rates	1.30%	1.30%	1.30%	1.30%
Euro Member Countries, Euro \| 2.00% 2026 euro Notes [Member]
Derivative [Line Items]
Interest rates	2.00%	2.00%	2.00%	2.00%
Switzerland, Francs \| 0.41% 2023 Swiss franc Bonds [Member]
Derivative [Line Items]
Interest rates	0.40%	0.40%	0.40%	0.40%
United Kingdom, Pounds \| 5.50% 2026 pound sterling Notes [Member]
Derivative [Line Items]
Interest rates	5.50%	5.50%	5.50%	5.50%
United Kingdom, Pounds \| 4.00% 2029 pound sterling Notes [Member]
Derivative [Line Items]
Interest rates	4.00%	4.00%	4.00%	4.00%
United States of America, Dollars \| 2.125% 2019 euro Notes [Member]
Derivative [Line Items]
Interest rates	2.60%	2.60%	2.60%	2.60%
United States of America, Dollars \| 1.25% 2022 euro Notes [Member]
Derivative [Line Items]
Interest rates	3.20%	3.20%	3.20%	3.20%
United States of America, Dollars \| 0.41% 2023 Swiss franc Bonds [Member]
Derivative [Line Items]
Interest rates	3.40%	3.40%	3.40%	3.40%
United States of America, Dollars \| 2.00% 2026 euro Notes [Member]
Derivative [Line Items]
Interest rates	3.90%	3.90%	3.90%	3.90%
United States of America, Dollars \| 5.50% 2026 pound sterling Notes [Member]
Derivative [Line Items]
Interest rates	6.00%	6.00%	6.00%	6.00%
United States of America, Dollars \| 4.00% 2029 pound sterling Notes [Member]
Derivative [Line Items]
Interest rates	4.50%	4.50%	4.50%	4.50%

Derivative instruments (Effective Portion of Unrealized Gain (Loss)) (Details) - Cash flow hedge [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Total unrealized (losses) gains	$ (96)	$ (34)	$ (66)	$ 115
Foreign currency contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total unrealized (losses) gains	(16)	281	69	192
Cross-currency swap contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total unrealized (losses) gains	$ (80)	$ (315)	$ (135)	$ (77)

Derivative instruments (Hedged Liabilities and Cumulative Amount) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	$ 295	$ (53)
Current portion of long-term debt [Member]
Derivative [Line Items]
Carrying amounts of hedged liabilities	0	2,396
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	0	(3)
Carrying value with discontinued hedging relationships		1,000
Hedging adjustments on discontinued hedging relationships		3
Long-term debt [Member]
Derivative [Line Items]
Carrying amounts of hedged liabilities	9,712	9,361
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	295	(50)
Carrying value with discontinued hedging relationships	136	137
Hedging adjustments on discontinued hedging relationships	$ 36	$ 37

Derivative instruments (Summary of Income and Expense Line Items) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Interest and other income, net	$ 218	$ 162	$ 403	$ 393
Interest expense, net	(332)	(347)	(675)	(685)
Interest rate swap agreements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on fair value hedging relationships, Hedged items	(218)	58	(348)	230
Gains (losses) on fair value hedging relationships, Derivatives designated as hedging instruments	218	(51)	351	(215)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Cash flow hedges [Member] \| Cross-currency swap contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest and other income, net	14	(298)	(28)	(134)
Product sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Product sales	5,574	5,679	10,860	11,022
Product sales [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Cash flow hedges [Member] \| Foreign currency contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Product sales	$ 22	$ (20)	$ 36	$ (54)

Derivative instruments (Fair Value of Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets
Total derivative assets, fair value	$ 613	$ 408
Liabilities
Total derivative liabilities, fair value	530	576
Derivatives designated as hedging instrument [Member]
Assets
Total derivative assets, fair value	611	407
Liabilities
Total derivative liabilities, fair value	530	576
Derivatives designated as hedging instrument [Member] \| Foreign currency contracts [Member] \| Other current assets/Other assets [Member]
Assets
Total derivative assets, fair value	203	181
Derivatives designated as hedging instrument [Member] \| Foreign currency contracts [Member] \| Accrued liabilities/Other noncurrent liabilities [Member]
Liabilities
Total derivative liabilities, fair value	15	26
Derivatives designated as hedging instrument [Member] \| Cross-currency swap contracts [Member] \| Other current assets/Other assets [Member]
Assets
Total derivative assets, fair value	150	170
Derivatives designated as hedging instrument [Member] \| Cross-currency swap contracts [Member] \| Accrued liabilities/Other noncurrent liabilities [Member]
Liabilities
Total derivative liabilities, fair value	515	401
Derivatives designated as hedging instrument [Member] \| Interest rate swap contracts [Member] \| Other current assets/Other assets [Member]
Assets
Total derivative assets, fair value	258	56
Derivatives designated as hedging instrument [Member] \| Interest rate swap contracts [Member] \| Accrued liabilities/Other noncurrent liabilities [Member]
Liabilities
Total derivative liabilities, fair value	0	149
Derivatives not designated as hedging instrument [Member]
Assets
Total derivative assets, fair value	2	1
Liabilities
Total derivative liabilities, fair value	0	0
Derivatives not designated as hedging instrument [Member] \| Foreign currency contracts [Member] \| Other current assets [Member]
Assets
Total derivative assets, fair value	2	1
Derivatives not designated as hedging instrument [Member] \| Foreign currency contracts [Member] \| Accrued liabilities [Member]
Liabilities
Total derivative liabilities, fair value	$ 0	$ 0

Contingencies and commitments (Details)				2 Months Ended		6 Months Ended
Contingencies and commitments (Details)	Jul. 24, 2019 patent	Jun. 04, 2019 actions	May 20, 2019 patent	May 31, 2019 actions	Apr. 30, 2019 actions	Jun. 30, 2019 plaintiffs lawsuit
Humira Biosimilar Antitrust Class Actions [Member]
Loss Contingencies [Line Items]
Number of lawsuits \| actions		12		2	10
Sensipar Antitrust Class Actions [Member]
Loss Contingencies [Line Items]
Number of lawsuits \| lawsuit						4
Number of plaintiffs \| plaintiffs						1
Patent Trial and Appeal Board Patent Challenges [Member]
Loss Contingencies [Line Items]
Number of patents allegedly infringed upon			1
Subsequent Event [Member] \| KANJINTI Patent Litigation [Member]
Loss Contingencies [Line Items]
Number of patents allegedly infringed upon	8

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 29,000,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	38,000,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (9,000,000)