The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedging instruments: The following table summarizes the effect of derivative and non-derivative instruments designated as hedging instruments in Other Comprehensive Income/(Loss): In 2019, BMS issued an aggregate principal amount of approximately $19.0 billion of floating rate and fixed rate unsecured senior notes with proceeds net of discount and deferred loan issuance costs of $18.8 billion. The notes rank equally in right of payment with all of BMS's existing and future senior unsecured indebtedness and the fixed rate notes are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest. In 2017, BMS issued an aggregate principal amount of $1.5 billion of senior unsecured notes in registered public offerings with proceeds net of discount and deferred loan issuance costs of $1.5 billion. The notes rank equally in right of payment with all of BMS's existing and future senior unsecured indebtedness and are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest. In connection with the Celgene acquisition, BMS commenced offers to exchange outstanding notes issued by Celgene of approximately $19.9 billion for a like-amount of new notes to be issued by BMS (the “exchange offers”). This exchange transaction was accounted for as a modification of the assumed debt instruments. Following the settlement of the exchange offers, BMS issued approximately $18.5 billion of new notes in exchange for the Celgene notes tendered in the exchange offers. The aggregate principal amount of Celgene notes that remained outstanding following the settlement of the exchange offers was approximately $1.3 billion. The fair value of long-term debt was $50.7 billion and $7.1 billion at December 31, 2019 and 2018, respectively, valued using Level 2 inputs which are based upon the quoted market prices for the same or similar debt instruments. The fair value of short-term borrowings approximates the carrying value due to the short maturities of the debt instruments. Repayment of Notes at maturity aggregated $1.3 billion in 2019 and $750 million in 2017. 86 Year Ended December 31, Dollars in Millions 2019 2018 2017 Derivatives qualifying as cash flow hedges Foreign currency forward contracts gain/(loss): Recognized in Other Comprehensive Income/(Loss) (a) $ 65 $ 86 $ (108 ) Reclassified to Cost of products sold (103) (4) (12) Reclassified to Other (income)/expense, net — — 36 Derivatives qualifying as net investment hedges Cross-currency interest rate swap contracts gain/(loss): Recognized in Other Comprehensive Income/(Loss) 6 (5 ) — Non-derivatives qualifying as net investment hedges Non U.S. dollar borrowings gain/(loss): Recognized in Other Comprehensive Income/(Loss) 29 45 (134 ) Year Ended December 31, 2019 2018 2017 Dollars in Millions Cost of products sold Other (income)/expense, net Cost of products sold Other (income)/expense, net Cost of products sold Other (income)/expense, net Interest rate swap contracts $ — $ (24 ) $ — $ (23 ) $ — $ (31 ) Cross-currency interest rate swap contracts — (9) — (8) — — Foreign currency forward contracts (103 ) 11 (4 ) (14 ) (12 ) 52 Forward starting interest rate swap option contracts — 35 — — — — Deal contingent forward starting interest rate swap contracts — 240 — — — — Foreign currency zero-cost collar contracts — 2 — — — — (a) The amount is expected to be reclassified into earnings in the next 12 months. Debt Obligations