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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
| June 30, 2023 |  | December 31, 2022
Dollars in millions | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market and other securities | $ | — |  |  | $ | 6,644 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,770 |  |  | $ | — |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | — |  |  | 358 |  |  | — |  |  | — |  |  | 32 |  |  | — |
Commercial paper | — |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  | — |
Derivative assets | — |  |  | 357 |  |  | — |  |  | — |  |  | 305 |  |  | — |
Equity investments | 336 |  |  | 512 |  |  | — |  |  | 424 |  |  | 680 |  |  | — |
Derivative liabilities | — |  |  | 180 |  |  | — |  |  | — |  |  | 213 |  |  | — |
Contingent consideration liability |  |  |  |  |  |  |  |  |  |  |
Contingent value rights | 5 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |
Other acquisition related contingent consideration | — |  |  | — |  |  | 9 |  |  | — |  |  | — |  |  | 24 |
Marketable Securities | The following table summarizes marketable debt securities:
| June 30, 2023 |  | December 31, 2022
Dollars in millions | Amortized Cost |  | Gross Unrealized |  |  |  | Amortized Cost |  | Gross Unrealized |  |
| Gains |  | Losses |  | Fair Value |  |  | Gains |  | Losses |  | Fair Value
Certificates of deposit | $ | 358 |  |  | $ | — |  |  | $ | — |  |  | $ | 358 |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |  | $ | 32 |
Commercial paper | — |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  | — |  |  | — |  |  | 98 |
Total marketable debt securities(a) | $ | 358 |  |  | $ | — |  |  | $ | — |  |  | $ | 358 |  |  | $ | 130 |  |  | $ | — |  |  | $ | — |  |  | $ | 130 |
(a) All marketable debt securities mature within one year as of June 30, 2023, and December 31, 2022.
Schedule of Equity Investments | The following summarizes the carrying amount of equity investments:
Dollars in millions | June 30, 2023 |  | December 31, 2022
Equity investments with readily determinable fair values | $ | 848 |  |  | $ | 1,104 |
Equity investments without readily determinable fair values | 623 |  |  | 537 |
Limited partnerships and other equity method investments | 520 |  |  | 546 |
Total equity investments | $ | 1,991 |  |  | $ | 2,187 |
Debt Securities, Trading, and Equity Securities, FV-NI | The following summarizes the activity related to equity investments. Changes in fair value of equity investments are included in Other (income)/expense, net.
| Three Months Ended June 30, |  | Six Months Ended June 30,
Dollars in millions | 2023 |  | 2022 |  | 2023 |  | 2022
Equity investments with readily determinable fair values |  |  |  |  |  |  |
Net loss recognized | 47 |  |  | 254 |  |  | 188 |  |  | 852 |
Less: net gain recognized on investments sold | (11) |  |  | (16) |  |  | (12) |  |  | (16) |
Net unrealized loss recognized on investments still held | 58 |  |  | 270 |  |  | 200 |  |  | 868 |
Equity investments without readily determinable fair values |  |  |  |  |  |  |
Upward adjustments | — |  |  | — |  |  | (6) |  |  | (6) |
Impairments and downward adjustments | — |  |  | — |  |  | — |  |  | 2 |
Equity in net loss of affiliates | 11 |  |  | 54 |  |  | 31 |  |  | 104 |
Total equity investment losses | 58 |  |  | 308 |  |  | 213 |  |  | 952 |
Schedule of Derivatives and Fair Value | The following table summarizes the fair value and the notional values of outstanding derivatives:
| June 30, 2023 |  | December 31, 2022
| Asset(a) |  | Liability(b) |  | Asset(a) |  | Liability(b)
Dollars in millions | Notional |  | Fair Value |  | Notional |  | Fair Value |  | Notional |  | Fair Value |  | Notional |  | Fair Value
Designated as cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | $ | 5,831 |  |  | $ | 243 |  |  | $ | 1,656 |  |  | $ | (79) |  |  | $ | 5,771 |  |  | $ | 271 |  |  | $ | 2,281 |  |  | $ | (80) |
Cross-currency swap contracts | 1,210 |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 584 |  |  | (7) |
Designated as net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swap contracts | 561 |  |  | 13 |  |  | 1,167 |  |  | (48) |  |  | 72 |  |  | 1 |  |  | 1,157 |  |  | (78) |
Designated as fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts | — |  |  | — |  |  | 3,755 |  |  | (23) |  |  | — |  |  | — |  |  | 255 |  |  | (18) |
Not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 2,370 |  |  | 66 |  |  | 2,334 |  |  | (30) |  |  | 1,564 |  |  | 33 |  |  | 1,703 |  |  | (19) |
Total return swap contracts (c) | 374 |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 322 |  |  | (11) |
(a) Included in Other current assets and Other non-current assets. (b) Included in Other current liabilities and Other non-current liabilities. (c) Total return swap contracts hedge changes in fair value of certain deferred compensation liabilities.
Derivative Instruments, Gain (Loss) | The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedges:
| Three Months Ended June 30, 2023 |  | Six Months Ended June 30, 2023
Dollars in millions | Cost of products sold |  | Other (income)/expense, net |  | Cost of products sold |  | Other (income)/expense, net
Foreign currency exchange contracts | $ | (90) |  |  | $ | (44) |  |  | $ | (210) |  |  | $ | (60) |
Cross-currency swap contracts | — |  |  | (5) |  |  | — |  |  | (28) |
Interest rate swap contracts | — |  |  | (4) |  |  | — |  |  | (7) |
| Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
Dollars in millions | Cost of products sold |  | Other (income)/expense, net |  | Cost of products sold |  | Other (income)/expense, net
Foreign currency exchange contracts | $ | (131) |  |  | $ | (18) |  |  | $ | (213) |  |  | $ | (75) |
Cross-currency swap contracts | — |  |  | (4) |  |  | — |  |  | (8) |
Interest rate swap contracts | — |  |  | (7) |  |  | — |  |  | (18) |
The following table summarizes the effect of derivative and non-derivative instruments designated as hedges in Other comprehensive income:
| Three Months Ended June 30, |  | Six Months Ended June 30,
Dollars in millions | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives designated as cash flow hedges |  |  |  |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income | $ | 60 |  |  | $ | 481 |  |  | $ | 53 |  |  | $ | 601 |
Reclassified to Cost of products sold | (90) |  |  | (131) |  |  | (210) |  |  | (213) |
Cross-currency swap contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income | 34 |  |  | — |  |  | 28 |  |  | — |
Reclassified to Other (income)/expense, net | 4 |  |  | — |  |  | (9) |  |  | — |
Forward starting interest rate swap contract loss: |  |  |  |  |  |  |
Reclassified to Other (income)/expense, net | — |  |  | — |  |  | — |  |  | (3) |
Derivatives designated as net investment hedges |  |  |  |  |  |  |
Cross-currency swap contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income | 34 |  |  | 51 |  |  | 35 |  | 64
Non-derivatives designated as net investment hedges |  |  |  |  |  |  |
Non U.S. dollar borrowings gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income | — |  |  | 68 |  |  | (10) |  |  | 83 |

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