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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 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:
| September 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 | $ | — |  |  | $ | 5,545 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,770 |  |  | $ | — |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | — |  |  | 2 |  |  | — |  |  | — |  |  | 32 |  |  | — |
Commercial paper | — |  |  | 29 |  |  | — |  |  | — |  |  | 98 |  |  | — |
Corporate debt securities | — |  |  | 442 |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. Treasury securities | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative assets | — |  |  | 467 |  |  | — |  |  | — |  |  | 305 |  |  | — |
Equity investments | 291 |  |  | 55 |  |  | — |  |  | 424 |  |  | 680 |  |  | — |
Derivative liabilities | — |  |  | 120 |  |  | — |  |  | — |  |  | 213 |  |  | — |
Contingent consideration liability |  |  |  |  |  |  |  |  |  |  |
Contingent value rights | 4 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |
Other acquisition related contingent consideration | — |  |  | — |  |  | 9 |  |  | — |  |  | — |  |  | 24 |
Marketable Securities | The following table summarizes marketable debt securities:
| September 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 | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |  | $ | 32 |
Commercial paper | 29 |  |  | — |  |  | — |  |  | 29 |  |  | 98 |  |  | — |  |  | — |  |  | 98 |
Corporate debt securities | 445 |  |  | — |  |  | (3) |  |  | 442 |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. Treasury securities | 23 |  |  | — |  |  | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | — |
Total marketable debt securities(a) | $ | 499 |  |  | $ | — |  |  | $ | (3) |  |  | $ | 496 |  |  | $ | 130 |  |  | $ | — |  |  | $ | — |  |  | $ | 130 |
(a) All marketable debt securities mature within three years as of September 30, 2023, and one year as of December 31, 2022.
Schedule of Equity Investments | The following summarizes the carrying amount of equity investments:
Dollars in millions | September 30, 2023 |  | December 31, 2022
Equity investments with readily determinable fair values | $ | 346 |  |  | $ | 1,104 |
Equity investments without readily determinable fair values | 654 |  |  | 537 |
Limited partnerships and other equity method investments | 557 |  |  | 546 |
Total equity investments | $ | 1,557 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
Dollars in millions | 2023 |  | 2022 |  | 2023 |  | 2022
Equity investments with readily determinable fair values |  |  |  |  |  |  |
Net loss recognized | 15 |  |  | 75 |  |  | 203 |  |  | 927 |
Less: net (gain) loss recognized on investments sold | (86) |  |  | (1) |  |  | 2 |  |  | (17) |
Net unrealized loss recognized on investments still held | 101 |  |  | 76 |  |  | 201 |  |  | 944 |
Equity investments without readily determinable fair values |  |  |  |  |  |  |
Upward adjustments | (3) |  |  | (64) |  |  | (9) |  |  | (70) |
Impairments and downward adjustments | 6 |  |  | — |  |  | 6 |  |  | 2 |
Equity in net (income)/loss of affiliates | (18) |  |  | 3 |  |  | 13 |  |  | 107 |
Total equity investment losses | — |  |  | 14 |  |  | 213 |  |  | 966 |
Schedule of Derivatives and Fair Value | The following table summarizes the fair value and the notional values of outstanding derivatives:
| September 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 | $ | 6,420 |  |  | $ | 326 |  |  | $ | 926 |  |  | $ | (26) |  |  | $ | 5,771 |  |  | $ | 271 |  |  | $ | 2,281 |  |  | $ | (80) |
Cross-currency swap contracts | 584 |  |  | 12 |  |  | 626 |  |  | (14) |  |  | — |  |  | — |  |  | 584 |  |  | (7) |
Designated as net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 416 |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cross-currency swap contracts | 481 |  |  | 23 |  |  | 947 |  |  | (18) |  |  | 72 |  |  | 1 |  |  | 1,157 |  |  | (78) |
Designated as fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts | — |  |  | — |  |  | 3,755 |  |  | (24) |  |  | — |  |  | — |  |  | 255 |  |  | (18) |
Not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 2,048 |  |  | 86 |  |  | 1,486 |  |  | (21) |  |  | 1,564 |  |  | 33 |  |  | 1,703 |  |  | (19) |
Total return swap contracts (c) | — |  |  | — |  |  | 359 |  |  | (17) |  |  | — |  |  | — |  |  | 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 September 30, 2023 |  | Nine Months Ended September 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 | $ | (51) |  |  | $ | (40) |  |  | $ | (261) |  |  | $ | (100) |
Cross-currency swap contracts | — |  |  | 26 |  |  | — |  |  | (2) |
Interest rate swap contracts | — |  |  | — |  |  | — |  |  | (7) |
| Three Months Ended September 30, 2022 |  | Nine Months Ended September 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 | $ | (195) |  |  | $ | (61) |  |  | $ | (408) |  |  | $ | (136) |
Cross-currency swap contracts | — |  |  | 13 |  |  | — |  |  | 5 |
Interest rate swap contracts | — |  |  | (5) |  |  | — |  |  | (23) |
The following table summarizes the effect of derivative and non-derivative instruments designated as hedges in Other comprehensive income:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Dollars in millions | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives designated as cash flow hedges |  |  |  |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income | $ | 173 |  |  | $ | 548 |  |  | $ | 226 |  |  | $ | 1,149 |
Reclassified to Cost of products sold | (51) |  |  | (195) |  |  | (261) |  |  | (408) |
Cross-currency swap contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income | (23) |  |  | (43) |  |  | 5 |  |  | (43) |
Reclassified to Other (income)/expense, net | 35 |  |  | 20 |  |  | 26 |  |  | 20 |
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 | 59 |  |  | 71 |  |  | 94 |  |  | 135
Foreign exchange contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income | 18 |  |  | — |  |  | 18 |  |  | — |
Non-derivatives designated as net investment hedges |  |  |  |  |  |  |
Non-U.S. dollar borrowings gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income | — |  |  | 40 |  |  | (10) |  |  | 123 |

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