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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
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:
| March 31, 2024 |  | December 31, 2023
Dollars in millions | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market and other securities | $ | — |  |  | $ | 6,146 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,489 |  |  | $ | — |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | — |  |  | 203 |  |  | — |  |  | — |  |  | 609 |  |  | — |
Commercial paper | — |  |  | 15 |  |  | — |  |  | — |  |  | 92 |  |  | — |
Corporate debt securities | — |  |  | 485 |  |  | — |  |  | — |  |  | 460 |  |  | — |
U.S. Treasury securities | — |  |  | 4 |  |  | — |  |  | — |  |  | 19 |  |  | — |
Derivative assets | — |  |  | 335 |  |  | — |  |  | — |  |  | 219 |  |  | — |
Equity investments | 331 |  |  | 231 |  |  | — |  |  | 318 |  |  | 141 |  |  | — |
Derivative liabilities | — |  |  | 126 |  |  | — |  |  | — |  |  | 160 |  |  | — |
Contingent consideration liability |  |  |  |  |  |  |  |  |  |  |
Contingent value rights(a) | 2 |  |  | — |  |  | 248 |  |  | 4 |  |  | — |  |  | — |
Other acquisition related contingent consideration | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
(a) Includes the fair value of contingent value rights associated with the Mirati acquisition as further described in —Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements.
Schedule of Equity Investments | The following summarizes the carrying amount of equity investments:
Dollars in millions | March 31, 2024 |  | December 31, 2023
Equity investments with readily determinable fair values | $ | 562 |  |  | $ | 459 |
Equity investments without readily determinable fair values | 713 |  |  | 698 |
Limited partnerships and other equity method investments | 584 |  |  | 542 |
Total equity investments | $ | 1,859 |  |  | $ | 1,699 |
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 March 31, |  |
Dollars in millions | 2024 |  | 2023 |  |  |  |
Equity investments with readily determinable fair values |  |  |  |  |  |  |
Net (gain)/loss recognized | $ | (86) |  |  | $ | 141 |  |  |  |  |
Less: net (gain)/loss recognized on investments sold | 2 |  |  | (1) |  |  |  |  |
Net unrealized (gain)/loss recognized on investments still held | (88) |  |  | 140 |  |  |  |  |
Equity investments without readily determinable fair values |  |  |  |  |  |  |
Upward adjustments | (10) |  |  | (5) |  |  |  |  |
Impairments and downward adjustments | 25 |  |  | — |  |  |  |  |
Equity in net (income)/loss of affiliates | (31) |  |  | 20 |  |  |  |  |
Total equity investment (gains)/losses | $ | (102) |  |  | $ | 155 |  |  |  |  |
Schedule of Derivatives and Fair Value | The following table summarizes the fair value and the notional values of outstanding derivatives:
| March 31, 2024 |  | December 31, 2023
| 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 | $ | 5,613 |  |  | $ | 169 |  |  | $ | 840 |  |  | $ | (16) |  |  | $ | 4,772 |  |  | $ | 130 |  |  | $ | 1,971 |  |  | $ | (66) |
Cross-currency swap contracts | 583 |  |  | 37 |  |  | 627 |  |  | (3) |  |  | 1,210 |  |  | 50 |  |  | — |  |  | — |
Designated as net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 749 |  |  | 18 |  |  | 26 |  |  | — |  |  | — |  |  | — |  |  | 215 |  |  | (8) |
Cross-currency swap contracts | 396 |  |  | 9 |  |  | 438 |  |  | (25) |  |  | — |  |  | — |  |  | 747 |  |  | (43) |
Designated as fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts | 500 |  |  | — |  |  | 3,755 |  |  | (20) |  |  | 2,500 |  |  | 3 |  |  | 1,755 |  |  | (14) |
Not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 2,837 |  |  | 92 |  |  | 2,486 |  |  | (62) |  |  | 906 |  |  | 20 |  |  | 1,250 |  |  | (29) |
Total return swap contracts (c) | $ | 440 |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 401 |  |  | $ | 16 |  |  | $ | — |  |  | $ | — |
(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 March 31, 2024 |  | Three Months Ended March 31, 2023
Dollars in millions | Cost of products sold |  | Other (income)/expense, net |  | Cost of products sold |  | Other (income)/expense, net
Foreign currency exchange contracts | $ | (45) |  |  | $ | (13) |  |  | $ | (120) |  |  | $ | (16) |
Cross-currency swap contracts | — |  |  | 29 |  |  | — |  |  | (23) |
Interest rate swap contracts | — |  |  | 3 |  |  | — |  |  | (3) |
Forward interest rate contracts | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |
The following table summarizes the effect of derivative and non-derivative instruments designated as hedges in Other comprehensive income:
| Three Months Ended March 31, |  |
Dollars in millions | 2024 |  | 2023 |  |  |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive (loss)/income | $ | 139 |  |  | $ | (7) |  |  |  |  |
Reclassified to Cost of products sold | (45) |  |  | (120) |  |  |  |  |
Cross-currency swap contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive (loss)/income | (16) |  |  | (6) |  |  |  |  |
Reclassified to Other (income)/expense, net | 31 |  |  | (13) |  |  |  |  |
Forward interest rate contract gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive (loss)/income | 131 |  |  | — |  |  |  |  |
Reclassified to Other (income)/expense, net | (1) |  |  | — |  |  |  |  |
Derivatives designated as net investment hedges |  |  |  |  |  |  |
Cross-currency swap contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive (loss)/income | 27 |  |  | 1 |  |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive (loss)/income | 23 |  |  | — |  |  |  |  |
Non-derivatives designated as net investment hedges |  |  |  |  |  |  |
Non-U.S. dollar borrowings gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive (loss)/income | $ | — |  |  | $ | (10) |  |  |  |  |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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