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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 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:

			June 30, 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			$	—					$	4,004					$	—					$	—					$	8,489					$	—
Marketable debt securities
Certificates of deposit			—						201						—						—						609						—
Commercial paper			—						—						—						—						92						—
Corporate debt securities			—						475						—						—						460						—
U.S. Treasury securities			—						41						—						—						19						—
Derivative assets			—						456						—						—						219						—
Equity investments			494						99						—						318						141						—
Derivative liabilities			—						114						—						—						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." The fair value of the contingent value rights was estimated using a probability-weighted expected return method.

Schedule of Equity Investments

The following summarizes the carrying amount of equity investments:

Dollars in millions			June 30, 2024						December 31, 2023
Equity investments with readily determinable fair values			$	593					$	459
Equity investments without readily determinable fair values			785						698
Limited partnerships and other equity method investments			622						542
Total equity investments			$	2,000					$	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 June 30,												Six Months Ended June 30,
Dollars in millions			2024						2023						2024						2023
Equity investments with RDFV
Net (gain)/loss recognized			$	(36)					$	47					(122)						188
Less: net (gain)/loss recognized on investments sold			—						(11)						1						(12)
Net unrealized (gain)/loss recognized on investments still held			(36)						58						(123)						200
Equity investments without RDFV
Upward adjustments			(11)						—						(21)						(6)
Net realized (gain)/loss recognized on investments sold			(36)						—						(36)						—
Impairments and downward adjustments			4						—						29						—
Equity in net (income)/loss of affiliates			(28)						11						(59)						31
Total equity investment (gains)/losses			$	(107)					$	58					(209)						213

Schedule of Derivatives and Fair Value

The following table summarizes the fair value and the notional values of outstanding derivatives:

			June 30, 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			$	6,115					$	256					$	403					$	(8)					$	4,772					$	130					$	1,971					$	(66)
Cross-currency swap contracts			583						24						627						(8)						1,210						50						—						—
Designated as net investment hedges
Foreign currency exchange contracts			505						36						377						(2)						—						—						215						(8)
Cross-currency swap contracts			396						29						292						(13)						—						—						747						(43)
Designated as fair value hedges
Interest rate swap contracts			1,000						1						2,255						(18)						2,500						3						1,755						(14)
Not designated as hedges
Foreign currency exchange contracts			3,122						103						1,749						(65)						906						20						1,250						(29)
Total return swap contracts (c)			$	441					$	7					$	—					$	—					$	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 June 30, 2024												Six Months Ended June 30, 2024
Dollars in millions			Cost of products sold						Other (income)/expense, net						Cost of products sold						Other (income)/expense, net
Foreign currency exchange contracts			$	(29)					$	(40)					$	(74)					$	(53)
Cross-currency swap contracts			—						7						—						36
Interest rate swap contracts			—						4						—						7
Forward interest rate contracts			—						(1)						—						(2)

			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)

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			2024						2023						2024						2023
Derivatives designated as cash flow hedges
Foreign exchange contracts gain/(loss):
Recognized in Other comprehensive (loss)/income			$	102					$	60					$	241					$	53
Reclassified to Cost of products sold			(29)						(90)						(74)						(210)
Cross-currency swap contracts gain/(loss):
Recognized in Other comprehensive (loss)/income			(18)						34						(34)						28
Reclassified to Other (income)/expense, net			10						4						41						(9)
Forward interest rate contract gain/(loss):
Recognized in Other comprehensive (loss)/income			—						—						131						—
Reclassified to Other (income)/expense, net			(1)						—						(2)						—
Derivatives designated as net investment hedges
Cross-currency swap contracts gain/(loss):
Recognized in Other comprehensive (loss)/income			23						34						50						35
Foreign exchange contracts gain/(loss):
Recognized in Other comprehensive (loss)/income			18						—						41						—
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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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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).

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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