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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 |  | December 31, 2024
Dollars in millions | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market and other securities | $ | — |  |  | $ | 6,800 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,559 |  |  | $ | — |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | — |  |  | 709 |  |  | — |  |  | — |  |  | 308 |  |  | — |
Corporate debt securities | — |  |  | 542 |  |  | — |  |  | — |  |  | 486 |  |  | — |
U.S. Treasury securities | — |  |  | — |  |  | — |  |  | — |  |  | 39 |  |  | — |
Derivative assets | — |  |  | 305 |  |  | — |  |  |  |  | 750 |  |  | — |
Equity investments | 242 |  |  | 31 |  |  | — |  |  | 247 |  |  | 42 |  |  | — |
Derivative liabilities | — |  |  | 113 |  |  | — |  |  | — |  |  | 247 |  |  | — |
Contingent consideration liability |  |  |  |  |  |  |  |  |  |  |
Contingent value rights(a) | 2 |  |  | — |  |  | 256 |  |  | 2 |  |  | — |  |  | 256 |
(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 | March 31, 2025 |  | December 31, 2024
Equity investments with RDFV | $ | 273 |  |  | $ | 289 |
Equity investments without RDFV | 809 |  |  | 863 |
Limited partnerships and other equity method investments | 604 |  |  | 598 |
Total equity investments | $ | 1,686 |  |  | $ | 1,750 |
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 | 2025 |  | 2024 |  |  |  |
Equity investments with RDFV |  |  |  |  |  |  |
Net (gain)/loss recognized | $ | 5 |  |  | $ | (86) |  |  |  |  |
Less: net (gain)/loss recognized on investments sold | 4 |  |  | 2 |  |  |  |  |
Net unrealized (gain)/loss recognized on investments still held | 1 |  |  | (88) |  |  |  |  |
Equity investments without RDFV |  |  |  |  |  |  |
Upward adjustments | — |  |  | (10) |  |  |  |  |
Net realized (gain)/loss recognized on investments sold | 19 |  |  | — |  |  |  |  |
Impairments and downward adjustments | 45 |  |  | 25 |  |  |  |  |
Limited partnerships and other equity method investments |  |  |  |  |  |  |
Equity in net (income)/loss of affiliates | 9 |  |  | (31) |  |  |  |  |
Total equity investment (gains)/losses | $ | 78 |  |  | $ | (102) |  |  |  |  |
Schedule of Derivatives and Fair Value | The following table summarizes the fair value and the notional values of outstanding derivatives:
| March 31, 2025 |  | December 31, 2024
| 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 | $ | 5,774 |  |  | $ | 222 |  |  | $ | 1,428 |  |  | $ | (37) |  |  | $ | 6,428 |  |  | $ | 424 |  |  | $ | 43 |  |  | $ | — |
Cross-currency swap contracts | 584 |  |  | 25 |  |  | 626 |  |  | (4) |  |  | 584 |  |  | 26 |  |  | 626 |  |  | (30) |
Designated as net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | — |  |  | — |  |  | — |  |  | — |  |  | 185 |  |  | 17 |  |  | — |  |  | — |
Cross-currency swap contracts | 308 |  |  | 17 |  |  | 399 |  |  | (20) |  |  | 361 |  |  | 23 |  |  | 346 |  |  | (7) |
Designated as fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts | 3,600 |  |  | 31 |  |  | 955 |  |  | (8) |  |  | 1,500 |  |  | 10 |  |  | 1,955 |  |  | (20) |
Not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 1,629 |  |  | 10 |  |  | 2,461 |  |  | (23) |  |  | 5,749 |  |  | 250 |  |  | 5,243 |  |  | (173) |
Total return swap contracts(c) | $ | — |  |  | $ | — |  |  | $ | 434 |  |  | $ | (21) |  |  | $ | — |  |  | $ | — |  |  | $ | 443 |  |  | $ | (17) |
(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, 2025 |  | Three Months Ended March 31, 2024
Dollars in millions |  | Cost of products sold |  | Other (income)/expense, net |  | Cost of products sold |  | Other (income)/expense, net
Foreign exchange contracts |  | $ | (26) |  |  | $ | 16 |  |  | $ | (45) |  |  | $ | (13) |
Cross-currency swap contracts |  | — |  |  | (50) |  |  | — |  |  | 29 |
Interest rate swap contracts |  | — |  |  | (1) |  |  | — |  |  | 3 |
Forward interest rate contracts |  | — |  |  | (1) |  |  | — |  |  | (1) |
The following table summarizes the effect of derivative and non-derivative instruments designated as hedges in Other comprehensive income/(loss):
| Three Months Ended March 31, |  |
Dollars in millions | 2025 |  | 2024 |  |  |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income/(loss) | $ | (216) |  |  | $ | 139 |  |  |  |  |
Reclassified to Cost of products sold | (26) |  |  | (45) |  |  |  |  |
Cross-currency swap contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income/(loss) | 24 |  |  | (16) |  |  |  |  |
Reclassified to Other (income)/expense, net | (48) |  |  | 31 |  |  |  |  |
Forward interest rate contract gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income/(loss) | — |  |  | 131 |  |  |  |  |
Reclassified to Other (income)/expense, net | (1) |  |  | (1) |  |  |  |  |
Derivatives designated as net investment hedges |  |  |  |  |  |  |
Cross-currency swap contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income/(loss) | (18) |  |  | 27 |  |  |  |  |
Foreign exchange contracts gain/(loss): |  |  |  |  |  |  |
Recognized in Other comprehensive income/(loss) | (63) |  |  | 23 |  |  |  |  |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
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