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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value
Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
December 31, 2021December 31, 2020
Dollars in MillionsLevel 1Level 2Level 3Level 1Level 2Level 3
Cash and cash equivalents - money market and other securities$— $12,225 $— $— $12,361 $— 
Marketable debt securities:
Certificates of deposit— 2,264 — — 1,020 — 
Commercial paper— 320 — — — — 
Corporate debt securities— 403 — — 698 — 
Derivative assets— 206 12 — 42 27 
Equity investments1,910 109 — 3,314 138 — 
Derivative liabilities— 25 — — 270 — 
Contingent consideration liability:
Contingent value rights8 — — 530 — — 
Other acquisition related contingent consideration— — 35 — — 78 
Available-for-sale Securities
The following table summarizes marketable debt securities:
December 31, 2021December 31, 2020
Dollars in MillionsAmortized
Cost		Gross UnrealizedFair ValueAmortized
Cost		Gross UnrealizedFair Value
GainsLossesGainsLosses
Certificates of deposit$2,264 $— $— $2,264 $1,020 $— $— $1,020 
Commercial paper320 — — 320 — — — — 
Corporate debt securities401 2 — 403 684 14 — 698 
Total marketable debt securities(a)
$2,985 $2 $— 2,987 $1,704 $14 $— 1,718 
(a)    All marketable debt securities mature within two years as of December 31, 2021 and 2020.
Summary of Equity Investments Carrying Amount
The following summarizes the carrying amount of equity investments at December 31, 2021 and 2020:
Dollars in Millions20212020
Equity investments with readily determinable fair values$2,019 $3,452 
Equity investments without readily determinable fair values283 694 
Limited partnerships and other equity method investments666 549 
Total equity investments$2,968 $4,695 
Schedule of Equity Investments
The following summarizes the activity related to equity investments. Equity investment (gains)/loss are included in Other (income)/expense, net.
Dollars in Millions202120202019
Equity investments with readily determined fair values(a)
Net loss/(gain) recognized$403 $(964)$(170)
Net loss/(gain) recognized on investments sold(357)12 (14)
Net unrealized loss/(gain) recognized on investments still held760 (976)(156)
Equity investments without readily determinable fair values
Upward adjustments(918)(388)(58)
Impairments and downward adjustments1 204 27 
Cumulative upward adjustments(103)
Cumulative impairments and downward adjustments 78 
Equity in net (income)/loss of affiliates(b)
(231)(72)85 
(a) Certain prior year amounts have been reclassified to conform to the current year's presentation.
(b) A termination fee related to our Europe and Asia partnership with Sanofi of $80 million was included in 2019.
Schedule of Derivatives and Fair Value
The following summarizes the fair value of outstanding derivatives:
 December 31, 2021December 31, 2020
Asset(a)
Liability(b)
Asset(a)
Liability(b)
Dollars in MillionsNotionalFair ValueNotionalFair ValueNotionalFair ValueNotionalFair Value
Derivatives designated as hedging instruments:
Interest rate swap contracts$255 $10 $— $— $255 $24 $— $— 
Cross-currency interest rate swap contracts600 26 — — — — 400 (10)
Foreign currency forward contracts3,587 161 1,814 (20)231 1 5,813 (259)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts883 9 568 (5)1,104 17 336 (1)
Other— 12 — — — 27 — — 
(a)    Included in Other current assets and Other non-current assets.
(b)    Included in Other current liabilities and Other non-current liabilities.
Derivative Instruments, Gain (Loss)
The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedging instruments:
Year Ended December 31,
202120202019
Dollars in MillionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Interest rate swap contracts$— $(31)$— $(29)$— $(24)
Cross-currency interest rate swap contracts— (11)— (10)— (9)
Foreign currency forward contracts96 (21)(18)(23)(103)11 
Forward starting interest rate swap option contracts— — — — — 35 
Deal contingent forward starting interest rate swap contracts— — — — — 240 
Foreign currency zero-cost collar contracts— — — — — 2 
The following table summarizes the effect of derivative and non-derivative instruments designated as hedging instruments in Other Comprehensive Income/(Loss):
Year Ended December 31,
Dollars in Millions202120202019
Derivatives qualifying as cash flow hedges
Foreign currency forward contracts gain/(loss):
Recognized in Other Comprehensive Income/(Loss)(a)
$364 $(267)$65 
Reclassified to Cost of products sold96 (54)(103)
Treasury lock hedge contracts gain:
Recognized in Other Comprehensive Income/(Loss)— 51 — 
Derivatives qualifying as net investment hedges
Cross-currency interest rate swap contracts gain/(loss):
Recognized in Other Comprehensive Income/(Loss)38 (11)6 
Non-derivatives qualifying as net investment hedges
Non U.S. dollar borrowings gain/(loss):
Recognized in Other Comprehensive Income/(Loss)83 (105)29 
(a)    The majority is expected to be reclassified into earnings in the next 12 months.
Schedule of Short-term Debt
Short-term debt obligations include:
December 31,
Dollars in Millions20212020
Non-U.S. short-term borrowings$105 $176 
Current portion of long-term debt4,764 2,000 
Other79 164 
Total$4,948 $2,340 
Schedule of Long-term and Current Debt Instruments
Long-term debt and the current portion of long-term debt includes:
 December 31,
Dollars in Millions20212020
Principal Value:
2.250% Notes due 2021— 500 
2.550% Notes due 2021— 1,000 
2.875% Notes due 2021— 500 
Floating Rate Notes due 2022500 500 
2.000% Notes due 2022750 750 
2.600% Notes due 20221,500 1,500 
3.250% Notes due 20221,000 1,000 
3.550% Notes due 20221,000 1,000 
0.537% Notes due 20231,500 1,500 
2.750% Notes due 2023750 750 
3.250% Notes due 2023500 500 
3.250% Notes due 2023890 1,000 
4.000% Notes due 2023— 700 
7.150% Notes due 2023239 302 
2.900% Notes due 20242,478 3,250 
3.625% Notes due 2024395 1,000 
0.750% Notes due 20251,000 1,000 
1.000% Euro Notes due 2025651 701 
3.875% Notes due 20251,925 2,500 
3.200% Notes due 20262,250 2,250 
6.800% Notes due 2026256 256 
1.125% Notes due 20271,000 1,000 
3.250% Notes due 2027750 750 
3.450% Notes due 20271,000 1,000 
3.900% Notes due 20281,500 1,500 
3.400% Notes due 20294,000 4,000 
1.450% Notes due 20301,250 1,250 
1.750% Euro Notes due 2035651 701 
5.875% Notes due 2036279 287 
6.125% Notes due 2038219 226 
4.125% Notes due 20392,000 2,000 
2.350% Notes due 2040750 750 
5.700% Notes due 2040193 250 
3.250% Notes due 2042500 500 
5.250% Notes due 2043280 400 
4.500% Notes due 2044500 500 
4.625% Notes due 2044748 1,000 
5.000% Notes due 20451,768 2,000 
4.350% Notes due 20471,250 1,250 
4.550% Notes due 20481,486 1,500 
4.250% Notes due 20493,750 3,750 
2.550% Notes due 20501,500 1,500 
6.875% Notes due 209786 87 
0.13% - 5.75% Other - maturing through 202451 51 
Total$43,095 $48,711 
 December 31,
Dollars in Millions20212020
Principal Value$43,095 $48,711 
Adjustments to Principal Value:
Fair value of interest rate swap contracts10 24 
Unamortized basis adjustment from swap terminations119 149 
Unamortized bond discounts and issuance costs(263)(303)
Unamortized purchase price adjustments of Celgene debt1,408 1,755 
Total$44,369 $50,336 
Current portion of long-term debt4,764 2,000 
Long-term debt39,605 48,336 
Total$44,369 $50,336