FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

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, 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	$	—	$	8,489	$	—	$	—	$	7,770	$	—
Marketable debt securities
Certificates of deposit	—		609		—		—		32		—
Commercial paper	—		92		—		—		98		—
Corporate debt securities	—		460		—		—		—		—
U.S. Treasury securities	—		19		—		—		—		—
Derivative assets			219		—		—		305		—
Equity investments	318		141		—		424		680		—
Derivative liabilities	—		160		—		—		213		—
Contingent consideration liability
Contingent value rights	4		—		—		5		—		—
Other acquisition related contingent consideration	—		—		8		—		—		24

Summary of Equity Investments Carrying Amount

The following summarizes the carrying amount of equity investments:

	December 31,
Dollars in millions	2023		2022
Equity investments with readily determinable fair values	$	459	$	1,104
Equity investments without readily determinable fair values	698		537
Limited partnerships and other equity method investments	542		546
Total equity investments	$	1,699	$	2,187

Schedule of Equity Investments

The following summarizes the activity related to equity investments. Changes in fair value of equity investments are included in Other (income)/expense, net.

	Year ended December 31,
Dollars in millions	2023		2022		2021
Equity investments with readily determined fair values
Net loss recognized	$	117	$	762	$	403
Net (gain) recognized on investments sold	(3)		(17)		(357)
Net unrealized loss recognized on investments still held	120		779		760
Equity investments without readily determinable fair values
Upward adjustments	(9)		(80)		(918)
Impairments and downward adjustments	14		11		1
Equity in net (income)/loss of affiliates	38		108		(231)
Total equity investment losses/(gains)	160		801		(745)

Summary of Fair Value of Outstanding Derivatives

The following summarizes the fair value of outstanding derivatives:

	December 31, 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 exchange contracts	4,772	130	1,971	(66)	5,771	271	2,281	(80)
Cross-currency swap contracts	1,210	50	—	—	—	—	584	(7)
Designated as net investment hedges
Foreign exchange contracts	—	—	215	(8)	—	—	—	—
Cross-currency swap contracts	—	—	747	(43)	72	1	1,157	(78)
Designated as fair value hedges
Interest rate swap contracts	2,500	3	1,755	(14)	—	—	255	(18)
Not designated as hedges
Foreign currency exchange contracts	906	20	1,250	(29)	1,564	33	1,703	(19)
Total return swap contracts(c)	401	16	—	—	—	—	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 were entered into to hedge changes in fair value of certain deferred compensation liabilities.

Derivative Instruments

The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedging instruments:

	Year Ended December 31,
	2023				2022				2021
Dollars in millions	Cost of products sold		Other (income)/expense, net		Cost of products sold		Other (income)/expense, net		Cost of products sold		Other (income)/expense, net
Interest rate swap contracts	$	—	$	(5)	$	—	$	(27)	$	—	$	(31)
Cross-currency swap contracts	—		(65)		—		(52)		—		(11)
Foreign exchange contracts	(303)		(95)		(492)		(96)		96		(21)

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 millions	2023		2022		2021
Derivatives qualifying as cash flow hedges
Foreign exchange contracts gain/(loss):
Recognized in Other Comprehensive Income/(Loss)	$	13	$	592	$	364
Reclassified to Cost of products sold	(303)		(492)		96
Cross-currency swap contracts gain/(loss):
Recognized in Other Comprehensive Income	57		(7)		—
Reclassified to Other (income)/expense, net	(31)		(29)		—
Forward starting interest rate swap contract loss:
Reclassified to Other (income)/expense, net	—		(3)		—
Derivatives qualifying as net investment hedges
Cross-currency swap contracts gain/(loss):
Recognized in Other Comprehensive Income/(Loss)	52		30		38
Foreign Exchange contracts gain/(loss):
Recognized in Other Comprehensive Income/(Loss)	(15)		—		—
Non-derivatives qualifying as net investment hedges
Non-U.S. dollar borrowings gain/(loss):
Recognized in Other Comprehensive Income/(Loss) (a)	(10)		91		83

(a) In 2023, the Company de-designated its remaining net investment hedge in debt denominated in euros of €375 million, and the amount represents the effective portion of foreign exchange loss on the remeasurement of the debt.