FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Financial assets and liabilities measured at fair value on a recurring basis are summarized below:

	June 30, 2021						December 31, 2020
Dollars in Millions	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash and cash equivalents - money market and other securities	$	—	$	9,246	$	—	$	—	$	12,361	$	—
Marketable debt securities:
Certificates of deposit	—		1,591		—		—		1,020		—
Corporate debt securities	—		498		—		—		698		—
Derivative assets	—		131		19		—		42		27
Equity investments	3,275		139		—		3,314		138		—
Derivative liabilities	—		42		—		—		270		—
Contingent consideration liability:
Contingent value rights	10		—		—		530		—		—
Other acquisition related contingent consideration	—		—		67		—		—		78

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

The fair value of other acquisition related contingent consideration as of June 30, 2021 was calculated using the following significant unobservable inputs:

	Ranges (weighted average) utilized as of:
Inputs	June 30, 2021
Discount rate	0.3% to 1.3% (0.6%)
Probability of payment	0% to 80% (2.4%)
Projected year of payment for development and regulatory milestones	2022 to 2028

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table represents a roll-forward of the fair value of level 3 instruments:

	Six Months Ended June 30, 2021				Six Months Ended June 30, 2020
Dollars in Millions	Asset		Liability		Asset		Liability
Fair value as of January 1	$	27	$	78	$	—	$	106
Changes in estimated fair value	(8)		2		—		(36)
Payments	—		(12)		—		—
Foreign exchange	—		(1)		—		1
Fair value as of June 30	$	19	$	67	$	—	$	71

Available-for-sale Securities [Table Text Block]

The following table summarizes available-for-sale debt securities:

	June 30, 2021								December 31, 2020
Dollars in Millions	Amortized Cost		Gross Unrealized						Amortized Cost		Gross Unrealized
			Gains		Losses		Fair Value				Gains		Losses		Fair Value
Certificates of deposit	$	1,591	$	—	$	—	$	1,591	$	1,020	$	—	$	—	$	1,020
Corporate debt securities	490		8		—		498		684		14		—		698
Total available-for-sale debt securities(a)	$	2,081	$	8	$	—	$	2,089	$	1,704	$	14	$	—	$	1,718

(a)    All marketable debt securities mature within two years as of June 30, 2021 and December 31, 2020.

Schedule of Equity Investments [Table Text Block]

The following summarizes the carrying amount of equity investments:

Dollars in Millions	June 30, 2021		December 31, 2020
Equity investments with readily determinable fair values	$	3,414	$	3,452
Equity investments without readily determinable fair values	616		694
Equity method investments	638		549
Total equity investments	$	4,668	$	4,695

Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]

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	2021		2020		2021		2020
Net gain/(loss) recognized on equity investments with readily determinable fair values(a)	$	11	$	778	$	448	$	550
Realized gain/(loss) recognized on equity investments with readily determinable fair value sold	1		—		(2)		—
Upward adjustments on equity investments without readily determinable fair value	99		55		130		130
Impairments and downward adjustments on equity investments without readily determinable fair value	—		(14)		(1)		(202)
Cumulative upward adjustments on equity investments without readily determinable fair value					243
Cumulative impairments and downward adjustments on equity investments without readily determinable fair value					(142)

(a)    Net unrealized net gains on equity investments still held were $11 million and $353 million for the three and six months ended June 30, 2021 and $778 million and $550 million for the three and six months ended June 30, 2020, respectively.

Schedule of Derivatives and Fair Value [Table Text Block]

The following table summarizes the fair value of outstanding derivatives:

	June 30, 2021								December 31, 2020
	Asset(a)				Liability(b)				Asset(a)				Liability(b)
Dollars in Millions	Notional		Fair Value		Notional		Fair Value		Notional		Fair Value		Notional		Fair Value
Derivatives designated as hedging instruments:
Interest rate swap contracts	$	255	$	16	$	—	$	—	$	255	$	24	$	—	$	—
Cross-currency interest rate swap contracts	400		16		—		—		—		—		400		(10)
Foreign currency forward contracts	3,776		90		1,445		(36)		231		1		5,813		(259)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	932		9		531		(6)		1,104		17		336		(1)
Other	—		19		—		—		—		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) [Table Text Block]

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

	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
Dollars in Millions	Cost of products sold		Other (income)/expense, net		Cost of products sold		Other (income)/expense, net
Interest rate swap contracts	$	—	$	(7)	$	—	$	(15)
Cross-currency interest rate swap contracts	—		(3)		—		(6)
Foreign currency forward contracts	59		16		126		(16)

	Three Months Ended June 30, 2020				Six Months Ended June 30, 2020
Dollars in Millions	Cost of products sold		Other (income)/expense, net		Cost of products sold		Other (income)/expense, net
Interest rate swap contracts	$	—	$	(7)	$	—	$	(14)
Cross-currency interest rate swap contracts	—		(3)		—		(5)
Foreign currency forward contracts	(35)		21		(58)		(55)
Foreign currency zero-cost collar contracts	—		10		—		1

Gain/(Loss) on Hedging Activity [Table Text Block]

The following table summarizes the effect of derivative and non-derivative instruments designated as hedging instruments in Other Comprehensive Income/(Loss):

	Three Months Ended June 30,				Six Months Ended June 30,
Dollars in Millions	2021		2020		2021		2020
Derivatives qualifying as cash flow hedges
Foreign currency forward contracts gain/(loss):
Recognized in Other Comprehensive Income/(Loss)(a)	$	(38)	$	(34)	$	221	$	63
Reclassified to Cost of products sold	53		(32)		89		(52)
Derivatives qualifying as net investment hedges
Cross-currency interest rate swap contracts gain:
Recognized in Other Comprehensive Income/(Loss)	—		4		26		10
Non-derivatives qualifying as net investment hedges
Non-U.S. dollar borrowings gain:
Recognized in Other Comprehensive Income/(Loss)	(16)		(32)		25		(12)

(a)    The majority is expected to be reclassified into earnings in the next 12 months.

Schedule of Short-term Debt [Table Text Block]

Short-term debt obligations include:

Dollars in Millions	June 30, 2021		December 31, 2020
Non-U.S. short-term borrowings	$	63	$	176
Current portion of long-term debt	2,497		2,000
Other	95		164
Total	$	2,655	$	2,340

Schedule of Fair Value and Other Adjustments to Long Term Debt [Table Text Block]

Long-term debt and the current portion of long-term debt include:

Dollars in Millions	June 30, 2021		December 31, 2020
Principal Value	$	43,666	$	48,711
Adjustments to Principal Value:
Fair value of interest rate swap contracts	16		24
Unamortized basis adjustment from swap terminations	131		149
Unamortized bond discounts and issuance costs	(279)		(303)
Unamortized purchase price adjustments of Celgene debt	1,466		1,755
Total	$	45,000	$	50,336
Current portion of long-term debt	$	2,497	$	2,000
Long-term debt	42,503		48,336
Total	$	45,000	$	50,336