INVENTORIES

3 Months Ended

Mar. 31, 2022

Inventory, Net [Abstract]

Inventories

INVENTORIES

Dollars in Millions	March 31, 2022		December 31, 2021
Finished goods	$	449	$	543
Work in process	2,052		2,111
Raw and packaging materials	446		350
Total inventories	$	2,947	$	3,004
Inventories	$	2,104	$	2,095
Other non-current assets	843		909

Total inventories include fair value adjustments resulting from the Celgene acquisition of $368 million at March 31, 2022 and $508 million at December 31, 2021. Other non-current assets include inventory expected to remain on hand beyond 12 months in both periods.

An out of period adjustment was included in the three months ended March 31, 2022 to reduce the remaining amount of inventory fair value adjustments resulting from the Celgene acquisition by $114 million with a corresponding increase to Cost of products sold of $32 million and Research and development expense of $82 million. The adjustment was not material to previously reported balance sheets or results of operations.