INVENTORIES

6 Months Ended

Jun. 30, 2022

Inventory, Net [Abstract]

Inventories

INVENTORIES

Dollars in Millions	June 30, 2022		December 31, 2021
Finished goods	$	469	$	543
Work in process	1,912		2,111
Raw and packaging materials	422		350
Total inventories	$	2,803	$	3,004
Inventories	$	2,142	$	2,095
Other non-current assets	661		909

The fair value adjustments related to the Celgene acquisition were $245 million at June 30, 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.

In the first quarter of 2022, BMS recorded an out of period adjustment 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.