FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022						December 31, 2021
Dollars in Millions	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash and cash equivalents - money market and other securities	$	—	$	7,770	$	—	$	—	$	12,225	$	—
Marketable debt securities:
Certificates of deposit	—		32		—		—		2,264		—
Commercial paper	—		98		—		—		320		—
Corporate debt securities	—		—		—		—		403		—
Derivative assets	—		305		—		—		206		—
Equity investments	424		680		—		1,910		109		—
Derivative liabilities	—		213		—		—		25		—
Contingent consideration liability:
Contingent value rights	5		—		—		8		—		—
Other acquisition related contingent consideration	—		—		24		—		—		35

Summary of Marketable Debt Securities

The following table summarizes marketable debt securities:

	December 31, 2022								December 31, 2021
Dollars in Millions	Amortized Cost		Gross Unrealized				Fair Value		Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses						Gains		Losses
Certificates of deposit	$	32	$	—	$	—	$	32	$	2,264	$	—	$	—	$	2,264
Commercial paper	98		—		—		98		320		—		—		320
Corporate debt securities	—		—		—		—		401		2		—		403
Total marketable debt securities	$	130	$	—	$	—	$	130	$	2,985	$	2	$	—	$	2,987

Summary of Equity Investments Carrying Amount

The following summarizes the carrying amount of equity investments at December 31, 2022 and 2021:

Dollars in Millions	2022		2021
Equity investments with readily determinable fair values	$	1,104	$	2,019
Equity investments without readily determinable fair values	537		283
Limited partnerships and other equity method investments	546		666
Total equity investments	$	2,187	$	2,968

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 Millions	2022		2021		2020
Equity investments with readily determined fair values
Net loss/(gain) recognized	$	762	$	403	$	(964)
Net loss/(gain) recognized on investments sold	(17)		(357)		12
Net unrealized loss/(gain) recognized on investments still held	779		760		(976)
Equity investments without readily determinable fair values
Upward adjustments	(80)		(918)		(388)
Impairments and downward adjustments	11		1		204
Equity in net (income)/loss of limited partnerships and other equity method investments	108		(231)		(72)

Summary of Fair Value of Outstanding Derivatives

The following summarizes the fair value of outstanding derivatives:

	December 31, 2022								December 31, 2021
	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	$	(18)	$	255	$	10	$	—	$	—
Cross-currency interest rate swap contracts	72		1		1,741		(85)		600		26		—		—
Foreign exchange contracts	5,771		271		2,281		(80)		3,587		161		1,814		(20)
Derivatives not designated as hedging instruments:
Foreign exchange contracts	1,564		33		1,703		(19)		883		9		568		(5)
Total return swap contracts(c)	—		—		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,
	2022				2021				2020
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	$	—	$	(27)	$	—	$	(31)	$	—	$	(29)
Cross-currency interest rate swap contracts	—		(52)		—		(11)		—		(10)
Foreign exchange contracts	(492)		(96)		96		(21)		(18)		(23)

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	2022		2021		2020
Derivatives qualifying as cash flow hedges
Foreign exchange contracts gain/(loss):
Recognized in Other Comprehensive Income/(Loss)	$	592	$	364	$	(267)
Reclassified to Cost of products sold	(492)		96		(54)
Cross-currency interest rate swap contracts gain/(loss):
Recognized in Other Comprehensive Income	(7)		—		—
Reclassified to Other (income)/expense, net	(29)		—		—
Forward starting interest rate swap contract loss:
Reclassified to Other (income)/expense, net	(3)		—		—
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)	30		38		(11)
Non-derivatives qualifying as net investment hedges
Non U.S. dollar borrowings gain/(loss):
Recognized in Other Comprehensive Income/(Loss)	91		83		(105)