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Financial Instruments - Investments - Unrealized Gains and Losses Related to Equity Securities (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value Disclosures [Abstract]      
Net (gains)/losses recognized during the period on equity securities [1] $ (1,590) [2] $ 1,273 [2] $ (1,344)
Less: Net (gains)/losses recognized during the period on equity securities sold during the period (1,754) (126) (80)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date [3] $ 165 $ 1,400 $ (1,264)
[1]
(c)2023 net gains primarily include, among other things, a realized gain of $1.7 billion related to our investment in Telavant Holdings, Inc. and unrealized gains of $297 million related to our investment in Cerevel Therapeutics Holdings, Inc (Cerevel), partially offset by unrealized losses of $292 million related to our investment in BioNTech. 2022 net losses included, among other things, unrealized losses of $986 million related to investments in BioNTech, Allogene Therapeutics, Inc. and Arvinas. 2021 net gains included, among other things, unrealized gains of $1.6 billion related to investments in BioNTech and Cerevel.
[2] Reported in Other (income)/deductions––net. See Note 4.
[3] Included in net unrealized (gains)/losses are observable price changes on equity securities without readily determinable fair values. As of December 31, 2023, there were cumulative impairments and downward adjustments of $259 million and upward adjustments of $213 million. Impairments, downward and upward adjustments were not material to our operations in 2023, 2022 and 2021