Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 03, 2020 | Jun. 30, 2019 | |
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 430 E. 29th Street, 14FL | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10016 | ||
City Area Code | 212 | ||
Local Phone Number | 546-4000 | ||
Entity Registrant Name | BRISTOL MYERS SQUIBB CO | ||
Entity Central Index Key | 0000014272 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 2,257,510,796 | ||
Entity Public Float | $ 74,102,479,936 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Transition Report | false | ||
Entity File Number | 001-01136 | ||
Entity Tax Identification Number | 22-0790350 | ||
1.000% Notes due 2025 [Member] | |||
Title of 12(b) Security | 1.000% Notes due 2025 | ||
Trading Symbol | BMY25 | ||
Security Exchange Name | NYSE | ||
1.750% Notes due 2035 [Member] | |||
Title of 12(b) Security | 1.750% Notes due 2035 | ||
Trading Symbol | BMY35 | ||
Security Exchange Name | NYSE | ||
Bristol Myers Squibb Contingent Value Rights [Member] | |||
Title of 12(b) Security | Bristol-Myers Squibb Contingent Value Rights | ||
Trading Symbol | BMY RT | ||
Security Exchange Name | NYSE | ||
Celgene Contingent Value Rights [Member] | |||
Title of 12(b) Security | Celgene Contingent Value Rights | ||
Trading Symbol | CELG RT | ||
Security Exchange Name | NYSE | ||
Common Stock $0.10 Par Value [Member] | |||
Title of 12(b) Security | Common Stock, $0.10 Par Value | ||
Trading Symbol | BMY | ||
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues | $ 26,145 | $ 22,561 | $ 20,776 | |
Cost of Goods and Services Sold | [1] | 8,078 | 6,467 | 6,014 |
Marketing, selling and administrative | 4,871 | 4,551 | 4,751 | |
Research and development | 6,148 | 6,332 | 6,468 | |
Amortization of Acquired Intangible Assets | 1,135 | 97 | 97 | |
Other income (net) | 938 | (854) | (1,685) | |
Total Expenses | 21,170 | 16,593 | 15,645 | |
Earnings Before Income Taxes | 4,975 | 5,968 | 5,131 | |
Provision for Income Taxes | 1,515 | 1,021 | 4,156 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 3,460 | 4,947 | 975 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 21 | 27 | (32) | |
Net Earnings Attributable to BMS | $ 3,439 | $ 4,920 | $ 1,007 | |
Earnings per Common Share | ||||
Basic Earnings Per Common Share Attributable to BMS | $ 2.02 | $ 3.01 | $ 0.61 | |
Diluted Earnings per Common Share Attributable to BMS | $ 2.01 | $ 3.01 | $ 0.61 | |
Net product sales [Member] | ||||
Revenues | $ 25,174 | $ 21,581 | $ 19,258 | |
Alliance and other revenues [Member] | ||||
Revenues | $ 971 | $ 980 | $ 1,518 | |
[1] | Excludes amortization of acquired intangible assets. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 3,460 | $ 4,947 | $ 975 |
Other Comprehensive Income (Loss), net of taxes and reclassifications to earnings [Abstract] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (32) | 70 | (57) |
Pension and postretirement benefits | 1,203 | 53 | 214 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 36 | (25) | 39 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 35 | (254) | 18 |
Other Comprehensive Income (Loss), Net of Tax | 1,242 | (156) | 214 |
Comprehensive Income | 4,702 | 4,791 | 1,189 |
Comprehensive Income Attributable to Noncontrolling Interest | 21 | 27 | (32) |
Comprehensive Income Attributable to BMS | $ 4,681 | $ 4,764 | $ 1,221 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 12,346 | $ 6,911 |
Marketable securities, current | 3,047 | 1,848 |
Receivables | 7,685 | 5,747 |
Inventories | 4,293 | 1,195 |
Other current assets | 1,983 | 2,015 |
Total Current Assets | 29,354 | 17,716 |
Property, plant and equipment | 6,252 | 5,027 |
Goodwill | 22,488 | 6,538 |
Other intangible assets | 63,969 | 1,091 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 510 | 815 |
Marketable securities, noncurrent | 767 | 1,775 |
Other Assets, Noncurrent | 6,604 | 2,024 |
Total Assets | 129,944 | 34,986 |
Current Liabilities: | ||
Short-term debt obligations | 3,346 | 1,703 |
Accounts payable | 2,445 | 1,892 |
Other current liabilities | 12,513 | 7,059 |
Total Current Liabilities | 18,304 | 10,654 |
Deferred Income Tax Liabilities, Net | 6,454 | 19 |
Long-term debt, excluding current maturities | 43,387 | 5,646 |
Other Liabilities, Noncurrent | 10,101 | 4,540 |
Total Liabilities | 78,246 | 20,859 |
Commitments and contingencies | ||
Bristol-Myers Squibb Company Shareholders' Equity: | ||
Preferred stock, $2 convertible series, par value $1 per share: Authorized 10 million shares; issued and outstanding 3,568 in 2019 and 3,590 in 2018, liquidation value of $50 per share | 0 | 0 |
Common stock, par value of $0.10 per share: Authorized 4.5 billion shares; 2.9 billion issued in 2019 and 2.2 billion issued in 2018 | 292 | 221 |
Capital in excess of par value of stock | 43,709 | 2,081 |
Accumulated other comprehensive loss | (1,520) | (2,762) |
Retained earnings | 34,474 | 34,065 |
Less cost of treasury stock - 672 million common shares in 2019 and 576 million common shares in 2018 | (25,357) | (19,574) |
Total Bristol-Myers Squibb Company Shareholders' Equity | 51,598 | 14,031 |
Noncontrolling interest | 100 | 96 |
Total Equity | 51,698 | 14,127 |
Total Liabilities and Equity | $ 129,944 | $ 34,986 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 3,568 | 3,590 |
Preferred Stock, Shares Outstanding | 3,568 | 3,590 |
Preferred Stock, Liquidation Preference Per Share | $ 50 | $ 50 |
Common Stock, Par or Stated Value Per Share | $ 0.1 | $ 0.1 |
Common Stock, Shares Authorized | 4,500,000,000 | 4,500,000,000 |
Common Stock, Shares Issued | 2,900,000,000 | 2,200,000,000 |
Treasury Stock, Shares | 672,000,000 | 576,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash Flows From Operating Activities: | |||
Net Earnings | $ 3,460 | $ 4,947 | $ 975 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization, net | 1,746 | 637 | 789 |
Deferred income taxes | (924) | 45 | 453 |
Stock-based compensation | 441 | 221 | 199 |
Impairment charges | 199 | 126 | 327 |
Pension settlements and amortization | 1,688 | 186 | 236 |
Divestiture gains and royalties | (1,855) | (992) | (706) |
Asset acquisition charges | 25 | 85 | 760 |
Loss/(gain) on equity investments | (279) | 512 | (23) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 523 | 0 | 0 |
Other adjustments | (22) | (44) | 120 |
Changes in operating assets and liabilities: | |||
Receivables | 752 | (429) | (431) |
Inventories | 463 | (216) | (29) |
Accounts payable | 229 | (59) | 320 |
Deferred income | 12 | 84 | (642) |
Income taxes payable | 907 | 203 | 3,154 |
Other | 702 | 634 | (227) |
Net Cash Provided by Operating Activities | 8,067 | 5,940 | 5,275 |
Cash Flows From Investing Activities: | |||
Sale and maturities of marketable securities | 3,809 | 2,379 | 6,398 |
Purchase of marketable securities | (3,961) | (2,305) | (5,419) |
Capital expenditures | (836) | (951) | (1,055) |
Divestiture and other proceeds | 15,852 | 1,249 | 736 |
Acquisition and other payments | (24,634) | (1,246) | (726) |
Net Cash Provided by/(Used in) Investing Activities | (9,770) | (874) | (66) |
Cash Flows From Financing Activities: | |||
Short-term borrowings, net | 131 | (543) | 727 |
Issuance of long-term debt | 26,778 | 0 | 1,488 |
Repayment of long-term debt | (9,256) | (5) | (1,224) |
Repurchase of common stock | (7,300) | (320) | (2,469) |
Dividends | (2,679) | (2,613) | (2,577) |
Other | (53) | (54) | (22) |
Net Cash Used in Financing Activities | 7,621 | (3,535) | (4,077) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (9) | (41) | 52 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 5,909 | 1,490 | 1,184 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 12,820 | $ 6,911 | $ 5,421 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Basis of Consolidation The consolidated financial statements are prepared in conformity with U.S. GAAP, including the accounts of Bristol-Myers Squibb Company and all of its controlled majority-owned subsidiaries and certain variable interest entities. All intercompany balances and transactions are eliminated. Material subsequent events are evaluated and disclosed through the report issuance date. Refer to the Summary of Abbreviated Terms at the end of this 2019 Form 10-K for terms used throughout the document. Alliance and license arrangements are assessed to determine whether the terms provide economic or other control over the entity requiring consolidation of an entity. Entities controlled by means other than a majority voting interest are referred to as variable interest entities and are consolidated when BMS has both the power to direct the activities of the variable interest entity that most significantly impacts its economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. Business Segment Information BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products. Regional commercial organizations market, distribute and sell the products. The business is also supported by global corporate staff functions. Consistent with BMS's operational structure, the Chief Executive Officer (“CEO”), as the chief operating decision maker, manages and allocates resources at the global corporate level. Managing and allocating resources at the global corporate level enables the CEO to assess both the overall level of resources available and how to best deploy these resources across functions, therapeutic areas, regional commercial organizations and research and development projects in line with our overarching long-term corporate-wide strategic goals, rather than on a product or franchise basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CEO for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. For further information on product and regional revenue, see “—Note 2 . Revenue”. Use of Estimates and Judgments The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining accounting for business combinations; impairments of goodwill and intangible assets; sales rebate and return accruals; legal contingencies; and income taxes. Actual results may differ from estimates. Reclassifications Certain prior period amounts were reclassified to conform to the current period presentation including separate presentation of amortization of acquired intangible assets and reclassification of other assets and liabilities which did not change the reported amount of total assets or liabilities. These reclassifications did not have an impact on net assets, net earnings, or operating cash flows. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include bank deposits, time deposits, commercial paper and money market funds. Cash equivalents consist of highly liquid investments with original maturities of three months or less at the time of purchase and are recognized at cost, which approximates fair value. Cash is restricted when withdrawal or general use is contractually or legally restricted. Determination of current and non-current classification is based on the expected duration of the restriction. Restricted cash consists of escrow for litigation settlements and funds restricted for annual Company contributions to the defined contribution plan in the U.S. Restricted cash of $474 million was included in cash, cash equivalents and restricted cash at December 31, 2019 in the consolidated statements of cash flows. Marketable Debt Securities Marketable debt securities are classified as “available-for-sale” on the date of purchase and reported at fair value. Fair value is determined based on observable market quotes or valuation models using assessments of counterparty credit worthiness, credit default risk or underlying security and overall capital market liquidity. Marketable debt securities are reviewed for impairment by assessing if the decline in market value of the investment below the carrying value is other than temporary, which considers the intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value, the duration and extent that the market value has been less than cost and the investee's financial condition. Investments in Equity Securities Investments in equity securities with readily determinable fair values are recorded at fair value with changes in fair value recorded in Other (income)/expense, net. Investments in equity securities without readily determinable fair values are recorded at cost minus any impairment, plus or minus changes in their estimated fair value resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Changes in the estimated fair value of investments in equity securities without readily determinable fair values are recorded in Other (income)/expense, net. Investments in 50% or less owned companies are accounted for using the equity method of accounting when the ability to exercise significant influence over the operating and financial decisions of the investee is maintained. The share of net income or losses of equity investments accounted for using the equity method are included in Other (income)/expense, net. Investments in equity securities without readily determinable fair values and investments in equity accounted for using the equity method are assessed for potential impairment on a quarterly basis based on qualitative factors. Inventory Valuation Inventories are stated at the lower of average cost or net realizable value. Property, Plant and Equipment and Depreciation Expenditures for additions, renewals and improvements are capitalized at cost. Depreciation is computed on a straight-line method based on the estimated useful lives of the related assets ranging from 20 to 50 years for buildings and 3 to 20 years for machinery, equipment and fixtures. Current facts or circumstances are periodically evaluated to determine if the carrying value of depreciable assets to be held and used may not be recoverable. If such circumstances exist, an estimate of undiscounted future cash flows generated by the long-lived asset, or appropriate grouping of assets, is compared to the carrying value to determine whether an impairment exists at its lowest level of identifiable cash flows. If an asset is determined to be impaired, the loss is measured based on the difference between the asset’s fair value and its carrying value. An estimate of the asset’s fair value is based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques using unobservable fair value inputs, such as a discounted value of estimated future cash flows. Capitalized Software Eligible costs to obtain internal use software are capitalized and amortized over the estimated useful life of the software. Acquisitions Businesses acquired are consolidated upon obtaining control. The fair value of assets acquired and liabilities assumed are recognized at the date of acquisition. Any excess of the purchase price over the estimated fair values of the net assets acquired is recognized as goodwill. Business acquisition costs are expensed when incurred. Contingent consideration from potential development, regulatory, approval and sales-based milestones and sales-based royalties are included in the purchase price for business combinations and are excluded for asset acquisitions. Amounts allocated to the lead investigational compounds for asset acquisitions are expensed at the date of acquisition. Goodwill, Acquired In-Process Research and Development and Other Intangible Assets The fair value of acquired intangible assets is determined using an income-based approach referred to as the excess earnings method utilizing Level 3 fair value inputs. Market participant valuations assume a global view considering all potential jurisdictions and indications based on discounted after-tax cash flow projections, risk adjusted for estimated probability of technical and regulatory success. Finite-lived intangible assets, including licenses, developed technology rights and IPRD projects that reach commercialization are amortized on a straight-line basis over their estimated useful life. Estimated useful lives are determined considering the period assets are expected to contribute to future cash flows. Finite-lived intangible assets are tested for impairment when facts or circumstances suggest that the carrying value of the asset may not be recoverable. If the carrying value exceeds the projected undiscounted pretax cash flows of the intangible asset, an impairment loss equal to the excess of the carrying value over the estimated fair value (discounted after-tax cash flows) is recognized. Goodwill is tested at least annually for impairment by assessing qualitative factors in determining whether it is more likely than not that the fair value of net assets is below their carrying amounts. Examples of qualitative factors assessed include BMS's share price, financial performance compared to budgets, long-term financial plans, macroeconomic, industry and market conditions as well as the substantial excess of fair value over the carrying value of net assets from the annual impairment test performed in a prior year. Each relevant factor is assessed both individually and in the aggregate. IPRD is tested for impairment on an annual basis and more frequently if events occur or circumstances change that would indicate a potential reduction in the fair values of the assets below their carrying value. Impairment charges are recognized to the extent the carrying value of IPRD is determined to exceed its fair value. Restructuring Restructuring charges are recognized as a result of actions to streamline operations and reduce the number of facilities. Estimating the impact of restructuring plans, including future termination benefits, integration expenses and other exit costs requires judgment. Actual results could vary from these estimates. Restructuring charges are recognized upon meeting certain criteria, including finalization of committed plans, reliable estimates and discussions with local works councils in certain markets. Contingencies Loss contingencies from legal proceedings and claims may occur from government investigations, shareholder lawsuits, product and environmental liability, contractual claims, tax and other matters. Accruals are recognized when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. Gain contingencies (including contingent proceeds related to the divestitures) are not recognized until realized. Legal fees are expensed as incurred. Revenue Recognition Refer to “—Note 2 . Revenue” for a detailed discussion of accounting policies related to revenue recognition, including deferred revenue and royalties. Refer to “—Note 3 . Alliances” for further detail regarding alliances. Research and Development Research and development costs are expensed as incurred. Clinical study costs are accrued over the service periods specified in the contracts and adjusted as necessary based upon an ongoing review of the level of effort and costs actually incurred. Research and development costs are presented net of reimbursements from alliance partners. Upfront and contingent development milestone payments for asset acquisitions of investigational compounds are also included in research and development expense if there are no alternative future uses. Advertising and Product Promotion Costs Advertising and product promotion costs are expensed as incurred. Advertising and product promotion costs are included in Marketing, selling and administrative expenses and were $633 million in 2019 , $672 million in 2018 and $740 million in 2017 . Foreign Currency Translation Foreign subsidiary earnings are translated into U.S. dollars using average exchange rates. The net assets of foreign subsidiaries are translated into U.S. dollars using current exchange rates. The U.S. dollar effects that arise from translating the net assets of these subsidiaries at changing rates are recognized in Other Comprehensive Income/(Loss). Income Taxes The provision for income taxes includes income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recognized to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The assessment of whether or not a valuation allowance is required often requires significant judgment including the long-range forecast of future taxable income and the evaluation of tax planning initiatives. Adjustments to the deferred tax valuation allowances are made to earnings in the period when such assessments are made. Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized upon settlement. Cash Flow Payments for licensing and asset acquisitions of investigational compounds are included in operating activities as well as out-licensing proceeds. Payments for the acquisition of an ownership interest in a legal entity, including acquisitions that do not meet the accounting definition of a business are included in investing activities, as well as divestiture proceeds, royalties and other consideration received subsequent to the related sale of the asset or business. Other adjustments reflected in operating activities include divestiture gains and losses and related royalties, asset acquisition charges, gains and losses on equity investments and gains and losses on debt redemption. Recently Adopted Accounting Standards Leases Amended guidance for lease accounting was adopted on January 1, 2019 using the modified retrospective method with the cumulative effect of the change recognized in retained earnings in the period of adoption. The new guidance requires an entity to recognize a right-of-use asset and a lease liability initially measured at the present value of future lease payments. The cumulative effect of the accounting change was not material. BMS elected the package of practical expedients upon adoption, and will apply the practical expedient not to separate lease and non-lease components for new and modified leases commencing after adoption. In addition, BMS applied the short-term lease recognition exemption for leases with terms at inception not greater than 12 months. The amended guidance resulted in the recognition of the operating lease right-of-use asset and lease liability and did not impact BMS’s results of operations. Refer to “—Note 13 . Leases” for further information. Goodwill Impairment Testing Amended guidance that simplifies the recognition and measurement of a goodwill impairment loss by eliminating Step 2 of the quantitative goodwill impairment test was adopted prospectively in the first quarter of 2019. Under the amended guidance, a goodwill impairment loss is recognized for the amount by which the reporting units carrying amount, including goodwill, exceeds its fair value up to the amount of its allocated goodwill. The adoption of the amended guidance did not have an impact on BMS’s results of operations. Recently Issued Accounting Standards Not Yet Adopted Financial Instruments - Measurement of Credit Losses In June 2016, the FASB issued amended guidance for the measurement of credit losses on financial instruments. Entities will be required to use a forward-looking estimated loss model. Available-for-sale debt security credit losses will be recognized as allowances rather than a reduction in amortized cost. The guidance is effective January 1, 2020 on a modified retrospective approach. The amended guidance will not have a material impact to BMS’s results of operations. |
REVENUE REVENUE
REVENUE REVENUE | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue [Text Block] | REVENUE The following table summarizes the disaggregation of revenue by nature: Year Ended December 31, Dollars in Millions 2019 2018 2017 Net product sales $ 25,174 $ 21,581 $ 19,258 Alliance revenues 597 647 962 Other revenues 374 333 556 Total Revenues $ 26,145 $ 22,561 $ 20,776 Net product sales represent more than 90% of BMS’s total revenues for the years ended December 31, 2019 , 2018 and 2017 . Products are sold principally to wholesalers or distributors and to a lesser extent, directly to retailers, hospitals, clinics, government agencies and pharmacies. Customer orders are generally fulfilled within a few days of receipt resulting in minimal order backlog. Contractual performance obligations are usually limited to transfer of control of the product to the customer. The transfer occurs either upon shipment or upon receipt of the product after considering when the customer obtains legal title to the product and when BMS obtains a right of payment. At these points, customers are able to direct the use of and obtain substantially all of the remaining benefits of the product. Gross revenue to the three largest pharmaceutical wholesalers in the U.S. as a percentage of global gross revenues was as follows: Year Ended December 31, 2019 2018 2017 McKesson Corporation 26 % 25 % 24 % AmerisourceBergen Corporation 20 % 20 % 18 % Cardinal Health, Inc. 17 % 17 % 15 % Wholesalers are initially invoiced at contractual list prices. Payment terms are typically 30 to 90 days based on customary practices in each country. Revenue is reduced from wholesaler list price at the time of recognition for expected charge-backs, discounts, rebates, sales allowances and product returns, which are referred to as GTN adjustments. These reductions are attributed to various commercial arrangements, managed healthcare organizations and government programs such as Medicare, Medicaid and the 340B Drug Pricing Program containing various pricing implications such as mandatory discounts, pricing protection below wholesaler list price or other discounts when Medicare Part D beneficiaries are in the coverage gap. In addition, non-U.S. government programs include different pricing schemes such as cost caps, volume discounts, outcome-based pricing and pricing claw-backs determined on sales of individual companies or an aggregation of companies participating in a specific market. Charge-backs and cash discounts are reflected as a reduction to receivables and settled through the issuance of credits to the customer, typically within one month. All other rebates, discounts and adjustments, including Medicaid and Medicare, are reflected as a liability and settled through cash payments to the customer, typically within various time periods ranging from a few months to one year. Significant judgment is required in estimating GTN adjustments considering legal interpretations of applicable laws and regulations, historical experience, payer channel mix, current contract prices under applicable programs, unbilled claims, processing time lags and inventory levels in the distribution channel. The following table summarizes GTN adjustments: Year Ended December 31, Dollars in Millions 2019 2018 2017 Gross product sales $ 37,206 $ 30,174 $ 25,499 GTN adjustments (a) Charge-backs and cash discounts (3,675 ) (2,735 ) (2,084 ) Medicaid and Medicare rebates (4,941 ) (3,225 ) (2,086 ) Other rebates, returns, discounts and adjustments (3,416 ) (2,633 ) (2,071 ) Total GTN adjustments (12,032 ) (8,593 ) (6,241 ) Net product sales $ 25,174 $ 21,581 $ 19,258 (a) Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $132 million , $96 million and $71 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Alliance and other revenues consist primarily of amounts related to collaborations and out-licensing arrangements. Each of these arrangements are evaluated for whether they represent contracts that are within the scope of the revenue recognition guidance in their entirety or contain aspects that are within the scope of the guidance, either directly or by reference based upon the application of the guidance related to the derecognition of nonfinancial assets (ASC 610). Performance obligations are identified and separated when the other party can benefit directly from the rights, goods or services either on their own or together with other readily available resources and when the rights, goods or services are not highly interdependent or interrelated. Transaction prices for these arrangements may include fixed up-front amounts as well as variable consideration such as contingent development and regulatory milestones, sales-based milestones and royalties. The most likely amount method is used to estimate contingent development, regulatory and sales-based milestones because the ultimate outcomes are binary in nature. The expected value method is used to estimate royalties because a broad range of potential outcomes exist, except for instances in which such royalties relate to a license. Variable consideration is included in the transaction price only to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring when the uncertainty associated with the variable consideration is subsequently resolved. Significant judgment is required in estimating the amount of variable consideration to recognize when assessing factors outside of BMS’s influence such as likelihood of regulatory success, limited availability of third party information, expected duration of time until resolution, lack of relevant past experience, historical practice of offering fee concessions and a large number and broad range of possible amounts. To the extent arrangements include multiple performance obligations that are separable, the transaction price assigned to each distinct performance obligation is reflective of the relative stand-alone selling price and recognized at a point in time upon the transfer of control. Three types of out-licensing arrangements are typically utilized: (1) arrangements when BMS out-licenses intellectual property to another party and has no further performance obligations; (2) arrangements that include a license and an additional performance obligation to supply product upon the request of the third party; and (3) collaboration arrangements, which include transferring a license to a third party to jointly develop and commercialize a product. Most out-licensing arrangements consist of a single performance obligation that is satisfied upon execution of the agreement when the development and commercialization rights are transferred to a third party. Up-front fees are recognized immediately and included in Other (income)/expense, net. Although contingent development and regulatory milestone amounts are assessed each period for the likelihood of achievement, they are typically constrained and recognized when the uncertainty is subsequently resolved for the full amount of the milestone and included in Other (income)/expense, net. Sales-based milestones and royalties are recognized when the milestone is achieved or the subsequent sales occur. Sales-based milestones are included in Other (income)/expense, net and royalties are included in Alliance and other revenue. Certain out-licensing arrangements may also include contingent performance obligations to supply commercial product to the third party upon its request. The license and supply obligations are accounted for as separate performance obligations as they are considered distinct because the third party can benefit from the license either on its own or together with other supply resources readily available to it and the obligations are separately identifiable from other obligations in the contract in accordance with the revenue recognition guidance. After considering the standalone selling prices in these situations, up-front fees, contingent development and regulatory milestone amounts and sales-based milestone and royalties are allocated to the license and recognized in the manner described above. Consideration for the supply obligation is usually based upon stipulated cost-plus margin contractual terms which represent a standalone selling price. The supply consideration is recognized at a point in time upon transfer of control of the product to the third party and included in Alliance and other revenue. The above fee allocation between the license and the supply represents the amount of consideration that BMS expects to be entitled to for the satisfaction of the separate performance obligations. Although collaboration arrangements are unique in nature, both parties are active participants in the operating activities and are exposed to significant risks and rewards depending on the commercial success of the activities. Performance obligations inherent in these arrangements may include the transfer of certain development or commercialization rights, ongoing development and commercialization services and product supply obligations. Except for certain product supply obligations which are considered distinct and accounted for as separate performance obligations similar to the manner discussed above, all other performance obligations are not considered distinct and are combined into a single performance obligation since the transferred rights are highly integrated and interrelated to BMS's obligation to jointly develop and commercialize the product with the third party. As a result, up-front fees are recognized ratably over time throughout the expected period of the collaboration activities and included in Other (income)/expense, net as the license is combined with other development and commercialization obligations. Contingent development and regulatory milestones that are no longer constrained are recognized in a similar manner on a prospective basis. Royalties and profit sharing are recognized when the underlying sales and profits occur and are included in Alliance and other revenue. Refer to “—Note 3 . Alliances” for further information. The following table summarizes the disaggregation of revenue by product and region: Year Ended December 31, Dollars in Millions 2019 2018 2017 Prioritized Brands Revlimid $ 1,299 $ — $ — Eliquis 7,929 6,438 4,872 Opdivo 7,204 6,735 4,948 Orencia 2,977 2,710 2,479 Pomalyst/Imnovid 322 — — Sprycel 2,110 2,000 2,005 Yervoy 1,489 1,330 1,244 Abraxane 166 — — Empliciti 357 247 231 Inrebic 5 — — Established Brands Baraclude 555 744 1,052 Vidaza 58 — — Other Brands (a) 1,674 2,357 3,945 Total Revenues $ 26,145 $ 22,561 $ 20,776 United States $ 15,342 $ 12,586 $ 11,358 Europe 6,266 5,658 4,988 Rest of World 4,013 3,733 3,877 Other (b) 524 584 553 Total Revenues $ 26,145 $ 22,561 $ 20,776 (a) Includes BMS and Celgene products in 2019. (b) Other revenues include royalties and alliance-related revenues for products not sold by BMS's regional commercial organizations. Contract assets are primarily estimated future royalties and termination fees not eligible for the licensing exclusion and therefore recognized upon the adoption of ASC 606 and ASC 610. Contract assets are reduced and receivables are increased in the period the underlying sales occur. Cumulative catch-up adjustments to revenue affecting contract assets or contract liabilities were not material during the year ended December 31, 2019 and 2018 . Revenue recognized from performance obligations satisfied in prior periods was $411 million and $495 million for the years ended December 31, 2019 and 2018 , respectively, consisting primarily of royalties for out-licensing arrangements and revised estimates for GTN adjustments related to prior period sales. Contract assets were not material at December 31, 2019 and 2018 . Sales commissions and other incremental costs of obtaining customer contracts are expensed as incurred as the amortization periods would be less than one year. |
ALLIANCES
ALLIANCES | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Alliances[Text Block] | ALLIANCES BMS enters into collaboration arrangements with third parties for the development and commercialization of certain products. Although each of these arrangements is unique in nature, both parties are active participants in the operating activities of the collaboration and exposed to significant risks and rewards depending on the commercial success of the activities. BMS may either in-license intellectual property owned by the other party or out-license its intellectual property to the other party. These arrangements also typically include research, development, manufacturing, and/or commercial activities and can cover a single investigational compound or commercial product or multiple compounds and/or products in various life cycle stages. The rights and obligations of the parties can be global or limited to geographic regions. BMS refer to these collaborations as alliances and its partners as alliance partners. The most common activities between BMS and its alliance partners are presented in results of operations as follows: • When BMS is the principal in the end customer sale, 100% of product sales are included in Net product sales. When BMS's alliance partner is the principal in the end customer sale, BMS's contractual share of the third-party sales and/or royalty income are included in Alliance revenues as the sale of commercial products are considered part of BMS's ongoing major or central operations. Refer to “—Note 2 . Revenue” for information regarding recognition criteria. • Amounts payable to BMS by alliance partners (who are the principal in the end customer sale) for supply of commercial products are included in Alliance revenues as the sale of commercial products are considered part of BMS's ongoing major or central operations. • Profit sharing, royalties and other sales-based fees payable by BMS to alliance partners are included in Cost of products sold as incurred. • Cost reimbursements between the parties are recognized as incurred and included in Cost of products sold; Marketing, selling and administrative expenses; or Research and development expenses, based on the underlying nature of the related activities subject to reimbursement. • Upfront and contingent development and approval milestones payable to BMS by alliance partners for investigational compounds and commercial products are deferred and amortized over the expected period of BMS's development and co-promotion obligation through the market exclusivity period or the periods in which the related compounds or products are expected to contribute to future cash flows. The amortization is presented consistent with the nature of the payment under the arrangement. For example, amounts received for investigational compounds are presented in Other (income)/expense, net as the activities being performed at that time are not related to the sale of commercial products included in BMS’s ongoing major or central operations; amounts received for commercial products are presented in alliance revenue as the sale of commercial products are considered part of BMS’s ongoing major or central operations. • Upfront and contingent approval milestones payable by BMS to alliance partners for commercial products are capitalized and amortized over the shorter of the contractual term or the periods in which the related products are expected to contribute to future cash flows. • Upfront and contingent milestones payable by BMS to alliance partners prior to regulatory approval are expensed as incurred and included in Research and development expense. • Royalties and other contingent consideration payable to BMS by alliance partners related to the divestiture of such businesses are included in Other (income)/expense, net when earned. • All payments between BMS and its alliance partners are presented in Cash Flows From Operating Activities. Selected financial information pertaining to alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized. Year Ended December 31, Dollars in Millions 2019 2018 2017 Revenues from alliances: Net product sales $ 9,944 $ 8,359 $ 6,917 Alliance revenues 597 647 962 Total Revenues $ 10,541 $ 9,006 $ 7,879 Payments to/(from) alliance partners: Cost of products sold $ 4,169 $ 3,439 $ 2,718 Marketing, selling and administrative (127 ) (104 ) (62 ) Research and development 42 1,044 (28 ) Other (income)/expense, net (60 ) (67 ) (46 ) Selected Alliance Balance Sheet Information: December 31, Dollars in Millions 2019 2018 Receivables – from alliance partners $ 347 $ 395 Accounts payable – to alliance partners 1,026 904 Deferred income from alliances (a) 431 491 (a) Includes unamortized upfront and milestone payments. Specific information pertaining to significant alliances is discussed below, including their nature and purpose; the significant rights and obligations of the parties; specific accounting policy elections; and the statements of earnings classification of and amounts attributable to payments between the parties. Pfizer BMS and Pfizer jointly develop and commercialize Eliquis , an anticoagulant discovered by BMS. Pfizer funds between 50% and 60% of all development costs depending on the study. Profits and losses are shared equally on a global basis except in certain countries where Pfizer commercializes Eliquis and pays BMS a sales-based fee. Co-exclusive license rights were granted to Pfizer in exchange for an upfront payment and potential milestone payments. Both parties assumed certain obligations to actively participate in a joint executive committee and various other operating committees and have joint responsibilities for the research, development, distribution, sales and marketing activities of the alliance using resources in their own infrastructures. BMS and Pfizer manufacture the product in the alliance and BMS is the principal in the end customer product sales in the U.S., significant countries in Europe, as well as Canada, Australia, China, Japan and South Korea. In 2015, BMS transferred full commercialization rights to Pfizer in certain smaller countries in order to simplify operations. In the transferred countries, BMS supplies the product to Pfizer at cost plus a percentage of the net sales price to end-customers which is recorded in full upon transfer of control of the product to Pfizer. BMS did not allocate consideration to the rights transferred to Pfizer as such rights were not sold separately by BMS or any other party, nor could Pfizer receive any benefit for the delivered rights without the fulfillment of other ongoing obligations by BMS under the alliance agreement. As such, the global alliance was treated as a single unit of accounting and upfront proceeds and any subsequent contingent milestone proceeds are amortized over the expected period of BMS's co-promotion obligation through the market exclusivity period. BMS received $884 million in non-refundable upfront, milestone and other licensing payments related to Eliquis through December 31, 2019 . Amortization of the Eliquis deferred income is included in Other (income)/expense, net as Eliquis was not a commercial product at the commencement of the alliance. Summarized financial information related to this alliance was as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Revenues from Pfizer alliance: Net product sales $ 7,711 $ 6,329 $ 4,808 Alliance revenues 218 109 64 Total Revenues $ 7,929 $ 6,438 $ 4,872 Payments to/(from) Pfizer: Cost of products sold – Profit sharing $ 3,745 $ 3,078 $ 2,314 Other (income)/expense, net – Amortization of deferred income (55 ) (55 ) (55 ) Selected Alliance Balance Sheet Information: December 31, Dollars in Millions 2019 2018 Receivables $ 247 $ 220 Accounts payable 922 786 Deferred income 355 410 Otsuka BMS and Otsuka co-promoted Sprycel in the U.S. and the EU through 2019. BMS is responsible for the development and manufacture of the product and is also the principal in the end customer product sales. A fee is paid to Otsuka through 2020 based on net sales levels in the Oncology Territory (U.S., Japan and the EU) that equates to $294 million on the first $1 billion of annual net sales plus 1% of net sales in excess of $1 billion . Summarized financial information related to this alliance was as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Revenues from Otsuka alliances: Net product sales – Oncology territory $ 1,794 $ 1,705 $ 1,699 Payments to Otsuka: Cost of products sold – Oncology fee 302 297 299 Ono BMS and Ono jointly develop and commercialize Opdivo , Yervoy and several BMS investigational compounds in Japan, South Korea and Taiwan. BMS is responsible for supply of the products. Profits, losses and development costs are shared equally for all combination therapies involving compounds of both parties. Otherwise, sharing is 80% and 20% for activities involving only one of the party’s compounds. BMS and Ono also jointly develop and commercialize Orencia in Japan. BMS is responsible for the order fulfillment and distribution of the intravenous formulation and Ono is responsible for the subcutaneous formulation. Both formulations are jointly promoted by both parties with assigned customer accounts and BMS is responsible for the product supply. A co-promotion fee of 60% is paid when a sale is made to the other party’s assigned customer. In 2017, Ono granted BMS an exclusive license for the development and commercialization of ONO-4578, Ono’s Prostaglandin E2 receptor 4 antagonist. BMS acquired worldwide rights except in Japan, South Korea, and Taiwan where it was added to the existing collaboration and in China and ASEAN countries where Ono retained exclusive rights. BMS paid $40 million to Ono, which was included in Research and development expense in 2017. Ono is eligible to receive subsequent clinical, regulatory and sales-based milestone payments of up to $480 million and royalties in countries where BMS has exclusive licensing rights. In 2018, BMS provided Ono with a right to accept NKTR-214 into their alliance upon completion of a Phase I clinical study of Opdivo and NKTR-214 in the Ono Territory. If the right is exercised, Ono will partially reimburse BMS for development costs incurred with the study and share in certain future development costs, contingent milestone payments, profits and losses under the collaboration with Nektar. Ono exercised the right to accept NKTR-214 into its alliance with BMS in 2019. Summarized financial information related to this alliance was as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Revenues from Ono alliances: Net product sales $ 194 $ 165 $ 145 Alliance revenues 305 294 268 Total Revenues $ 499 $ 459 $ 413 BMS is the principal in the end customer product sales and has the exclusive right to develop, manufacture and commercialize Opdivo worldwide except in Japan, South Korea and Taiwan. Ono is entitled to receive royalties of 4% in North America and 15% in all territories excluding the three countries listed above, subject to customary adjustments. Nektar In 2018, BMS and Nektar commenced a worldwide license and collaboration for the development and commercialization of Bempegaldesleukin (NKTR-214), Nektar's investigational immuno-stimulatory therapy designed to selectively expand specific cancer-fighting T cells and natural killer cells directly in the tumor micro-environment. In January 2020, the parties amended the collaboration agreement. The Opdivo and NKTR-214 combination therapy is currently in Phase III clinical studies for melanoma, muscle-invasive bladder cancer and RCC. A joint development plan agreed by the parties as part of the original agreement, and updated as part of the January 2020 amendment, specifies development in certain indications and tumor types with each party responsible for the supply of their own product. BMS's share of the development costs associated with therapies comprising a BMS medicine used in combination with NKTR-214 is 67.5% , subject to certain cost caps for Nektar. The January 2020 amendment retains the cost sharing percentages from the original agreement. The parties will also jointly commercialize the therapies, subject to regulatory approval. BMS's share of global NKTR-214 profits and losses will be 35% subject to certain annual loss caps for Nektar. BMS paid Nektar $1.85 billion for the rights discussed above and 8.3 million shares of Nektar common stock representing a 4.8% ownership interest. BMS's equity ownership is subject to certain lock-up, standstill and voting provisions for a five -year period. The amount of the up-front payment allocated to the equity investment was $800 million after considering Nektar's stock price on the date of closing and current limitations on trading the securities. The remaining $1.05 billion of the up-front payment was allocated to the rights discussed above and included in Research and development expense in the second quarter of 2018. BMS will also pay up to $1.8 billion upon the achievement of contingent development, regulatory and sales-based milestones over the life of the alliance period. Research and development expense payable under this agreement with Nektar was $108 million and $59 million for the years ended December 31, 2019 and 2018 , respectively. |
ACQUISITIONS, DIVESTITURES AND
ACQUISITIONS, DIVESTITURES AND LICENSING ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions and Divestitures [Abstract] | |
Acquisitions and other divestitures [Text Block] | ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS Acquisitions Business Combination Celgene On November 20, 2019, BMS completed the Celgene acquisition. The acquisition is expected to create a leading biopharmaceutical company, well positioned for sustained innovation and long-term growth and to address the needs of patients with cancer, inflammatory, immunologic or cardiovascular diseases through high-value innovative medicines and leading scientific capabilities. Each share of Celgene common stock was converted into a right to receive one share of BMS common stock and $50.00 in cash. Celgene shareholders also received one tradeable contingent value right (“CVR”) for each share of Celgene common stock representing the right to receive $9.00 in cash, subject to the achievement of future regulatory milestones. The aggregate cash paid in connection with the Celgene acquisition was $35.7 billion (or $24.6 billion net of cash acquired). BMS funded the acquisition through cash on-hand and debt proceeds, as described in “—Note 9 . Financial Instruments and Fair Value Measurements.” The transaction was accounted for as a business combination which requires that assets acquired and liabilities assumed be recognized at their fair value as of the acquisition date. The purchase price allocation is preliminary and subject to change, including the valuation of inventory, property, plant and equipment and intangible assets and income taxes and legal contingencies among other items. The amounts recognized will be finalized as the information necessary to complete the analysis is obtained, but no later than one year after the acquisition date. The total consideration for the acquisition consisted of the following: Amounts in Millions, Except Per Share Data Total Consideration Celgene shares outstanding at November 19, 2019 714.9 Cash per share $ 50 Cash consideration for outstanding shares 35,745 Celgene shares outstanding at November 19, 2019 714.9 Closing price of BMS common stock on November 19, 2019 $ 56.48 Estimated fair value of share consideration 40,378 Celgene shares outstanding at November 19, 2019 714.9 Closing price of CVR (a) $ 2.30 Fair value of CVRs 1,644 Fair value of replacement options 1,428 Fair value of replacement restricted share awards 987 Fair value of CVRs issued to option and share award holders 87 Fair value of share-based compensation awards attributable to pre-combination service (b) 2,502 Total consideration transferred $ 80,269 (a) The closing price of CVR is based on the first trade on November 21, 2019. (b) Fair value of the awards attributed to post-combination services of $1.0 billion will be included in compensation costs. Refer to “—Note 18 . Employee Stock Benefit Plans” for more information. The preliminary purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the Acquisition Date based upon their respective preliminary fair values summarized below: Dollars in Millions Preliminary Purchase Price Allocation Cash and cash equivalents $ 11,179 Receivables 2,652 Inventories 4,511 Property, plant and equipment 1,342 Intangible assets (a) 64,027 Otezla* assets held-for-sale (b) 13,400 Other assets 3,408 Accounts payable (363 ) Income taxes payable (2,718 ) Deferred income tax liabilities (7,339 ) Debt (21,782 ) Other liabilities (4,017 ) Identifiable net assets acquired 64,300 Goodwill (c) 15,969 Total consideration transferred $ 80,269 (a) Intangible assets consists of currently marketed product rights of approximately $44.5 billion (amortized over 5.1 years calculated using the weighted-average useful life of the assets) and IPRD of approximately $19.5 billion (not amortized), and were valued using the multi-period excess earnings method. This method starts with a forecast of all of the expected future net cash flows associated with the asset and then involves adjusting the forecast to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. (b) Amount includes $381 million of inventory, $13.0 billion of developed product rights, $19 million of accrued liabilities and $5 million of other non-current liabilities. Refer to “—Divestitures” for more information. (c) Goodwill represents the going-concern value associated with future product discovery beyond the existing pipeline and expected value of synergies resulting from cost savings and avoidance not attributed to identifiable assets. Goodwill is not deductible for tax purposes. BMS's Consolidated Statement of Earnings for the year ended December 31, 2019 , include $1.9 billion of Revenues and $1.6 billion of Net Loss associated with the result of operations of Celgene from the acquisition date to December 31, 2019 . Acquisition expenses were $657 million during the year ended December 31, 2019 , including financial advisory, legal, proxy filing, regulatory, financing fees and hedge costs. The following unaudited pro forma information has been prepared as if the Celgene acquisition and the Otezla* divestiture had occurred on January 1, 2018. The unaudited supplemental pro forma consolidated results do not purport to reflect what the combined Company's results of operations would have been nor do they project the future results of operations of the combined Company. The unaudited supplemental pro forma consolidated results reflect the historical financial information of BMS and Celgene, adjusted to give effect to the Celgene acquisition and the Otezla* divestitures as if it had occurred on January 1, 2018, primarily for the following adjustments: • Amortization expenses primarily related to fair value adjustments to Celgene's intangible assets, inventories and debt. • Non-recurring acquisition-related costs directly attributable to the Celgene acquisition and tax expense directly attributable to the Otezla* divestiture. • Interest expense, including amortization of deferred financing fees, attributable to the Celgene acquisition financing. • Elimination of historical revenue and expenses related to Otezla* . Refer to “—Divestitures.” The above adjustments were adjusted for the applicable tax impact using an estimated weighted-average statutory tax rate applied to the applicable pro forma adjustments. Year Ended December 31, Amounts in Million 2019 2018 Total Revenues $ 39,759 $ 36,243 Net Earnings/(Loss) 3,369 (4,083 ) Asset Acquisitions Certain transactions are accounted for as asset acquisitions since they were determined not to be a business as that term is defined in ASC 805 primarily because no significant processes were acquired. As a result, the amounts allocated to the lead investigational compounds are expensed and not capitalized. In 2017, BMS acquired all of the outstanding shares of IFM Therapeutics, Inc. (“IFM”), a private biotechnology company focused on developing therapies that modulate novel targets in the innate immune system to treat cancer, autoimmunity and inflammatory diseases. The acquisition provided BMS with full rights to IFM's preclinical STING and NLRP3 agonist programs focused on enhancing the innate immune response for treating cancer. The transaction price included an upfront payment of $325 million and contingent consideration of $2.0 billion . The up-front payment was included in Research and development expense except for $14 million that was allocated to net operating loss and tax credit carryforwards. Contingent consideration includes development, regulatory and sales-based milestone payments, of which $25 million was included in Research and development expense in both 2019 and 2018, following the commencement of two Phase I clinical studies. BMS may pay up to $555 million in additional contingent milestones for any subsequent products selected from IFM's preclinical STING and NLRP3 agonist programs. Research and development expense also includes $60 million in 2018 and $450 million in 2017 resulting from the occurrence of certain development and regulatory events attributed to asset acquisition completed prior to 2017, including Flexus Biosciences, Inc., Cardioxyl Pharmaceuticals, Inc. and Cormorant Pharmaceuticals. Divestitures The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures and assets held-for-sale were not material in all periods presented (excluding divestiture gains or losses). Proceeds (a) Divestiture Gains Royalty Income Dollars in Millions 2019 2018 2017 2019 2018 2017 2019 2018 2017 Otezla* $ 13,400 $ — $ — $ — $ — $ — $ — $ — $ — UPSA Business 1,508 — — (1,157 ) — — — — — Diabetes Business 661 579 405 — — (126 ) (650 ) (661 ) (329 ) Erbitux* Business 15 216 218 — — — (23 ) (145 ) (224 ) Manufacturing Operations 48 160 — 1 — — — — — Plavix* and Avapro* / Avalide* — 80 — — — — — — — Investigational HIV Business — — — — — (11 ) — — — Mature Brands and Other 10 212 28 (12 ) (178 ) (24 ) (13 ) (8 ) (4 ) Total $ 15,642 $ 1,247 $ 651 $ (1,168 ) $ (178 ) $ (161 ) $ (686 ) $ (814 ) $ (557 ) (a) Includes royalties received subsequent to the related sale of the asset or business. Otezla* In order to complete the Celgene acquisition, BMS was required by the FTC to divest certain products. To allow the acquisition to close on a timely basis in light of concerns expressed by the FTC, Celgene entered into a purchase agreement with Amgen on August 25, 2019 under which Amgen would acquire the global rights to Otezla* (apremilast) for $13.4 billion of cash. On November 21, 2019, BMS completed the divestiture of Otezla* to Amgen. The transaction was accounted for as an asset divestiture. Otezla* was acquired as part of the Celgene acquisition and was classified as held-for-sale at the time of the acquisition. The estimated fair value of Otezla* net assets consisted of $13.0 billion of developed product rights and $381 million of inventory. UPSA Business In 2019, BMS sold its UPSA consumer health business, including the shares of UPSA SAS and BMS's assets and liabilities relating to the UPSA product portfolio, to Taisho Pharmaceutical Co., Ltd. The transaction was accounted for as the sale of a business. The UPSA business was treated as a single disposal group held-for-sale as of December 31, 2018 . Diabetes Business In February 2014, BMS and AstraZeneca terminated their diabetes business alliance agreements and BMS sold to AstraZeneca substantially all of the diabetes business comprising the alliance. Consideration for the transaction included tiered royalty payments ranging from 10% to 25% based on net sales through 2025. Royalties were $533 million in 2019 , $457 million in 2018 and $229 million in 2017 . Contingent consideration of $100 million was received in 2017 resulting in an additional gain upon achievement of a regulatory approval milestone. In September 2015, BMS transferred a percentage of its future royalty rights on Amylin net product sales in the U.S. to CPPIB. The transferred rights represent approximately 70% of potential future royalties BMS is entitled to in 2019 to 2025. In exchange for the transfer, BMS received an additional tiered-based royalty on Amylin net product sales in the U.S. from CPPIB in 2016 through 2018 including $45 million in 2018 and $100 million in 2017, and paid $48 million in 2019. In November 2017, BMS transferred a percentage of its future royalty rights on a portion of Onglyza* and Farxiga* net product sales to Royalty Pharma. The transferred rights represent approximately 20% to 25% of potential future royalties BMS is entitled to for those products in 2020 to 2025. In exchange for the transfer, BMS received an additional tiered-based royalty on Onglyza* and Farxiga* net product sales from Royalty Pharma including $165 million in 2019 and $159 million in 2018 . Erbitux* Business BMS had a commercialization agreement with Lilly through Lilly’s subsidiary ImClone for the co-development and promotion of Erbitux * in the U.S., Canada and Japan. BMS was the principal in the end customer product sales in North America and paid Lilly a distribution fee for 39% of Erbitux * net sales in North America plus a share of certain royalties paid by Lilly. In October 2015, BMS transferred its rights to Erbitux* in North America to Lilly in exchange for tiered sales-based royalties through September 2018, including $145 million in 2018 and $207 million in 2017 . BMS transferred its co-commercialization rights in Japan to Merck KGaA in 2015 in exchange for sales-based royalties through 2032. Royalties earned were $17 million in 2017. As a result of the adoption of ASC 610 in the first quarter of 2018, estimated future royalties resulting from the transfer of rights to Merck KGaA were recorded as a cumulative effect adjustment in Retained earnings. A $23 million change in estimated future royalties was included in 2019. Manufacturing Operations In 2019, BMS sold its manufacturing and packaging facility in Anagni, Italy to Catalent Inc. The transaction was accounted for as the sale of a business. The divestiture includes the transfer of the facility, the majority of employees at the site, inventories and certain third-party contract manufacturing obligations. The assets were reduced to their relative fair value after considering the purchase price resulting in an impairment charge of $121 million that was included in Cost of products sold. Catalent Inc. will provide certain manufacturing and packaging services for BMS for a period of time. In 2017, BMS sold its small molecule active pharmaceutical ingredient manufacturing operations in Swords, Ireland to SK Biotek Co., Ltd. Proceeds were received in the first quarter of 2018. The transaction was accounted for as the sale of a business. The divestiture includes the transfer of the facility, the majority of employees at the site, inventories and certain third-party contract manufacturing obligations. The assets were reduced to their relative fair value after considering the purchase price resulting in an impairment charge of $146 million that was included in Cost of products sold. SK Biotek Co., Ltd. will provide certain manufacturing services for BMS for a period of time. Plavix* and Avapro* / Avalide* Sanofi reacquired BMS's co-development and co-commercialization agreements for Plavix* and Avapro* / Avalide* in 2013. Consideration for the transfer of rights included quarterly royalties through December 31, 2018 and a $200 million terminal payment received in 2018 of which $120 million was allocated to opt-out markets and $80 million was allocated to BMS's 49.9% interest in the Europe and Asia territory partnership. Royalties expected to be received in 2018 and the portion of terminal payment allocated to opt-out markets was reflected as a contract asset and cumulative effect adjustment upon adoption of ASC 610 in 2018 as BMS had fulfilled its performance obligation. The $80 million allocated to BMS's partnership interest was deferred as of December 31, 2018 and recognized when transferred to Sanofi in 2019. Royalties earned from Sanofi in the territory covering the Americas and Australia and opt-out markets were presented in Alliance revenues and aggregated $26 million in 2018 and $200 million in 2017. Royalties attributed to the territory covering Europe and Asia earned by the territory partnership and paid to BMS were included in equity in net loss/(income) of affiliates and amounted to $96 million in 2018 and $95 million in 2017. Investigational HIV Business In 2016, BMS sold its investigational HIV medicines business consisting of a number of R&D programs at different stages of discovery and development to ViiV Healthcare. BMS received $350 million and is also entitled to receive from ViiV Healthcare contingent development and regulatory milestone payments of up to $1.1 billion , sales-based milestone payments of up to $4.3 billion and future tiered royalties. BMS earned transitional fees of $10 million for certain R&D and other services in 2017. Mature Brands and Other Divestitures include several brands sold to Cheplapharm resulting in proceeds of $153 million and divestiture gains of $127 million in 2018. Assets Held-For-Sale The following table summarizes the UPSA consumer health business net assets held-for-sale as of December 31, 2018 : Dollars in Millions December 31, Receivables $ 79 Inventories 81 Property, plant and equipment 187 Goodwill 127 Other 5 Assets held-for-sale 479 Accounts payable 35 Other current liabilities 78 Deferred income taxes 25 Other liabilities 14 Liabilities related to assets held-for-sale 152 Net assets held-for-sale $ 327 Licensing and Other Arrangements Halozyme In 2017, BMS and Halozyme entered into a global collaboration and license agreement to develop subcutaneously administered BMS IO medicines using Halozyme's ENHANZE * drug-delivery technology. This technology may allow for more rapid delivery of large volume injectable medications through subcutaneous delivery. BMS paid $105 million to Halozyme for access to the technology which was included in Research and development expense. BMS designated multiple IO targets, including PD-1, to develop using the ENHANZE * technology and has an option to select additional targets within five years from the effective date up to a maximum of 11 targets. BMS may pay contingent development, regulatory and sales-based milestones up to $160 million if achieved for each of the nominated collaboration targets, additional milestone payments for combination products and future royalties on sales of products using the ENHANZE * technology. CytomX In 2017, BMS expanded its strategic collaboration with CytomX to discover novel therapies using CytomX’s proprietary Probody platform. As part of the original May 2014 collaboration to discover, develop and commercialize Probody therapeutics, BMS selected four oncology targets, including CTLA-4. Pursuant to the expanded agreement, CytomX granted BMS exclusive worldwide rights to develop and commercialize Probody therapeutics for up to eight additional targets. BMS paid CytomX $75 million for the rights to the initial four targets which was expensed as R&D prior to 2017. BMS paid $200 million to CytomX for access to the additional targets which was included in Research and development expense in 2017. BMS will also reimburse CytomX for certain research costs over the collaboration period, pay contingent development, regulatory and sales-based milestones up to $448 million if achieved for each collaboration target and future royalties. Biogen In 2017, BMS out-licensed to Biogen exclusive rights to develop and commercialize BMS-986168, an anti-eTau compound in development for Progressive Supranuclear Palsy and Alzheimer's disease. Biogen paid $300 million to BMS which was included in Other (income)/expense, net. BMS is also entitled to contingent development, regulatory and sales-based milestone payments of up to $360 million if achieved and future royalties. BMS originally acquired the rights to this compound in 2014 through its acquisition of iPierian, Inc. Biogen assumed all of BMS’s applicable remaining obligations to the former stockholders of iPierian, Inc. Roche In 2017, BMS out-licensed to Roche exclusive rights to develop and commercialize BMS-986089, an anti-myostatin adnectin in development for Duchenne Muscular Dystrophy. Roche paid $170 million to BMS which was included in Other (income)/expense, net. Roche has ceased the development in Duchenne Muscular Dystrophy in 2019. F-Star In 2014, BMS acquired an exclusive option to purchase F-Star and its lead asset FS102, an anti-HER2 antibody fragment, in development for the treatment of breast and gastric cancer among a well-defined population of HER2-positive patients. In 2017, BMS discontinued development of FS102 and did not exercise its option, resulting in an IPRD charge of $75 million included in Research and development expense and attributed to noncontrolling interest. |
OTHER INCOME (NET)
OTHER INCOME (NET) | 12 Months Ended |
Dec. 31, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other (Income) / Expense, net [Text Block] | OTHER (INCOME)/EXPENSE, NET Year Ended December 31, Dollars in Millions 2019 2018 2017 Interest expense $ 656 $ 183 $ 196 Pension and postretirement 1,599 (27 ) (1 ) Royalties and licensing income (1,360 ) (1,353 ) (1,351 ) Divestiture gains (1,168 ) (178 ) (164 ) Acquisition expenses 657 — — Contingent value rights 523 — — Investment income (464 ) (173 ) (126 ) Integration expenses 415 — — Provision for restructuring 301 131 293 Equity investment (gains)/losses (279 ) 512 (23 ) Litigation and other settlements 77 76 (487 ) Transition and other service fees (37 ) (12 ) (37 ) Intangible asset impairment 15 64 — Equity in net loss/(income) of affiliates 4 (93 ) (75 ) Loss on debt redemption — — 109 Other (1 ) 16 (19 ) Other (income)/expense, net $ 938 $ (854 ) $ (1,685 ) |
RESTRUCTURING
RESTRUCTURING | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING A restructuring and integration plan is being implemented as an initiative to realize $2.5 billion of expected cost synergies resulting from cost savings and avoidance from the Celgene acquisition. The synergies are expected to be realized in Cost of products sold (10%), Marketing, selling and administrative expenses (55%) and Research and development expenses (35%). The majority of charges are expected to be incurred through 2022, and range between $2.8 billion to $3.0 billion . These costs consist of integration planning and execution expenses, employee termination benefit costs and accelerated stock-based compensation, contract termination costs and other shutdown costs associated with site exits. Cash outlays in connection with these actions are expected to be approximately $2.5 billion . Employee workforce reductions were approximately 125 in 2019. The following tables summarize the charges and activity related to the Celgene acquisition: Dollars in Millions Year Ended December 31, 2019 Provision for restructuring $ 256 Integration expenses 415 Asset impairments 3 Total charges $ 674 Dollars in Millions Year Ended December 31, 2019 Research and development $ 3 Other (income)/expense, net 671 Total charges $ 674 Dollars in Millions Year Ended December 31, 2019 Liability at January 1 $ — Provision for restructuring (a) 111 Payments (34 ) Liability at December 31 $ 77 (a) Excludes $145 million of accelerated stock-based compensation. In October 2016, a restructuring plan was announced to evolve and streamline BMS's operating model. The majority of charges are expected to be incurred through 2020, range between $1.5 billion to $2.0 billion , and consist of employee termination benefit costs, contract termination costs, accelerated depreciation and impairment charges and other costs associated with manufacturing and R&D site exits. Cash outlays in connection with these actions are expected to be approximately 40% to 50% of the total charges. Charges of approximately $1.4 billion have been recognized for these actions since the announcement. Employee workforce reductions were approximately 100 in 2019 , 900 in 2018 and 1,900 in 2017 . The following tables summarize the charges and activity related to the Company transformation: Year Ended December 31, Dollars in Millions 2019 2018 2017 Employee termination costs $ 17 $ 87 $ 267 Other termination costs 28 44 26 Provision for restructuring 45 131 293 Accelerated depreciation 133 113 289 Asset impairments 127 16 241 Other shutdown costs — 8 3 Total charges $ 305 $ 268 $ 826 Year Ended December 31, Dollars in Millions 2019 2018 2017 Cost of products sold $ 180 $ 57 $ 149 Marketing, selling and administrative 1 1 1 Research and development 79 79 383 Other (income)/expense, net 45 131 293 Total charges $ 305 $ 268 $ 826 Year Ended December 31, Dollars in Millions 2019 2018 2017 Liability at December 31 $ 99 $ 186 $ 114 Cease-use liability reclassification (3 ) — — Liability at January 1 96 186 114 Charges 49 148 319 Change in estimates (4 ) (17 ) (26 ) Provision for restructuring 45 131 293 Foreign currency translation and other (1 ) 1 18 Payments (117 ) (219 ) (239 ) Liability at December 31 $ 23 $ 99 $ 186 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The provision/(benefit) for income taxes consisted of: Year Ended December 31, Dollars in Millions 2019 2018 2017 Current: U.S. $ 1,002 $ 566 $ 3,304 Non-U.S. 1,437 410 399 Total Current 2,439 976 3,703 Deferred: U.S. (113 ) (51 ) 541 Non-U.S. (811 ) 96 (88 ) Total Deferred (924 ) 45 453 Total Provision $ 1,515 $ 1,021 $ 4,156 Effective Tax Rate The reconciliation of the effective tax rate to the U.S. statutory Federal income tax rate was as follows: % of Earnings Before Income Taxes Dollars in Millions 2019 2018 2017 Earnings before income taxes: U.S. $ 542 $ 2,338 $ 2,280 Non-U.S. 4,433 3,630 2,851 Total 4,975 5,968 5,131 U.S. statutory rate 1,045 21.0 % 1,253 21.0 % 1,796 35.0 % Deemed repatriation transition tax — — (56 ) (0.9 )% 2,611 50.9 % Deferred tax remeasurement — — — — 285 5.6 % Global intangible low taxed income (GILTI) 849 17.1 % 94 1.6 % — — Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland (68 ) (1.4 )% (202 ) (3.4 )% (561 ) (10.9 )% U.S. Federal valuation allowance 25 0.5 % 119 2.0 % — — U.S. Federal, state and foreign contingent tax matters (13 ) (0.3 )% (55 ) (0.9 )% 72 1.4 % U.S. Federal research based credits (138 ) (2.8 )% (138 ) (2.3 )% (144 ) (2.8 )% Fair value adjustments for contingent value rights 110 2.2 % — — — — Non-deductible R&D charges 5 0.1 % 17 0.3 % 266 5.2 % Puerto Rico excise tax (163 ) (3.3 )% (152 ) (2.6 )% (131 ) (2.6 )% Domestic manufacturing deduction — — — — (78 ) (1.5 )% State and local taxes (net of valuation allowance) (16 ) (0.3 )% 67 1.1 % 77 1.5 % Foreign and other (121 ) (2.3 )% 74 1.2 % (37 ) (0.8 )% Total $ 1,515 30.5 % $ 1,021 17.1 % $ 4,156 81.0 % The effective tax rate in 2017 reflects the additional tax expense of $2.9 billion recognized upon enactment of the Act, increasing the effective tax rate by 56.7% . The effective tax rate in 2018 includes favorable measurement period adjustments to the provisional amounts recorded in 2017 associated with the Act of $56 million , or 0.9% . The accounting for the reduction of deferred tax assets to the 21% tax rate was complete as of December 31, 2017, and the tax charge for the deemed repatriation transition tax was complete as of December 31, 2018. A GILTI tax associated with the Otezla* divestiture was $808 million in 2019. Prior to the enactment of the Act, earnings for certain of BMS’s manufacturing operations in low tax jurisdictions, such as Switzerland, Ireland and Puerto Rico, were indefinitely reinvested. As a result of the transition tax under the Act, BMS is no longer indefinitely reinvested with respect to its undistributed earnings from foreign subsidiaries and has provided a deferred tax liability or foreign and state income and withholding tax that would apply. BMS remains indefinitely reinvested with respect to its financial statement basis in excess of tax basis of its foreign subsidiaries. A determination of the deferred tax liability with respect to this basis difference is not practicable. BMS operates under a favorable tax grant in Puerto Rico not scheduled to expire prior to 2023. A U.S. Federal valuation allowance was established in 2018 and 2019 as a result of the Nektar equity investment fair value losses that would be considered limited as a capital loss. U.S. Federal, state and foreign contingent tax matters includes a $81 million tax benefit in 2019 and $119 million tax benefit in 2018 with respect to lapse of statutes. Fair value adjustments for contingent value rights are not deductible for tax purposes. Non deductible R&D charges primarily result from acquisition related and milestone payments to former shareholders including Flexus Biosciences, Inc., Cardioxyl Pharmaceuticals, Inc. and IFM Therapeutics, Inc. in 2017. Puerto Rico imposes an excise tax on the gross company purchase price of goods sold from BMS’s manufacturer in Puerto Rico. The excise tax is recognized in Cost of products sold when the intra-entity sale occurs. For U.S. income tax purposes, the excise tax is not deductible but results in foreign tax credits that are generally recognized in BMS’s provision for income taxes when the excise tax is incurred. Deferred Taxes and Valuation Allowance The components of current and non-current deferred income tax assets/(liabilities) were as follows: December 31, Dollars in Millions 2019 2018 Deferred tax assets Foreign net operating loss carryforwards $ 2,480 $ 2,978 State net operating loss and credit carryforwards 263 121 U.S. Federal net operating loss and credit carryforwards 88 67 Deferred income 160 188 Milestone payments and license fees 558 552 Inventory 56 114 Other foreign deferred tax assets 370 327 Share-based compensation 521 54 Other 434 377 Total deferred tax assets 4,930 4,778 Valuation allowance (2,844 ) (3,193 ) Deferred tax assets net of valuation allowance $ 2,086 $ 1,585 Deferred tax liabilities Depreciation $ (113 ) $ (61 ) Acquired intangible assets (7,387 ) (220 ) Goodwill and other (530 ) (533 ) Total deferred tax liabilities $ (8,030 ) $ (814 ) Deferred tax (liabilities)/assets, net $ (5,944 ) $ 771 Recognized as: Deferred income taxes assets – non-current $ 510 $ 815 Deferred income taxes liabilities – non-current (6,454 ) (19 ) Liabilities related to assets held-for-sale — (25 ) Total $ (5,944 ) $ 771 The U.S. Federal net operating loss carryforwards were $216 million at December 31, 2019 . These carryforwards were acquired as a result of certain acquisitions and are subject to limitations under Section 382 of the Internal Revenue Code. The net operating loss carryforwards expire in varying amounts beginning in 2022. The foreign and state net operating loss carryforwards expire in varying amounts beginning in 2019 (certain amounts have unlimited lives). At December 31, 2019 , a valuation allowance of $2.8 billion was established for the following items: $2.4 billion primarily for foreign net operating loss and tax credit carryforwards, $206 million for state deferred tax assets including net operating loss and tax credit carryforwards and $218 million for U.S. Federal deferred tax assets including equity fair value adjustments and U.S. Federal net operating loss carryforwards. Changes in the valuation allowance were as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Balance at beginning of year $ 3,193 $ 2,827 $ 3,078 Provision 75 458 50 Utilization (423 ) (43 ) (335 ) Foreign currency translation (132 ) (48 ) 341 Acquisitions 228 — 2 Non U.S. rate change (97 ) (1 ) (309 ) Balance at end of year $ 2,844 $ 3,193 $ 2,827 Income tax payments were $1,503 million in 2019 , $747 million in 2018 and $546 million in 2017 . Business is conducted in various countries throughout the world and is subject to tax in numerous jurisdictions. A significant number of tax returns that are filed are subject to examination by various Federal, state and local tax authorities. Tax examinations are often complex, as tax authorities may disagree with the treatment of items reported requiring several years to resolve. Liabilities are established for possible assessments by tax authorities resulting from known tax exposures including, but not limited to, transfer pricing matters, tax credit deductibility of certain expenses, and deemed repatriation transition tax. Such liabilities represent a reasonable provision for taxes ultimately expected to be paid and may need to be adjusted over time as more information becomes known. The effect of changes in estimates related to contingent tax liabilities is included in the effective tax rate reconciliation above. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (excluding interest and penalties): Year Ended December 31, Dollars in Millions 2019 2018 2017 Balance at beginning of year $ 995 $ 1,155 $ 995 Gross additions to tax positions related to current year 170 48 173 Gross additions to tax positions related to prior years 19 21 30 Gross additions to tax positions assumed in acquisitions 852 — — Gross reductions to tax positions related to prior years (35 ) (106 ) (22 ) Settlements (23 ) 2 (20 ) Reductions to tax positions related to lapse of statute (72 ) (119 ) (13 ) Cumulative translation adjustment (1 ) (6 ) 12 Balance at end of year $ 1,905 $ 995 $ 1,155 Additional information regarding unrecognized tax benefits is as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Unrecognized tax benefits that if recognized would impact the effective tax rate $ 1,809 $ 853 $ 1,002 Accrued interest 292 167 148 Accrued penalties 10 11 15 Accrued interest and penalties payable for unrecognized tax benefits are included in either current or non-current income taxes payable. Interest and penalties related to unrecognized tax benefits are included in income tax expense. BMS is currently under examination by a number of tax authorities which have proposed or are considering proposing material adjustments to tax positions for issues such as transfer pricing, certain tax credits and the deductibility of certain expenses. It is reasonably possible that new issues will be raised by tax authorities which may require adjustments to the amount of unrecognized tax benefits; however, an estimate of such adjustments cannot reasonably be made at this time. It is also reasonably possible that the total amount of unrecognized tax benefits at December 31, 2019 could decrease in the range of approximately $290 million to $330 million in the next twelve months as a result of the settlement of certain tax audits and other events. The expected change in unrecognized tax benefits may result in the payment of additional taxes, adjustment of certain deferred taxes and/or recognition of tax benefits. The following is a summary of major tax jurisdictions for which tax authorities may assert additional taxes based upon tax years currently under audit and subsequent years that will likely be audited: U.S. 2008 to 2019 Canada 2012 to 2019 France 2016 to 2019 Germany 2008 to 2019 Italy 2015 to 2019 Japan 2014 to 2019 Switzerland 2015 to 2019 UK 2012 to 2019 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE Year Ended December 31, Amounts in Millions, Except Per Share Data 2019 2018 2017 Net Earnings Attributable to BMS used for Basic and Diluted EPS Calculation $ 3,439 $ 4,920 $ 1,007 Weighted-average common shares outstanding - basic 1,705 1,633 1,645 Incremental shares attributable to share-based compensation plans 7 4 7 Weighted-average common shares outstanding - diluted 1,712 1,637 1,652 Earnings per Common Share Basic $ 2.02 $ 3.01 $ 0.61 Diluted 2.01 3.01 0.61 |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Financial Instruments [Text Block] | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Financial instruments include cash and cash equivalents, marketable securities, accounts receivable and payable, debt instruments and derivatives. Changes in exchange rates and interest rates create exposure to market risk. Certain derivative financial instruments are used when available on a cost-effective basis to hedge the underlying economic exposure. These instruments qualify as cash flow, net investment and fair value hedges upon meeting certain criteria, including effectiveness of offsetting hedged exposures. Changes in fair value of derivatives that do not qualify for hedge accounting are recognized in earnings as they occur. Derivative financial instruments are not used for trading purposes. Financial instruments are subject to counterparty credit risk which is considered as part of the overall fair value measurement. Counterparty credit risk is monitored on an ongoing basis and mitigated by limiting amounts outstanding with any individual counterparty, utilizing conventional derivative financial instruments and only entering into agreements with counterparties that meet high credit quality standards. The consolidated financial statements would not be materially impacted if any counterparty failed to perform according to the terms of its agreement. Collateral is not required by any party whether derivatives are in an asset or liability position under the terms of the agreements. Fair Value Measurements — The fair value of financial instruments are classified into one of the following categories: Level 1 inputs utilize unadjusted quoted prices in active markets accessible at the measurement date for identical assets or liabilities. The fair value hierarchy provides the highest priority to Level 1 inputs. Level 2 inputs utilize observable prices for similar instruments and quoted prices for identical or similar instruments in non-active markets. Additionally, certain corporate debt securities utilize a third-party matrix pricing model using significant inputs corroborated by market data for substantially the full term of the assets. Equity and fixed income funds are primarily invested in publicly traded securities valued at the respective NAV of the underlying investments. Level 2 derivative instruments are valued using LIBOR yield curves, less credit valuation adjustments, and observable forward foreign exchange rates at the reporting date. Valuations of derivative contracts may fluctuate considerably from volatility in underlying foreign currencies and underlying interest rates driven by market conditions and the duration of the contract. Level 3 unobservable inputs are used when little or no market data is available. Level 3 financial liabilities consist of other acquisition related contingent consideration and success payments related to undeveloped product rights resulting from the Celgene acquisition. Financial assets and liabilities measured at fair value on a recurring basis are summarized below: December 31, 2019 December 31, 2018 Dollars in Millions Level 1 Level 2 Level 3 Level 1 Level 2 Cash and cash equivalents - Money market and other securities $ — $ 10,448 $ — $ — $ 6,173 Marketable debt securities: Certificates of deposit — 1,227 — — 971 Commercial paper — 1,093 — — 273 Corporate debt securities — 1,494 — — 2,379 Derivative assets — 140 — — 44 Equity investments 2,020 175 — 88 391 Derivative liabilities — (40 ) — — (31 ) Contingent consideration liability: Contingent value rights 2,275 — — — — Other acquisition related contingent consideration — — 106 — — Contingent consideration obligations are recorded at their estimated fair values and BMS revalues these obligations each reporting period until the related contingencies are resolved. The contingent value rights are adjusted to fair value using the traded price of the securities at the end of each reporting period. The fair value measurements for other contingent consideration liabilities are estimated using probability-weighted discounted cash flow approaches that are based on significant unobservable inputs related to product candidates acquired in business combinations and are reviewed quarterly. These inputs include, as applicable, estimated probabilities and timing of achieving specified development and regulatory milestones, estimated annual sales and the discount rate used to calculate the present value of estimated future payments. Significant changes which increase or decrease the probabilities of achieving the related development and regulatory events, shorten or lengthen the time required to achieve such events, or increase or decrease estimated annual sales would result in corresponding increases or decreases in the fair values of these obligations. The fair value of our contingent consideration as of December 31, 2019 was calculated using the following significant unobservable inputs: Ranges (weighted average) utilized as of: Inputs December 31, 2019 Discount rate 2.2% to 3.2% (2.6%) Probability of payment 0% to 68% (4.1%) Projected year of payment for development and regulatory milestones 2020 to 2029 (2024) Projected year of payment for sales-based milestones and other amounts calculated as a percentage of annual sales N/A There were no transfers between levels 1, 2 and 3 during the year ended December 31, 2019 . The following table represents a roll-forward of the fair value of level 3 instruments: Dollars in Millions Year Ended December 31, 2019 Fair value as of January 1 $ — Celgene acquisition 106 Fair value as of December 31 $ 106 Available-for-sale Debt Securities and Equity Investments Changes in fair value of equity investments are included in Other (income)/expense, net. The following table summarizes BMS's available-for-sale debt securities and equity investments: December 31, 2019 December 31, 2018 Dollars in Millions Amortized Gross Unrealized Fair Value Amortized Gross Unrealized Fair Value Gains Losses Gains Losses Certificates of deposit $ 1,227 $ — $ — $ 1,227 $ 971 $ — $ — $ 971 Commercial paper 1,093 — — 1,093 273 — — 273 Corporate debt securities 1,487 8 (1 ) 1,494 2,416 — (37 ) 2,379 $ 3,807 $ 8 $ (1 ) 3,814 $ 3,660 $ — $ (37 ) 3,623 Equity investments 2,195 479 Total $ 6,009 $ 4,102 December 31, Dollars in Millions 2019 2018 Marketable debt securities - current $ 3,047 $ 1,848 Other current assets — 125 Marketable debt securities - non-current (a) 767 1,775 Other non-current assets 2,195 354 Total $ 6,009 $ 4,102 (a) All non-current marketable debt securities mature within five years as of December 31, 2019 and December 31, 2018 . Equity investments not measured at fair value and excluded from the above table were limited partnerships and other equity method investments of $429 million at December 31, 2019 and $114 million at December 31, 2018 and other equity investments without readily determinable fair values of $781 million at December 31, 2019 and $206 million at December 31, 2018 . These amounts are included in Other non-current assets. The following table summarizes net gain/(loss) recorded for equity investments with readily determinable fair values held as of December 31, 2019 : Year Ended December 31, Dollars in Millions 2019 2018 Net gain/(loss) recognized $ 170 $ (530 ) Less: Net gain recognized for equity investments sold 14 7 Net unrealized gain/(loss) on equity investments held $ 156 $ (537 ) Qualifying Hedges and Non-Qualifying Derivatives Cash Flow Hedges — Foreign currency forward contracts are used to hedge certain forecasted intercompany inventory purchases and sales transactions and certain foreign currency transactions. The fair value for contracts designated as cash flow hedges is temporarily reported in Accumulated other comprehensive loss and included in earnings when the hedged item affects earnings. Upon adoption of the amended guidance for derivatives and hedging, the entire change in fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the derivatives qualifying as cash flow hedges component of Other Comprehensive Income/(Loss). The net gain or loss on foreign currency forward contracts is expected to be reclassified to net earnings (primarily included in Cost of products sold and Other (income)/expense, net) within the next 12 months. The notional amount of outstanding foreign currency forward contracts was primarily attributed to the euro of $1.8 billion and Japanese yen of $911 million at December 31, 2019 . The earnings impact related to discontinued cash flow hedges and hedge ineffectiveness was not significant during all periods presented. Cash flow hedge accounting is discontinued when the forecasted transaction is no longer probable of occurring within 60 days after the originally forecasted date or when the hedge is no longer effective. Assessments to determine whether derivatives designated as qualifying hedges are highly effective in offsetting changes in the cash flows of hedged items are performed at inception and on a quarterly basis. Foreign currency forward contracts not designated as hedging instruments are used to offset exposures in certain foreign currency denominated assets, liabilities and earnings. Changes in the fair value of these derivatives are recognized in earnings as they occur. BMS may hedge a portion of its future foreign currency exposure by utilizing a strategy that involves both a purchased local currency put option and a written local currency call option that are accounted for as hedges of future sales denominated in that local currency. Specifically, BMS sells (or writes) a local currency call option and purchases a local currency put option with the same expiration dates and local currency notional amounts but with different strike prices. The premium collected from the sale of the call option is equal to the premium paid for the purchased put option, resulting in no net premium being paid. This combination of transactions is generally referred to as a “zero-cost collar.” The expiration dates and notional amounts correspond to the amount and timing of forecasted foreign currency sales. The foreign currency zero-cost collar contracts outstanding as of December 31, 2019 had settlement dates within 12 months. If the U.S. Dollar weakens relative to the currency of the hedged anticipated sales, the purchased put option value reduces to zero and we benefit from the increase in the U.S. Dollar equivalent value of our anticipated foreign currency cash flows; however, this benefit would be capped at the strike level of the written call, which forms the upper end of the collar. Net Investment Hedges — Non-U.S. dollar borrowings of €950 million ( $1.1 billion ) at December 31, 2019 are designated as net investment hedges to hedge euro currency exposures of the net investment in certain foreign affiliates and are recognized in long-term debt. The effective portion of foreign exchange gain on the remeasurement of euro debt was included in the foreign currency translation component of Accumulated other comprehensive loss with the related offset in long-term debt. In January 2018, $300 million of cross-currency interest rate swap contracts maturing in December 2022 were entered into and designated to hedge Japanese yen currency exposures of BMS's net investment in its Japan subsidiary. Contract fair value changes are recorded in the foreign currency translation component of Other Comprehensive Income/(Loss) with a related offset in Other non-current assets or Other non-current liabilities. Fair Value Hedges — Fixed to floating interest rate swap contracts are designated as fair value hedges and used as an interest rate risk management strategy to create an appropriate balance of fixed and floating rate debt. The contracts and underlying debt for the hedged benchmark risk are recorded at fair value. The effective interest rate for the contracts is one-month LIBOR ( 1.8% as of December 31, 2019 ) plus an interest rate spread of 4.6% . Gains or losses resulting from changes in fair value of the underlying debt attributable to the hedged benchmark interest rate risk are recorded in interest expense with an associated offset to the carrying value of debt. Since the specific terms and notional amount of the swap are intended to align with the debt being hedged, all changes in fair value of the swap are recorded in interest expense with an associated offset to the derivative asset or liability on the consolidated balance sheet. As a result, there was no net impact in earnings. When the underlying swap is terminated prior to maturity, the fair value adjustment to the underlying debt is amortized as a reduction to interest expense over the remaining term of the debt. Following the announcement of the Celgene acquisition, forward starting interest rate swap option contracts were entered into with a total notional value of $7.6 billion to hedge future interest rate risk associated with the anticipated issuance of long-term debt to fund the acquisition. In April 2019, deal contingent forward starting interest rate swap contracts were entered into, with an aggregate notional principal amount of $10.4 billion to hedge interest rate risk associated with the anticipated issuance of long-term debt to fund the acquisition and the forward starting interest rate swap option contracts were terminated. The deal contingent forward starting interest rate swap contracts were terminated upon the completion of the Celgene acquisition. The following summarizes the fair value of outstanding derivatives: December 31, 2019 December 31, 2018 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 $ 6 $ — $ — $ — $ — $ 755 $ (10 ) Cross-currency interest rate swap contracts 175 2 125 (1 ) 50 — 250 (5 ) Foreign currency forward contracts 766 27 980 (20 ) 1,503 44 496 (10 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts 2,342 91 1,173 (10 ) 54 — 600 (6 ) Foreign currency zero-cost collar contracts 2,482 14 2,235 (9 ) — — — — (a) Included in Other current assets and Other non-current assets. (b) Included in Other current liabilities and Other non-current liabilities. The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedging instruments: Year Ended December 31, 2019 2018 2017 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 $ — $ (24 ) $ — $ (23 ) $ — $ (31 ) Cross-currency interest rate swap contracts — (9 ) — (8 ) — — Foreign currency forward contracts (103 ) 11 (4 ) (14 ) (12 ) 52 Forward starting interest rate swap option contracts — 35 — — — — Deal contingent forward starting interest rate swap contracts — 240 — — — — Foreign currency zero-cost collar contracts — 2 — — — — 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 2019 2018 2017 Derivatives qualifying as cash flow hedges Foreign currency forward contracts gain/(loss): Recognized in Other Comprehensive Income/(Loss) (a) $ 65 $ 86 $ (108 ) Reclassified to Cost of products sold (103 ) (4 ) (12 ) Reclassified to Other (income)/expense, net — — 36 Derivatives qualifying as net investment hedges Cross-currency interest rate swap contracts gain/(loss): Recognized in Other Comprehensive Income/(Loss) 6 (5 ) — Non-derivatives qualifying as net investment hedges Non U.S. dollar borrowings gain/(loss): Recognized in Other Comprehensive Income/(Loss) 29 45 (134 ) (a) The amount is expected to be reclassified into earnings in the next 12 months. Debt Obligations In 2019, BMS issued an aggregate principal amount of approximately $19.0 billion of floating rate and fixed rate unsecured senior notes with proceeds net of discount and deferred loan issuance costs of $18.8 billion . The notes rank equally in right of payment with all of BMS's existing and future senior unsecured indebtedness and the fixed rate notes are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest. In 2017, BMS issued an aggregate principal amount of $1.5 billion of senior unsecured notes in registered public offerings with proceeds net of discount and deferred loan issuance costs of $1.5 billion . The notes rank equally in right of payment with all of BMS's existing and future senior unsecured indebtedness and are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest. In connection with the Celgene acquisition, BMS commenced offers to exchange outstanding notes issued by Celgene of approximately $19.9 billion for a like-amount of new notes to be issued by BMS (the “exchange offers”). This exchange transaction was accounted for as a modification of the assumed debt instruments. Following the settlement of the exchange offers, BMS issued approximately $18.5 billion of new notes in exchange for the Celgene notes tendered in the exchange offers. The aggregate principal amount of Celgene notes that remained outstanding following the settlement of the exchange offers was approximately $1.3 billion . The fair value of long-term debt was $50.7 billion and $7.1 billion at December 31, 2019 and 2018 , respectively, valued using Level 2 inputs which are based upon the quoted market prices for the same or similar debt instruments. The fair value of short-term borrowings approximates the carrying value due to the short maturities of the debt instruments. Repayment of Notes at maturity aggregated $1.3 billion in 2019 and $750 million in 2017. Interest payments were $414 million in 2019 , $218 million in 2018 and $221 million in 2017 . At December 31, 2019 , BMS had four separate revolving credit facilities totaling $6.0 billion , which consisted of a 364-day $2.0 billion facility that was renewed to January 2021, a $1.0 billion facility expiring in January 2022, and two five-year $1.5 billion facilities that were extended to September 2023 and July 2024, respectively. The facilities provide for customary terms and conditions with no financial covenants and may be used to provide backup liquidity for BMS's commercial paper borrowings. BMS's $1.0 billion facility and its two $1.5 billion revolving facilities are extendable annually by one year on the anniversary date with the consent of the lenders. BMS's 364-day $2.0 billion facility can be renewed for one year on each anniversary date, subject to certain terms and conditions. No borrowings were outstanding under any revolving credit facility at December 31, 2019 or 2018 . BMS also entered into an $8.0 billion term loan credit agreement consisting of a $1.0 billion 364-day tranche, a $4.0 billion three-year tranche and a $3.0 billion five-year tranche in connection with the Celgene acquisition. The term loan is subject to customary terms and conditions and does not have any financial covenants. The proceeds under the term loan were used to fund a portion of the cash to be paid in the Celgene acquisition and the payment of related fees and expenses. Subsequent to the completion of the acquisition, BMS repaid the term loan in its entirety using cash proceeds generated from the Otezla* divestiture. Refer to “—Note 4 . Acquisitions, Divestitures, Licensing and Other Arrangements” for more information. Available financial guarantees provided in the form of bank overdraft facilities, stand-by letters of credit and performance bonds were approximately $850 million at December 31, 2019 . Stand-by letters of credit are issued through financial institutions in support of guarantees for various obligations. Performance bonds are issued to support a range of ongoing operating activities, including sale of products to hospitals and foreign ministries of health, bonds for customs, duties and value added tax and guarantees related to miscellaneous legal actions. Short-term debt obligations include: December 31, Dollars in Millions 2019 2018 Non-U.S. short-term borrowings $ 351 $ 320 Current portion of long-term debt 2,763 1,249 Other 232 134 Total $ 3,346 $ 1,703 Long-term debt and the current portion of long-term debt includes: December 31, Dollars in Millions 2019 2018 Principal Value: 1.600% Notes due 2019 $ — $ 750 1.750% Notes due 2019 — 500 Floating Rate Notes due 2020 750 — 2.875% Notes due 2020 1,500 — 3.950% Notes due 2020 500 — 2.250% Notes due 2021 500 — 2.550% Notes due 2021 1,000 — 2.875% Notes due 2021 500 — Floating Rate Notes due 2022 500 — 2.000% Notes due 2022 750 750 2.600% Notes due 2022 1,500 — 3.250% Notes due 2022 1,000 — 3.550% Notes due 2022 1,000 — 2.750% Notes due 2023 750 — 3.250% Notes due 2023 500 500 3.250% Notes due 2023 1,000 — 4.000% Notes due 2023 700 — 7.150% Notes due 2023 302 302 2.900% Notes due 2024 3,250 — 3.625% Notes due 2024 1,000 — 1.000% Euro Notes due 2025 638 655 3.875% Notes due 2025 2,500 — 3.200% Notes due 2026 2,250 — 6.800% Notes due 2026 256 256 3.250% Notes due 2027 750 750 3.450% Notes due 2027 1,000 — 3.900% Notes due 2028 1,500 — 3.400% Notes due 2029 4,000 — 1.750% Euro Notes due 2035 638 655 5.875% Notes due 2036 287 287 6.125% Notes due 2038 226 226 4.125% Notes due 2039 2,000 — 5.700% Notes due 2040 250 — 3.250% Notes due 2042 500 500 5.250% Notes due 2043 400 — 4.500% Notes due 2044 500 500 4.625% Notes due 2044 1,000 — 5.000% Notes due 2045 2,000 — 4.350% Notes due 2047 1,250 — 4.550% Notes due 2048 1,500 — 4.250% Notes due 2049 3,750 — 6.875% Notes due 2097 87 87 0.13% - 5.75% Other - maturing through 2024 51 58 Total $ 44,335 $ 6,776 December 31, Dollars in Millions 2019 2018 Principal Value $ 44,335 $ 6,776 Adjustments to Principal Value: Fair value of interest rate swap contracts 6 (10 ) Unamortized basis adjustment from swap terminations 175 201 Unamortized bond discounts and issuance costs (280 ) (72 ) Unamortized purchase price adjustments of Celgene debt 1,914 — Total $ 46,150 $ 6,895 Current portion of long-term debt 2,763 1,249 Long-term debt 43,387 5,646 Total $ 46,150 $ 6,895 |
RECEIVABLES
RECEIVABLES | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Receivables [Text Block] | RECEIVABLES December 31, Dollars in Millions 2019 2018 Trade receivables $ 6,888 $ 4,914 Less charge-backs and cash discounts (391 ) (245 ) Less bad debt allowances (21 ) (33 ) Net trade receivables 6,476 4,636 Alliance, Royalties, VAT and other 1,209 1,111 Receivables $ 7,685 $ 5,747 Non-U.S. receivables sold on a nonrecourse basis were $797 million in 2019 , $756 million in 2018 and $637 million in 2017 . In the aggregate, receivables from three pharmaceutical wholesalers in the U.S. represented approximately 50% and 70% of total trade receivables at December 31, 2019 and 2018 , respectively. Changes to the allowances for bad debt, charge-backs and cash discounts were as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Balance at beginning of year $ 278 $ 252 $ 174 Celgene acquisition 116 — — Provision 3,725 2,739 2,090 Utilization (3,705 ) (2,707 ) (2,015 ) Other (2 ) (6 ) 3 Balance at end of year $ 412 $ 278 $ 252 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Inventory, Net [Abstract] | |
Inventories [Text Block] | INVENTORIES December 31, Dollars in Millions 2019 2018 Finished goods $ 2,227 $ 356 Work in process 3,267 1,152 Raw and packaging materials 172 116 Total Inventories $ 5,666 $ 1,624 Inventories $ 4,293 $ 1,195 Other non-current assets 1,373 429 Prior year amounts of certain inventory balances are presented as work in process to conform to the current year presentation rather than finished goods and raw materials. Total Inventories include fair value adjustments resulting from the Celgene acquisition of $3.5 billion |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | PROPERTY, PLANT AND EQUIPMENT December 31, Dollars in Millions 2019 2018 Land $ 187 $ 104 Buildings 6,336 5,231 Machinery, equipment and fixtures 3,157 2,962 Construction in progress 527 548 Gross property, plant and equipment 10,207 8,845 Less accumulated depreciation (3,955 ) (3,818 ) Property, plant and equipment $ 6,252 $ 5,027 United States $ 4,835 $ 3,772 Europe 1,291 1,140 Rest of the World 126 115 Total $ 6,252 $ 5,027 Depreciation expense was $554 million in 2019 , $505 million in 2018 and $682 million in 2017 . |
LEASES Leases (Notes)
LEASES Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES Leased facilities for office, research and development, and storage and distribution purposes, comprise approximately 90% of the total lease obligation. Lease terms vary based on the nature of operations and the market dynamics in each country; however, all leased facilities are classified as operating leases with remaining lease terms between one year and 20 years . Most leases contain specific renewal options for periods ranging between one year and 10 years where notice to renew must be provided in advance of lease expiration or automatic renewals where no advance notice is required. Periods covered by an option to extend the lease were included in the non-cancellable lease term when exercise of the option was determined to be reasonably certain. Certain leases also contain termination options that provide the flexibility to terminate the lease ahead of its expiration with sufficient advance notice. Periods covered by an option to terminate the lease were included in the non-cancellable lease term when exercise of the option was determined not to be reasonably certain. Judgment is required in assessing whether renewal and termination options are reasonably certain to be exercised. Factors are considered such as contractual terms compared to current market rates, leasehold improvements expected to have significant value, costs to terminate a lease and the importance of the facility to operations. Costs determined to be variable and not based on an index or rate were not included in the measurement of real estate lease liabilities. These variable costs include real estate taxes, insurance, utilities, common area maintenance and other operating costs. As the implicit rate on most leases is not readily determinable, an incremental borrowing rate was applied on a portfolio approach to discount its real estate lease liabilities. The remaining 10% of lease obligations are comprised of vehicles used primarily by salesforce and an R&D facility operated by a third party under management's direction. Vehicle lease terms vary by country with terms generally between one year and four years . The following table summarizes the components of lease expense: Dollars in Millions Year Ended December 31, 2019 Operating lease cost $ 115 Variable lease cost 25 Short-term lease cost 20 Sublease income (4 ) Total operating lease expense $ 156 Operating lease right-of-use assets and liabilities were as follows: Dollars in Millions December 31, January 1, Other non-current assets $ 704 $ 543 Other current liabilities 133 40 Other non-current liabilities 672 548 Total liabilities $ 805 $ 588 Future lease payments for non-cancellable operating leases as of December 31, 2019 were as follows: Dollars in Millions 2020 $ 165 2021 145 2022 130 2023 104 2024 68 Thereafter 354 Total future lease payments 966 Less imputed interest 161 Total lease liability $ 805 Future minimum lease payments under non-cancelable operating leases as of December 31, 2018 were approximately $100 million per year from 2019 through 2023 and $200 million thereafter. Right-of-use assets obtained in exchange for new operating lease obligations were $231 million for the year ended December 31, 2019 , primarily relates to $223 million of right-of-use assets acquired in the Celgene acquisition. Cash paid for amounts included in the measurement of operating lease liabilities was $79 million for the year ended December 31, 2019 , net of a $33 million lease incentive received in the second quarter. The weighted-average remaining lease term was 9 years and the discount rate was 4% as of December 31, 2019 . |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Estimated December 31, Dollars in Millions 2019 2018 Goodwill (a) $ 22,488 $ 6,538 Other intangible assets (a) : Licenses 5 – 15 years 482 510 Acquired developed product rights 3 – 15 years 46,827 2,357 Capitalized software 3 – 10 years 1,297 1,156 IPRD 19,500 32 Gross other intangible assets 68,106 4,055 Less accumulated amortization (4,137 ) (2,964 ) Other intangible assets $ 63,969 $ 1,091 (a) Includes goodwill and other intangible assets recognized as part of the Celgene acquisition in 2019. Refer to “—Note 4 . Acquisitions, Divestitures, Licensing and Other Arrangements” for more information related to the Celgene acquisition. Amortization expense of other intangible assets was $1,255 million in 2019 , $198 million in 2018 and $190 million in 2017 . Future annual amortization expense of other intangible assets is expected to be approximately $9.3 billion in 2020 , $9.3 billion in 2021 , $9.1 billion in 2022 , $8.4 billion in 2023 , and $7.4 billion in 2024 . Other intangible asset impairment charges were $66 million in 2019 , $84 million in 2018 and $80 million in 2017 . A $32 million IPRD impairment charge was recorded in Research and development in 2019 following a decision to discontinue development of an investigational compound obtained in the acquisition of Medarex. A $64 million impairment charge was recorded in Other (income)/expense, net in 2018 for an out-licensed asset obtained in the 2010 acquisition of ZymoGenetics, Inc., which did not meet its primary endpoint in a Phase II clinical study. A $75 million IPRD impairment charge was recognized and attributed to noncontrolling interest in 2017 after the option to purchase F-Star was not exercised. |
SUPPLEMENTAL FINANCIAL INFORMAT
SUPPLEMENTAL FINANCIAL INFORMATION SUPPLEMENTAL FINANCIAL INFORMATION (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information [Text Block] | SUPPLEMENTAL FINANCIAL INFORMATION December 31, Dollars in Millions 2019 2018 Prepaid and refundable income taxes $ 754 $ 774 Research and development 410 337 Assets held-for-sale — 479 Other 819 425 Other current assets $ 1,983 $ 2,015 December 31, Dollars in Millions 2019 2018 Equity investments $ 3,405 $ 674 Inventories 1,373 429 Operating leases 704 — Pension and postretirement 456 809 Restricted cash 390 — Other 276 112 Other non-current assets $ 6,604 $ 2,024 December 31, Dollars in Millions 2019 2018 Rebates and returns $ 4,275 $ 2,417 Income taxes payable 1,517 398 Employee compensation and benefits 1,457 848 Research and development 1,324 805 Dividends 1,025 669 Interest 493 69 Royalties 418 391 Operating leases 133 — Other 1,871 1,462 Other current liabilities $ 12,513 $ 7,059 December 31, Dollars in Millions 2019 2018 Income taxes payable $ 5,368 $ 3,024 Contingent value rights 2,275 — Pension and postretirement 725 566 Operating leases 672 — Deferred income 424 468 Deferred compensation 287 231 Other 350 251 Other non-current liabilities $ 10,101 $ 4,540 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | EQUITY Common Stock Capital in Excess Accumulated Other Comprehensive Loss Retained Treasury Stock Noncontrolling Dollars and Shares in Millions Shares Par Value Shares Cost Balance at January 1, 2017 2,208 $ 221 $ 1,725 $ (2,503 ) $ 33,513 536 $ (16,779 ) $ 170 Accounting change - cumulative effect (a) — — — — (787 ) — — — Adjusted balance at January 1, 2017 2,208 221 1,725 (2,503 ) 32,726 536 (16,779 ) 170 Net earnings — — — — 1,007 — — 27 Other Comprehensive Income/(Loss) — — — 214 — — — — Cash dividends declared (c) — — — — (2,573 ) — — — Share repurchase program — — — — — 44 (2,477 ) — Stock compensation — — 173 — — (5 ) 7 — Variable interest entity — — — — — — — (59 ) Distributions — — — — — — — (32 ) Balance at December 31, 2017 2,208 221 1,898 (2,289 ) 31,160 575 (19,249 ) 106 Accounting change - cumulative effect (b) — — — (34 ) 332 — — — Adjusted balance at January 1, 2018 2,208 221 1,898 (2,323 ) 31,492 575 (19,249 ) 106 Net earnings — — — — 4,920 — — 27 Other Comprehensive Income/(Loss) — — — (156 ) — — — — Cash dividends declared (c) — — — — (2,630 ) — — — Share repurchase program — — — — — 5 (313 ) — Stock compensation — — 183 — — (4 ) (12 ) — Adoption of ASU 2018-02 (b) — — — (283 ) 283 — — — Distributions — — — — — — — (37 ) Balance at December 31, 2018 2,208 221 2,081 (2,762 ) 34,065 576 (19,574 ) 96 Accounting change - cumulative effect (b) — — — — 5 — — — Adjusted balance at January 1, 2019 2,208 221 2,081 (2,762 ) 34,070 576 (19,574 ) 96 Net earnings — — — — 3,439 — — 21 Other Comprehensive Income/(Loss) — — — 1,242 — — — — Celgene acquisition 715 71 42,721 — — — — — Cash dividends declared (c) — — — — (3,035 ) — — — Share repurchase program — — (1,400 ) — — 105 (5,900 ) — Stock compensation — — 307 — — (9 ) 117 — Distributions — — — — — — — (17 ) Balance at December 31, 2019 2,923 $ 292 $ 43,709 $ (1,520 ) $ 34,474 672 $ (25,357 ) $ 100 (a) Cumulative effect resulting from adoption of ASU 2016-16. (b) Cumulative effect resulting from adoption of ASU 2014-09. (c) Cash dividends declared per common share were $1.68 , $1.61 and $1.57 in 2019 , 2018 and 2017 , respectively. BMS has a share repurchase program, authorized by its Board of Directors, allowing for repurchases of its shares effected in the open market or through privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including through Rule 10b5-1 trading plans. The share repurchase program does not have an expiration date and may be suspended or discontinued at any time. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized utilizing the first-in first-out method. In the fourth quarter of 2019, BMS executed accelerated share repurchase agreements (“ASR”) with Morgan Stanley & Co. LLC and Barclays Bank PLC to repurchase an aggregate $7 billion of common stock. The ASR was funded with cash on-hand. Approximately 99 million shares of common stock, representing approximately 80% of the $7 billion aggregate repurchase price at the then current stock price, were delivered to BMS and included in treasury stock. The agreements are expected to settle during the second quarter of 2020, upon which additional shares of common stock may be delivered to BMS or, under certain circumstances, BMS may be required to make a cash payment or may elect to deliver shares of common stock to the counterparties. The total number of shares ultimately repurchased under the ASRs will be determined upon final settlement and will be based on a discount to the volume-weighted average price of BMS’s common stock during the ASR period. BMS completed accelerated share repurchase agreements that repurchased approximately 36.5 million shares of common stock for an aggregate $2 billion in 2017. The agreements were funded through a combination of debt and cash. The components of Other Comprehensive Income/(Loss) were as follows: Year Ended December 31, 2019 2018 2017 Dollars in Millions Pretax Tax After Tax Pretax Tax After Tax Pretax Tax After Tax Derivatives qualifying as cash flow hedges: Unrealized gains/(losses) $ 65 $ (7 ) $ 58 $ 86 $ (9 ) $ 77 $ (101 ) $ 33 $ (68 ) Reclassified to net earnings (a) (103 ) 13 (90 ) (4 ) (3 ) (7 ) 19 (8 ) 11 Derivatives qualifying as cash flow hedges (38 ) 6 (32 ) 82 (12 ) 70 (82 ) 25 (57 ) Pension and postretirement benefits: Actuarial (losses)/gains (143 ) 28 (115 ) (89 ) (3 ) (92 ) 47 11 58 Amortization (b) 55 (11 ) 44 65 (13 ) 52 77 (31 ) 46 Settlements (b) 1,640 (366 ) 1,274 121 (28 ) 93 167 (57 ) 110 Pension and postretirement benefits 1,552 (349 ) 1,203 97 (44 ) 53 291 (77 ) 214 Available-for-sale securities: Unrealized gains/(losses) 42 (9 ) 33 (30 ) 5 (25 ) 38 6 44 Realized losses/(gains) (b) 3 — 3 — — — (7 ) 2 (5 ) Available-for-sale securities 45 (9 ) 36 (30 ) 5 (25 ) 31 8 39 Foreign currency translation 43 (8 ) 35 (245 ) (9 ) (254 ) (20 ) 38 18 Other Comprehensive Income/(Loss) $ 1,602 $ (360 ) $ 1,242 $ (96 ) $ (60 ) $ (156 ) $ 220 $ (6 ) $ 214 (a) Included in Cost of products sold. (b) Included in Other (income)/expense, net. The accumulated balances related to each component of Other Comprehensive Income/(Loss), net of taxes, were as follows: December 31, Dollars in Millions 2019 2018 Derivatives qualifying as cash flow hedges $ 19 $ 51 Pension and postretirement benefits (899 ) (2,102 ) Available-for-sale securities 6 (30 ) Foreign currency translation (646 ) (681 ) Accumulated other comprehensive loss $ (1,520 ) $ (2,762 ) |
PENSION AND POSTRETIREMENT BENE
PENSION AND POSTRETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | RETIREMENT BENEFITS BMS sponsors defined benefit pension plans, defined contribution plans and termination indemnity plans for regular full-time employees. The principal defined benefit pension plan was the Bristol-Myers Squibb Retirement Income Plan (the “Plan”), which covered most U.S. employees. Future benefits related to service for the Plan were eliminated in 2009. BMS contributed at least the minimum amount required by ERISA. Plan benefits were based primarily on the participant’s years of credited service and final average compensation. In December 2018, BMS announced plans to fully terminate the Plan. Pension obligations related to the Plan were to be distributed through a combination of lump sum payments to eligible Plan participants who elected such payments and through the purchase of group annuity contracts from wholly owned insurance subsidiaries of Athene Holding Ltd. (“Athene”). In 2019, $1.3 billion was distributed to Plan participants who elected lump sum payments during the election window, and group annuity contracts were purchased from Athene for $2.6 billion for the remaining Plan participants for whom Athene irrevocably assumed the pension obligations. These transactions fully terminated the Plan and resulted in a $1.5 billion non-cash pre-tax pension settlement charge in 2019. BMS acquired Celgene on November 20, 2019. Certain of Celgene's international subsidiaries have both funded and unfunded defined benefit pension plans. We have recorded the fair value of the Celgene plans using assumptions and accounting policies consistent with those disclosed by BMS. Upon acquisition, the excess of projected benefit obligation over the plan assets was recognized as a liability and previously existing deferred actuarial gains and losses and unrecognized service costs or benefits were eliminated. The net periodic benefit cost/(credit) of defined benefit pension plans includes: Year Ended December 31, Dollars in Millions 2019 2018 2017 Service cost — benefits earned during the year $ 26 $ 26 $ 25 Interest cost on projected benefit obligation 115 193 188 Expected return on plan assets (200 ) (386 ) (411 ) Amortization of prior service credits (4 ) (4 ) (4 ) Amortization of net actuarial loss 59 74 82 Settlements and Curtailments 1,640 121 159 Special termination benefits — — 3 Net periodic pension benefit cost/(credit) $ 1,636 $ 24 $ 42 Pension settlement charges were recognized after determining the annual lump sum payments will exceed the annual interest and service costs for certain pension plans, including the primary U.S. pension plan in 2019 , 2018 and 2017 . Changes in defined benefit pension plan obligations, assets, funded status and amounts recognized in the consolidated balance sheets were as follows: Year Ended December 31, Dollars in Millions 2019 2018 Benefit obligations at beginning of year $ 5,966 $ 6,749 Service cost—benefits earned during the year 26 26 Interest cost 115 193 Settlements and Curtailments (4,105 ) (278 ) Actuarial losses/(gains) 777 (523 ) Benefits paid (109 ) (123 ) Acquisition/Divestiture 262 — Foreign currency and other 8 (78 ) Benefit obligations at end of year $ 2,940 $ 5,966 Fair value of plan assets at beginning of year $ 6,129 $ 6,749 Actual return on plan assets 804 (203 ) Employer contributions 63 71 Settlements (4,104 ) (276 ) Benefits paid (109 ) (123 ) Asset transfer (424 ) — Acquisition/Divestiture 164 — Foreign currency and other 13 (89 ) Fair value of plan assets at end of year $ 2,536 $ 6,129 (Unfunded)/Funded status $ (404 ) $ 163 Assets/(Liabilities) recognized: Other non-current assets $ 192 $ 622 Other current liabilities (27 ) (32 ) Other non-current liabilities (569 ) (427 ) Funded status $ (404 ) $ 163 Recognized in Accumulated other comprehensive loss: Net actuarial losses $ 1,192 $ 2,717 Prior service credit (26 ) (30 ) Total $ 1,166 $ 2,687 The accumulated benefit obligation for defined benefit pension plans was $2.9 billion and $6.0 billion at December 31, 2019 and 2018 , respectively. Additional information related to pension plans was as follows: December 31, Dollars in Millions 2019 2018 Pension plans with projected benefit obligations in excess of plan assets: Projected benefit obligation $ 1,652 $ 1,275 Fair value of plan assets 1,056 817 Pension plans with accumulated benefit obligations in excess of plan assets : Accumulated benefit obligation 1,417 1,181 Fair value of plan assets 875 757 Actuarial Assumptions Weighted-average assumptions used to determine defined benefit pension plan obligations were as follows: December 31, 2019 2018 Discount rate 1.6 % 3.5 % Rate of compensation increase 1.3 % 0.5 % Weighted-average actuarial assumptions used to determine defined benefit pension plan net periodic benefit cost/(credit) were as follows: Year Ended December 31, 2019 2018 2017 Discount rate 3.2 % 3.1 % 3.5 % Expected long-term return on plan assets 4.5 % 6.2 % 7.0 % Rate of compensation increase 0.5 % 0.5 % 0.5 % The yield on high quality corporate bonds matching the duration of the benefit obligations is used in determining the discount rate. The Citi Pension Discount curve is used in developing the discount rate for the U.S. plans. The expected return on plan assets assumption for each plan is based on management's expectations of long-term average rates of return to be achieved by the underlying investment portfolio. Several factors are considered in developing the expected return on plan assets, including long-term historical returns and input from external advisors. Individual asset class return forecasts were developed based upon market conditions, for example, price-earnings levels and yields and long-term growth expectations. The expected long-term rate of return is the weighted-average of the target asset allocation of each individual asset class. Actuarial gains and losses resulted from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates) and from differences between assumed and actual experience (such as differences between actual and expected return on plan assets). Actuarial losses in 2019 related to plan benefit obligations were primarily the result of decreases in discount rates. Actuarial gains in 2018 related to plan benefit obligations were primarily the result of increases in discount `rates. Gains and losses are amortized over the life expectancy of the plan participants for U.S. plans ( 26 years in 2020 ) and expected remaining service periods for most other plans to the extent they exceed 10% of the higher of the market-related value or the projected benefit obligation for each respective plan. Postretirement Benefit Plans Comprehensive medical and group life benefits are provided for substantially all legacy BMS U.S. retirees electing to participate in comprehensive medical and group life plans and to a lesser extent certain benefits for non-U.S. employees. The medical plan is contributory. Contributions are adjusted periodically and vary by date of retirement. The life insurance plan is noncontributory. Plan assets consist principally of fixed-income securities. Postretirement benefit plan obligations were $255 million and $253 million at December 31, 2019 and 2018 , respectively, and the fair value of plan assets were $398 million and $331 million at December 31, 2019 and 2018 , respectively. The weighted-average discount rate used to determine benefit obligations was 2.9% and 3.9% at December 31, 2019 and 2018 , respectively. The net periodic benefit credits were not material. Plan Assets The fair value of pension and postretirement plan assets by asset category at December 31, 2019 and 2018 was as follows: December 31, 2019 December 31, 2018 Dollars in Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Plan Assets Equity securities $ 87 $ — $ — $ 87 $ 124 $ — $ — $ 124 Equity funds 4 544 — 548 2 475 — 477 Fixed income funds — 769 — 769 — 606 — 606 Corporate debt securities — 764 — 764 — 3,865 — 3,865 U.S. Treasury and agency securities — 168 — 168 — 553 — 553 Short-term investment funds — — — — — 55 — 55 Insurance contracts — — 128 128 — — 134 134 Cash and cash equivalents 24 — — 24 311 — — 311 Other — 111 33 144 — 105 19 124 Plan assets subject to leveling $ 115 $ 2,356 $ 161 $ 2,632 $ 437 $ 5,659 $ 153 $ 6,249 Plan assets measured at NAV as a practical expedient Venture capital and limited partnerships $ 1 $ 121 Other 301 91 Total plan assets measured at NAV as a practical expedient 302 212 Net plan assets $ 2,934 $ 6,461 The investment valuation policies per investment class are as follows: Level 1 inputs utilize unadjusted quoted prices in active markets accessible at the measurement date for identical assets or liabilities. The fair value hierarchy provides the highest priority to Level 1 inputs. These instruments include equity securities, equity funds and fixed income funds publicly traded on a national securities exchange, and cash and cash equivalents. Cash and cash equivalents are highly liquid investments with original maturities of three months or less at the time of purchase and are recognized at cost, which approximates fair value. Pending trade sales and purchases are included in cash and cash equivalents until final settlement. Level 2 inputs utilize observable prices for similar instruments, quoted prices for identical or similar instruments in non-active markets, and other observable inputs that can be corroborated by market data for substantially the full term of the assets or liabilities. Equity funds, fixed income funds, and short-term investment funds classified as Level 2 within the fair value hierarchy are valued at the NAV of their shares held at year end, which represents fair value. Corporate debt securities and U.S. Treasury and agency securities classified as Level 2 within the fair value hierarchy are valued utilizing observable prices for similar instruments and quoted prices for identical or similar instruments in markets that are not active. Level 3 unobservable inputs are used when little or no market data is available. Insurance contracts are held by certain foreign pension plans and are carried at contract value, which approximates the estimated fair value and is based on the fair value of the underlying investment of the insurance company. Essentially all venture capital and limited partnership investments were liquidated by the end of 2019. The remaining investments using the practical expedient consist of multi-asset funds and are redeemable on a either a daily or weekly or monthly basis. The investment strategy is to maximize return while maintaining an appropriate level of risk to provide sufficient liquidity for benefit obligations and plan expenses. Individual plan investment allocations are determined by local fiduciary committees and the composition of total assets for all pension plans at December 31, 2019 was broadly characterized as an allocation between equity securities (28%), debt securities (63%) and other investments (9%). The principal U.S. defined benefit pension plan was over-funded at termination. As a result, excess Plan assets of $424 million are reflected as BMS assets as of December 31, 2019. These assets are primarily reported in long term restricted cash due to the election to contribute these assets to the Bristol-Myers Squibb Savings and Investment Program, a qualified replacement plan. This election requires that these assets be used to fund future annual Company contribution to the Bristol-Myers Squibb Savings and Investment Program. Contributions and Estimated Future Benefit Payments Contributions to pension plans were $63 million in 2019 , $71 million in 2018 and $396 million in 2017 and are not expected to be material in 2020 . Estimated annual future benefit payments for non-terminating plans (including lump sum payments) will be approximately $120 million in each of the next five years and in the subsequent five year period. Savings Plans The principal defined contribution plan is the Bristol-Myers Squibb Savings and Investment Program. The contributions are based on employee contributions and the level of Company match. The expense attributed to defined contribution plans in the U.S. was approximately $200 million in 2019 , 2018 and 2017 . |
EMPLOYEE STOCK BENEFIT PLANS
EMPLOYEE STOCK BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | EMPLOYEE STOCK BENEFIT PLANS On May 1, 2012, the shareholders approved the 2012 Plan, which replaced the 2007 Stock Incentive Plan. The 2012 Plan provides for 109 million shares to be authorized for grants, plus any shares from outstanding awards under the 2007 Plan as of February 29, 2012 that expire, are forfeited, canceled, or withheld to satisfy tax withholding obligations. As of December 31, 2019 , 98 million shares were available for award. Shares are issued from treasury stock to satisfy BMS's obligations under this Plan. As part of the Celgene acquisition, BMS assumed the 2017 Stock Incentive Plan and the 2014 Equity Incentive Plan (referred together with the BMS plans as the “Plans”). These plans provided for the granting of Options, Restricted Stock Units (“RSUs”), Performance Share Units (“PSUs”) and other share-based and performance-based awards to former Celgene employees, officers and non-employee directors. Additionally, the terms of these plans provided for accelerated vesting of awards upon a change in control followed by an involuntary termination without cause. As at the acquisition date, 29 million shares were available for award under the Celgene Plans. Outstanding Celgene equity awards were assumed by BMS and converted into BMS equity awards. The replacement BMS awards generally have the same terms and conditions (including vesting) as the former Celgene awards for which they were exchanged. Shares are issued from treasury stock to satisfy BMS's obligations under the Plans. CVRs were also issued to the holders of vested and unexercised “in the money” Options that were outstanding at the acquisition date. Celgene RSU holders and unvested “in the money” Options that were outstanding at the acquisition date, with awards vesting prior to March 31, 2021 are also eligible to receive CVRs. Celgene RSU holders and unvested “in the money” Options that were outstanding at the acquisition date with awards vesting after March 31, 2021 are eligible to receive a cash value of $9.00 per pre-converted Celgene RSU and “in the money” Options if all CVR milestones are achieved. Executive officers and key employees may be granted options to purchase common stock at no less than the market price on the date the option is granted. Options generally become exercisable ratably over four years and have a maximum term of 10 years . The Plans provide for the granting of stock appreciation rights whereby the grantee may surrender exercisable rights and receive common stock and/or cash measured by the excess of the market price of the common stock over the option exercise price. We primarily utilize treasury shares to satisfy the exercise of stock options. RSUs may be granted to key employees, subject to restrictions as to continuous employment. Generally, vesting occurs ratably over a three to four year period from grant date. A stock unit is a right to receive stock at the end of the specified vesting period but has no voting rights. Market share units (“MSUs”) are granted to executives. Vesting is conditioned upon continuous employment until the vesting date and a payout factor of at least 60% of the share price on the award date. The payout factor is the share price on vesting date divided by share price on award date, with a maximum of 200% . The share price used in the payout factor is calculated using an average of the closing prices on the grant or vest date, and the nine trading days immediately preceding the grant or vest date. Vesting occurs ratably over four years . PSUs are granted to executives, have a three year cycle and are granted as a target number of units subject to adjustment. The number of shares issued when PSUs vest is determined based on the achievement of performance goals and based on BMS's three-year total shareholder return relative to a peer group of companies. Vesting is conditioned upon continuous employment and occurs on the third anniversary of the grant date. Stock-based compensation expense for awards ultimately expected to vest is recognized over the vesting period. Forfeitures are estimated based on historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. Components of stock-based compensation benefits in the consolidated statement of earnings are as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Cost of products sold $ 19 $ 15 $ 16 Marketing, selling and administrative 162 122 103 Research and development 115 84 80 Other (income)/expense, net 145 — — Total stock-based compensation expense $ 441 $ 221 $ 199 Income tax benefit $ 87 $ 41 $ 59 The total stock-based compensation expense for the year ended December 31, 2019 includes $66 million related to Celgene post-combination service period and $145 million of accelerated vesting of awards related to the Celgene acquisition. It also includes $10 million related to CVR obligation on unvested stock awards for the post combination service period. Refer to “—Note 4 . Acquisitions, Divestitures, Licensing and Other Arrangements” for more information related to the Celgene acquisition. The replacement stock options granted to Celgene option holders on acquisition were issued consistent with the vesting conditions of the replaced award. Replacement stock options have contractual terms of 10 years from the initial grant date. The majority of stock options outstanding vest in one-fourth increments over a four year period, although certain awards cliff vest or have longer or shorter service periods. Celgene option holders may elect to exercise options at any time during the option term. However, any shares so purchased which have not vested as of the date of exercise shall be subject to forfeiture, which will lapse in accordance with the established vesting time period. The fair value on the acquisition date attributable to post-combination service, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the remaining vesting period. BMS estimated the fair value of replacement options , using a Black-Scholes Option pricing model, with the following assumptions: Year Ended December 31, 2019 Weighted average risk-free interest rate 1.59% Expected volatility 25.7% Weighted average expected term (years) 2.65 Expected dividend yield 2.89% The risk‑free interest rate is based on rates available for U.S. Federal Reserve treasury constant maturities with a remaining term equal to the options' expected life at the time of the replacement award. Expected volatility of replacement stock option awards is estimated based on a 50/50 blend of implied volatility and five year historical volatility of BMS' publicly traded stocks. The expected term of an employee share option is the period of time for which the option is expected to be outstanding and is based on historical and forecasted exercise behavior. Dividend yield is estimated based on BMS' annual dividend rate at the time of award replacement. The following table summarizes the stock compensation activity for the year ended December 31, 2019 : Stock Options (a) Restricted Stock Units Market Share Units Performance Share Units Shares in Millions Number of Options Weighted-Average Exercise Price of Shares Number of Nonvested Awards Weighted-Average Grant-Date Fair Value Number of Nonvested Awards Weighted-Average Grant-Date Fair Value Number of Nonvested Awards Weighted-Average Grant-Date Fair Value Balance at January 1, 2019 1.7 $ 17.51 5.0 $ 58.83 1.5 $ 66.76 2.8 $ 63.28 Replacement Awards 105.3 47.77 32.4 56.37 — — — — Granted — — 3.9 47.16 0.8 51.52 1.3 49.99 Released/Exercised (5.5 ) 32.22 (5.9 ) 57.24 (0.5 ) 65.76 (0.8 ) 64.87 Adjustments for actual payout — — — — — — 0.1 — Forfeited/Canceled (0.3 ) 54.98 (0.7 ) 54.43 (0.3 ) 59.12 (0.5 ) 56.71 Balance at December 31, 2019 101.2 48.08 34.7 55.58 1.6 59.25 3.0 57.46 Expected to vest 32.3 55.66 1.4 59.45 3.6 58.27 (a) At December 31, 2019, substantially all of the 22.6 million unvested stock options with a weighted-average exercise price of $53.10 are expected to vest. Dollars in Millions Stock Options Restricted Stock Units Market Share Units Performance Share Units Unrecognized compensation cost $ 121 $ 918 $ 39 $ 78 Expected weighted-average period in years of compensation cost to be recognized 2.0 2.1 2.7 1.6 Amounts in Millions, except per share data 2019 2018 2017 Weighted-average grant date fair value (per share): Stock options - replacement awards $ 15.00 $ — $ — Restricted stock units - replacement awards 56.37 — — Restricted stock units 47.16 61.40 54.39 Market share units 51.52 72.33 60.14 Performance share units 49.99 67.60 57.91 Fair value of awards that vested: Restricted stock units - replacement awards $ 233 $ — $ — Restricted stock units 105 98 91 Market share units 30 40 33 Performance share units 53 103 84 Total intrinsic value of stock options exercised 148 89 84 The fair value of RSUs, MSUs and PSUs approximates the closing trading price of BMS's common stock on the grant date after adjusting for the units not eligible for accrued dividends. In addition, the fair value of MSUs and PSUs considers the probability of satisfying the payout factor and total shareholder return, respectively. The fair value of the replacement RSUs approximates the closing trading price of BMS' common stock on the date of acquisition after adjusting for the units not eligible for accrued dividends. The fair value on the acquisition date attributable to post-combination service, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the remaining vesting period. The following table summarizes significant outstanding and exercisable options at December 31, 2019 : Range of Exercise Prices Number of Options (in millions) Weighted-Average Remaining Contractual Life (in years) Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value (in millions) $10 - $40 27.2 2.7 $ 24.81 $ 1,071 $40 - $55 31.3 5.7 48.69 485 $55 - $65 30.4 5.0 59.48 143 $65+ 12.3 5.7 69.89 — Outstanding 101.2 4.7 48.08 $ 1,700 Exercisable 78.6 3.9 46.65 $ 1,430 The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the closing stock price of $64.19 on December 31, 2019 . |
LEGAL PROCEEDINGS AND CONTINGEN
LEGAL PROCEEDINGS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies [Text Block] | LEGAL PROCEEDINGS AND CONTINGENCIES BMS and certain of its subsidiaries are involved in various lawsuits, claims, government investigations and other legal proceedings that arise in the ordinary course of business. These claims or proceedings can involve various types of parties, including governments, competitors, customers, suppliers, service providers, licensees, employees, or shareholders, among others. These matters may involve patent infringement, antitrust, securities, pricing, sales and marketing practices, environmental, commercial, contractual rights, licensing obligations, health and safety matters, consumer fraud, employment matters, product liability and insurance coverage, among others. The resolution of these matters often develops over a long period of time and expectations can change as a result of new findings, rulings, appeals or settlement arrangements. Legal proceedings that are significant or that BMS believes could become significant or material are described below. While BMS does not believe that any of these matters, except as otherwise specifically noted below, will have a material adverse effect on its financial position or liquidity as BMS believes it has substantial defenses in the matters, the outcomes of BMS’s legal proceedings and other contingencies are inherently unpredictable and subject to significant uncertainties. There can be no assurance that there will not be an increase in the scope of one or more of these pending matters or any other or future lawsuits, claims, government investigations or other legal proceedings will not be material to BMS’s financial position, results of operations or cash flows for a particular period. Furthermore, failure to enforce BMS’s patent rights would likely result in substantial decreases in the respective product revenues from generic competition. Unless otherwise noted, BMS is unable to assess the outcome of the respective matters nor is it able estimate the possible loss or range of losses that could potentially result for such matters. Contingency accruals are recognized when it is probable that a liability will be incurred and the amount of the related loss can be reasonably estimated. Developments in legal proceedings and other matters that could cause changes in the amounts previously accrued are evaluated each reporting period. For a discussion of BMS’s tax contingencies, see “—Note 7 . Income Taxes”. INTELLECTUAL PROPERTY Abraxane - U.S. In November 2018, Celgene received a Notice Letter from HBT Labs, Inc. (“HBT”) notifying Celgene that it had filed a 505(b)(2) NDA containing paragraph IV certifications against certain patents that are listed in the FDA Orange Book for Abraxane . HBT is seeking to market a generic version of Abraxane in the U.S. In response, Celgene initiated a patent infringement action under the Drug Price Competition and Patent Term Restoration Act, known as the “Hatch-Waxman Act,” against HBT in the U.S. District Court for the District of Delaware. HBT filed an answer and counterclaims asserting that each of the patents is invalid and/or not infringed. In February 2020, Celgene entered into a settlement with HBT to terminate this patent litigation. As part of the settlement, Celgene agreed to provide HBT with a license to its patents required to manufacture and sell a generic paclitaxel protein-bound particles for injectable suspension product in the U.S. beginning on September 27, 2022. In June 2019, Celgene also received a Notice Letter from Sun Pharma Advanced Research Company, Ltd. (“SPARC”) notifying Celgene that it had filed a 505(b)(2) NDA containing paragraph IV certifications against certain patents that are listed in the FDA Orange Book for Abraxane . SPARC is seeking to market a paclitaxel injection concentrate suspension product in the U.S. In response, Celgene initiated a patent infringement action under the Hatch-Waxman Act against SPARC in the U.S. District Court for the District of New Jersey in August 2019. In December 2019, Celgene voluntarily dismissed this action without prejudice. Anti-PD-1 Antibody Litigation In September 2015, Dana-Farber Cancer Institute (“Dana-Farber”) filed a complaint in the U.S. District Court for the District of Massachusetts seeking to correct the inventorship on up to six related U.S. patents directed to methods of treating cancer using PD-1 and PD-L1 antibodies. Specifically, Dana-Farber is seeking to add two scientists as inventors to these patents. In October 2017, Pfizer was allowed to intervene in this case alleging that one of the scientists identified by Dana-Farber was employed by a company eventually acquired by Pfizer during the relevant period. In February 2019, BMS settled the lawsuit with Pfizer. A bench trial in the lawsuit with Dana-Farber took place in February 2019. In May 2019, the Court issued an opinion ruling that the two scientists should be added as inventors to the patents. The decision was appealed to the Federal Circuit. In June 2019, Dana Farber filed a new lawsuit in the District of Massachusetts against BMS seeking damages as a result of the Court’s decision adding the scientists as inventors. This case has been stayed pending the outcome of BMS’s appeal to the Federal Circuit. CAR T Litigation On October 18, 2017, the day on which the FDA approved Kite Pharma, Inc.’s (“Kite”) Yescarta* product, Juno, along with Sloan Kettering Institute for Cancer Research (“SKI”), filed a complaint against Kite in the U.S. District Court for the Central District of California. The complaint alleged that Yescarta* infringes certain claims of U.S. Patent No. 7,446,190 (“the ’190 Patent”) concerning CAR T cell technologies. Kite filed an answer and counterclaims asserting non-infringement and invalidity of the ’190 Patent. In December 2019, following an eight-day trial, the jury rejected Kite’s defenses, finding that Kite willfully infringed the ’190 Patent and awarding to Juno and SKI a reasonable royalty consisting of a $585 million upfront payment and a 27.6% running royalty on Kite’s sales of Yescarta* through the expiration of the ’190 Patent in August 2024. Briefing on post-trial motions is scheduled to be completed by February 24, 2020. Eliquis - U.S. In 2017, BMS received Notice Letters from twenty-five generic companies notifying BMS that they had filed aNDAs containing paragraph IV certifications seeking approval of generic versions of Eliquis . As a result, two Eliquis patents listed in the FDA Orange Book are being challenged: the composition of matter patent claiming apixaban specifically and a formulation patent. In response, BMS, along with its partner Pfizer, initiated patent infringement actions under the Hatch-Waxman Act against all generic filers in the U.S. District Court for the District of Delaware in April 2017. In August 2017, the U.S. Patent and Trademark Office granted patent term restoration to the composition of matter patent, thereby restoring the term of the Eliquis composition of matter patent, which is BMS’s basis for projected LOE, from February 2023 to November 2026. BMS settled with a number of aNDA filers. These settlements do not affect BMS’s projected LOE for Eliquis . A trial with the remaining aNDA filers took place in late 2019. Post-trial briefing is expected to be complete by the end of February 2020 and a decision is expected some time after. Plavix * - Australia Sanofi was notified that, in August 2007, GenRx Proprietary Limited ( “ GenRx ” ) obtained regulatory approval of an application for clopidogrel bisulfate 75mg tablets in Australia. GenRx, formerly a subsidiary of Apotex Inc., subsequently changed its name to Apotex ( “ GenRx-Apotex ” ). In August 2007, GenRx-Apotex filed an application in the Federal Court of Australia seeking revocation of Sanofi’s Australian Patent No. 597784 (Case No. NSD 1639 of 2007). Sanofi filed counterclaims of infringement and sought an injunction. On September 21, 2007, the Federal Court of Australia granted Sanofi’s injunction. A subsidiary of BMS was subsequently added as a party to the proceedings. In February 2008, a second company, Spirit Pharmaceuticals Pty. Ltd., also filed a revocation suit against the same patent. This case was consolidated with the GenRx-Apotex case. On August 12, 2008, the Federal Court of Australia held that claims of Patent No. 597784 covering clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate salts were valid. The Federal Court also held that the process claims, pharmaceutical composition claims, and claim directed to clopidogrel and its pharmaceutically acceptable salts were invalid. BMS and Sanofi filed notices of appeal in the Full Court of the Federal Court of Australia ( “ Full Court ” ) appealing the holding of invalidity of the claim covering clopidogrel and its pharmaceutically acceptable salts, process claims, and pharmaceutical composition claims. GenRx-Apotex appealed the holding of validity of the clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate claims. On September 29, 2009, the Full Court held all of the claims of Patent No. 597784 invalid. In March 2010, the High Court of Australia denied a request by BMS and Sanofi to hear an appeal of the Full Court decision. The case was remanded to the Federal Court for further proceedings related to damages sought by GenRx-Apotex. BMS and GenRx-Apotex settled, and the GenRx-Apotex case was dismissed. The Australian government intervened in this matter seeking maximum damages up to 449 million AUD ( $311 million ), plus interest, which would be split between BMS and Sanofi, for alleged losses experienced for paying a higher price for branded Plavix* during the period when the injunction was in place. BMS and Sanofi dispute that the Australian government is entitled to any damages. A trial was concluded in September 2017, and BMS is expecting a decision in 2020. Pomalyst - U.S. Celgene has received Notice letters on behalf of Teva Pharmaceuticals USA, Inc.; Apotex Inc. (“Apotex”) and Apotex Corp.; Hetero Labs Limited, Hetero Labs Limited Unit-V, Hetero Drugs Limited, Hetero USA, Inc. (together, “Hetero”); Aurobindo Pharma Ltd.; Mylan Pharmaceuticals Inc.; and Breckenridge Pharmaceutical, Inc. notifying Celgene that they had filed aNDAs containing paragraph IV certifications seeking approval to market generic versions of Pomalyst in the U.S. In response, Celgene filed patent infringement actions against the companies in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book-listed patents as well as other litigations asserting other non-FDA Orange Book-listed patents, and the companies filed answers, counterclaims, and/or declaratory judgment actions alleging that the asserted patents are invalid, unenforceable, and/or not infringed. These litigations were subsequently consolidated and a trial is scheduled from July 27 through August 14, 2020. Celgene subsequently filed additional patent infringement actions in the U.S. District Court for the District of New Jersey against the companies asserting certain patents not listed in the FDA Orange Book that cover polymorphic forms of pomalidomide, and the companies filed answer and/or counterclaims alleging that each of these patents is invalid and/or not infringed. In these actions, the Court has ordered that the parties be ready for trial by April 15, 2021. In June 2019, Celgene received a Notice Letter from Dr. Reddy’s Laboratories, Ltd. and Dr. Reddy’s Laboratories, Inc. (together, “DRL”) notifying Celgene that they had filed aNDAs containing paragraph IV certifications seeking approval to market generic versions of Pomalyst . In response, Celgene initiated a patent infringement action against DRL in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book-listed patents, and DRL filed an answer and counterclaims alleging that each of the patents is invalid and/or not infringed. No trial date has been set. Revlimid - Canada Celgene received two Notices of Allegation in July 2018 from Natco Pharma (Canada) Inc. (“Natco Canada”) notifying Celgene of the filing of Natco Canada’s two separate aNDAs with Canada’s Minister of Health with respect to certain of Celgene’s Canadian letters patents. Natco Canada is seeking to market a generic version of Revlimid in Canada. In response, Celgene initiated patent infringement actions in the Federal Court of Canada and sought an injunction. Natco alleges that the asserted patents are invalid and/or not infringed. Trial is scheduled to start on March 30, 2020. Celgene also received four Notices of Allegation in October 2018 from Apotex notifying Celgene of the filing of Apotex’s aNDA with Canada’s Minister of Health with respect to certain of Celgene’s Canadian letters patents. Apotex is seeking to market a generic version of Revlimid in Canada. In response, Celgene initiated patent infringement actions in the Federal Court of Canada and sought an injunction. Celgene entered into a confidential settlement agreement with Apotex concerning this case and these actions were discontinued in November 2019. Revlimid - U.S. Celgene has received Notice Letters on behalf of DRL; Zydus Pharmaceuticals (USA) Inc.; Cipla Ltd., India; Apotex; Sun Pharma Global FZE, Sun Pharma Global Inc., Sun Pharmaceutical Industries, Inc., and Sun Pharmaceutical Industries Limited; Hetero; Mylan Pharmaceuticals Inc., Mylan Inc., and Mylan N.V.; and Aurobindo Pharma Limited, Eugia Pharma Specialities Limited, Aurobindo Pharma USA, Inc., and Aurolife Pharma LLC notifying Celgene that they had filed aNDAs containing paragraph IV certifications seeking approval to market generic versions of Revlimid in the U.S. In response, Celgene filed patent infringement actions against the companies in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book-listed patents as well as other litigations asserting other non-FDA Orange Book-listed patents and the companies filed answers and/or counterclaims alleging that the asserted patents are invalid, unenforceable, and/or not infringed. These litigations have different schedules and no trial date has been set in any of the litigations. The case with the earliest potential trial date is against DRL with respect to certain FDA Orange Book-listed patents and a final pretrial conference in that case has been set for June 1, 2020. Sprycel - Europe In January 2016, the Opposition Division of the EPO revoked European Patent No. 1169038 ( “ the ’038 patent ” ) covering dasatinib, the active ingredient in Sprycel, a decision which was upheld by the EPO Board of Appeal in February 2017. Orphan drug exclusivity and data exclusivity for Sprycel in the EU expired in November 2016. The EPO Board of Appeal’s decision does not affect the validity of BMS’s other Sprycel patents within and outside Europe, including different patents that cover the monohydrate form of dasatinib and the use of dasatinib to treat CML. Additionally, in February 2017, the EPO Board of Appeal reversed and remanded an invalidity decision on European Patent No. 1610780 and its claim to the use of dasatinib to treat CML, which the EPO’s Opposition Division had revoked in October 2012. In December 2018, the EPO’s Opposition Division upheld the validity of the patent directed to the use of dasatinib to treat CML, which expires in 2024. A number of generic companies have launched a generic dasatinib product throughout Europe for the ALL indication. Sprycel - U.S. In August 2019, BMS received a Notice Letter from Dr. Reddy’s Laboratories, Inc. notifying BMS that it had filed an aNDA containing paragraph IV certifications seeking approval of a generic version of Sprycel in the U.S. and challenging two FDA Orange Book-listed monohydrate form patents expiring in 2025 and 2026. In response, BMS initiated a patent infringement lawsuit under the Hatch-Waxman Act in the U.S. District Court for the District of New Jersey. No trial date has been set. In 2013, BMS entered into a settlement agreement with Apotex regarding a patent infringement suit covering the monohydrate form of dasatinib whereby Apotex can launch its generic dasatinib monohydrate aNDA product in September 2024 or earlier in certain circumstances. PRICING, SALES AND PROMOTIONAL PRACTICES LITIGATION Plavix* State Attorneys General Lawsuits BMS and certain Sanofi entities are defendants in consumer protection and/or false advertising actions brought by the attorneys general of Hawaii and New Mexico relating to the sales and promotion of Plavix* . The Hawaii matter is currently scheduled for trial in May 2020. PRODUCT LIABILITY LITIGATION BMS is a party to various product liability lawsuits. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. As previously disclosed, in addition to lawsuits, BMS also faces unfiled claims involving its products. Abilify* BMS and Otsuka are co-defendants in product liability litigation related to Abilify* . Plaintiffs allege Abilify* caused them to engage in compulsive gambling and other impulse control disorders. There have been over 2,000 cases filed in state and federal courts and additional cases are pending in Canada. The Judicial Panel on Multidistrict Litigation consolidated the federal court cases for pretrial purposes in the U.S. District Court for the Northern District of Florida. In February 2019, BMS and Otsuka entered into a master settlement agreement establishing a proposed settlement program to resolve all Abilify* compulsivity claims filed as of January 28, 2019 in the MDL as well as various state courts, including California and New Jersey. Approximately 175 cases remain pending on behalf of 280 plaintiffs who chose not to participate in the settlement program or filed their claims after the settlement cut-off date. Byetta* Amylin, a former subsidiary of BMS, and Lilly are co-defendants in product liability litigation related to Byetta*. To date, there are approximately 580 separate lawsuits pending on behalf of approximately 2,225 active plaintiffs (including pending settlements), which include injury plaintiffs as well as claims by spouses and/or other beneficiaries, in various courts in the U.S. The majority of these cases have been brought by individuals who allege personal injury sustained after using Byetta* , primarily pancreatic cancer, and, in some cases, claiming alleged wrongful death. The majority of cases are pending in federal court in San Diego in an MDL or in a coordinated proceeding in California Superior Court in Los Angeles (“JCCP”). In November 2015, the defendants ’ motion for summary judgment based on federal preemption was granted in both the MDL and the JCCP. In November 2017, the Ninth Circuit reversed the MDL summary judgment order and remanded the case to the MDL. In November 2018, the California Court of Appeal reversed the state court summary judgment order and remanded those cases to the JCCP for further proceedings. Amylin had product liability insurance covering a substantial number of claims involving Byetta* (which has been exhausted). As part of BMS ’ s global diabetes business divestiture, BMS sold Byetta* to AstraZeneca in February 2014 and any additional liability to Amylin with respect to Byetta* is expected to be shared with AstraZeneca. Onglyza* BMS and AstraZeneca are co-defendants in product liability litigation related to Onglyza* . Plaintiffs assert claims, including claims for wrongful death, as a result of heart failure or other cardiovascular injuries they allege were caused by their use of Onglyza* . As of January 2020, claims are pending in state and federal court on behalf of approximately 290 individuals who allege they ingested the product and suffered an injury. In February 2018, the Judicial Panel on Multidistrict Litigation ordered all federal cases to be transferred to an MDL in the U.S. District Court for the Eastern District of Kentucky. A significant majority of the claims are pending in the MDL. As part of BMS’s global diabetes business divestiture, BMS sold Onglyza* to AstraZeneca in February 2014 and any potential liability with respect to Onglyza* is expected to be shared with AstraZeneca. SECURITIES LITIGATION BMS Securities Class Action Since February 2018, two separate putative class action complaints were filed in the U.S. District for the Northern District of California and in the U.S. District Court for the Southern District of New York against BMS, BMS’s Chief Executive Officer, Giovanni Caforio, BMS’s Chief Financial Officer at the time, Charles A. Bancroft and certain former and current executives of BMS. The case in California has been voluntarily dismissed. The remaining complaint alleges violations of securities laws for BMS’s disclosures related to the CheckMate-026 clinical trial in lung cancer. In September 2019, the Court granted BMS ’ s motion to dismiss, but allowed the plaintiffs leave to file an amended complaint. In October 2019, the plaintiffs filed an amended complaint. BMS has moved to dismiss the amended complaint. Celgene Securities Class Action Beginning in March 2018, two putative class actions were filed against Celgene and certain of its officers in the U.S. District Court for the District of New Jersey (the “Celgene Securities Class Action”). The complaints allege that the defendants violated federal securities laws by making misstatements and/or omissions concerning (1) trials of GED-0301, (2) Celgene’s 2020 outlook and projected sales of Otezla , and (3) the new drug application for Ozanimod . The Court consolidated the two actions and appointed a lead plaintiff, lead counsel, and co-liaison counsel for the putative class. In February 2019, the defendants filed a motion to dismiss plaintiff’s amended complaint in full . In December 2019, the Court denied the motion to dismiss in part and granted the motion to dismiss in part (including all claims arising from alleged misstatements regarding GED-0301). Although the Court gave the plaintiff leave to re-plead the dismissed claims, it elected not to do so, and the dismissed claims are now dismissed with prejudice. No trial date has been set for the claims that survived the Court’s order. Gerold Derivative Action On October 11, 2018, Sam Baran Gerold filed a shareholder derivative complaint against certain members of Celgene’s board of directors in the Superior Court of New Jersey. The complaint alleges that (i) the defendants breached certain fiduciary duties related to, among other things, its actions with respect to clinical trials of GED-0301, Otezla , and the new drug application for Ozanimod and (ii) because of the breach, the defendants caused Celgene to waste its corporate assets and the defendants were unjustly enriched. In October 2018, the defendants removed this matter to the U.S. District Court for the District of New Jersey. On January 3, 2020, the parties entered into a stipulation and proposed order voluntarily dismissing this matter without prejudice, which the Court entered on January 6, 2020 . Saratoga Derivative Action On July 12, 2018, Saratoga Advantage Trust Health and Biotechnology Portfolio (“Saratoga”) filed a shareholder derivative complaint against certain members of Celgene’s board of directors in the U.S. District Court for the District of New Jersey. The complaint alleges that (i) certain defendants made misrepresentations and omissions of material fact concerning, among other things, the clinical trials of GED-0301, the sales of Otezla , Celgene’s 2017 and 2020 fiscal guidance, and the new drug application for Ozanimod and (ii) all defendants failed to adequately supervise Celgene with regard to clinical trials of GED-0301, sales of Otezla , Celgene’s 2017 and 2020 fiscal guidance, the new drug application for Ozanimod , and the promotion and marketing of Revlimid . Saratoga has agreed to stay the defendants’ obligation to answer or otherwise respond to the allegations in the complaint in deference to the Celgene Securities Class Action. In August 2018, the Court entered an order staying the proceedings until the disposition of the first motion to dismiss in the Celgene Securities Class Action. The order also administratively terminated the proceedings. OTHER LITIGATION Average Manufacturer Price Litigation BMS is a defendant in a qui tam (whistleblower) lawsuit in the U.S. District Court for the Eastern District of Pennsylvania, in which the U.S. Government declined to intervene. The complaint alleges that BMS inaccurately reported its average manufacturer prices to the Centers for Medicare and Medicaid Services to lower what it owed. Similar claims have been filed against other companies. In January 2020, BMS reached an agreement in principle to resolve this matter subject to the negotiation of a definitive settlement agreement and other contingencies. BMS cannot provide assurances that its efforts to reach a final settlement will be successful. HIV Medication Antitrust Lawsuits BMS and several other manufacturers of HIV medications are defendants in related lawsuits brought by indirect purchasers in 2019 and direct purchasers in 2020 in the U.S. District Court for the Northern District of California, and by indirect purchasers in 2020 in the U.S. District Court for the Southern District of Florida, in each case alleging that the defendants’ agreements to develop and sell fixed-dose combination products for the treatment of HIV, including Atripla* and Evotaz , violate antitrust laws. The indirect purchaser complaint filed in Florida has been transferred and consolidated with the matters pending in the Northern District of California. BMS has moved or intends to move to dismiss each of the complaints. Humana Litigations On May 16, 2018, Humana, Inc. (“Humana”) filed a lawsuit against Celgene in the Pike County Circuit Court of the Commonwealth of Kentucky. Humana’s complaint alleges Celgene engaged in unlawful off-label marketing in connection with sales of Thalomid and Revlimid and asserts claims against Celgene for fraud, breach of contract, negligent misrepresentation, unjust enrichment and violations of New Jersey’s Racketeer Influenced and Corrupt Organizations Act. The complaint seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. In April 2019, Celgene filed a motion to dismiss Humana’s complaint, which the Court denied in January 2020. No trial date has been set. On March 1, 2019, Humana filed a separate lawsuit against Celgene in the U.S. District Court for the District of New Jersey. Humana’s complaint alleges that Celgene violated various antitrust, consumer protection, and unfair competition laws to delay or prevent generic competition for Thalomid and Revlimid brand drugs, including (a) allegedly refusing to sell samples of products to generic manufacturers for purposes of bioequivalence testing intended to be included in aNDAs for approval to market generic versions of these products; (b) allegedly bringing unjustified patent infringement lawsuits, procuring invalid patents, and/or entering into anticompetitive patent settlements; (c) allegedly securing an exclusive supply contract for supply of thalidomide active pharmaceutical ingredient. The complaint purports to assert claims on behalf of Humana and its subsidiaries in several capacities, including as a direct purchaser and as an indirect purchaser, and seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. Celgene filed a motion to dismiss Humana’s complaint, and the Court has stayed discovery pending adjudication of that motion. No trial date has been set. Thalomid and Revlimid Antitrust Litigation Beginning in November 2014, certain putative class action lawsuits were filed against Celgene in the U.S. District Court for the District of New Jersey alleging that Celgene violated various antitrust, consumer protection, and unfair competition laws by (a) allegedly securing an exclusive supply contract for the alleged purpose of preventing a generic manufacturer from securing its own supply of thalidomide active pharmaceutical ingredient, (b) allegedly refusing to sell samples of Thalomid and Revlimid brand drugs to various generic manufacturers for the alleged purpose of bioequivalence testing necessary for aNDAs to be submitted to the FDA for approval to market generic versions of these products, (c) allegedly bringing unjustified patent infringement lawsuits in order to allegedly delay approval for proposed generic versions of Thalomid and Revlimid , and/or (d) allegedly entering into settlements of patent infringement lawsuits with certain generic manufacturers that allegedly have had anticompetitive effects. The plaintiffs, on behalf of themselves and putative classes of third-party payers, are seeking injunctive relief and damages. The various lawsuits were consolidated into a master action for all purposes. In October 2017, the plaintiffs filed a motion for certification of two damages classes under the laws of thirteen states and the District of Columbia and a nationwide injunction class. Celgene filed an opposition to the plaintiffs’ motion and a motion for judgment on the pleadings dismissing all state law claims where the plaintiffs no longer seek to represent a class. In October 2018, the Court denied the plaintiffs’ motion for class certification and Celgene’s motion for judgment on the pleadings. In December 2018, the plaintiffs filed a new motion for class certification, which Celgene opposed. In July 2019, the parties reached a settlement under which all the putative class plaintiff claims would be dismissed with prejudice. In December 2019, after certain third-party payors who were members of the settlement class refused to release their potential claims and participate in the settlement, Celgene exercised its right to terminate the settlement agreement. No trial date has been set. GOVERNMENT INVESTIGATIONS Like other pharmaceutical companies, BMS and certain of its subsidiaries are subject to extensive regulation by national, state and local authorities in the U.S. and other countries in which BMS operates. As a result, BMS, from time to time, is subject to various governmental and regulatory inquiries and investigations as well as threatened legal actions and proceedings. It is possible that criminal charges, substantial fines and/or civil penalties, could result from government or regulatory investigations. ENVIRONMENTAL PROCEEDINGS As previously reported, BMS is a party to several environmental proceedings and other matters, and is responsible under various state, federal and foreign laws, including CERCLA, for certain costs of investigating and/or remediating contamination resulting from past industrial activity at BMS’s current or former sites or at waste disposal or reprocessing facilities operated by third parties. CERCLA Matters With respect to CERCLA matters for which BMS is responsible under various state, federal and foreign laws, BMS typically estimates potential costs based on information obtained from the U.S. Environmental Protection Agency, or counterpart state or foreign agency and/or studies prepared by independent consultants, including the total estimated costs for the site and the expected cost-sharing, if any, with other “potentially responsible parties,” and BMS accrues liabilities when they are probable and reasonably estimable. BMS estimated its share of future costs for these sites to be $68.6 million at December 31, 2019 , which represents the sum of best estimates or, where no best estimate can reasonably be made, estimates of the minimal probable amount among a range of such costs (without taking into account any potential recoveries from other parties). The amount includes the estimated costs for any additional probable loss associated with the previously disclosed North Brunswick Township High School Remediation Site. |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial Information [Text Block] | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Year Ended December 31, 2019 Dollars in Millions, except per share data First Quarter Second Quarter Third Quarter Fourth Quarter (d) Year (d) Total Revenues $ 5,920 $ 6,273 $ 6,007 $ 7,945 $ 26,145 Gross Margin 4,096 4,301 4,217 5,453 18,067 Net Earnings/(Loss) 1,715 1,439 1,366 (1,060 ) 3,460 Net Earnings/(Loss) Attributable to: Noncontrolling Interest 5 7 13 (4 ) 21 BMS 1,710 1,432 1,353 (1,056 ) 3,439 Earnings/(Loss) per Common Share - Basic (a) $ 1.05 $ 0.88 $ 0.83 $ (0.55 ) $ 2.02 Earnings/(Loss) per Common Share - Diluted (a) 1.04 0.87 0.83 (0.55 ) 2.01 Cash dividends declared per common share $ 0.41 $ 0.41 $ 0.41 $ 0.45 $ 1.68 Cash and cash equivalents $ 7,335 $ 28,404 $ 30,489 $ 12,346 $ 12,346 Marketable debt securities (b) 2,662 1,947 2,978 3,814 3,814 Total Assets 34,834 55,163 57,433 129,944 129,944 Long-term debt (c) 5,635 24,433 24,390 46,150 46,150 Equity 15,317 16,151 17,754 51,698 51,698 Year Ended December 31, 2018 Dollars in Millions, except per share data First Quarter Second Quarter Third Quarter Fourth Quarter Year Total Revenues $ 5,193 $ 5,704 $ 5,691 $ 5,973 $ 22,561 Gross Margin 3,629 4,099 4,063 4,303 16,094 Net Earnings 1,495 382 1,912 1,158 4,947 Net Earnings/(Loss) Attributable to: Noncontrolling Interest 9 9 11 (2 ) 27 BMS 1,486 373 1,901 1,160 4,920 Earnings per Common Share - Basic (a) $ 0.91 $ 0.23 $ 1.16 $ 0.71 $ 3.01 Earnings per Common Share - Diluted (a) 0.91 0.23 1.16 0.71 3.01 Cash dividends declared per common share $ 0.40 $ 0.40 $ 0.40 $ 0.41 $ 1.61 Cash and cash equivalents $ 5,342 $ 4,999 $ 5,408 $ 6,911 $ 6,911 Marketable debt securities (b) 3,548 3,057 3,298 3,623 3,623 Total Assets 33,083 32,641 33,734 34,986 34,986 Long-term debt (c) 5,775 5,671 5,687 6,895 6,895 Equity 12,906 12,418 13,750 14,127 14,127 (a) Earnings per share for the quarters may not add to the amounts for the year, as each period is computed on a discrete basis. (b) Marketable debt securities includes current and non-current assets. (c) Long-term debt includes the current portion. (d) Commencing on November 20, 2019, Celgene's operations are included in our consolidated financial statements. Refer to “—Note 4 . Acquisitions, Divestitures, Licensing and Other Arrangements” for additional information. The following specified items affected the comparability of results in 2019 and 2018 : Year Ended December 31, 2019 Dollars in Millions First Quarter Second Quarter Third Quarter Fourth Quarter Year Inventory purchase price accounting adjustments $ — $ — $ — $ 660 $ 660 Employee compensation charges — — — 1 1 Site exit and other costs 12 139 22 24 197 Cost of products sold 12 139 22 685 858 Employee compensation charges — — — 27 27 Site exit and other costs 1 — — 8 9 Marketing, selling and administrative 1 — — 35 36 License and asset acquisition charges — 25 — — 25 IPRD impairments 32 — — — 32 Employee compensation charges — — — 33 33 Site exit and other costs 19 19 20 109 167 Research and development 51 44 20 142 257 Amortization of acquired intangible assets — — — 1,062 1,062 Interest expense — 83 166 73 322 Pension and postretirement 49 44 1,545 (3 ) 1,635 Royalties and licensing income — — (9 ) (15 ) (24 ) Divestiture (gains)/losses — 8 (1,179 ) 3 (1,168 ) Acquisition expenses 165 303 7 182 657 Contingent value rights — — — 523 523 Investment income — (54 ) (99 ) (44 ) (197 ) Integration expenses 22 106 96 191 415 Provision for restructuring 12 10 10 269 301 Equity investment (gains)/losses (175 ) (71 ) 261 (294 ) (279 ) Litigation and other settlements — — — 75 75 Other — — — 2 2 Other (income)/expense, net 73 429 798 962 2,262 Increase to pretax income 137 612 840 2,886 4,475 Income taxes on items above (43 ) (105 ) (275 ) (264 ) (687 ) Income taxes attributed to Otezla* divestiture — — — 808 808 Income taxes (43 ) (105 ) (275 ) 544 121 Increase to net earnings $ 94 $ 507 $ 565 $ 3,430 $ 4,596 Year Ended December 31, 2018 Dollars in Millions First Quarter Second Quarter Third Quarter Fourth Quarter Year Site exit and other costs $ 13 $ 14 $ 13 $ 18 $ 58 Cost of products sold 13 14 13 18 58 Marketing, selling and administrative 1 — — 1 2 License and asset acquisition charges 60 1,075 — — 1,135 Site exit and other costs 20 19 18 22 79 Research and development 80 1,094 18 22 1,214 Pension and postretirement 31 37 27 26 121 Royalties and licensing income (50 ) (25 ) — — (75 ) Divestiture gains (43 ) (25 ) (108 ) (1 ) (177 ) Provision for restructuring 20 37 45 29 131 Equity investment (gains)/losses (15 ) 356 (97 ) 268 512 Litigation and other settlements — — — 70 70 Intangible asset impairment 64 — — — 64 Other (income)/expense, net 7 380 (133 ) 392 646 Increase/(decrease) to pretax income 101 1,488 (102 ) 433 1,920 Income taxes on items above (8 ) (218 ) 1 (43 ) (268 ) Income taxes attributed to U.S. tax reform (32 ) 3 (20 ) (7 ) (56 ) Income taxes (40 ) (215 ) (19 ) (50 ) (324 ) Increase/(decrease) to net earnings $ 61 $ 1,273 $ (121 ) $ 383 $ 1,596 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation The consolidated financial statements are prepared in conformity with U.S. GAAP, including the accounts of Bristol-Myers Squibb Company and all of its controlled majority-owned subsidiaries and certain variable interest entities. All intercompany balances and transactions are eliminated. Material subsequent events are evaluated and disclosed through the report issuance date. Refer to the Summary of Abbreviated Terms at the end of this 2019 Form 10-K for terms used throughout the document. Alliance and license arrangements are assessed to determine whether the terms provide economic or other control over the entity requiring consolidation of an entity. Entities controlled by means other than a majority voting interest are referred to as variable interest entities and are consolidated when BMS has both the power to direct the activities of the variable interest entity that most significantly impacts its economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. |
Segment Reporting, Policy [Policy Text Block] | Business Segment Information BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products. Regional commercial organizations market, distribute and sell the products. The business is also supported by global corporate staff functions. Consistent with BMS's operational structure, the Chief Executive Officer (“CEO”), as the chief operating decision maker, manages and allocates resources at the global corporate level. Managing and allocating resources at the global corporate level enables the CEO to assess both the overall level of resources available and how to best deploy these resources across functions, therapeutic areas, regional commercial organizations and research and development projects in line with our overarching long-term corporate-wide strategic goals, rather than on a product or franchise basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CEO for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. For further information on product and regional revenue, see “—Note 2 |
Use of Estimates and Judgments, Policy [Policy Text Block] | Use of Estimates and Judgments The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining accounting for business combinations; impairments of goodwill and intangible assets; sales rebate and return accruals; legal contingencies; and income taxes. Actual results may differ from estimates. |
Reclassifications [Text Block] | Reclassifications Certain prior period amounts were reclassified to conform to the current period presentation including separate presentation of amortization of acquired intangible assets and reclassification of other assets and liabilities which did not change the reported amount of total assets or liabilities. These reclassifications did not have an impact on net assets, net earnings, or operating cash flows. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include bank deposits, time deposits, commercial paper and money market funds. Cash equivalents consist of highly liquid investments with original maturities of three months or less at the time of purchase and are recognized at cost, which approximates fair value. Cash is restricted when withdrawal or general use is contractually or legally restricted. Determination of current and non-current classification is based on the expected duration of the restriction. Restricted cash consists of escrow for litigation settlements and funds restricted for annual Company contributions to the defined contribution plan in the U.S. Restricted cash of $474 million was included in cash, cash equivalents and restricted cash at December 31, 2019 in the consolidated statements of cash flows. |
Investment, Policy [Policy Text Block] | Marketable Debt Securities Marketable debt securities are classified as “available-for-sale” on the date of purchase and reported at fair value. Fair value is determined based on observable market quotes or valuation models using assessments of counterparty credit worthiness, credit default risk or underlying security and overall capital market liquidity. Marketable debt securities are reviewed for impairment by assessing if the decline in market value of the investment below the carrying value is other than temporary, which considers the intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value, the duration and extent that the market value has been less than cost and the investee's financial condition. Investments in Equity Securities Investments in equity securities with readily determinable fair values are recorded at fair value with changes in fair value recorded in Other (income)/expense, net. Investments in equity securities without readily determinable fair values are recorded at cost minus any impairment, plus or minus changes in their estimated fair value resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Changes in the estimated fair value of investments in equity securities without readily determinable fair values are recorded in Other (income)/expense, net. Investments in 50% or less owned companies are accounted for using the equity method of accounting when the ability to exercise significant influence over the operating and financial decisions of the investee is maintained. The share of net income or losses of equity investments accounted for using the equity method are included in Other (income)/expense, net. Investments in equity securities without readily determinable fair values and investments in equity accounted for using the equity method are assessed for potential impairment on a quarterly basis based on qualitative factors. |
Inventory, Policy [Policy Text Block] | Inventory Valuation Inventories are stated at the lower of average cost or net realizable value. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment and Depreciation Expenditures for additions, renewals and improvements are capitalized at cost. Depreciation is computed on a straight-line method based on the estimated useful lives of the related assets ranging from 20 to 50 years for buildings and 3 to 20 years for machinery, equipment and fixtures. Current facts or circumstances are periodically evaluated to determine if the carrying value of depreciable assets to be held and used may not be recoverable. If such circumstances exist, an estimate of undiscounted future cash flows generated by the long-lived asset, or appropriate grouping of assets, is compared to the carrying value to determine whether an impairment exists at its lowest level of identifiable cash flows. If an asset is determined to be impaired, the loss is measured based on the difference between the asset’s fair value and its carrying value. An estimate of the asset’s fair value is based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques using unobservable fair value inputs, such as a discounted value of estimated future cash flows. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Current facts or circumstances are periodically evaluated to determine if the carrying value of depreciable assets to be held and used may not be recoverable. If such circumstances exist, an estimate of undiscounted future cash flows generated by the long-lived asset, or appropriate grouping of assets, is compared to the carrying value to determine whether an impairment exists at its lowest level of identifiable cash flows. If an asset is determined to be impaired, the loss is measured based on the difference between the asset’s fair value and its carrying value. An estimate of the asset’s fair value is based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques using unobservable fair value inputs, such as a discounted value of estimated future cash flows. |
Internal Use Software, Policy [Policy Text Block] | Capitalized Software Eligible costs to obtain internal use software are capitalized and amortized over the estimated useful life of the software. |
Acquisitions Policy [Policy Text Block] | Acquisitions Businesses acquired are consolidated upon obtaining control. The fair value of assets acquired and liabilities assumed are recognized at the date of acquisition. Any excess of the purchase price over the estimated fair values of the net assets acquired is recognized as goodwill. Business acquisition costs are expensed when incurred. Contingent consideration from potential development, regulatory, approval and sales-based milestones and sales-based royalties are included in the purchase price for business combinations and are excluded for asset acquisitions. Amounts allocated to the lead investigational compounds for asset acquisitions are expensed at the date of acquisition. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill, Acquired In-Process Research and Development and Other Intangible Assets The fair value of acquired intangible assets is determined using an income-based approach referred to as the excess earnings method utilizing Level 3 fair value inputs. Market participant valuations assume a global view considering all potential jurisdictions and indications based on discounted after-tax cash flow projections, risk adjusted for estimated probability of technical and regulatory success. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | If the carrying value exceeds the projected undiscounted pretax cash flows of the intangible asset, an impairment loss equal to the excess of the carrying value over the estimated fair value (discounted after-tax cash flows) is recognized. Goodwill is tested at least annually for impairment by assessing qualitative factors in determining whether it is more likely than not that the fair value of net assets is below their carrying amounts. Examples of qualitative factors assessed include BMS's share price, financial performance compared to budgets, long-term financial plans, macroeconomic, industry and market conditions as well as the substantial excess of fair value over the carrying value of net assets from the annual impairment test performed in a prior year. Each relevant factor is assessed both individually and in the aggregate. IPRD is tested for impairment on an annual basis and more frequently if events occur or circumstances change that would indicate a potential reduction in the fair values of the assets below their carrying value. Impairment charges are recognized to the extent the carrying value of IPRD is determined to exceed its fair value. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Restructuring charges are recognized as a result of actions to streamline operations and reduce the number of facilities. Estimating the impact of restructuring plans, including future termination benefits, integration expenses and other exit costs requires judgment. Actual results could vary from these estimates. Restructuring charges are recognized upon meeting certain criteria, including finalization of committed plans, reliable estimates and discussions with local works councils in certain markets. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies Loss contingencies from legal proceedings and claims may occur from government investigations, shareholder lawsuits, product and environmental liability, contractual claims, tax and other matters. Accruals are recognized when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. Gain contingencies (including contingent proceeds related to the divestitures) are not recognized until realized. Legal fees are expensed as incurred. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Refer to “—Note 2 . Revenue” for a detailed discussion of accounting policies related to revenue recognition, including deferred revenue and royalties. Refer to “—Note 3 . Alliances” for further detail regarding alliances. Alliance and other revenues consist primarily of amounts related to collaborations and out-licensing arrangements. Each of these arrangements are evaluated for whether they represent contracts that are within the scope of the revenue recognition guidance in their entirety or contain aspects that are within the scope of the guidance, either directly or by reference based upon the application of the guidance related to the derecognition of nonfinancial assets (ASC 610). Performance obligations are identified and separated when the other party can benefit directly from the rights, goods or services either on their own or together with other readily available resources and when the rights, goods or services are not highly interdependent or interrelated. Transaction prices for these arrangements may include fixed up-front amounts as well as variable consideration such as contingent development and regulatory milestones, sales-based milestones and royalties. The most likely amount method is used to estimate contingent development, regulatory and sales-based milestones because the ultimate outcomes are binary in nature. The expected value method is used to estimate royalties because a broad range of potential outcomes exist, except for instances in which such royalties relate to a license. Variable consideration is included in the transaction price only to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring when the uncertainty associated with the variable consideration is subsequently resolved. Significant judgment is required in estimating the amount of variable consideration to recognize when assessing factors outside of BMS’s influence such as likelihood of regulatory success, limited availability of third party information, expected duration of time until resolution, lack of relevant past experience, historical practice of offering fee concessions and a large number and broad range of possible amounts. To the extent arrangements include multiple performance obligations that are separable, the transaction price assigned to each distinct performance obligation is reflective of the relative stand-alone selling price and recognized at a point in time upon the transfer of control. Three types of out-licensing arrangements are typically utilized: (1) arrangements when BMS out-licenses intellectual property to another party and has no further performance obligations; (2) arrangements that include a license and an additional performance obligation to supply product upon the request of the third party; and (3) collaboration arrangements, which include transferring a license to a third party to jointly develop and commercialize a product. Most out-licensing arrangements consist of a single performance obligation that is satisfied upon execution of the agreement when the development and commercialization rights are transferred to a third party. Up-front fees are recognized immediately and included in Other (income)/expense, net. Although contingent development and regulatory milestone amounts are assessed each period for the likelihood of achievement, they are typically constrained and recognized when the uncertainty is subsequently resolved for the full amount of the milestone and included in Other (income)/expense, net. Sales-based milestones and royalties are recognized when the milestone is achieved or the subsequent sales occur. Sales-based milestones are included in Other (income)/expense, net and royalties are included in Alliance and other revenue. Certain out-licensing arrangements may also include contingent performance obligations to supply commercial product to the third party upon its request. The license and supply obligations are accounted for as separate performance obligations as they are considered distinct because the third party can benefit from the license either on its own or together with other supply resources readily available to it and the obligations are separately identifiable from other obligations in the contract in accordance with the revenue recognition guidance. After considering the standalone selling prices in these situations, up-front fees, contingent development and regulatory milestone amounts and sales-based milestone and royalties are allocated to the license and recognized in the manner described above. Consideration for the supply obligation is usually based upon stipulated cost-plus margin contractual terms which represent a standalone selling price. The supply consideration is recognized at a point in time upon transfer of control of the product to the third party and included in Alliance and other revenue. The above fee allocation between the license and the supply represents the amount of consideration that BMS expects to be entitled to for the satisfaction of the separate performance obligations. Although collaboration arrangements are unique in nature, both parties are active participants in the operating activities and are exposed to significant risks and rewards depending on the commercial success of the activities. Performance obligations inherent in these arrangements may include the transfer of certain development or commercialization rights, ongoing development and commercialization services and product supply obligations. Except for certain product supply obligations which are considered distinct and accounted for as separate performance obligations similar to the manner discussed above, all other performance obligations are not considered distinct and are combined into a single performance obligation since the transferred rights are highly integrated and interrelated to BMS's obligation to jointly develop and commercialize the product with the third party. As a result, up-front fees are recognized ratably over time throughout the expected period of the collaboration activities and included in Other (income)/expense, net as the license is combined with other development and commercialization obligations. Contingent development and regulatory milestones that are no longer constrained are recognized in a similar manner on a prospective basis. Royalties and profit sharing are recognized when the underlying sales and profits occur and are included in Alliance and other revenue. Refer to “—Note 3 . Alliances” for further information. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are expensed as incurred. Clinical study costs are accrued over the service periods specified in the contracts and adjusted as necessary based upon an ongoing review of the level of effort and costs actually incurred. Research and development costs are presented net of reimbursements from alliance partners. Upfront and contingent development milestone payments for asset acquisitions of investigational compounds are also included in research and development expense if there are no alternative future uses. |
Advertising Cost [Policy Text Block] | Advertising and Product Promotion Costs Advertising and product promotion costs are expensed as incurred. Advertising and product promotion costs are included in Marketing, selling and administrative expenses and were $633 million in 2019 , $672 million in 2018 and $740 million in 2017 . |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Foreign subsidiary earnings are translated into U.S. dollars using average exchange rates. The net assets of foreign subsidiaries are translated into U.S. dollars using current exchange rates. The U.S. dollar effects that arise from translating the net assets of these subsidiaries at changing rates are recognized in Other Comprehensive Income/(Loss). |
Income Tax, Policy [Policy Text Block] | Income Taxes The provision for income taxes includes income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recognized to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The assessment of whether or not a valuation allowance is required often requires significant judgment including the long-range forecast of future taxable income and the evaluation of tax planning initiatives. Adjustments to the deferred tax valuation allowances are made to earnings in the period when such assessments are made. Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized upon settlement. |
Cash Flow, Policy [Policy Text Block] | Cash Flow Payments for licensing and asset acquisitions of investigational compounds are included in operating activities as well as out-licensing proceeds. Payments for the acquisition of an ownership interest in a legal entity, including acquisitions that do not meet the accounting definition of a business are included in investing activities, as well as divestiture proceeds, royalties and other consideration received subsequent to the related sale of the asset or business. Other adjustments reflected in operating activities include divestiture gains and losses and related royalties, asset acquisition charges, gains and losses on equity investments and gains and losses on debt redemption. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards Leases Amended guidance for lease accounting was adopted on January 1, 2019 using the modified retrospective method with the cumulative effect of the change recognized in retained earnings in the period of adoption. The new guidance requires an entity to recognize a right-of-use asset and a lease liability initially measured at the present value of future lease payments. The cumulative effect of the accounting change was not material. BMS elected the package of practical expedients upon adoption, and will apply the practical expedient not to separate lease and non-lease components for new and modified leases commencing after adoption. In addition, BMS applied the short-term lease recognition exemption for leases with terms at inception not greater than 12 months. The amended guidance resulted in the recognition of the operating lease right-of-use asset and lease liability and did not impact BMS’s results of operations. Refer to “—Note 13 . Leases” for further information. Goodwill Impairment Testing Amended guidance that simplifies the recognition and measurement of a goodwill impairment loss by eliminating Step 2 of the quantitative goodwill impairment test was adopted prospectively in the first quarter of 2019. Under the amended guidance, a goodwill impairment loss is recognized for the amount by which the reporting units carrying amount, including goodwill, exceeds its fair value up to the amount of its allocated goodwill. The adoption of the amended guidance did not have an impact on BMS’s results of operations. Recently Issued Accounting Standards Not Yet Adopted Financial Instruments - Measurement of Credit Losses In June 2016, the FASB issued amended guidance for the measurement of credit losses on financial instruments. Entities will be required to use a forward-looking estimated loss model. Available-for-sale debt security credit losses will be recognized as allowances rather than a reduction in amortized cost. The guidance is effective January 1, 2020 on a modified retrospective approach. The amended guidance will not have a material impact to BMS’s results of operations. |
REVENUE REVENUE (Policies)
REVENUE REVENUE (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Refer to “—Note 2 . Revenue” for a detailed discussion of accounting policies related to revenue recognition, including deferred revenue and royalties. Refer to “—Note 3 . Alliances” for further detail regarding alliances. Alliance and other revenues consist primarily of amounts related to collaborations and out-licensing arrangements. Each of these arrangements are evaluated for whether they represent contracts that are within the scope of the revenue recognition guidance in their entirety or contain aspects that are within the scope of the guidance, either directly or by reference based upon the application of the guidance related to the derecognition of nonfinancial assets (ASC 610). Performance obligations are identified and separated when the other party can benefit directly from the rights, goods or services either on their own or together with other readily available resources and when the rights, goods or services are not highly interdependent or interrelated. Transaction prices for these arrangements may include fixed up-front amounts as well as variable consideration such as contingent development and regulatory milestones, sales-based milestones and royalties. The most likely amount method is used to estimate contingent development, regulatory and sales-based milestones because the ultimate outcomes are binary in nature. The expected value method is used to estimate royalties because a broad range of potential outcomes exist, except for instances in which such royalties relate to a license. Variable consideration is included in the transaction price only to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring when the uncertainty associated with the variable consideration is subsequently resolved. Significant judgment is required in estimating the amount of variable consideration to recognize when assessing factors outside of BMS’s influence such as likelihood of regulatory success, limited availability of third party information, expected duration of time until resolution, lack of relevant past experience, historical practice of offering fee concessions and a large number and broad range of possible amounts. To the extent arrangements include multiple performance obligations that are separable, the transaction price assigned to each distinct performance obligation is reflective of the relative stand-alone selling price and recognized at a point in time upon the transfer of control. Three types of out-licensing arrangements are typically utilized: (1) arrangements when BMS out-licenses intellectual property to another party and has no further performance obligations; (2) arrangements that include a license and an additional performance obligation to supply product upon the request of the third party; and (3) collaboration arrangements, which include transferring a license to a third party to jointly develop and commercialize a product. Most out-licensing arrangements consist of a single performance obligation that is satisfied upon execution of the agreement when the development and commercialization rights are transferred to a third party. Up-front fees are recognized immediately and included in Other (income)/expense, net. Although contingent development and regulatory milestone amounts are assessed each period for the likelihood of achievement, they are typically constrained and recognized when the uncertainty is subsequently resolved for the full amount of the milestone and included in Other (income)/expense, net. Sales-based milestones and royalties are recognized when the milestone is achieved or the subsequent sales occur. Sales-based milestones are included in Other (income)/expense, net and royalties are included in Alliance and other revenue. Certain out-licensing arrangements may also include contingent performance obligations to supply commercial product to the third party upon its request. The license and supply obligations are accounted for as separate performance obligations as they are considered distinct because the third party can benefit from the license either on its own or together with other supply resources readily available to it and the obligations are separately identifiable from other obligations in the contract in accordance with the revenue recognition guidance. After considering the standalone selling prices in these situations, up-front fees, contingent development and regulatory milestone amounts and sales-based milestone and royalties are allocated to the license and recognized in the manner described above. Consideration for the supply obligation is usually based upon stipulated cost-plus margin contractual terms which represent a standalone selling price. The supply consideration is recognized at a point in time upon transfer of control of the product to the third party and included in Alliance and other revenue. The above fee allocation between the license and the supply represents the amount of consideration that BMS expects to be entitled to for the satisfaction of the separate performance obligations. Although collaboration arrangements are unique in nature, both parties are active participants in the operating activities and are exposed to significant risks and rewards depending on the commercial success of the activities. Performance obligations inherent in these arrangements may include the transfer of certain development or commercialization rights, ongoing development and commercialization services and product supply obligations. Except for certain product supply obligations which are considered distinct and accounted for as separate performance obligations similar to the manner discussed above, all other performance obligations are not considered distinct and are combined into a single performance obligation since the transferred rights are highly integrated and interrelated to BMS's obligation to jointly develop and commercialize the product with the third party. As a result, up-front fees are recognized ratably over time throughout the expected period of the collaboration activities and included in Other (income)/expense, net as the license is combined with other development and commercialization obligations. Contingent development and regulatory milestones that are no longer constrained are recognized in a similar manner on a prospective basis. Royalties and profit sharing are recognized when the underlying sales and profits occur and are included in Alliance and other revenue. Refer to “—Note 3 . Alliances” for further information. |
ALLIANCES ALLIANCES (Policies)
ALLIANCES ALLIANCES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | The most common activities between BMS and its alliance partners are presented in results of operations as follows: • When BMS is the principal in the end customer sale, 100% of product sales are included in Net product sales. When BMS's alliance partner is the principal in the end customer sale, BMS's contractual share of the third-party sales and/or royalty income are included in Alliance revenues as the sale of commercial products are considered part of BMS's ongoing major or central operations. Refer to “—Note 2 . Revenue” for information regarding recognition criteria. • Amounts payable to BMS by alliance partners (who are the principal in the end customer sale) for supply of commercial products are included in Alliance revenues as the sale of commercial products are considered part of BMS's ongoing major or central operations. • Profit sharing, royalties and other sales-based fees payable by BMS to alliance partners are included in Cost of products sold as incurred. • Cost reimbursements between the parties are recognized as incurred and included in Cost of products sold; Marketing, selling and administrative expenses; or Research and development expenses, based on the underlying nature of the related activities subject to reimbursement. • Upfront and contingent development and approval milestones payable to BMS by alliance partners for investigational compounds and commercial products are deferred and amortized over the expected period of BMS's development and co-promotion obligation through the market exclusivity period or the periods in which the related compounds or products are expected to contribute to future cash flows. The amortization is presented consistent with the nature of the payment under the arrangement. For example, amounts received for investigational compounds are presented in Other (income)/expense, net as the activities being performed at that time are not related to the sale of commercial products included in BMS’s ongoing major or central operations; amounts received for commercial products are presented in alliance revenue as the sale of commercial products are considered part of BMS’s ongoing major or central operations. • Upfront and contingent approval milestones payable by BMS to alliance partners for commercial products are capitalized and amortized over the shorter of the contractual term or the periods in which the related products are expected to contribute to future cash flows. • Upfront and contingent milestones payable by BMS to alliance partners prior to regulatory approval are expensed as incurred and included in Research and development expense. • Royalties and other contingent consideration payable to BMS by alliance partners related to the divestiture of such businesses are included in Other (income)/expense, net when earned. • All payments between BMS and its alliance partners are presented in Cash Flows From Operating Activities. |
REVENUE REVENUE (Tables)
REVENUE REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table summarizes the disaggregation of revenue by nature: Year Ended December 31, Dollars in Millions 2019 2018 2017 Net product sales $ 25,174 $ 21,581 $ 19,258 Alliance revenues 597 647 962 Other revenues 374 333 556 Total Revenues $ 26,145 $ 22,561 $ 20,776 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year Ended December 31, 2019 2018 2017 McKesson Corporation 26 % 25 % 24 % AmerisourceBergen Corporation 20 % 20 % 18 % Cardinal Health, Inc. 17 % 17 % 15 % |
Reconciliation of Gross Product Sales to Net Product Sales [Table Text Block] | The following table summarizes GTN adjustments: Year Ended December 31, Dollars in Millions 2019 2018 2017 Gross product sales $ 37,206 $ 30,174 $ 25,499 GTN adjustments (a) Charge-backs and cash discounts (3,675 ) (2,735 ) (2,084 ) Medicaid and Medicare rebates (4,941 ) (3,225 ) (2,086 ) Other rebates, returns, discounts and adjustments (3,416 ) (2,633 ) (2,071 ) Total GTN adjustments (12,032 ) (8,593 ) (6,241 ) Net product sales $ 25,174 $ 21,581 $ 19,258 (a) Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $132 million , $96 million and $71 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Revenue from External Customers by Products and Services [Table Text Block] | The following table summarizes the disaggregation of revenue by product and region: Year Ended December 31, Dollars in Millions 2019 2018 2017 Prioritized Brands Revlimid $ 1,299 $ — $ — Eliquis 7,929 6,438 4,872 Opdivo 7,204 6,735 4,948 Orencia 2,977 2,710 2,479 Pomalyst/Imnovid 322 — — Sprycel 2,110 2,000 2,005 Yervoy 1,489 1,330 1,244 Abraxane 166 — — Empliciti 357 247 231 Inrebic 5 — — Established Brands Baraclude 555 744 1,052 Vidaza 58 — — Other Brands (a) 1,674 2,357 3,945 Total Revenues $ 26,145 $ 22,561 $ 20,776 United States $ 15,342 $ 12,586 $ 11,358 Europe 6,266 5,658 4,988 Rest of World 4,013 3,733 3,877 Other (b) 524 584 553 Total Revenues $ 26,145 $ 22,561 $ 20,776 (a) Includes BMS and Celgene products in 2019. (b) |
ALLIANCES (Tables)
ALLIANCES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block] | Selected financial information pertaining to alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized. Year Ended December 31, Dollars in Millions 2019 2018 2017 Revenues from alliances: Net product sales $ 9,944 $ 8,359 $ 6,917 Alliance revenues 597 647 962 Total Revenues $ 10,541 $ 9,006 $ 7,879 Payments to/(from) alliance partners: Cost of products sold $ 4,169 $ 3,439 $ 2,718 Marketing, selling and administrative (127 ) (104 ) (62 ) Research and development 42 1,044 (28 ) Other (income)/expense, net (60 ) (67 ) (46 ) Selected Alliance Balance Sheet Information: December 31, Dollars in Millions 2019 2018 Receivables – from alliance partners $ 347 $ 395 Accounts payable – to alliance partners 1,026 904 Deferred income from alliances (a) 431 491 (a) Includes unamortized upfront and milestone payments. |
Collaborative Arrangement [Member] | Pfizer [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block] | Summarized financial information related to this alliance was as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Revenues from Pfizer alliance: Net product sales $ 7,711 $ 6,329 $ 4,808 Alliance revenues 218 109 64 Total Revenues $ 7,929 $ 6,438 $ 4,872 Payments to/(from) Pfizer: Cost of products sold – Profit sharing $ 3,745 $ 3,078 $ 2,314 Other (income)/expense, net – Amortization of deferred income (55 ) (55 ) (55 ) Selected Alliance Balance Sheet Information: December 31, Dollars in Millions 2019 2018 Receivables $ 247 $ 220 Accounts payable 922 786 Deferred income 355 410 |
Collaborative Arrangement [Member] | Otsuka [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block] | Summarized financial information related to this alliance was as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Revenues from Otsuka alliances: Net product sales – Oncology territory $ 1,794 $ 1,705 $ 1,699 Payments to Otsuka: Cost of products sold – Oncology fee 302 297 299 |
Collaborative Arrangement [Member] | Ono [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block] | Summarized financial information related to this alliance was as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Revenues from Ono alliances: Net product sales $ 194 $ 165 $ 145 Alliance revenues 305 294 268 Total Revenues $ 499 $ 459 $ 413 |
ACQUISITIONS, DIVESTITURES AN_2
ACQUISITIONS, DIVESTITURES AND LICENSING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions and Divestitures [Abstract] | |
Schedule of Consideration Transferred [Table Text Block] | The total consideration for the acquisition consisted of the following: Amounts in Millions, Except Per Share Data Total Consideration Celgene shares outstanding at November 19, 2019 714.9 Cash per share $ 50 Cash consideration for outstanding shares 35,745 Celgene shares outstanding at November 19, 2019 714.9 Closing price of BMS common stock on November 19, 2019 $ 56.48 Estimated fair value of share consideration 40,378 Celgene shares outstanding at November 19, 2019 714.9 Closing price of CVR (a) $ 2.30 Fair value of CVRs 1,644 Fair value of replacement options 1,428 Fair value of replacement restricted share awards 987 Fair value of CVRs issued to option and share award holders 87 Fair value of share-based compensation awards attributable to pre-combination service (b) 2,502 Total consideration transferred $ 80,269 (a) The closing price of CVR is based on the first trade on November 21, 2019. (b) Fair value of the awards attributed to post-combination services of $1.0 billion will be included in compensation costs. Refer to “—Note 18 . Employee Stock Benefit Plans” for more information. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The preliminary purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the Acquisition Date based upon their respective preliminary fair values summarized below: Dollars in Millions Preliminary Purchase Price Allocation Cash and cash equivalents $ 11,179 Receivables 2,652 Inventories 4,511 Property, plant and equipment 1,342 Intangible assets (a) 64,027 Otezla* assets held-for-sale (b) 13,400 Other assets 3,408 Accounts payable (363 ) Income taxes payable (2,718 ) Deferred income tax liabilities (7,339 ) Debt (21,782 ) Other liabilities (4,017 ) Identifiable net assets acquired 64,300 Goodwill (c) 15,969 Total consideration transferred $ 80,269 (a) Intangible assets consists of currently marketed product rights of approximately $44.5 billion (amortized over 5.1 years calculated using the weighted-average useful life of the assets) and IPRD of approximately $19.5 billion (not amortized), and were valued using the multi-period excess earnings method. This method starts with a forecast of all of the expected future net cash flows associated with the asset and then involves adjusting the forecast to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. (b) Amount includes $381 million of inventory, $13.0 billion of developed product rights, $19 million of accrued liabilities and $5 million of other non-current liabilities. Refer to “—Divestitures” for more information. (c) Goodwill represents the going-concern value associated with future product discovery beyond the existing pipeline and expected value of synergies resulting from cost savings and avoidance not attributed to identifiable assets. Goodwill is not deductible for tax purposes. |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, Amounts in Million 2019 2018 Total Revenues $ 39,759 $ 36,243 Net Earnings/(Loss) 3,369 (4,083 ) |
Divestitures [Table Text Block] | Divestitures The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures and assets held-for-sale were not material in all periods presented (excluding divestiture gains or losses). Proceeds (a) Divestiture Gains Royalty Income Dollars in Millions 2019 2018 2017 2019 2018 2017 2019 2018 2017 Otezla* $ 13,400 $ — $ — $ — $ — $ — $ — $ — $ — UPSA Business 1,508 — — (1,157 ) — — — — — Diabetes Business 661 579 405 — — (126 ) (650 ) (661 ) (329 ) Erbitux* Business 15 216 218 — — — (23 ) (145 ) (224 ) Manufacturing Operations 48 160 — 1 — — — — — Plavix* and Avapro* / Avalide* — 80 — — — — — — — Investigational HIV Business — — — — — (11 ) — — — Mature Brands and Other 10 212 28 (12 ) (178 ) (24 ) (13 ) (8 ) (4 ) Total $ 15,642 $ 1,247 $ 651 $ (1,168 ) $ (178 ) $ (161 ) $ (686 ) $ (814 ) $ (557 ) (a) Includes royalties received subsequent to the related sale of the asset or business. |
OTHER INCOME (NET) (Tables)
OTHER INCOME (NET) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule Of Other Income Expense [Table Text Block] | Year Ended December 31, Dollars in Millions 2019 2018 2017 Interest expense $ 656 $ 183 $ 196 Pension and postretirement 1,599 (27 ) (1 ) Royalties and licensing income (1,360 ) (1,353 ) (1,351 ) Divestiture gains (1,168 ) (178 ) (164 ) Acquisition expenses 657 — — Contingent value rights 523 — — Investment income (464 ) (173 ) (126 ) Integration expenses 415 — — Provision for restructuring 301 131 293 Equity investment (gains)/losses (279 ) 512 (23 ) Litigation and other settlements 77 76 (487 ) Transition and other service fees (37 ) (12 ) (37 ) Intangible asset impairment 15 64 — Equity in net loss/(income) of affiliates 4 (93 ) (75 ) Loss on debt redemption — — 109 Other (1 ) 16 (19 ) Other (income)/expense, net $ 938 $ (854 ) $ (1,685 ) |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Celgene Integration [Member] | |
Schedule of Restructuring and Related Costs [Table Text Block] | Dollars in Millions Year Ended December 31, 2019 Provision for restructuring $ 256 Integration expenses 415 Asset impairments 3 Total charges $ 674 Dollars in Millions Year Ended December 31, 2019 Research and development $ 3 Other (income)/expense, net 671 Total charges $ 674 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Dollars in Millions Year Ended December 31, 2019 Liability at January 1 $ — Provision for restructuring (a) 111 Payments (34 ) Liability at December 31 $ 77 |
Operating Model 2020 [Member] | |
Schedule of Restructuring and Related Costs [Table Text Block] | The following tables summarize the charges and activity related to the Company transformation: Year Ended December 31, Dollars in Millions 2019 2018 2017 Employee termination costs $ 17 $ 87 $ 267 Other termination costs 28 44 26 Provision for restructuring 45 131 293 Accelerated depreciation 133 113 289 Asset impairments 127 16 241 Other shutdown costs — 8 3 Total charges $ 305 $ 268 $ 826 Year Ended December 31, Dollars in Millions 2019 2018 2017 Cost of products sold $ 180 $ 57 $ 149 Marketing, selling and administrative 1 1 1 Research and development 79 79 383 Other (income)/expense, net 45 131 293 Total charges $ 305 $ 268 $ 826 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Year Ended December 31, Dollars in Millions 2019 2018 2017 Liability at December 31 $ 99 $ 186 $ 114 Cease-use liability reclassification (3 ) — — Liability at January 1 96 186 114 Charges 49 148 319 Change in estimates (4 ) (17 ) (26 ) Provision for restructuring 45 131 293 Foreign currency translation and other (1 ) 1 18 Payments (117 ) (219 ) (239 ) Liability at December 31 $ 23 $ 99 $ 186 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes [Table Text Block] | The provision/(benefit) for income taxes consisted of: Year Ended December 31, Dollars in Millions 2019 2018 2017 Current: U.S. $ 1,002 $ 566 $ 3,304 Non-U.S. 1,437 410 399 Total Current 2,439 976 3,703 Deferred: U.S. (113 ) (51 ) 541 Non-U.S. (811 ) 96 (88 ) Total Deferred (924 ) 45 453 Total Provision $ 1,515 $ 1,021 $ 4,156 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation of the effective tax rate to the U.S. statutory Federal income tax rate was as follows: % of Earnings Before Income Taxes Dollars in Millions 2019 2018 2017 Earnings before income taxes: U.S. $ 542 $ 2,338 $ 2,280 Non-U.S. 4,433 3,630 2,851 Total 4,975 5,968 5,131 U.S. statutory rate 1,045 21.0 % 1,253 21.0 % 1,796 35.0 % Deemed repatriation transition tax — — (56 ) (0.9 )% 2,611 50.9 % Deferred tax remeasurement — — — — 285 5.6 % Global intangible low taxed income (GILTI) 849 17.1 % 94 1.6 % — — Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland (68 ) (1.4 )% (202 ) (3.4 )% (561 ) (10.9 )% U.S. Federal valuation allowance 25 0.5 % 119 2.0 % — — U.S. Federal, state and foreign contingent tax matters (13 ) (0.3 )% (55 ) (0.9 )% 72 1.4 % U.S. Federal research based credits (138 ) (2.8 )% (138 ) (2.3 )% (144 ) (2.8 )% Fair value adjustments for contingent value rights 110 2.2 % — — — — Non-deductible R&D charges 5 0.1 % 17 0.3 % 266 5.2 % Puerto Rico excise tax (163 ) (3.3 )% (152 ) (2.6 )% (131 ) (2.6 )% Domestic manufacturing deduction — — — — (78 ) (1.5 )% State and local taxes (net of valuation allowance) (16 ) (0.3 )% 67 1.1 % 77 1.5 % Foreign and other (121 ) (2.3 )% 74 1.2 % (37 ) (0.8 )% Total $ 1,515 30.5 % $ 1,021 17.1 % $ 4,156 81.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of current and non-current deferred income tax assets/(liabilities) were as follows: December 31, Dollars in Millions 2019 2018 Deferred tax assets Foreign net operating loss carryforwards $ 2,480 $ 2,978 State net operating loss and credit carryforwards 263 121 U.S. Federal net operating loss and credit carryforwards 88 67 Deferred income 160 188 Milestone payments and license fees 558 552 Inventory 56 114 Other foreign deferred tax assets 370 327 Share-based compensation 521 54 Other 434 377 Total deferred tax assets 4,930 4,778 Valuation allowance (2,844 ) (3,193 ) Deferred tax assets net of valuation allowance $ 2,086 $ 1,585 Deferred tax liabilities Depreciation $ (113 ) $ (61 ) Acquired intangible assets (7,387 ) (220 ) Goodwill and other (530 ) (533 ) Total deferred tax liabilities $ (8,030 ) $ (814 ) Deferred tax (liabilities)/assets, net $ (5,944 ) $ 771 Recognized as: Deferred income taxes assets – non-current $ 510 $ 815 Deferred income taxes liabilities – non-current (6,454 ) (19 ) Liabilities related to assets held-for-sale — (25 ) Total $ (5,944 ) $ 771 |
Summary of Valuation Allowance [Table Text Block] | Changes in the valuation allowance were as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Balance at beginning of year $ 3,193 $ 2,827 $ 3,078 Provision 75 458 50 Utilization (423 ) (43 ) (335 ) Foreign currency translation (132 ) (48 ) 341 Acquisitions 228 — 2 Non U.S. rate change (97 ) (1 ) (309 ) Balance at end of year $ 2,844 $ 3,193 $ 2,827 |
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (excluding interest and penalties): Year Ended December 31, Dollars in Millions 2019 2018 2017 Balance at beginning of year $ 995 $ 1,155 $ 995 Gross additions to tax positions related to current year 170 48 173 Gross additions to tax positions related to prior years 19 21 30 Gross additions to tax positions assumed in acquisitions 852 — — Gross reductions to tax positions related to prior years (35 ) (106 ) (22 ) Settlements (23 ) 2 (20 ) Reductions to tax positions related to lapse of statute (72 ) (119 ) (13 ) Cumulative translation adjustment (1 ) (6 ) 12 Balance at end of year $ 1,905 $ 995 $ 1,155 |
Summary of Income Tax Examinations [Table Text Block] | Additional information regarding unrecognized tax benefits is as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Unrecognized tax benefits that if recognized would impact the effective tax rate $ 1,809 $ 853 $ 1,002 Accrued interest 292 167 148 Accrued penalties 10 11 15 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, Amounts in Millions, Except Per Share Data 2019 2018 2017 Net Earnings Attributable to BMS used for Basic and Diluted EPS Calculation $ 3,439 $ 4,920 $ 1,007 Weighted-average common shares outstanding - basic 1,705 1,633 1,645 Incremental shares attributable to share-based compensation plans 7 4 7 Weighted-average common shares outstanding - diluted 1,712 1,637 1,652 Earnings per Common Share Basic $ 2.02 $ 3.01 $ 0.61 Diluted 2.01 3.01 0.61 |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: December 31, 2019 December 31, 2018 Dollars in Millions Level 1 Level 2 Level 3 Level 1 Level 2 Cash and cash equivalents - Money market and other securities $ — $ 10,448 $ — $ — $ 6,173 Marketable debt securities: Certificates of deposit — 1,227 — — 971 Commercial paper — 1,093 — — 273 Corporate debt securities — 1,494 — — 2,379 Derivative assets — 140 — — 44 Equity investments 2,020 175 — 88 391 Derivative liabilities — (40 ) — — (31 ) Contingent consideration liability: Contingent value rights 2,275 — — — — Other acquisition related contingent consideration — — 106 — — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Ranges (weighted average) utilized as of: Inputs December 31, 2019 Discount rate 2.2% to 3.2% (2.6%) Probability of payment 0% to 68% (4.1%) Projected year of payment for development and regulatory milestones 2020 to 2029 (2024) Projected year of payment for sales-based milestones and other amounts calculated as a percentage of annual sales N/A |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Dollars in Millions Year Ended December 31, 2019 Fair value as of January 1 $ — Celgene acquisition 106 Fair value as of December 31 $ 106 |
Available-for-sale Securities [Table Text Block] | December 31, 2019 December 31, 2018 Dollars in Millions Amortized Gross Unrealized Fair Value Amortized Gross Unrealized Fair Value Gains Losses Gains Losses Certificates of deposit $ 1,227 $ — $ — $ 1,227 $ 971 $ — $ — $ 971 Commercial paper 1,093 — — 1,093 273 — — 273 Corporate debt securities 1,487 8 (1 ) 1,494 2,416 — (37 ) 2,379 $ 3,807 $ 8 $ (1 ) 3,814 $ 3,660 $ — $ (37 ) 3,623 Equity investments 2,195 479 Total $ 6,009 $ 4,102 December 31, Dollars in Millions 2019 2018 Marketable debt securities - current $ 3,047 $ 1,848 Other current assets — 125 Marketable debt securities - non-current (a) 767 1,775 Other non-current assets 2,195 354 Total $ 6,009 $ 4,102 (a) All non-current marketable debt securities mature within five years as of December 31, 2019 and December 31, 2018 . |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | The following table summarizes net gain/(loss) recorded for equity investments with readily determinable fair values held as of December 31, 2019 : Year Ended December 31, Dollars in Millions 2019 2018 Net gain/(loss) recognized $ 170 $ (530 ) Less: Net gain recognized for equity investments sold 14 7 Net unrealized gain/(loss) on equity investments held $ 156 $ (537 ) |
Schedule of Derivatives and Fair Value [Table Text Block] | The following summarizes the fair value of outstanding derivatives: December 31, 2019 December 31, 2018 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 $ 6 $ — $ — $ — $ — $ 755 $ (10 ) Cross-currency interest rate swap contracts 175 2 125 (1 ) 50 — 250 (5 ) Foreign currency forward contracts 766 27 980 (20 ) 1,503 44 496 (10 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts 2,342 91 1,173 (10 ) 54 — 600 (6 ) Foreign currency zero-cost collar contracts 2,482 14 2,235 (9 ) — — — — (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: Year Ended December 31, 2019 2018 2017 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 $ — $ (24 ) $ — $ (23 ) $ — $ (31 ) Cross-currency interest rate swap contracts — (9 ) — (8 ) — — Foreign currency forward contracts (103 ) 11 (4 ) (14 ) (12 ) 52 Forward starting interest rate swap option contracts — 35 — — — — Deal contingent forward starting interest rate swap contracts — 240 — — — — Foreign currency zero-cost collar contracts — 2 — — — — |
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): Year Ended December 31, Dollars in Millions 2019 2018 2017 Derivatives qualifying as cash flow hedges Foreign currency forward contracts gain/(loss): Recognized in Other Comprehensive Income/(Loss) (a) $ 65 $ 86 $ (108 ) Reclassified to Cost of products sold (103 ) (4 ) (12 ) Reclassified to Other (income)/expense, net — — 36 Derivatives qualifying as net investment hedges Cross-currency interest rate swap contracts gain/(loss): Recognized in Other Comprehensive Income/(Loss) 6 (5 ) — Non-derivatives qualifying as net investment hedges Non U.S. dollar borrowings gain/(loss): Recognized in Other Comprehensive Income/(Loss) 29 45 (134 ) (a) The amount 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: December 31, Dollars in Millions 2019 2018 Non-U.S. short-term borrowings $ 351 $ 320 Current portion of long-term debt 2,763 1,249 Other 232 134 Total $ 3,346 $ 1,703 |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt and the current portion of long-term debt includes: December 31, Dollars in Millions 2019 2018 Principal Value: 1.600% Notes due 2019 $ — $ 750 1.750% Notes due 2019 — 500 Floating Rate Notes due 2020 750 — 2.875% Notes due 2020 1,500 — 3.950% Notes due 2020 500 — 2.250% Notes due 2021 500 — 2.550% Notes due 2021 1,000 — 2.875% Notes due 2021 500 — Floating Rate Notes due 2022 500 — 2.000% Notes due 2022 750 750 2.600% Notes due 2022 1,500 — 3.250% Notes due 2022 1,000 — 3.550% Notes due 2022 1,000 — 2.750% Notes due 2023 750 — 3.250% Notes due 2023 500 500 3.250% Notes due 2023 1,000 — 4.000% Notes due 2023 700 — 7.150% Notes due 2023 302 302 2.900% Notes due 2024 3,250 — 3.625% Notes due 2024 1,000 — 1.000% Euro Notes due 2025 638 655 3.875% Notes due 2025 2,500 — 3.200% Notes due 2026 2,250 — 6.800% Notes due 2026 256 256 3.250% Notes due 2027 750 750 3.450% Notes due 2027 1,000 — 3.900% Notes due 2028 1,500 — 3.400% Notes due 2029 4,000 — 1.750% Euro Notes due 2035 638 655 5.875% Notes due 2036 287 287 6.125% Notes due 2038 226 226 4.125% Notes due 2039 2,000 — 5.700% Notes due 2040 250 — 3.250% Notes due 2042 500 500 5.250% Notes due 2043 400 — 4.500% Notes due 2044 500 500 4.625% Notes due 2044 1,000 — 5.000% Notes due 2045 2,000 — 4.350% Notes due 2047 1,250 — 4.550% Notes due 2048 1,500 — 4.250% Notes due 2049 3,750 — 6.875% Notes due 2097 87 87 0.13% - 5.75% Other - maturing through 2024 51 58 Total $ 44,335 $ 6,776 December 31, Dollars in Millions 2019 2018 Principal Value $ 44,335 $ 6,776 Adjustments to Principal Value: Fair value of interest rate swap contracts 6 (10 ) Unamortized basis adjustment from swap terminations 175 201 Unamortized bond discounts and issuance costs (280 ) (72 ) Unamortized purchase price adjustments of Celgene debt 1,914 — Total $ 46,150 $ 6,895 Current portion of long-term debt 2,763 1,249 Long-term debt 43,387 5,646 Total $ 46,150 $ 6,895 |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, Dollars in Millions 2019 2018 Trade receivables $ 6,888 $ 4,914 Less charge-backs and cash discounts (391 ) (245 ) Less bad debt allowances (21 ) (33 ) Net trade receivables 6,476 4,636 Alliance, Royalties, VAT and other 1,209 1,111 Receivables $ 7,685 $ 5,747 |
Receivables Allowance [Table Text Block] | Changes to the allowances for bad debt, charge-backs and cash discounts were as follows: Year Ended December 31, Dollars in Millions 2019 2018 2017 Balance at beginning of year $ 278 $ 252 $ 174 Celgene acquisition 116 — — Provision 3,725 2,739 2,090 Utilization (3,705 ) (2,707 ) (2,015 ) Other (2 ) (6 ) 3 Balance at end of year $ 412 $ 278 $ 252 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory, Net [Abstract] | |
Schedule of Inventories [Table Text Block] | December 31, Dollars in Millions 2019 2018 Finished goods $ 2,227 $ 356 Work in process 3,267 1,152 Raw and packaging materials 172 116 Total Inventories $ 5,666 $ 1,624 Inventories $ 4,293 $ 1,195 Other non-current assets 1,373 429 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, Dollars in Millions 2019 2018 Land $ 187 $ 104 Buildings 6,336 5,231 Machinery, equipment and fixtures 3,157 2,962 Construction in progress 527 548 Gross property, plant and equipment 10,207 8,845 Less accumulated depreciation (3,955 ) (3,818 ) Property, plant and equipment $ 6,252 $ 5,027 United States $ 4,835 $ 3,772 Europe 1,291 1,140 Rest of the World 126 115 Total $ 6,252 $ 5,027 |
LEASES Leases (Tables)
LEASES Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table summarizes the components of lease expense: Dollars in Millions Year Ended December 31, 2019 Operating lease cost $ 115 Variable lease cost 25 Short-term lease cost 20 Sublease income (4 ) Total operating lease expense $ 156 |
Balance Sheet Information Related to Leases [Table Text Block] | Operating lease right-of-use assets and liabilities were as follows: Dollars in Millions December 31, January 1, Other non-current assets $ 704 $ 543 Other current liabilities 133 40 Other non-current liabilities 672 548 Total liabilities $ 805 $ 588 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future lease payments for non-cancellable operating leases as of December 31, 2019 were as follows: Dollars in Millions 2020 $ 165 2021 145 2022 130 2023 104 2024 68 Thereafter 354 Total future lease payments 966 Less imputed interest 161 Total lease liability $ 805 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets By Major Class [Table Text Block] | Estimated December 31, Dollars in Millions 2019 2018 Goodwill (a) $ 22,488 $ 6,538 Other intangible assets (a) : Licenses 5 – 15 years 482 510 Acquired developed product rights 3 – 15 years 46,827 2,357 Capitalized software 3 – 10 years 1,297 1,156 IPRD 19,500 32 Gross other intangible assets 68,106 4,055 Less accumulated amortization (4,137 ) (2,964 ) Other intangible assets $ 63,969 $ 1,091 |
SUPPLEMENTAL FINANCIAL INFORM_2
SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Financial Information [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | December 31, Dollars in Millions 2019 2018 Prepaid and refundable income taxes $ 754 $ 774 Research and development 410 337 Assets held-for-sale — 479 Other 819 425 Other current assets $ 1,983 $ 2,015 |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, Dollars in Millions 2019 2018 Equity investments $ 3,405 $ 674 Inventories 1,373 429 Operating leases 704 — Pension and postretirement 456 809 Restricted cash 390 — Other 276 112 Other non-current assets $ 6,604 $ 2,024 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, Dollars in Millions 2019 2018 Rebates and returns $ 4,275 $ 2,417 Income taxes payable 1,517 398 Employee compensation and benefits 1,457 848 Research and development 1,324 805 Dividends 1,025 669 Interest 493 69 Royalties 418 391 Operating leases 133 — Other 1,871 1,462 Other current liabilities $ 12,513 $ 7,059 |
Other Noncurrent Liabilities [Table Text Block] | December 31, Dollars in Millions 2019 2018 Income taxes payable $ 5,368 $ 3,024 Contingent value rights 2,275 — Pension and postretirement 725 566 Operating leases 672 — Deferred income 424 468 Deferred compensation 287 231 Other 350 251 Other non-current liabilities $ 10,101 $ 4,540 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Common Stock Capital in Excess Accumulated Other Comprehensive Loss Retained Treasury Stock Noncontrolling Dollars and Shares in Millions Shares Par Value Shares Cost Balance at January 1, 2017 2,208 $ 221 $ 1,725 $ (2,503 ) $ 33,513 536 $ (16,779 ) $ 170 Accounting change - cumulative effect (a) — — — — (787 ) — — — Adjusted balance at January 1, 2017 2,208 221 1,725 (2,503 ) 32,726 536 (16,779 ) 170 Net earnings — — — — 1,007 — — 27 Other Comprehensive Income/(Loss) — — — 214 — — — — Cash dividends declared (c) — — — — (2,573 ) — — — Share repurchase program — — — — — 44 (2,477 ) — Stock compensation — — 173 — — (5 ) 7 — Variable interest entity — — — — — — — (59 ) Distributions — — — — — — — (32 ) Balance at December 31, 2017 2,208 221 1,898 (2,289 ) 31,160 575 (19,249 ) 106 Accounting change - cumulative effect (b) — — — (34 ) 332 — — — Adjusted balance at January 1, 2018 2,208 221 1,898 (2,323 ) 31,492 575 (19,249 ) 106 Net earnings — — — — 4,920 — — 27 Other Comprehensive Income/(Loss) — — — (156 ) — — — — Cash dividends declared (c) — — — — (2,630 ) — — — Share repurchase program — — — — — 5 (313 ) — Stock compensation — — 183 — — (4 ) (12 ) — Adoption of ASU 2018-02 (b) — — — (283 ) 283 — — — Distributions — — — — — — — (37 ) Balance at December 31, 2018 2,208 221 2,081 (2,762 ) 34,065 576 (19,574 ) 96 Accounting change - cumulative effect (b) — — — — 5 — — — Adjusted balance at January 1, 2019 2,208 221 2,081 (2,762 ) 34,070 576 (19,574 ) 96 Net earnings — — — — 3,439 — — 21 Other Comprehensive Income/(Loss) — — — 1,242 — — — — Celgene acquisition 715 71 42,721 — — — — — Cash dividends declared (c) — — — — (3,035 ) — — — Share repurchase program — — (1,400 ) — — 105 (5,900 ) — Stock compensation — — 307 — — (9 ) 117 — Distributions — — — — — — — (17 ) Balance at December 31, 2019 2,923 $ 292 $ 43,709 $ (1,520 ) $ 34,474 672 $ (25,357 ) $ 100 (a) Cumulative effect resulting from adoption of ASU 2016-16. (b) Cumulative effect resulting from adoption of ASU 2014-09. (c) Cash dividends declared per common share were $1.68 |
Schedule of Comprehensive Income (Loss) [Table Text Block] | The components of Other Comprehensive Income/(Loss) were as follows: Year Ended December 31, 2019 2018 2017 Dollars in Millions Pretax Tax After Tax Pretax Tax After Tax Pretax Tax After Tax Derivatives qualifying as cash flow hedges: Unrealized gains/(losses) $ 65 $ (7 ) $ 58 $ 86 $ (9 ) $ 77 $ (101 ) $ 33 $ (68 ) Reclassified to net earnings (a) (103 ) 13 (90 ) (4 ) (3 ) (7 ) 19 (8 ) 11 Derivatives qualifying as cash flow hedges (38 ) 6 (32 ) 82 (12 ) 70 (82 ) 25 (57 ) Pension and postretirement benefits: Actuarial (losses)/gains (143 ) 28 (115 ) (89 ) (3 ) (92 ) 47 11 58 Amortization (b) 55 (11 ) 44 65 (13 ) 52 77 (31 ) 46 Settlements (b) 1,640 (366 ) 1,274 121 (28 ) 93 167 (57 ) 110 Pension and postretirement benefits 1,552 (349 ) 1,203 97 (44 ) 53 291 (77 ) 214 Available-for-sale securities: Unrealized gains/(losses) 42 (9 ) 33 (30 ) 5 (25 ) 38 6 44 Realized losses/(gains) (b) 3 — 3 — — — (7 ) 2 (5 ) Available-for-sale securities 45 (9 ) 36 (30 ) 5 (25 ) 31 8 39 Foreign currency translation 43 (8 ) 35 (245 ) (9 ) (254 ) (20 ) 38 18 Other Comprehensive Income/(Loss) $ 1,602 $ (360 ) $ 1,242 $ (96 ) $ (60 ) $ (156 ) $ 220 $ (6 ) $ 214 (a) Included in Cost of products sold. (b) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The accumulated balances related to each component of Other Comprehensive Income/(Loss), net of taxes, were as follows: December 31, Dollars in Millions 2019 2018 Derivatives qualifying as cash flow hedges $ 19 $ 51 Pension and postretirement benefits (899 ) (2,102 ) Available-for-sale securities 6 (30 ) Foreign currency translation (646 ) (681 ) Accumulated other comprehensive loss $ (1,520 ) $ (2,762 ) |
PENSION AND POSTRETIREMENT BE_2
PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The net periodic benefit cost/(credit) of defined benefit pension plans includes: Year Ended December 31, Dollars in Millions 2019 2018 2017 Service cost — benefits earned during the year $ 26 $ 26 $ 25 Interest cost on projected benefit obligation 115 193 188 Expected return on plan assets (200 ) (386 ) (411 ) Amortization of prior service credits (4 ) (4 ) (4 ) Amortization of net actuarial loss 59 74 82 Settlements and Curtailments 1,640 121 159 Special termination benefits — — 3 Net periodic pension benefit cost/(credit) $ 1,636 $ 24 $ 42 |
Schedule Of Defined Benefit Obligations And Assets [Table Text Block] | Changes in defined benefit pension plan obligations, assets, funded status and amounts recognized in the consolidated balance sheets were as follows: Year Ended December 31, Dollars in Millions 2019 2018 Benefit obligations at beginning of year $ 5,966 $ 6,749 Service cost—benefits earned during the year 26 26 Interest cost 115 193 Settlements and Curtailments (4,105 ) (278 ) Actuarial losses/(gains) 777 (523 ) Benefits paid (109 ) (123 ) Acquisition/Divestiture 262 — Foreign currency and other 8 (78 ) Benefit obligations at end of year $ 2,940 $ 5,966 Fair value of plan assets at beginning of year $ 6,129 $ 6,749 Actual return on plan assets 804 (203 ) Employer contributions 63 71 Settlements (4,104 ) (276 ) Benefits paid (109 ) (123 ) Asset transfer (424 ) — Acquisition/Divestiture 164 — Foreign currency and other 13 (89 ) Fair value of plan assets at end of year $ 2,536 $ 6,129 (Unfunded)/Funded status $ (404 ) $ 163 Assets/(Liabilities) recognized: Other non-current assets $ 192 $ 622 Other current liabilities (27 ) (32 ) Other non-current liabilities (569 ) (427 ) Funded status $ (404 ) $ 163 Recognized in Accumulated other comprehensive loss: Net actuarial losses $ 1,192 $ 2,717 Prior service credit (26 ) (30 ) Total $ 1,166 $ 2,687 |
Schedule Of Accumulated And Projected Benefit Obligation In Excess Of Fair Value Of Plan Assets [Table Text Block] | Additional information related to pension plans was as follows: December 31, Dollars in Millions 2019 2018 Pension plans with projected benefit obligations in excess of plan assets: Projected benefit obligation $ 1,652 $ 1,275 Fair value of plan assets 1,056 817 Pension plans with accumulated benefit obligations in excess of plan assets : Accumulated benefit obligation 1,417 1,181 Fair value of plan assets 875 757 |
Schedule Of Defined Benefit Actuarial Assumptions Benefit Obligations [Table Text Block] | Weighted-average assumptions used to determine defined benefit pension plan obligations were as follows: December 31, 2019 2018 Discount rate 1.6 % 3.5 % Rate of compensation increase 1.3 % 0.5 % |
Schedule Of Defined Benefit Actuarial Assumptions Net Periodic Benefit Cost [Table Text Block] | Weighted-average actuarial assumptions used to determine defined benefit pension plan net periodic benefit cost/(credit) were as follows: Year Ended December 31, 2019 2018 2017 Discount rate 3.2 % 3.1 % 3.5 % Expected long-term return on plan assets 4.5 % 6.2 % 7.0 % Rate of compensation increase 0.5 % 0.5 % 0.5 % |
Schedule Of Allocation Of Plan Assets [Table Text Block] | The fair value of pension and postretirement plan assets by asset category at December 31, 2019 and 2018 was as follows: December 31, 2019 December 31, 2018 Dollars in Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Plan Assets Equity securities $ 87 $ — $ — $ 87 $ 124 $ — $ — $ 124 Equity funds 4 544 — 548 2 475 — 477 Fixed income funds — 769 — 769 — 606 — 606 Corporate debt securities — 764 — 764 — 3,865 — 3,865 U.S. Treasury and agency securities — 168 — 168 — 553 — 553 Short-term investment funds — — — — — 55 — 55 Insurance contracts — — 128 128 — — 134 134 Cash and cash equivalents 24 — — 24 311 — — 311 Other — 111 33 144 — 105 19 124 Plan assets subject to leveling $ 115 $ 2,356 $ 161 $ 2,632 $ 437 $ 5,659 $ 153 $ 6,249 Plan assets measured at NAV as a practical expedient Venture capital and limited partnerships $ 1 $ 121 Other 301 91 Total plan assets measured at NAV as a practical expedient 302 212 Net plan assets $ 2,934 $ 6,461 |
EMPLOYEE STOCK BENEFIT PLANS (T
EMPLOYEE STOCK BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2019 Weighted average risk-free interest rate 1.59% Expected volatility 25.7% Weighted average expected term (years) 2.65 Expected dividend yield 2.89% |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Year Ended December 31, Dollars in Millions 2019 2018 2017 Cost of products sold $ 19 $ 15 $ 16 Marketing, selling and administrative 162 122 103 Research and development 115 84 80 Other (income)/expense, net 145 — — Total stock-based compensation expense $ 441 $ 221 $ 199 Income tax benefit $ 87 $ 41 $ 59 |
Share-based Payment Arrangement, Activity [Table Text Block] | Stock Options (a) Restricted Stock Units Market Share Units Performance Share Units Shares in Millions Number of Options Weighted-Average Exercise Price of Shares Number of Nonvested Awards Weighted-Average Grant-Date Fair Value Number of Nonvested Awards Weighted-Average Grant-Date Fair Value Number of Nonvested Awards Weighted-Average Grant-Date Fair Value Balance at January 1, 2019 1.7 $ 17.51 5.0 $ 58.83 1.5 $ 66.76 2.8 $ 63.28 Replacement Awards 105.3 47.77 32.4 56.37 — — — — Granted — — 3.9 47.16 0.8 51.52 1.3 49.99 Released/Exercised (5.5 ) 32.22 (5.9 ) 57.24 (0.5 ) 65.76 (0.8 ) 64.87 Adjustments for actual payout — — — — — — 0.1 — Forfeited/Canceled (0.3 ) 54.98 (0.7 ) 54.43 (0.3 ) 59.12 (0.5 ) 56.71 Balance at December 31, 2019 101.2 48.08 34.7 55.58 1.6 59.25 3.0 57.46 Expected to vest 32.3 55.66 1.4 59.45 3.6 58.27 |
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | Dollars in Millions Stock Options Restricted Stock Units Market Share Units Performance Share Units Unrecognized compensation cost $ 121 $ 918 $ 39 $ 78 Expected weighted-average period in years of compensation cost to be recognized 2.0 2.1 2.7 1.6 |
Schedule Of Share Based Compensation Additional Information [Table Text Block] | Amounts in Millions, except per share data 2019 2018 2017 Weighted-average grant date fair value (per share): Stock options - replacement awards $ 15.00 $ — $ — Restricted stock units - replacement awards 56.37 — — Restricted stock units 47.16 61.40 54.39 Market share units 51.52 72.33 60.14 Performance share units 49.99 67.60 57.91 Fair value of awards that vested: Restricted stock units - replacement awards $ 233 $ — $ — Restricted stock units 105 98 91 Market share units 30 40 33 Performance share units 53 103 84 Total intrinsic value of stock options exercised 148 89 84 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | The following table summarizes significant outstanding and exercisable options at December 31, 2019 : Range of Exercise Prices Number of Options (in millions) Weighted-Average Remaining Contractual Life (in years) Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value (in millions) $10 - $40 27.2 2.7 $ 24.81 $ 1,071 $40 - $55 31.3 5.7 48.69 485 $55 - $65 30.4 5.0 59.48 143 $65+ 12.3 5.7 69.89 — Outstanding 101.2 4.7 48.08 $ 1,700 Exercisable 78.6 3.9 46.65 $ 1,430 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2019 Dollars in Millions, except per share data First Quarter Second Quarter Third Quarter Fourth Quarter (d) Year (d) Total Revenues $ 5,920 $ 6,273 $ 6,007 $ 7,945 $ 26,145 Gross Margin 4,096 4,301 4,217 5,453 18,067 Net Earnings/(Loss) 1,715 1,439 1,366 (1,060 ) 3,460 Net Earnings/(Loss) Attributable to: Noncontrolling Interest 5 7 13 (4 ) 21 BMS 1,710 1,432 1,353 (1,056 ) 3,439 Earnings/(Loss) per Common Share - Basic (a) $ 1.05 $ 0.88 $ 0.83 $ (0.55 ) $ 2.02 Earnings/(Loss) per Common Share - Diluted (a) 1.04 0.87 0.83 (0.55 ) 2.01 Cash dividends declared per common share $ 0.41 $ 0.41 $ 0.41 $ 0.45 $ 1.68 Cash and cash equivalents $ 7,335 $ 28,404 $ 30,489 $ 12,346 $ 12,346 Marketable debt securities (b) 2,662 1,947 2,978 3,814 3,814 Total Assets 34,834 55,163 57,433 129,944 129,944 Long-term debt (c) 5,635 24,433 24,390 46,150 46,150 Equity 15,317 16,151 17,754 51,698 51,698 Year Ended December 31, 2018 Dollars in Millions, except per share data First Quarter Second Quarter Third Quarter Fourth Quarter Year Total Revenues $ 5,193 $ 5,704 $ 5,691 $ 5,973 $ 22,561 Gross Margin 3,629 4,099 4,063 4,303 16,094 Net Earnings 1,495 382 1,912 1,158 4,947 Net Earnings/(Loss) Attributable to: Noncontrolling Interest 9 9 11 (2 ) 27 BMS 1,486 373 1,901 1,160 4,920 Earnings per Common Share - Basic (a) $ 0.91 $ 0.23 $ 1.16 $ 0.71 $ 3.01 Earnings per Common Share - Diluted (a) 0.91 0.23 1.16 0.71 3.01 Cash dividends declared per common share $ 0.40 $ 0.40 $ 0.40 $ 0.41 $ 1.61 Cash and cash equivalents $ 5,342 $ 4,999 $ 5,408 $ 6,911 $ 6,911 Marketable debt securities (b) 3,548 3,057 3,298 3,623 3,623 Total Assets 33,083 32,641 33,734 34,986 34,986 Long-term debt (c) 5,775 5,671 5,687 6,895 6,895 Equity 12,906 12,418 13,750 14,127 14,127 (a) Earnings per share for the quarters may not add to the amounts for the year, as each period is computed on a discrete basis. (b) Marketable debt securities includes current and non-current assets. (c) Long-term debt includes the current portion. (d) Commencing on November 20, 2019, Celgene's operations are included in our consolidated financial statements. Refer to “—Note 4 . Acquisitions, Divestitures, Licensing and Other Arrangements” for additional information. |
Selected Quarterly Data Specified Items [Table Text Block] | The following specified items affected the comparability of results in 2019 and 2018 : Year Ended December 31, 2019 Dollars in Millions First Quarter Second Quarter Third Quarter Fourth Quarter Year Inventory purchase price accounting adjustments $ — $ — $ — $ 660 $ 660 Employee compensation charges — — — 1 1 Site exit and other costs 12 139 22 24 197 Cost of products sold 12 139 22 685 858 Employee compensation charges — — — 27 27 Site exit and other costs 1 — — 8 9 Marketing, selling and administrative 1 — — 35 36 License and asset acquisition charges — 25 — — 25 IPRD impairments 32 — — — 32 Employee compensation charges — — — 33 33 Site exit and other costs 19 19 20 109 167 Research and development 51 44 20 142 257 Amortization of acquired intangible assets — — — 1,062 1,062 Interest expense — 83 166 73 322 Pension and postretirement 49 44 1,545 (3 ) 1,635 Royalties and licensing income — — (9 ) (15 ) (24 ) Divestiture (gains)/losses — 8 (1,179 ) 3 (1,168 ) Acquisition expenses 165 303 7 182 657 Contingent value rights — — — 523 523 Investment income — (54 ) (99 ) (44 ) (197 ) Integration expenses 22 106 96 191 415 Provision for restructuring 12 10 10 269 301 Equity investment (gains)/losses (175 ) (71 ) 261 (294 ) (279 ) Litigation and other settlements — — — 75 75 Other — — — 2 2 Other (income)/expense, net 73 429 798 962 2,262 Increase to pretax income 137 612 840 2,886 4,475 Income taxes on items above (43 ) (105 ) (275 ) (264 ) (687 ) Income taxes attributed to Otezla* divestiture — — — 808 808 Income taxes (43 ) (105 ) (275 ) 544 121 Increase to net earnings $ 94 $ 507 $ 565 $ 3,430 $ 4,596 Year Ended December 31, 2018 Dollars in Millions First Quarter Second Quarter Third Quarter Fourth Quarter Year Site exit and other costs $ 13 $ 14 $ 13 $ 18 $ 58 Cost of products sold 13 14 13 18 58 Marketing, selling and administrative 1 — — 1 2 License and asset acquisition charges 60 1,075 — — 1,135 Site exit and other costs 20 19 18 22 79 Research and development 80 1,094 18 22 1,214 Pension and postretirement 31 37 27 26 121 Royalties and licensing income (50 ) (25 ) — — (75 ) Divestiture gains (43 ) (25 ) (108 ) (1 ) (177 ) Provision for restructuring 20 37 45 29 131 Equity investment (gains)/losses (15 ) 356 (97 ) 268 512 Litigation and other settlements — — — 70 70 Intangible asset impairment 64 — — — 64 Other (income)/expense, net 7 380 (133 ) 392 646 Increase/(decrease) to pretax income 101 1,488 (102 ) 433 1,920 Income taxes on items above (8 ) (218 ) 1 (43 ) (268 ) Income taxes attributed to U.S. tax reform (32 ) 3 (20 ) (7 ) (56 ) Income taxes (40 ) (215 ) (19 ) (50 ) (324 ) Increase/(decrease) to net earnings $ 61 $ 1,273 $ (121 ) $ 383 $ 1,596 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Direct Operating Costs [Abstract] | |||
Advertising and product promotion costs | $ 633 | $ 672 | $ 740 |
Buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant and equipment | 20 years | ||
Buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant and equipment | 50 years | ||
Machinery equipment and fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant and equipment | 3 years | ||
Machinery equipment and fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant and equipment | 20 years |
ACCOUNTING POLICIES CASH, CASH
ACCOUNTING POLICIES CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) $ in Millions | Dec. 31, 2019USD ($) |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | $ 474 |
REVENUE REVENUE BY NATURE (Deta
REVENUE REVENUE BY NATURE (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 5,973 | $ 5,691 | $ 5,704 | $ 5,193 | $ 26,145 | $ 22,561 | $ 20,776 |
Net product sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 25,174 | 21,581 | 19,258 | ||||||||
Concentration Risk, Percentage | 90.00% | ||||||||||
Other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 374 | 333 | 556 | ||||||||
Collaborative Arrangement [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 10,541 | 9,006 | 7,879 | ||||||||
Collaborative Arrangement [Member] | Net product sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 9,944 | 8,359 | 6,917 | ||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 597 | $ 647 | $ 962 |
REVENUE CONCENTRATION OF RISK (
REVENUE CONCENTRATION OF RISK (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
McKesson Corporation [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 26.00% | 25.00% | 24.00% |
AmerisorceBergen [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 20.00% | 18.00% |
Cardinal Health, Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 17.00% | 17.00% | 15.00% |
REVENUE GROSS TO NET ADJUSTMENT
REVENUE GROSS TO NET ADJUSTMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gross to Net Adjustments [Line Items] | |||||||||||
Revenues | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 5,973 | $ 5,691 | $ 5,704 | $ 5,193 | $ 26,145 | $ 22,561 | $ 20,776 |
Gross to Net Adjustments | (12,032) | (8,593) | (6,241) | ||||||||
Prior Period Gross to Net Adjustment Impacted by New Accounting Pronouncement | 132 | 96 | 71 | ||||||||
Sales Revenue, Gross [Member] | |||||||||||
Gross to Net Adjustments [Line Items] | |||||||||||
Revenues | 37,206 | 30,174 | 25,499 | ||||||||
Charge-backs and cash discounts [Member] | |||||||||||
Gross to Net Adjustments [Line Items] | |||||||||||
Gross to Net Adjustments | (3,675) | (2,735) | (2,084) | ||||||||
Medicaid and Medicare rebates [Member] | |||||||||||
Gross to Net Adjustments [Line Items] | |||||||||||
Gross to Net Adjustments | (4,941) | (3,225) | (2,086) | ||||||||
Other rebates, returns, discounts and adjustments [Member] | |||||||||||
Gross to Net Adjustments [Line Items] | |||||||||||
Gross to Net Adjustments | $ (3,416) | $ (2,633) | $ (2,071) |
REVENUE REVENUE BY PRODUCT AND
REVENUE REVENUE BY PRODUCT AND REGION (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 5,973 | $ 5,691 | $ 5,704 | $ 5,193 | $ 26,145 | $ 22,561 | $ 20,776 |
UNITED STATES | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 15,342 | 12,586 | 11,358 | ||||||||
European Union [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 6,266 | 5,658 | 4,988 | ||||||||
Rest Of World [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 4,013 | 3,733 | 3,877 | ||||||||
Other Region [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 524 | 584 | 553 | ||||||||
Revlimid [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,299 | 0 | 0 | ||||||||
Eliquis [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 7,929 | 6,438 | 4,872 | ||||||||
Opdivo [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 7,204 | 6,735 | 4,948 | ||||||||
Orencia [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 2,977 | 2,710 | 2,479 | ||||||||
Pomalyst/Imnovid [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 322 | 0 | 0 | ||||||||
Sprycel [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 2,110 | 2,000 | 2,005 | ||||||||
Yervoy [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,489 | 1,330 | 1,244 | ||||||||
Abraxane [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 166 | 0 | 0 | ||||||||
Empliciti [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 357 | 247 | 231 | ||||||||
Inrebic [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 5 | 0 | 0 | ||||||||
Baraclude [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 555 | 744 | 1,052 | ||||||||
Vidaza [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 58 | 0 | 0 | ||||||||
Mature Products And All Other [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 1,674 | $ 2,357 | $ 3,945 |
REVENUE NARRATIVES (Details)
REVENUE NARRATIVES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 411 | $ 495 |
ALLIANCES ALLIANCE (Total) (Det
ALLIANCES ALLIANCE (Total) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 5,973 | $ 5,691 | $ 5,704 | $ 5,193 | $ 26,145 | $ 22,561 | $ 20,776 | |
Cost of Goods and Services Sold | [1] | 8,078 | 6,467 | 6,014 | ||||||||
Other Nonoperating Income (Expense) | 938 | (854) | (1,685) | |||||||||
Receivables | 7,685 | 5,747 | 7,685 | 5,747 | ||||||||
Accounts payable | 2,445 | 1,892 | 2,445 | 1,892 | ||||||||
Collaborative Arrangement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 10,541 | 9,006 | 7,879 | |||||||||
Cost of Goods and Services Sold | 4,169 | 3,439 | 2,718 | |||||||||
Selling, General and Administrative Expense - Collaborative Arrangement | (127) | (104) | (62) | |||||||||
Research and Development Expense - Collaborative Arrangement | 42 | 1,044 | (28) | |||||||||
Other Nonoperating Income (Expense) | (60) | (67) | (46) | |||||||||
Receivables | 347 | 395 | 347 | 395 | ||||||||
Accounts payable | 1,026 | 904 | 1,026 | 904 | ||||||||
Deferred income | $ 431 | $ 491 | 431 | 491 | ||||||||
Net product sales [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 25,174 | 21,581 | 19,258 | |||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 9,944 | 8,359 | 6,917 | |||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | $ 597 | $ 647 | $ 962 | |||||||||
[1] | Excludes amortization of acquired intangible assets. |
ALLIANCES (Pfizer) (Details)
ALLIANCES (Pfizer) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 5,973 | $ 5,691 | $ 5,704 | $ 5,193 | $ 26,145 | $ 22,561 | $ 20,776 | |
Cost of Goods and Services Sold | [1] | 8,078 | 6,467 | 6,014 | ||||||||
Other Nonoperating Income (Expense) | 938 | (854) | (1,685) | |||||||||
Receivables | 7,685 | 5,747 | 7,685 | 5,747 | ||||||||
Accounts payable | 2,445 | 1,892 | 2,445 | 1,892 | ||||||||
Eliquis [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 7,929 | 6,438 | 4,872 | |||||||||
Pfizer [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Receivables | 247 | 220 | 247 | 220 | ||||||||
Accounts payable | 922 | 786 | 922 | 786 | ||||||||
Deferred income | 355 | 410 | 355 | 410 | ||||||||
Collaborative Arrangement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 10,541 | 9,006 | 7,879 | |||||||||
Cost of Goods and Services Sold | 4,169 | 3,439 | 2,718 | |||||||||
Other Nonoperating Income (Expense) | (60) | (67) | (46) | |||||||||
Receivables | 347 | 395 | 347 | 395 | ||||||||
Accounts payable | 1,026 | 904 | 1,026 | 904 | ||||||||
Deferred income | $ 431 | $ 491 | 431 | 491 | ||||||||
Collaborative Arrangement [Member] | Pfizer [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 7,929 | 6,438 | 4,872 | |||||||||
Cost of Goods and Services Sold | 3,745 | 3,078 | 2,314 | |||||||||
Other Nonoperating Income (Expense) | $ (55) | (55) | (55) | |||||||||
Collaborative Arrangement [Member] | Pfizer [Member] | Eliquis [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Minimum percentage of reimbursement for development costs from alliance partner | 50.00% | 50.00% | ||||||||||
Maximum percentage of reimbursement for development costs from alliance partner | 60.00% | 60.00% | ||||||||||
Total upfront, milestone and other licensing payments received to date | $ 884 | $ 884 | ||||||||||
Net product sales [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 25,174 | 21,581 | 19,258 | |||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 9,944 | 8,359 | 6,917 | |||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | Pfizer [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 7,711 | 6,329 | 4,808 | |||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 597 | 647 | 962 | |||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | Pfizer [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | $ 218 | $ 109 | $ 64 | |||||||||
[1] | Excludes amortization of acquired intangible assets. |
ALLIANCES (Otsuka) (Details)
ALLIANCES (Otsuka) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 5,973 | $ 5,691 | $ 5,704 | $ 5,193 | $ 26,145 | $ 22,561 | $ 20,776 | |
Cost of Goods and Services Sold | [1] | 8,078 | 6,467 | 6,014 | ||||||||
Collaborative Arrangement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 10,541 | 9,006 | 7,879 | |||||||||
Cost of Goods and Services Sold | 4,169 | 3,439 | 2,718 | |||||||||
Collaborative Arrangement [Member] | Otsuka [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Collaboration Distribution Fees | $ 294 | |||||||||||
Collaboration Distribution Fee Percentage | 1.00% | 1.00% | ||||||||||
Cost of Goods and Services Sold | $ 302 | 297 | 299 | |||||||||
Net product sales [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 25,174 | 21,581 | 19,258 | |||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | 9,944 | 8,359 | 6,917 | |||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | Otsuka [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenues | $ 1,794 | $ 1,705 | $ 1,699 | |||||||||
[1] | Excludes amortization of acquired intangible assets. |
ALLIANCES (Ono) (Details)
ALLIANCES (Ono) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 5,973 | $ 5,691 | $ 5,704 | $ 5,193 | $ 26,145 | $ 22,561 | $ 20,776 |
Collaborative Arrangement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | $ 10,541 | 9,006 | 7,879 | ||||||||
Collaborative Arrangement [Member] | Ono [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Profit sharing involving only one compound - maximum | 80.00% | ||||||||||
Profit sharing involving only one compound - minimum | 20.00% | ||||||||||
Co-promotion fee percentage | 60.00% | ||||||||||
Upfront payments for licensing and alliance arrangements | $ 40 | ||||||||||
Contingent and Regulatory Milestone Payments | $ 480 | 480 | |||||||||
Revenues | $ 499 | 459 | 413 | ||||||||
Collaborative Arrangement [Member] | North America [Member] | Ono [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Royalty rate due to regulatory approvals | 4.00% | ||||||||||
Collaborative Arrangement [Member] | Rest of World Except Japan, South Korea and Taiwan [Member] | Ono [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Royalty rate due to regulatory approvals | 15.00% | ||||||||||
Net product sales [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | $ 25,174 | 21,581 | 19,258 | ||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | 9,944 | 8,359 | 6,917 | ||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | Ono [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | 194 | 165 | 145 | ||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | 597 | 647 | 962 | ||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | Ono [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | $ 305 | $ 294 | $ 268 |
ALLIANCES ALLIANCES (Nektar) (D
ALLIANCES ALLIANCES (Nektar) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Common Stock Lock Up Period, Years | 5 | ||
Research and development | $ 6,148 | $ 6,332 | $ 6,468 |
Collaborative Arrangement [Member] | Nektar [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Cost Share, Percentage, Combination Studies | 67.50% | ||
Percentage of Pretax Profit and Loss Shared with BMS | 35.00% | ||
Upfront payments for licensing and alliance arrangements | $ 1,850 | ||
Ownership Interest | 4.80% | ||
Equity Investment in Collaborative Partner | $ 800 | ||
Upfront payment allocated to research and development expenses | 1,050 | ||
Consideration for contingent development and regulatory approval | 1,800 | ||
Research and development | $ 108 | $ 59 | |
Common Stock [Member] | Collaborative Arrangement [Member] | Nektar [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Equity Received in Collaborative Partner | 8.3 |
ACQUISITIONS NARRATIVE (Details
ACQUISITIONS NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 20, 2019 | |
Asset acquisition [Line Items] | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 24,634 | $ 1,246 | $ 726 | |||||||||
Revenues | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 5,973 | $ 5,691 | $ 5,704 | $ 5,193 | 26,145 | 22,561 | 20,776 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,060) | $ 1,366 | $ 1,439 | $ 1,715 | $ 1,158 | $ 1,912 | $ 382 | $ 1,495 | 3,460 | $ 4,947 | $ 975 | |
Business Acquisition, Transaction Costs | $ 657 | 657 | ||||||||||
Celgene [Member] | ||||||||||||
Asset acquisition [Line Items] | ||||||||||||
Business Acquisition, Share Price | $ 50 | |||||||||||
Business Combination, Potential Payment Per Share Based Upon Future Events | $ 9 | |||||||||||
Payments to Acquire Businesses, Gross | 35,745 | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 24,600 | |||||||||||
Celgene [Member] | ||||||||||||
Asset acquisition [Line Items] | ||||||||||||
Revenues | 1,900 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 1,600 |
ACQUISITIONS, DIVESTITURES AN_3
ACQUISITIONS, DIVESTITURES AND LICENSING ARRANGEMENTS ACQUISITION - CONSIDERATION TRANSFERRED (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | 13 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | Nov. 20, 2019 | |
Business Acquisition [Line Items] | ||||||
Share Price | $ 64.19 | $ 64.19 | $ 56.48 | |||
Employee Benefits and Share-based Compensation | $ 441 | $ 221 | $ 199 | |||
Celgene [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Common Stock, Shares, Outstanding | 714.9 | |||||
Payments to Acquire Businesses, Gross | 35,745 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 40,378 | |||||
CVR Fair Value per Share | $ 2.30 | |||||
CVR Fair Value | $ 1,644 | |||||
Fair Value of Replacement Options | 1,428 | |||||
Fair Value of Restricted Share Awards | 987 | |||||
Fair Value of CVRs Issuedto Option and Share Award Holders | 87 | |||||
Fair Value of Shared-Based Compensation Awards Attributable to Pre-Combination Service | $ 2,502 | |||||
Business Combination, Consideration Transferred | $ 80,269 | |||||
Employee Benefits and Share-based Compensation | $ 66 | |||||
Forecast [Member] | Celgene [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Employee Benefits and Share-based Compensation | $ 1,000 |
ACQUISITIONS, DIVESTITURES AN_4
ACQUISITIONS, DIVESTITURES AND LICENSING ARRANGEMENTS ACQUISITION - ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Nov. 20, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 22,488 | $ 6,538 | |
Celgene [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 11,179 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 2,652 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 4,511 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,342 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 64,027 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Held-For-Sale | 13,400 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets | 3,408 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (363) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Income Taxes | (2,718) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (7,339) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt | 21,782 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Liabilities | (4,017) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 64,300 | ||
Goodwill | 15,969 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 80,269 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 44,500 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 1 month 6 days | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 19,500 | ||
Otezla [Member] | Inventories [Member] | Celgene [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Held-For-Sale | 381 | ||
Otezla [Member] | Finite-Lived Intangible Assets [Member] | Celgene [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Held-For-Sale | 13,000 | ||
Otezla [Member] | Accrued Liabilities [Member] | Celgene [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Held-For-Sale | 19 | ||
Otezla [Member] | Other Noncurrent Liabilities [Member] | Celgene [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Held-For-Sale | $ 5 |
ACQUISITIONS, DIVESTITURES AN_5
ACQUISITIONS, DIVESTITURES AND LICENSING ARRANGEMENTS PRO FORMA INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 39,759 | $ 36,243 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 3,369 | $ (4,083) |
ACQUISITIONS, DIVESTITURES AN_6
ACQUISITIONS, DIVESTITURES AND LICENSING ARRANGEMENTS ASSET ACQUISITION (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
IFM [Member] | |||
Business Acquisition [Line Items] | |||
Asset acquisition payment | $ 325 | ||
Contingent and Regulatory Milestone Payments | $ 25 | $ 25 | 2,000 |
Total Contingent Development and Regulatory Milestone Payments | $ 555 | ||
Cormorant [Member] | |||
Business Acquisition [Line Items] | |||
Contingent and Regulatory Milestone Payments | $ 60 | ||
Cardioxyl Pharmaceuticals, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Contingent and Regulatory Milestone Payments | 450 | ||
Research and Development Expense [Member] | IFM [Member] | |||
Business Acquisition [Line Items] | |||
Asset acquisition payment | $ 14 |
DIVESTITURES (Details)
DIVESTITURES (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | $ 15,642 | $ 1,247 | $ 651 | ||
Divestiture gain | 1,168 | 178 | 164 | ||
Royalties | (686) | (814) | (557) | ||
Otezla [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 13,400 | 0 | 0 | ||
Divestiture gain | 0 | 0 | 0 | ||
Royalties | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Intangible Assets | 13,000 | ||||
Disposal Group, Including Discontinued Operation, Inventory | 381 | ||||
UPSA [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 1,508 | 0 | 0 | ||
Divestiture gain | (1,157) | 0 | 0 | ||
Royalties | 0 | 0 | 0 | ||
Diabetes business [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 661 | 579 | 405 | ||
Divestiture gain | 0 | 0 | (126) | ||
Royalties | (650) | (661) | (329) | ||
Milestone Earned from Divestiture Business | 100 | ||||
Diabetes business [Member] | Supply Agreements [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Royalties | 533 | 457 | 229 | ||
Diabetes business [Member] | Amylin Related Products [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Royalties | 45 | 100 | |||
Percentage of potential future royalties transferred | 70.00% | ||||
Business Sale Royalty Expense | 48 | ||||
Diabetes business [Member] | Onglyza and Farxiga Products [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Royalties | 165 | 159 | |||
Erbitux [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 15 | 216 | 218 | ||
Divestiture gain | 0 | 0 | 0 | ||
Royalties | (23) | (145) | (224) | ||
Manufacturing Facility [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 48 | 160 | 0 | ||
Divestiture gain | 1 | 0 | 0 | ||
Royalties | 0 | 0 | 0 | ||
Avapro, Avalide, and Plavix [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 0 | 80 | 0 | ||
Divestiture gain | 0 | 0 | 0 | ||
Royalties | 0 | 0 | 0 | ||
Terminal Payment | 200 | ||||
Investigational HIV business [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 0 | 0 | 0 | ||
Divestiture gain | 0 | 0 | (11) | ||
Royalties | 0 | 0 | 0 | ||
Upfront payment received | $ 350 | ||||
Total Contingent Development and Regulatory Milestone Payments | 1,100 | ||||
Total contingent sales based milestones | 4,300 | ||||
Transition fees | 10 | ||||
Other divestitures [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 10 | 212 | 28 | ||
Divestiture gain | (12) | (178) | (24) | ||
Royalties | (13) | (8) | (4) | ||
Mature brand, Cheplapharm [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 153 | ||||
Divestiture gain | (127) | ||||
Not all inclusive [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture gain | (1,168) | (178) | (161) | ||
North America [Member] | Erbitux [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Royalties | $ 145 | 207 | |||
JAPAN | Erbitux [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Royalties | $ 23 | 17 | |||
Territory Covering Europe and Asia [Member] | Avapro, Avalide, and Plavix [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership Interest | 49.90% | ||||
Investments in and Advances to Affiliates, Amount of Equity | $ 96 | 95 | |||
Territory Covering Americas and Australia [Member] | Avapro, Avalide, and Plavix [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Royalties | 26 | $ 200 | |||
Minimum [Member] | Diabetes business [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage of net sales payable to alliance partner | 10.00% | ||||
Minimum [Member] | Diabetes business [Member] | Onglyza and Farxiga Products [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage of potential future royalties transferred | 20.00% | ||||
Maximum [Member] | Diabetes business [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage of net sales payable to alliance partner | 25.00% | ||||
Maximum [Member] | Diabetes business [Member] | Onglyza and Farxiga Products [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage of potential future royalties transferred | 25.00% | ||||
Deferred Revenue [Domain] | Territory Covering Europe and Asia [Member] | Avapro, Avalide, and Plavix [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 80 | ||||
Other Current Assets [Member] | Territory Covering Europe and Asia [Member] | Avapro, Avalide, and Plavix [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | $ 120 | ||||
North America [Member] | Erbitux [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Collaboration Distribution Fee Percentage | 39.00% | ||||
ANAGNI [Member] | Manufacturing Facility [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Tangible Asset Impairment Charges | $ 121 | ||||
Manufacturing Facility in Swords, Ireland [Member] | Manufacturing Facility [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Tangible Asset Impairment Charges | $ 146 |
LICENSING ARRANGEMENTS (Details
LICENSING ARRANGEMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Halozyme [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Upfront payments for licensing and alliance arrangements | $ 105 | |
Collaborative Arrangement Contingent Payments Maximum Exposure | $ 160 | |
CytomX [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Upfront payments for licensing and alliance arrangements | 75 | |
Collaborative Arrangement Contingent Payments Maximum Exposure | 448 | |
Payment for Additional Targets Made To Collaborative Partner | 200 | |
Biogen [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Proceeds from out-licensed arrangements | 300 | |
Potential Milestone Receipts | $ 360 | |
Roche [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Proceeds from out-licensed arrangements | 170 | |
F-Star [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 75 |
ACQUISITIONS, DIVESTITURES AN_7
ACQUISITIONS, DIVESTITURES AND LICENSING ARRANGEMENTS ASSETS HELD-FOR-SALE (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Total Assets | $ 129,944 | $ 57,433 | $ 55,163 | $ 34,834 | $ 34,986 | $ 33,734 | $ 32,641 | $ 33,083 |
Receivables | 7,685 | 5,747 | ||||||
Inventories | 4,293 | 1,195 | ||||||
Property, plant and equipment | 6,252 | 5,027 | ||||||
Goodwill | 22,488 | 6,538 | ||||||
Liabilities | 78,246 | 20,859 | ||||||
Accounts payable | 2,445 | 1,892 | ||||||
Deferred Tax Liabilities, Net | 5,944 | |||||||
Other Liabilities, Noncurrent | 10,101 | 4,540 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Total Assets | 479 | |||||||
Receivables | 79 | |||||||
Inventories | 81 | |||||||
Property, plant and equipment | 187 | |||||||
Goodwill | 127 | |||||||
Other Assets | 5 | |||||||
Liabilities | 152 | |||||||
Accounts payable | 35 | |||||||
Accrued Liabilities, Current | 78 | |||||||
Deferred Tax Liabilities, Net | $ 0 | 25 | ||||||
Other Liabilities, Noncurrent | 14 | |||||||
Net Assets | $ 327 |
OTHER INCOME (NET) OTHER INCOME
OTHER INCOME (NET) OTHER INCOME (NET) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Interest Expense | $ 656 | $ 183 | $ 196 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,599 | (27) | (1) |
Other Income Received From Alliance Partners | (1,360) | (1,353) | (1,351) |
Divestiture gain | (1,168) | (178) | (164) |
Business Combination, Acquisition Related Costs | 657 | 0 | 0 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 523 | 0 | 0 |
Investment Income, Interest | (464) | (173) | (126) |
Business Combination, Integration Related Costs | 415 | 0 | 0 |
Restructuring Charges | 301 | 131 | 293 |
Loss/(gain) on equity investments | (279) | 512 | (23) |
Gain (Loss) Related to Litigation Settlement | 77 | 76 | (487) |
Alliance Transitional Services | (37) | (12) | (37) |
Impairment of Intangible Assets, Finite-lived | 15 | 64 | 0 |
Equity in net loss of affiliates | 4 | (93) | (75) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 109 |
Other Other Income Expense | (1) | 16 | (19) |
Other Nonoperating Income (Expense) | $ 938 | $ (854) | $ (1,685) |
RESTRUCTURING NARRATIVE (Detail
RESTRUCTURING NARRATIVE (Details) $ in Millions | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | Jan. 01, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Restructuring Cost and Reserve [Line Items] | ||||||
Provision for restructuring | $ 301 | $ 131 | $ 293 | |||
Celgene Integration [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cash outlays | $ 2,500 | |||||
Workforce reduction of manufacturing, selling, administrative, and research and development personnel | 125 | |||||
Provision for restructuring | $ 256 | |||||
Restructuring Related Costs, Asset Impairments | 3 | |||||
Total charges | 674 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve | $ 0 | 0 | ||||
Payments for Restructuring | (34) | |||||
Restructuring Reserve | 77 | $ 0 | ||||
Celgene Integration [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected restructuring and related charges | 2,800 | |||||
Celgene Integration [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected restructuring and related charges | 3,000 | |||||
Celgene Integration [Member] | Research and development [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total charges | 3 | |||||
Celgene Integration [Member] | Other (income)/expense [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total charges | 671 | |||||
Operating Model 2020 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Translation and Other Adjustment | (3) | $ 0 | $ 0 | |||
Restructuring and related charges incurred to date | $ 1,400 | |||||
Workforce reduction of manufacturing, selling, administrative, and research and development personnel | 100 | 900 | 1,900 | |||
Employee termination costs | $ 17 | $ 87 | $ 267 | |||
Other Restructuring Costs | 28 | 44 | 26 | |||
Provision for restructuring | 45 | 131 | 293 | |||
Restructuring and Related Cost, Accelerated Depreciation | 133 | 113 | 289 | |||
Restructuring Related Costs, Asset Impairments | 127 | 16 | 241 | |||
Other shutdown costs | 0 | 8 | 3 | |||
Total charges | 305 | 268 | 826 | |||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve | 99 | 186 | 114 | 99 | 186 | 114 |
Restructuring Reserve, Accrual Adjustment | (4) | (17) | (26) | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (1) | 1 | 18 | |||
Payments for Restructuring | (117) | (219) | (239) | |||
Restructuring Reserve | $ 96 | $ 186 | $ 114 | 23 | 99 | 186 |
Operating Model 2020 [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected restructuring and related charges | $ 1,500 | |||||
Cash outlays percentage | 40.00% | |||||
Operating Model 2020 [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected restructuring and related charges | $ 2,000 | |||||
Cash outlays percentage | 50.00% | |||||
Operating Model 2020 [Member] | Cost of products sold [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total charges | $ 180 | 57 | 149 | |||
Operating Model 2020 [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total charges | 1 | 1 | 1 | |||
Operating Model 2020 [Member] | Research and development [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total charges | 79 | 79 | 383 | |||
Operating Model 2020 [Member] | Other (income)/expense [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total charges | $ 45 | $ 131 | $ 293 |
RESTRUCTURING RESTRUCTURING AND
RESTRUCTURING RESTRUCTURING AND RELATED COSTS TABLE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 301 | $ 131 | $ 293 |
Business Combination, Integration Related Costs | 415 | 0 | 0 |
Operating Model 2020 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | 17 | 87 | 267 |
Other Restructuring Costs | 28 | 44 | 26 |
Restructuring Charges | 45 | 131 | 293 |
Restructuring and Related Cost, Accelerated Depreciation | 133 | 113 | 289 |
Restructuring Related Costs, Asset Impairments | 127 | 16 | 241 |
Other shutdown costs | 0 | 8 | 3 |
Total charges | 305 | 268 | 826 |
Operating Model 2020 [Member] | Cost of products sold [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 180 | 57 | 149 |
Operating Model 2020 [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 1 | 1 | 1 |
Operating Model 2020 [Member] | Research and development [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 79 | 79 | 383 |
Operating Model 2020 [Member] | Other (income)/expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 45 | $ 131 | $ 293 |
Celgene Integration [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 256 | ||
Business Combination, Integration Related Costs | 415 | ||
Restructuring Related Costs, Asset Impairments | 3 | ||
Total charges | 674 | ||
Celgene Integration [Member] | Research and development [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 3 | ||
Celgene Integration [Member] | Other (income)/expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | $ 671 |
RESTRUCTURING SCHEDULE OF RESTR
RESTRUCTURING SCHEDULE OF RESTRUCTURING RESERVE (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Restructuring Charges | $ 301 | $ 131 | $ 293 | ||||
Operating Model 2020 [Member] | |||||||
Restructuring Reserve | $ 96 | $ 186 | $ 114 | 23 | 99 | 186 | $ 114 |
Restructuring Reserve, Translation and Other Adjustment | $ (3) | $ 0 | $ 0 | ||||
Restructuring Reserve, Period Increase (Decrease) | 49 | 148 | 319 | ||||
Restructuring Reserve, Accrual Adjustment | (4) | (17) | (26) | ||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (1) | 1 | 18 | ||||
Payments for Restructuring | (117) | (219) | (239) | ||||
Restructuring Charges | 45 | 131 | $ 293 | ||||
Celgene Integration [Member] | |||||||
Restructuring Reserve | 77 | $ 0 | |||||
Restructuring Charges | 111 | ||||||
Payments for Restructuring | (34) | ||||||
Restructuring Charges | 256 | ||||||
Accelerated Stock Based Compensation [Member] | Celgene Integration [Member] | |||||||
Restructuring Charges | $ 145 |
INCOME TAXES (Provision for Inc
INCOME TAXES (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Current Income Tax Expense | $ 1,002 | $ 566 | $ 3,304 |
Current Foreign Tax Expense (Benefit) | 1,437 | 410 | 399 |
Total Current Income Tax Expense | 2,439 | 976 | 3,703 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Deferred Income Tax Expense/(Benefit) | (113) | (51) | 541 |
Non-U.S. Deferred Income Tax Expense/(Benefit) | (811) | 96 | (88) |
Total Deferred Income Tax Expense/(Benefit) | (924) | 45 | 453 |
Provision for Income Taxes | $ 1,515 | $ 1,021 | $ 4,156 |
INCOME TAXES (Effective Tax Rat
INCOME TAXES (Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
U.S. Earnings/(Loss) before income taxes | $ 542 | $ 2,338 | $ 2,280 |
Non-U.S. Earnings before income taxes | 4,433 | 3,630 | 2,851 |
Earnings Before Income Taxes | 4,975 | 5,968 | 5,131 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. statutory rate, Amount | 1,045 | 1,253 | 1,796 |
Deemed repatriation transition tax, Amount | 0 | (56) | 2,611 |
Deferred tax remeasurement, Amount | 0 | 0 | 285 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 849 | 94 | 0 |
Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland | (68) | (202) | (561) |
U.S. Federal valuation allowance release | 25 | 119 | 0 |
U.S. Federal, state and foreign contingent tax matters, Amount | (13) | (55) | 72 |
U.S. Federal research based credits, amount | (138) | (138) | (144) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 110 | ||
Non-tax deductible research and development charge, Amount | 5 | 17 | 266 |
Puerto Rico excise tax, amount | (163) | (152) | (131) |
Domestic manufacturing deduction, amount | 0 | 0 | (78) |
State and local taxes (net of valuation allowance), amount | (16) | 67 | 77 |
Foreign and other, Amount | (121) | 74 | (37) |
Provision for Income Taxes | $ 1,515 | $ 1,021 | $ 4,156 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. statutory income tax rate | 21.00% | 21.00% | 35.00% |
Deemed repatriation transition tax, Percent | 0.00% | (0.90%) | 50.90% |
Deferred tax remeasurement, Percent | 0.00% | 0.00% | 5.60% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 17.10% | 1.60% | 0.00% |
Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland, Rate | (1.40%) | (3.40%) | (10.90%) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 0.50% | 2.00% | 0.00% |
U.S. Federal, state and foreign contingent tax matters, Rate | (0.30%) | (0.90%) | 1.40% |
U.S. Federal research based credits, Rate | (2.80%) | (2.30%) | (2.80%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 2.20% | ||
Non-tax deductible research and development charge, Rate | 0.10% | 0.30% | 5.20% |
Puerto Rico excise tax, Rate | (3.30%) | (2.60%) | (2.60%) |
Domestic manufacturing deduction, Percent | 0.00% | 0.00% | (1.50%) |
State and local taxes (net of valuation allowance), Rate | (0.30%) | 1.10% | 1.50% |
Foreign and other, Amount | (2.30%) | 1.20% | (0.80%) |
Effective Income Tax Rate Reconciliation, Percent | 30.50% | 17.10% | 81.00% |
INCOME TAXES INCOME TAXES (Narr
INCOME TAXES INCOME TAXES (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Valuation Allowance [Line Items] | |||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability | $ 56 | $ 2,900 | |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0.009 | 0.567 | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 849 | $ 94 | $ 0 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations, Including Interest Accrued | 81 | 119 | |
Deferred Tax Assets, Valuation Allowance | 2,844 | 3,193 | |
Income tax payments | 1,503 | $ 747 | $ 546 |
Foreign Net Operating Loss And Tax Credit Carryforwards [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 2,400 | ||
State Net Operating Loss And Tax Credit Carryforwards [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 206 | ||
SEC Schedule, 12-09, Valuation Allowance, Other Tax Carryforward [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 218 | ||
Domestic Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Operating Loss Carryforwards | 216 | ||
Minimum [Member] | |||
Valuation Allowance [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 290 | ||
Maximum [Member] | |||
Valuation Allowance [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 330 | ||
Otezla [Member] | |||
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 808 |
INCOME TAXES (Deferred Taxes an
INCOME TAXES (Deferred Taxes and Valuation Allowance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of Deferred Tax Assets [Abstract] | |||
Foreign net operating loss carryforwards | $ 2,480 | $ 2,978 | |
State net operating loss and credit carryforwards | 263 | 121 | |
U.S. Federal net operating loss and credit carryforwards | 88 | 67 | |
Deferred income | 160 | 188 | |
Milestones payments and license fees | 558 | 552 | |
Intercompany profit and other inventory items | 56 | 114 | |
Other foreign deferred tax assets | 370 | 327 | |
Share-based compensation | 521 | 54 | |
Other | 434 | 377 | |
Total deferred tax assets | 4,930 | 4,778 | |
Valuation allowance | (2,844) | (3,193) | |
Total deferred tax assets, net | 2,086 | 1,585 | |
Components of Deferred Tax Liabilities [Abstract] | |||
Depreciation | (113) | (61) | |
Acquired intangible assets | (7,387) | (220) | |
Goodwill and other | (530) | (533) | |
Deferred Tax Liabilities, Gross | 8,030 | 814 | |
Deferred Tax Liabilities, Net | 5,944 | ||
Deferred Tax Assets, Net | 771 | ||
Deferred Tax Assets, Net, Classification [Abstract] | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 510 | 815 | |
Deferred Tax Liabilities, Net, Noncurrent | (6,454) | (19) | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 278 | 252 | $ 174 |
Provision | 3,725 | 2,739 | 2,090 |
Utilization | (3,705) | (2,707) | (2,015) |
Foreign currency translation | (2) | (6) | 3 |
Balance at end of year | 412 | 278 | 252 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 3,193 | 2,827 | 3,078 |
Provision | 75 | 458 | 50 |
Utilization | (423) | (43) | (335) |
Foreign currency translation | (132) | (48) | 341 |
Acquisitions | 228 | 0 | 2 |
Non U.S. rate change | (97) | (1) | (309) |
Balance at end of year | 2,844 | 3,193 | $ 2,827 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Components of Deferred Tax Liabilities [Abstract] | |||
Deferred Tax Liabilities, Net | $ 0 | $ 25 |
INCOME TAXES (Unrecognized Tax
INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 995 | $ 1,155 | $ 995 |
Gross additions to tax positions related to current year | 170 | 48 | 173 |
Gross additions to tax positions related to prior years | 19 | 21 | 30 |
Gross additions to tax positions assumed in acquisitions | 852 | 0 | 0 |
Gross reductions to tax positions related to prior years | (35) | (106) | (22) |
Settlements | (23) | (20) | |
Settlements | 2 | ||
Reductions to tax positions related to lapse of statute | (72) | (119) | (13) |
Cumulative translation adjustment | (1) | (6) | |
Cumulative translation adjustment | 12 | ||
Balance at end of year | 1,905 | 995 | 1,155 |
Income Tax Uncertainties [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate | 1,809 | 853 | 1,002 |
Accrued interest | 292 | 167 | 148 |
Accrued penalties | $ 10 | $ 11 | $ 15 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net Earnings Attributable to BMS | $ (1,056) | $ 1,353 | $ 1,432 | $ 1,710 | $ 1,160 | $ 1,901 | $ 373 | $ 1,486 | $ 3,439 | $ 4,920 | $ 1,007 |
Weighted-average common shares outstanding - basic | 1,705 | 1,633 | 1,645 | ||||||||
Incremental shares attributable to share-based compensation plans | 7 | 4 | 7 | ||||||||
Weighted-average common shares outstanding - diluted | 1,712 | 1,637 | 1,652 | ||||||||
Earnings per Share - Basic | $ (0.55) | $ 0.83 | $ 0.88 | $ 1.05 | $ 0.71 | $ 1.16 | $ 0.23 | $ 0.91 | $ 2.02 | $ 3.01 | $ 0.61 |
Earnings per Share - Diluted | $ (0.55) | $ 0.83 | $ 0.87 | $ 1.04 | $ 0.71 | $ 1.16 | $ 0.23 | $ 0.91 | $ 2.01 | $ 3.01 | $ 0.61 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Fair Value Measurements) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)percentage | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | $ 106 | $ 0 | |
Equity Securities, FV-NI | 2,195 | 479 | |
Available-for-sale Securities, Amortized Cost Basis | 3,807 | 3,660 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 8 | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1) | (37) | |
Available-for-sale securities, Fair value | 3,814 | 3,623 | |
Total securities | 6,009 | 4,102 | |
Investments, Fair Value Disclosure | 6,009 | 4,102 | |
Equity Securities without Readily Determinable Fair Value, Amount | 781 | 206 | |
Equity Securities, FV-NI, Gain (Loss) | 170 | (530) | |
Equity Securities, FV-NI, Realized Gain (Loss) | 14 | 7 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 156 | (537) | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 523 | 0 | $ 0 |
Business Combination, Consideration Transferred, Liabilities Incurred | 106 | ||
Fair Value Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Cash Equivalents, Fair Value | 0 | 0 | |
Total derivatives at fair value, assets | 0 | 0 | |
Total derivatives at fair value, liabilities | 0 | 0 | |
Fair Value Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Cash Equivalents, Fair Value | 10,448 | 6,173 | |
Total derivatives at fair value, assets | 140 | 44 | |
Total derivatives at fair value, liabilities | (40) | (31) | |
Fair Value Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value | 0 | ||
Total derivatives at fair value, assets | 0 | ||
Total derivatives at fair value, liabilities | 0 | ||
Portion at Other than Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Method Investments | 429 | 114 | |
Marketable debt securities - current [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 3,047 | 1,848 | |
Other Current Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 125 | |
Marketable debt securities - non-current [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 767 | 1,775 | |
Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 2,195 | 354 | |
Other Assets [Member] | Fair Value Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 2,020 | 88 | |
Other Assets [Member] | Fair Value Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 175 | 391 | |
Other Assets [Member] | Fair Value Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 0 | ||
Certificates of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,227 | 971 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,227 | 971 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Certificates of Deposit [Member] | Fair Value Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Certificates of Deposit [Member] | Fair Value Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,227 | 971 | |
Certificates of Deposit [Member] | Fair Value Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | ||
Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,093 | 273 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,093 | 273 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Commercial Paper [Member] | Fair Value Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Commercial Paper [Member] | Fair Value Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,093 | 273 | |
Commercial Paper [Member] | Fair Value Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | ||
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,494 | 2,379 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,487 | 2,416 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1) | (37) | |
Corporate Debt Securities [Member] | Fair Value Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Corporate Debt Securities [Member] | Fair Value Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,494 | 2,379 | |
Corporate Debt Securities [Member] | Fair Value Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | ||
Contingent Value Rights [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 2,275 | 0 | |
Contingent Value Rights [Member] | Fair Value Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 2,275 | 0 | |
Contingent Value Rights [Member] | Fair Value Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | $ 0 | |
Contingent Value Rights [Member] | Fair Value Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | ||
Other Acquisition Related Contingent Consideration and Success Payments [Member] | Fair Value Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | $ 106 | ||
Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Measurement Input | percentage | 0.022 | ||
Minimum [Member] | Probability of payment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Measurement Input | percentage | 0 | ||
Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Measurement Input | percentage | 0.032 | ||
Maximum [Member] | Probability of payment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Measurement Input | percentage | 0.68 | ||
Weighted Average [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Measurement Input | percentage | 0.026 | ||
Weighted Average [Member] | Probability of payment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Measurement Input | percentage | 0.041 |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Derivatives and Hedging) (Details) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€) | |
Derivatives and Hedging [Line Items] | ||||
Document Period End Date | Dec. 31, 2019 | |||
Debt Instrument, Face Amount | $ 44,335 | $ 6,776 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 43 | (245) | $ (20) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 65 | 86 | (101) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (103) | (4) | 19 | |
Interest Rate Swap [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative Liability | 6 | (10) | ||
Cross Currency Interest Rate Contract [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 6 | (5) | 0 | |
Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 65 | 86 | (108) | |
Minimum [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Variable rate debt, Lower range of basis point spread | 4.60% | 4.60% | ||
Cost of products sold [Member] | Interest Rate Swap [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | 0 | 0 | |
Cost of products sold [Member] | Cross Currency Interest Rate Contract [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | |
Cost of products sold [Member] | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (103) | (4) | (12) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (103) | (4) | (12) | |
Cost of products sold [Member] | Foreign Exchange Option [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | |
Cost of products sold [Member] | Forward Starting Interest Rate Swap Contracts [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | |
Cost of products sold [Member] | Deal Contingent Forward Starting Interest Rate Swap [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | |
Other Income [Member] | Interest Rate Swap [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (24) | (23) | (31) | |
Other Income [Member] | Cross Currency Interest Rate Contract [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (9) | (8) | 0 | |
Other Income [Member] | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 11 | (14) | 52 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0 | 0 | 36 | |
Other Income [Member] | Foreign Exchange Option [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 2 | 0 | 0 | |
Other Income [Member] | Forward Starting Interest Rate Swap Contracts [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 35 | 0 | 0 | |
Other Income [Member] | Deal Contingent Forward Starting Interest Rate Swap [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 240 | 0 | 0 | |
London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
LIBOR | 1.80% | 1.80% | ||
Designated as Hedging Instrument [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,100 | € 950 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 29 | 45 | $ (134) | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 6 | 0 | ||
Derivative Liability | 0 | (10) | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 255 | 0 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 0 | 755 | ||
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 2 | 0 | ||
Derivative Liability | (1) | (5) | ||
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 175 | 50 | ||
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 125 | 250 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 27 | 44 | ||
Derivative Liability | (20) | (10) | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 766 | 1,503 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 980 | 496 | ||
Designated as Hedging Instrument [Member] | Euro Member Countries, Euro | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 1,800 | |||
Designated as Hedging Instrument [Member] | Japan, Yen | Cross Currency Interest Rate Contract [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 300 | |||
Designated as Hedging Instrument [Member] | Japan, Yen | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 911 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 91 | 0 | ||
Derivative Liability | (10) | (6) | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 2,342 | 54 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 1,173 | 600 | ||
Not Designated as Hedging Instrument [Member] | Forward Starting Interest Rate Swap Contracts [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 7,600 | |||
Not Designated as Hedging Instrument [Member] | Deal Contingent Forward Starting Interest Rate Swap Contracts [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 10,400 | |||
Not Designated as Hedging Instrument [Member] | Zero Cost Collar Currency Contracts [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 14 | 0 | ||
Derivative Liability | (9) | 0 | ||
Not Designated as Hedging Instrument [Member] | Zero Cost Collar Currency Contracts [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 2,482 | 0 | ||
Not Designated as Hedging Instrument [Member] | Zero Cost Collar Currency Contracts [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | $ 2,235 | $ 0 |
FINANCIAL INSTRUMENTS AND FAI_5
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Debt Obligations) (Details) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 20, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||
Document Period End Date | Dec. 31, 2019 | |||||||||
Number of Revolving Credit Facilities | 4 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | |||||||||
Debt Instrument [Line Items] | ||||||||||
Short-term Bank Loans and Notes Payable | 351 | $ 320 | ||||||||
Current portion of long-term debt | 2,763 | 1,249 | ||||||||
Other short-term debt | 232 | 134 | ||||||||
Short term debt | 3,346 | 1,703 | ||||||||
Debt Instrument, Face Amount | 44,335 | 6,776 | ||||||||
Adjustments to Principal Value, Unamortized basis adjustment from swap terminations | 175 | 201 | ||||||||
Adjustments to Principal Value, Unamortized bond discounts and issuance costs | (280) | (72) | ||||||||
Long-term Debt | 46,150 | 6,895 | $ 24,390 | $ 24,433 | $ 5,635 | $ 5,687 | $ 5,671 | $ 5,775 | ||
Long-term debt, excluding current maturities | 43,387 | 5,646 | ||||||||
Long-term debt, Fair value | 50,700 | 7,100 | ||||||||
Interest payments | 414 | 218 | $ 221 | |||||||
Securities Borrowed, Fair Value of Collateral | 850 | |||||||||
0.875% Notes Due 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Notes Payable | 750 | |||||||||
1.600% Notes Due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 0 | 750 | ||||||||
Repayments of Notes Payable | 1,300 | |||||||||
1.750% Notes Due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 0 | 500 | ||||||||
Floating Rate Notes due 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 750 | 0 | ||||||||
2.875% Senior Notes due 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,500 | 0 | ||||||||
3.950% Senior Notes due 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 500 | 0 | ||||||||
2.250% Senior Notes due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 500 | 0 | ||||||||
2.550% Notes due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,000 | 0 | ||||||||
2.875% Senior Notes due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 500 | 0 | ||||||||
Floating Rate Notes due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 500 | 0 | ||||||||
2.000% Notes due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 750 | 750 | ||||||||
2.600% Notes due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,500 | 0 | ||||||||
3.250% Senior Notes due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,000 | 0 | ||||||||
3.550% Senior Notes due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,000 | 0 | ||||||||
2.750% Senior Notes due 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 750 | 0 | ||||||||
3.250% Notes due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 500 | 500 | ||||||||
3.250% Senior Notes due 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,000 | 0 | ||||||||
4.000% Senior Notes due 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 700 | 0 | ||||||||
7.150% Notes due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 302 | 302 | ||||||||
2.900% Notes due 2024 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 3,250 | 0 | ||||||||
3.625% Senior Notes due 2024 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,000 | 0 | ||||||||
1.000% Euro Notes due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 638 | 655 | ||||||||
3.875% Senior Notes due 2025 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 2,500 | 0 | ||||||||
3.200% Notes due 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 2,250 | 0 | ||||||||
6.800% Notes due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 256 | 256 | ||||||||
3.250% Notes due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 750 | 750 | ||||||||
3.450% Senior Notes due 2027 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,000 | 0 | ||||||||
3.900% Senior Notes due 2028 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,500 | 0 | ||||||||
3.400% Notes due 2029 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 4,000 | 0 | ||||||||
1.750% Euro Notes due 2035 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 638 | 655 | ||||||||
5.875% Notes due 2036 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 287 | 287 | ||||||||
6.125% Notes due 2038 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 226 | 226 | ||||||||
4.125% Notes due 2039 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 2,000 | 0 | ||||||||
5.700% Senior Notes due 2040 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 250 | 0 | ||||||||
3.250% Notes due 2042 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 500 | 500 | ||||||||
5.250% Senior Notes due 2043 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 400 | 0 | ||||||||
4.500% Notes due 2044 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 500 | 500 | ||||||||
4.625% Senior Notes due 2044 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,000 | 0 | ||||||||
5.000% Senior Notes due 2045 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 2,000 | 0 | ||||||||
4.350% Senior Notes due 2047 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,250 | 0 | ||||||||
4.550% Senior Notes due 2048 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,500 | 0 | ||||||||
4.250% Notes due 2049 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 3,750 | 0 | ||||||||
6.875% Notes due 2097 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 87 | 87 | ||||||||
0.13% - 5.75% Other - maturing 2019 - 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 51 | $ 58 | ||||||||
$19 Billion Senior Unsecured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 19,000 | |||||||||
Proceeds from Debt, Net of Issuance Costs | 18,800 | |||||||||
$1.5 Billion Senior Unsecured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,500 | |||||||||
Proceeds from Debt, Net of Issuance Costs | $ 1,500 | |||||||||
Senior Notes Debt Exchange [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 18,500 | $ 19,900 | ||||||||
Senior Notes Debt Exchange Remaining Principal Amount [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 1,300 | |||||||||
$2 Billion Maximum Borrowing Capacity [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | |||||||||
$1 Billion Maximum Borrowing Capacity [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |||||||||
$1.5 Billion Maximum Borrowing Capacity [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | |||||||||
Term Loan Credit Agreement [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 8,000 | |||||||||
364-Day Tranche [Member] | Term Loan Credit Agreement [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |||||||||
Three-Year Tranche [Member] | Term Loan Credit Agreement [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000 | |||||||||
Five-Year Tranche [Member] | Term Loan Credit Agreement [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 |
RECEIVABLES (Details)
RECEIVABLES (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||
Trade receivables | $ 6,888 | $ 4,914 | |
Less charge-backs and cash discounts | (391) | (245) | |
Less allowances | (21) | (33) | |
Net trade receivables | 6,476 | 4,636 | |
Alliance, Royalties, VAT and other | 1,209 | 1,111 | |
Receivables | 7,685 | 5,747 | |
Receivables sold on a nonrecourse basis | $ 797 | $ 756 | $ 637 |
The number of the largest pharmaceutical wholesalers in the U.S. | 3 | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Document Period End Date | Dec. 31, 2019 | ||
Customer Concentration Risk [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Percentage Of Aggregate Total Trade Receivables Due | 50.00% | 70.00% |
RECEIVABLES PROVISION (Details)
RECEIVABLES PROVISION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | $ 116 | $ 0 | $ 0 |
Balance at beginning of year | 278 | 252 | 174 |
Provision | 3,725 | 2,739 | 2,090 |
Utilization | (3,705) | (2,707) | (2,015) |
Other | (2) | (6) | 3 |
Balance at end of year | $ 412 | $ 278 | $ 252 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cost of Goods and Services Sold | [1] | $ 8,078 | $ 6,467 | $ 6,014 |
Inventory, Finished Goods, Net of Reserves | 2,227 | 356 | ||
Inventory, Work in Process, Net of Reserves | 3,267 | 1,152 | ||
Inventory, Raw Materials and Supplies, Net of Reserves | 172 | 116 | ||
Total inventories | 5,666 | 1,624 | ||
Inventories | 4,293 | 1,195 | ||
Inventory, Noncurrent | $ 1,373 | $ 429 | ||
Document Period End Date | Dec. 31, 2019 | |||
Inventory purchase price fair value adjustment [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 3,500 | |||
[1] | Excludes amortization of acquired intangible assets. |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 187 | $ 104 | |
Buildings | 6,336 | 5,231 | |
Machinery, equipment and fixtures | 3,157 | 2,962 | |
Construction in progress | 527 | 548 | |
Gross property, plant and equipment | 10,207 | 8,845 | |
Less accumulated depreciation | (3,955) | (3,818) | |
Property, plant and equipment | 6,252 | 5,027 | |
Depreciation expense | 554 | 505 | $ 682 |
UNITED STATES | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 4,835 | 3,772 | |
Europe [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,291 | 1,140 | |
Rest Of World [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 126 | $ 115 |
LEASES Narrative (Details)
LEASES Narrative (Details) | Dec. 31, 2019 |
Minimum [Member] | Facility Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Lessee, Operating Lease, Renewal Term | 1 year |
Minimum [Member] | Vehicle Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | Facility Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 20 years |
Lessee, Operating Lease, Renewal Term | 10 years |
Maximum [Member] | Vehicle Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 4 years |
LEASES Lease Cost (Details)
LEASES Lease Cost (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Cost | $ 115 |
Variable Lease, Cost | 25 |
Short-term Lease, Cost | 20 |
Sublease Income | (4) |
Lease, Cost | $ 156 |
LEASES Lease Assets and Liabili
LEASES Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 704 | $ 543 | $ 0 |
Operating Lease, Liability, Current | 133 | 40 | 0 |
Operating Lease, Liability, Noncurrent | 672 | 548 | $ 0 |
Operating Lease, Liability | $ 805 | $ 588 |
LEASES Maturities of Operating
LEASES Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 100 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 100 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 100 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 100 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 100 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 200 | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 165 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 145 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 130 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 104 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 68 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 354 | ||
Lessee, Operating Lease, Liability, Payments, Due | 966 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 161 | ||
Operating Lease, Liability | $ 805 | $ 588 |
LEASES Supplemental Information
LEASES Supplemental Information Related to Leases (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 231 |
Incentive from Lessor | 33 |
Operating Lease, Payments | $ 79 |
Operating Lease, Weighted Average Remaining Lease Term | 9 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% |
Celgene [Member] | |
Lessee, Lease, Description [Line Items] | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 223 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 22,488 | $ 6,538 | |
Other intangible assets | |||
Total other intangible assets, gross | 68,106 | 4,055 | |
Other intangible assets accumulated amortization | (4,137) | (2,964) | |
Other intangible assets | 63,969 | 1,091 | |
Amortization of intangible assets | 1,255 | 198 | $ 190 |
Future estimated amortization, 2020 | 9,300 | ||
Future estimated amortization, 2021 | 9,300 | ||
Future estimated amortization, 2022 | 9,100 | ||
Future estimated amortization, 2023 | 8,400 | ||
Future estimated amortization, 2024 | 7,400 | ||
Impairment of other intangible assets | 66 | 84 | 80 |
Asset Impairment Charges | 64 | ||
In Process Research and Development [Member] | |||
Other intangible assets | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 19,500 | 32 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 32 | $ 75 | |
Licenses [Member] | |||
Other intangible assets | |||
Finite-lived intangible assets, net | $ 482 | 510 | |
Licenses [Member] | Maximum [Member] | |||
Other intangible assets | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Licenses [Member] | Minimum [Member] | |||
Other intangible assets | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Developed technology rights [Member] | |||
Other intangible assets | |||
Finite-lived intangible assets, net | $ 46,827 | 2,357 | |
Developed technology rights [Member] | Maximum [Member] | |||
Other intangible assets | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Developed technology rights [Member] | Minimum [Member] | |||
Other intangible assets | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Capitalized Software [Member] | |||
Other intangible assets | |||
Finite-lived intangible assets, net | $ 1,297 | $ 1,156 | |
Capitalized Software [Member] | Maximum [Member] | |||
Other intangible assets | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Capitalized Software [Member] | Minimum [Member] | |||
Other intangible assets | |||
Finite-Lived Intangible Asset, Useful Life | 3 years |
SUPPLEMENTAL FINANCIAL INFORM_3
SUPPLEMENTAL FINANCIAL INFORMATION Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Current Assets [Abstract] | ||
Prepaid Taxes | $ 754 | $ 774 |
Research and Development | 410 | 337 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 0 | 479 |
Other Prepaid Expense, Current | 819 | 425 |
Other current assets | $ 1,983 | $ 2,015 |
SUPPLEMENTAL FINANCIAL INFORM_4
SUPPLEMENTAL FINANCIAL INFORMATION Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Equity investments | $ 3,405 | $ 674 | |
Inventory, Noncurrent | 1,373 | 429 | |
Operating Lease, Right-of-Use Asset | 704 | $ 543 | 0 |
Assets for Plan Benefits, Defined Benefit Plan | 456 | 809 | |
Restricted Cash, Noncurrent | 390 | 0 | |
Other Assets, Miscellaneous, Noncurrent | 276 | 112 | |
Other Assets, Noncurrent | $ 6,604 | $ 2,024 |
SUPPLEMENTAL FINANCIAL INFORM_5
SUPPLEMENTAL FINANCIAL INFORMATION Other Non-Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Other Non-Current Assets [Abstract] | |||
Accrued rebates and returns | $ 4,275 | $ 2,417 | |
Accrued Income Taxes, Current | 1,517 | 398 | |
Employee-related Liabilities, Current | 1,457 | 848 | |
Accrued Research And Development | 1,324 | 805 | |
Dividends Payable, Current | 1,025 | 669 | |
Accrued Interest | 493 | 69 | |
Accrued Royalties, Current | 418 | 391 | |
Operating Lease, Liability, Current | 133 | $ 40 | 0 |
Other Accrued Liabilities, Current | 1,871 | 1,462 | |
Other current liabilities | $ 12,513 | $ 7,059 |
SUPPLEMENTAL FINANCIAL INFORM_6
SUPPLEMENTAL FINANCIAL INFORMATION Other Non-Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Accrued Income Taxes, Noncurrent | $ 5,368 | $ 3,024 | |
Business Combination, Contingent Consideration, Liability | 106 | 0 | |
Liability, Defined Benefit Plan, Noncurrent | 725 | 566 | |
Operating Lease, Liability, Noncurrent | 672 | $ 548 | 0 |
Deferred Income, Noncurrent | 424 | 468 | |
Deferred Compensation Liability, Classified, Noncurrent | 287 | 231 | |
Other Accrued Liabilities, Noncurrent | 350 | 251 | |
Other Liabilities, Noncurrent | 10,101 | 4,540 | |
Contingent Value Rights [Member] | |||
Business Combination, Contingent Consideration, Liability | $ 2,275 | $ 0 |
EQUITY (Changes in Equity) (Det
EQUITY (Changes in Equity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | Dec. 31, 2016 | |
Equity [Line Items] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.45 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.40 | $ 0.40 | $ 0.40 | $ 1.68 | $ 1.61 | $ 1.57 | ||||
Common Stock, Value, Issued, Balance at January 1, | $ 221 | $ 221 | |||||||||||||
Common Stock, Value, Issued, Balance at December 31, | $ 292 | $ 221 | 292 | $ 221 | |||||||||||
Capital in Excess of Par Value of Stock, Balance at January 1, | 2,081 | 2,081 | |||||||||||||
Capital in Excess of Par Value of Stock, Balance at December 31, | 43,709 | 2,081 | 43,709 | 2,081 | |||||||||||
Accumulated Other Comprehensive Loss, Balance at January 1 | (2,762) | (2,762) | |||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,242 | (156) | $ 214 | ||||||||||||
Accumulated Other Comprehensive Loss, Balance at December 31 | (1,520) | (2,762) | (1,520) | (2,762) | |||||||||||
Retained Earnings, Balance at January 1, | 34,065 | 34,065 | |||||||||||||
Net Earnings/(Loss) Attributable to BMS | (1,056) | $ 1,353 | $ 1,432 | $ 1,710 | 1,160 | $ 1,901 | $ 373 | $ 1,486 | 3,439 | 4,920 | 1,007 | ||||
Retained Earnings, Balance at December 31, | $ 34,474 | $ 34,065 | $ 34,474 | $ 34,065 | |||||||||||
Treasury Stock, Shares, Balance at January 1, | 576 | 576 | |||||||||||||
Treasury Stock, Shares, Balance at December 31, | 672 | 576 | 672 | 576 | |||||||||||
Cost of Treasury Stock, Balance at January 1, | $ (19,574) | $ (19,574) | |||||||||||||
Cost of Treasury Stock, Balance at December 31, | $ (25,357) | $ (19,574) | (25,357) | $ (19,574) | |||||||||||
Noncontrolling interest, Balance at January 1, | 96 | 96 | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (4) | $ 13 | $ 7 | $ 5 | (2) | $ 11 | $ 9 | $ 9 | 21 | 27 | $ (32) | ||||
Noncontrolling interest, Balance at December 31, | $ 100 | $ 96 | $ 100 | $ 96 | |||||||||||
Document Period End Date | Dec. 31, 2019 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Equity [Line Items] | |||||||||||||||
Common Stock, Shares Issued, Balance at January 1, | 2,208 | 2,208 | 2,208 | 2,208 | 2,208 | ||||||||||
Common Stock, Shares Issued, Balance at December 31, | 2,923 | 2,208 | 2,923 | 2,208 | 2,208 | ||||||||||
Common Stock, Value, Issued, Balance at January 1, | $ 221 | $ 221 | $ 221 | $ 221 | $ 221 | ||||||||||
Common Stock, Value, Issued, Balance at December 31, | $ 292 | $ 221 | $ 292 | 221 | 221 | ||||||||||
Stock Issued During Period, Shares, New Issues | 715 | ||||||||||||||
Stock Issued During Period, Value, New Issues | $ 71 | ||||||||||||||
Capital in Excess of Par Value of Stock [Member] | |||||||||||||||
Equity [Line Items] | |||||||||||||||
Capital in Excess of Par Value of Stock, Balance at January 1, | 2,081 | 1,898 | 2,081 | 1,898 | 1,725 | ||||||||||
Capital in Excess of Par Value of Stock, Balance at December 31, | 43,709 | 2,081 | 43,709 | 2,081 | 1,898 | ||||||||||
Stock compensation | 307 | 183 | 173 | ||||||||||||
Stock Issued During Period, Value, New Issues | 42,721 | ||||||||||||||
Stock repurchase program, Cost of Treasury Stock | 1,400 | ||||||||||||||
Accumulated Other Comprehensive Loss [Member] | |||||||||||||||
Equity [Line Items] | |||||||||||||||
Accumulated Other Comprehensive Loss, Balance at January 1 | (2,762) | (2,289) | (2,762) | (2,289) | (2,503) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,242 | (156) | 214 | ||||||||||||
Accounting change - cumulative effect | (283) | (283) | $ (34) | ||||||||||||
Accumulated Other Comprehensive Loss, Balance at December 31 | (1,520) | (2,762) | (1,520) | (2,762) | (2,289) | ||||||||||
Retained Earnings, adjusted balance at January 1, | (2,762) | (2,762) | (2,323) | $ (2,503) | |||||||||||
Retained Earnings [Member] | |||||||||||||||
Equity [Line Items] | |||||||||||||||
Accounting change - cumulative effect | 283 | 283 | $ 5 | $ 332 | $ (787) | ||||||||||
Retained Earnings, Balance at January 1, | $ 34,065 | $ 31,160 | 34,065 | 31,160 | 33,513 | ||||||||||
Net Earnings/(Loss) Attributable to BMS | 3,439 | 4,920 | 1,007 | ||||||||||||
Cash dividends declared | (3,035) | (2,630) | (2,573) | ||||||||||||
Retained Earnings, adjusted balance at January 1, | 34,070 | 34,070 | 31,492 | $ 32,726 | |||||||||||
Retained Earnings, Balance at December 31, | $ 34,474 | $ 34,065 | $ 34,474 | $ 34,065 | $ 31,160 | ||||||||||
Treasury Stock [Member] | |||||||||||||||
Equity [Line Items] | |||||||||||||||
Treasury Stock, Shares, Balance at January 1, | 576 | 575 | 576 | 575 | 536 | ||||||||||
Stock repurchase program, Treasury Stock | 105 | 5 | 44 | ||||||||||||
Employee stock compensation plans, Shares | (9) | (4) | (5) | ||||||||||||
Treasury Stock, Shares, Balance at December 31, | 672 | 576 | 672 | 576 | 575 | ||||||||||
Cost of Treasury Stock, Balance at January 1, | $ (19,574) | $ (19,249) | $ (19,574) | $ (19,249) | $ (16,779) | ||||||||||
Stock repurchase program, Cost of Treasury Stock | (5,900) | (313) | (2,477) | ||||||||||||
Employee stock compensation plans, Cost | 117 | (12) | 7 | ||||||||||||
Cost of Treasury Stock, Balance at December 31, | $ (25,357) | $ (19,574) | (25,357) | (19,574) | (19,249) | ||||||||||
Noncontrolling Interest [Member] | |||||||||||||||
Equity [Line Items] | |||||||||||||||
Noncontrolling interest, Balance at January 1, | $ 96 | $ 106 | 96 | 106 | 170 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (21) | (27) | (27) | ||||||||||||
Noncontrolling Interest, Period Increase (Decrease) | (59) | ||||||||||||||
Distributions | (17) | (37) | (32) | ||||||||||||
Noncontrolling interest, Balance at December 31, | $ 100 | $ 96 | $ 100 | $ 96 | $ 106 |
EQUITY (Accumulated balances re
EQUITY (Accumulated balances related to each component of other comprehensive income/(loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 65 | $ 86 | $ (101) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (7) | (9) | 33 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 58 | 77 | (68) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (103) | (4) | 19 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 13 | (3) | (8) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (90) | (7) | 11 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (38) | 82 | (82) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 6 | (12) | 25 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (32) | 70 | (57) |
Pension and postretirement benefits - Actuarial gains/(losses), Pre-tax | (143) | (89) | 47 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 28 | (3) | 11 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (115) | (92) | 58 |
Pension and postretirement benefits - Amortization, Pre-tax | 55 | 65 | 77 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | (11) | (13) | (31) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 44 | 52 | 46 |
Pension and postretirement benefits - Settlements and curtailments, Pre-tax | 1,640 | 121 | 167 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | (366) | (28) | (57) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | 1,274 | 93 | 110 |
Pension and other postretirement benefits, Pre-tax | 1,552 | 97 | 291 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (349) | (44) | (77) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,203 | 53 | 214 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments and Tax | 42 | (30) | 38 |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | (9) | 5 | 6 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax | 33 | (25) | 44 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 3 | 0 | (7) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 0 | 2 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 3 | 0 | (5) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | 45 | (30) | 31 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | (9) | 5 | 8 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 36 | (25) | 39 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 43 | (245) | (20) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (8) | (9) | 38 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 35 | (254) | 18 |
Other Comprehensive Income/(Loss), before Tax | 1,602 | (96) | 220 |
Other Comprehensive Income (Loss), Tax | (360) | (60) | (6) |
Other Comprehensive Income (Loss), Net of Tax | 1,242 | (156) | $ 214 |
Derivatives qualifying as cash flow hedges | 19 | 51 | |
Pension and other postretirement benefits | (899) | (2,102) | |
Available-for-sale securities | 6 | (30) | |
Foreign currency translation | (646) | (681) | |
Accumulated other comprehensive loss | $ (1,520) | $ (2,762) |
EQUITY EQUITY (Stock Repurchase
EQUITY EQUITY (Stock Repurchase Program) (Details) - USD ($) shares in Millions, $ in Billions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
2019 ASR [Member] | ||
Stock Repurchase Program, Authorized Amount | $ 7 | |
Stock Repurchased During Period, Shares | 99 | |
2017 ASR [Member] | ||
Stock Repurchased During Period, Shares | 36.5 | |
Stock Repurchased During Period, Value | $ 2 |
PENSION AND POSTRETIREMENT BE_3
PENSION AND POSTRETIREMENT BENEFIT PLANS PENSION AND POSTRETIREMENT BENEFIT PLANS (Defined Benefit Pension Plans) (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |
Document Period End Date | Dec. 31, 2019 |
Bristol-Myers Squibb Retirement Income Plan [Member] | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |
Payment for Pension Benefits | $ 1.3 |
Defined Benefit Plan, Benefit Obligation | 2.6 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 1.5 |
PENSION AND POSTRETIREMENT BE_4
PENSION AND POSTRETIREMENT BENEFIT PLANS (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 63 | $ 71 | $ 396 |
Total net periodic benefit cost/(credit) | 1,599 | (27) | (1) |
Pension Plans, Defined Benefit [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 63 | 71 | |
Service cost - benefits earned during the year | 26 | 26 | 25 |
Interest cost on projected benefit obligation | 115 | 193 | 188 |
Expected return on plan assets | (200) | (386) | (411) |
Amortization of prior service costs | (4) | (4) | (4) |
Amortization of net actuarial (gain)/loss | 59 | 74 | 82 |
Curtailments | 1,640 | 121 | 159 |
Special termination benefits | 0 | 0 | 3 |
Total net periodic benefit cost/(credit) | $ 1,636 | $ 24 | $ 42 |
PENSION AND POSTRETIREMENT BE_5
PENSION AND POSTRETIREMENT BENEFIT PLANS (Changes in Defined Benefit and Postretirement Benefit Plan Assets and Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets | |||
Fair value of plan assets at beginning of year | $ 6,461 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 63 | $ 71 | $ 396 |
Fair value of plan assets at end of year | 2,934 | 6,461 | |
Assets for Plan Benefits, Defined Benefit Plan | 456 | 809 | |
Pension and other liabilities | (725) | (566) | |
Accumulated benefit obligation | 2,900 | 6,000 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation | |||
Benefit obligations at the beginning of year | 5,966 | 6,749 | |
Service cost - benefits earned during the year | 26 | 26 | 25 |
Interest cost on projected benefit obligation | 115 | 193 | 188 |
Settlements | (4,105) | (278) | |
Actuarial (gains)/losses | 777 | (523) | |
Benefits paid | (109) | (123) | |
Defined Benefit Plan, Benefit Obligation, Business Combination | 262 | 0 | |
Foreign currency and other | 8 | (78) | |
Benefit obligations at the end of the year | 2,940 | 5,966 | 6,749 |
Defined Benefit Plan, Change in Fair Value of Plan Assets | |||
Fair value of plan assets at beginning of year | 6,129 | 6,749 | |
Actual return on plan assets | 804 | (203) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 63 | 71 | |
Settlements | (4,104) | (276) | |
Benefits paid | (109) | (123) | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | (424) | 0 | |
Defined Benefit Plan, Plan Assets, Business Combination | 164 | 0 | |
Exchange rate losses | 13 | (89) | |
Fair value of plan assets at end of year | 2,536 | 6,129 | $ 6,749 |
Funded Status | (404) | 163 | |
Assets for Plan Benefits, Defined Benefit Plan | 192 | 622 | |
Accrued liabilities | (27) | (32) | |
Pension and other liabilities | (569) | (427) | |
Net actuarial losses | 1,192 | 2,717 | |
Prior service credit | (26) | (30) | |
Total recognized in other comprehensive loss, pre-tax | $ 1,166 | $ 2,687 |
PENSION AND POSTRETIREMENT BE_6
PENSION AND POSTRETIREMENT BENEFIT PLANS PENSION AND POSTRETIREMENT BENEFIT PLANS (Accumulated and Projected Benefit Obligation in Excess of Fair Value of Plan Assets) (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 1,652 | $ 1,275 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 1,056 | 817 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 1,417 | 1,181 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 875 | $ 757 |
PENSION AND POSTRETIREMENT BE_7
PENSION AND POSTRETIREMENT BENEFIT PLANS (Actuarial Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Document Period End Date | Dec. 31, 2019 | ||
Pension Plans, Defined Benefit [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.60% | 3.50% | |
Rate of compensation increase used to determine benefit obligations | 1.30% | 0.50% | |
Discount rate used to determine net periodic benefit cost | 3.20% | 3.10% | 3.50% |
Expected long-term return on plan assets used to determine net periodic benefit cost | 4.50% | 6.20% | 7.00% |
Rate of compensation increase used to determine net periodic benefit cost | 0.50% | 0.50% | 0.50% |
PENSION AND POSTRETIREMENT BE_8
PENSION AND POSTRETIREMENT BENEFIT PLANS PENSION AND POSTRETIREMENT BENEFIT PLANS (Postretirement Benefit Plans) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | $ 2,934 | $ 6,461 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Benefit Obligation | 255 | 253 |
Defined Benefit Plan, Plan Assets, Amount | $ 398 | $ 331 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.90% | 3.90% |
PENSION AND POSTRETIREMENT BE_9
PENSION AND POSTRETIREMENT BENEFIT PLANS (Fair Value Disclosures) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 2,934 | $ 6,461 | |
Equity Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 87 | 124 | |
Equity Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 548 | 477 | |
Fixed Income Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 769 | 606 | |
Corporate Debt Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 764 | 3,865 | |
U.S. Treasury and Agency Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 168 | 553 | |
Short-Term Investment Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 55 | |
Insurance Contracts [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 128 | 134 | |
Cash and Cash Equivalents [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 24 | 311 | |
Other[Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 144 | 124 | |
Fair Value Level 1 [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 115 | 437 | |
Fair Value Level 1 [Member] | Equity Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 87 | 124 | |
Fair Value Level 1 [Member] | Equity Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4 | 2 | |
Fair Value Level 1 [Member] | Fixed Income Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 1 [Member] | Corporate Debt Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 1 [Member] | U.S. Treasury and Agency Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 1 [Member] | Short-Term Investment Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 1 [Member] | Insurance Contracts [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 24 | 311 | |
Fair Value Level 1 [Member] | Other[Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 2 [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,356 | 5,659 | |
Fair Value Level 2 [Member] | Equity Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 2 [Member] | Equity Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 544 | 475 | |
Fair Value Level 2 [Member] | Fixed Income Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 769 | 606 | |
Fair Value Level 2 [Member] | Corporate Debt Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 764 | 3,865 | |
Fair Value Level 2 [Member] | U.S. Treasury and Agency Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 168 | 553 | |
Fair Value Level 2 [Member] | Short-Term Investment Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 55 | |
Fair Value Level 2 [Member] | Insurance Contracts [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 2 [Member] | Other[Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 111 | 105 | |
Fair Value Level 3 [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 161 | 153 | |
Fair Value Level 3 [Member] | Equity Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 3 [Member] | Equity Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 3 [Member] | Fixed Income Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 3 [Member] | Corporate Debt Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 3 [Member] | U.S. Treasury and Agency Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 3 [Member] | Short-Term Investment Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 3 [Member] | Insurance Contracts [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 128 | 134 | |
Fair Value Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value Level 3 [Member] | Other[Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 33 | 19 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,632 | 6,249 | |
Fair Value Measured at Net Asset Value Per Share [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 302 | 212 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Other[Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 301 | 91 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Venture Capital and Limited Partnerships [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1 | 121 | |
Pension Plans, Defined Benefit [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Funded Status | (404) | 163 | |
Defined Benefit Plan, Plan Assets, Amount | 2,536 | $ 6,129 | $ 6,749 |
Bristol-Myers Squibb Retirement Income Plan [Member] | Pension Plans, Defined Benefit [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Funded Status | $ 424 |
PENSION AND POSTRETIREMENT B_10
PENSION AND POSTRETIREMENT BENEFIT PLANS (Estimated Future Benefit Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||||||
Dec. 31, 2029 | Dec. 31, 2028 | Dec. 31, 2027 | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||||||||||||
Document Period End Date | Dec. 31, 2019 | ||||||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 63 | $ 71 | $ 396 | ||||||||||
Defined contribution plan expense | $ 200 | $ 200 | $ 200 | ||||||||||
Forecast [Member] | |||||||||||||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||||||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 120 | $ 120 | $ 120 | $ 120 | $ 120 | $ 120 | $ 120 | $ 120 | $ 120 | $ 120 |
EMPLOYEE STOCK BENEFIT PLANS (S
EMPLOYEE STOCK BENEFIT PLANS (Stock Based Compensation Expense) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 20, 2019 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | $ 441 | $ 221 | $ 199 | |||
Deferred tax benefit related to stock-based compensation expense | $ 87 | 41 | 59 | |||
Document Period End Date | Dec. 31, 2019 | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Market share units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Minimum payout factor percentage | 60.00% | 60.00% | ||||
Maximum payout factor percentage | 200.00% | 200.00% | ||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Cost of products sold [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | $ 19 | 15 | 16 | |||
Selling, General and Administrative Expenses [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | 162 | 122 | 103 | |||
Research and development [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | 115 | 84 | 80 | |||
Other Income [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | 145 | $ 0 | $ 0 | |||
Celgene [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Business Combination, Potential Payment Per Share Based Upon Future Events | $ 9 | |||||
Employee Benefits and Share-based Compensation | $ 66 | |||||
Share-based Payment Arrangement, Accelerated Cost | $ 145 | |||||
Contingent Value Rights [Member] | Celgene [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | $ 10 | |||||
2012 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of common stock reserved for issuance pursuant to stock plans, options, and conversions of preferred stock | 109 | |||||
Shares available to be granted for active plans | 98 | 98 | ||||
2012 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Legacy Celgene Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available to be granted for active plans | 29 | 29 | ||||
Legacy Celgene Plans [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
EMPLOYEE STOCK BENEFIT PLANS EM
EMPLOYEE STOCK BENEFIT PLANS EMPLOYEE STOCK BENEFIT PLANS (Assumptions) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 25.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 7 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.89% |
EMPLOYEE STOCK BENEFIT PLANS _2
EMPLOYEE STOCK BENEFIT PLANS (Stock Based Compensation Activity) (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 101.2 | 1.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | 105.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 5.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 48.08 | $ 17.51 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | 47.77 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 32.22 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 54.98 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 22.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price | $ 53.10 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 34.7 | 5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Other Increase | 32.4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3.9 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5.9 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0.7 | ||
Share Based Compensation Arrangement By Share Based Payment Awards Other Than Options Expected To Vest Outstanding Number | 32.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 55.58 | $ 58.83 | |
Shared-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Other, Weighted Average Grant Date Fair Value | 56.37 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 47.16 | $ 61.40 | 54.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 57.24 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 54.43 | ||
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest Weighted Average Grant Date Fair Value | $ 55.66 | ||
Market share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1.6 | 1.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Other Increase | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0.8 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0.3 | ||
Share Based Compensation Arrangement By Share Based Payment Awards Other Than Options Expected To Vest Outstanding Number | 1.4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 59.25 | $ 66.76 | |
Shared-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Other, Weighted Average Grant Date Fair Value | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 51.52 | $ 72.33 | 60.14 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 65.76 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 59.12 | ||
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest Weighted Average Grant Date Fair Value | $ 59.45 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustments for Actual Payout | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustment for Actual Payout, Weighted Average Grant Date Fair Value | $ 0 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3 | 2.8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Other Increase | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0.8 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0.5 | ||
Share Based Compensation Arrangement By Share Based Payment Awards Other Than Options Expected To Vest Outstanding Number | 3.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 57.46 | $ 63.28 | |
Shared-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Other, Weighted Average Grant Date Fair Value | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 49.99 | $ 67.60 | $ 57.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 64.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 56.71 | ||
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest Weighted Average Grant Date Fair Value | $ 58.27 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustments for Actual Payout | 0.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustment for Actual Payout, Weighted Average Grant Date Fair Value | $ 0 |
EMPLOYEE STOCK BENEFIT PLANS (A
EMPLOYEE STOCK BENEFIT PLANS (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total intrinsic value of stock options exercised during the year | $ 148 | $ 89 | $ 84 |
Stock Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 121 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||
Weighted-average grant date fair value (per share) | $ 15 | $ 0 | $ 0 |
Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 918 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | ||
Weighted-average grant date fair value (per share) | $ 47.16 | $ 61.40 | $ 54.39 |
Fair value of awards that vested during the year | $ 105 | $ 98 | $ 91 |
Market share units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 39 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 8 months 12 days | ||
Weighted-average grant date fair value (per share) | $ 51.52 | $ 72.33 | $ 60.14 |
Fair value of awards that vested during the year | $ 30 | $ 40 | $ 33 |
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 78 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | ||
Weighted-average grant date fair value (per share) | $ 49.99 | $ 67.60 | $ 57.91 |
Fair value of awards that vested during the year | $ 53 | $ 103 | $ 84 |
Legacy Celgene Plans [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Weighted-average grant date fair value (per share) | $ 56.37 | $ 0 | $ 0 |
Fair value of awards that vested during the year | $ 233 | $ 0 | $ 0 |
EMPLOYEE STOCK BENEFIT PLANS (O
EMPLOYEE STOCK BENEFIT PLANS (Outstanding and Exercisable Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Nov. 20, 2019 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 101,200 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 78,600 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 4 years 8 months 12 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 3 years 10 months 24 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 48.08 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 46.65 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 1,430 | |
Share Price | $ 64.19 | $ 56.48 |
$10 - $40 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 27,200 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 2 years 8 months 12 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 24.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,071 | |
$40 - $55 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 31,300 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 5 years 8 months 12 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 48.69 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 485 | |
$55 - $65 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 30,400 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 5 years | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 59.48 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 143 | |
$65 plus [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 12,300 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 5 years 8 months 12 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 69.89 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 |
LEGAL PROCEEDINGS AND CONTING_2
LEGAL PROCEEDINGS AND CONTINGENCIES (Details) - Dec. 31, 2019 $ in Millions, $ in Millions | USD ($)lawsuits | AUD ($)lawsuits |
CAR T Litigation [Member] | ||
Legal Proceedings And Contingencies [Line Items] | ||
Royalty Income, Nonoperating | $ 585 | |
Pending Royalty Rate | 27.60% | 27.60% |
Plavix Australia Intellectual Property [Member] | Australia, Dollars | ||
Legal Proceedings And Contingencies [Line Items] | ||
Loss contingency, estimate of possible loss | $ 449 | |
Plavix Australia Intellectual Property [Member] | United States of America, Dollars | ||
Legal Proceedings And Contingencies [Line Items] | ||
Loss contingency, estimate of possible loss | $ 311 | |
Abilify Product Liability [Member] | ||
Legal Proceedings And Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | lawsuits | 175 | 175 |
Byetta Product Liability Litigation [Member] | ||
Legal Proceedings And Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | lawsuits | 580 | 580 |
Cercla Matters [Member] | ||
Legal Proceedings And Contingencies [Line Items] | ||
Loss contingency, estimate of possible loss | $ 68.6 |
SELECTED QUARTERLY FINANCIAL _3
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 5,973 | $ 5,691 | $ 5,704 | $ 5,193 | $ 26,145 | $ 22,561 | $ 20,776 |
Gross Margin | 5,453 | 4,217 | 4,301 | 4,096 | 4,303 | 4,063 | 4,099 | 3,629 | 18,067 | 16,094 | |
Net Earnings | (1,060) | 1,366 | 1,439 | 1,715 | 1,158 | 1,912 | 382 | 1,495 | 3,460 | 4,947 | 975 |
Net Earnings/(Loss) Attributable to Noncontrolling Interest | (4) | 13 | 7 | 5 | (2) | 11 | 9 | 9 | 21 | 27 | (32) |
Net Earnings/(Loss) Attributable to BMS | $ (1,056) | $ 1,353 | $ 1,432 | $ 1,710 | $ 1,160 | $ 1,901 | $ 373 | $ 1,486 | $ 3,439 | $ 4,920 | $ 1,007 |
Earnings per Share - Basic | $ (0.55) | $ 0.83 | $ 0.88 | $ 1.05 | $ 0.71 | $ 1.16 | $ 0.23 | $ 0.91 | $ 2.02 | $ 3.01 | $ 0.61 |
Earnings per Share - Diluted | (0.55) | 0.83 | 0.87 | 1.04 | 0.71 | 1.16 | 0.23 | 0.91 | 2.01 | 3.01 | 0.61 |
Common Stock, Dividends, Per Share, Declared | $ 0.45 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.40 | $ 0.40 | $ 0.40 | $ 1.68 | $ 1.61 | $ 1.57 |
Cash and cash equivalents | $ 12,346 | $ 30,489 | $ 28,404 | $ 7,335 | $ 6,911 | $ 5,408 | $ 4,999 | $ 5,342 | $ 12,346 | $ 6,911 | |
Marketable securities | 3,814 | 2,978 | 1,947 | 2,662 | 3,623 | 3,298 | 3,057 | 3,548 | 3,814 | 3,623 | |
Total Assets | 129,944 | 57,433 | 55,163 | 34,834 | 34,986 | 33,734 | 32,641 | 33,083 | 129,944 | 34,986 | |
Long-term Debt | 46,150 | 24,390 | 24,433 | 5,635 | 6,895 | 5,687 | 5,671 | 5,775 | 46,150 | 6,895 | |
Equity | 51,698 | 17,754 | 16,151 | 15,317 | 14,127 | 13,750 | 12,418 | 12,906 | 51,698 | 14,127 | |
Specified Items | |||||||||||
Cost of products sold | 685 | 22 | 139 | 12 | 18 | 13 | 14 | 13 | 858 | 58 | |
Marketing, selling and administrative | 35 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 36 | 2 | |
Research and development | 142 | 20 | 44 | 51 | 22 | 18 | 1,094 | 80 | 257 | 1,214 | |
Amortization of Acquired Intangible Assets - Specified Items | 1,062 | 0 | 0 | 0 | 1,062 | ||||||
Other income (net) | 962 | 798 | 429 | 73 | 392 | (133) | 380 | 7 | 2,262 | 646 | |
Increase/(decrease) to pretax income | 2,886 | 840 | 612 | 137 | 433 | (102) | 1,488 | 101 | 4,475 | 1,920 | |
Income tax on items above | (264) | (275) | (105) | (43) | (43) | 1 | (218) | (8) | (687) | (268) | |
Otezla Divestiture Tax Impact - Specified | 808 | 0 | 0 | 0 | 808 | ||||||
Impact of 2017 Tax Act - Specified | (7) | (20) | 3 | (32) | (56) | ||||||
Income taxes | 544 | (275) | (105) | (43) | (50) | (19) | (215) | (40) | 121 | (324) | |
Increase/(decrease) to Net Earnings | 3,430 | 565 | 507 | 94 | 383 | (121) | 1,273 | 61 | 4,596 | 1,596 | |
Unwind of Inventory Fair Value Adjustments [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 660 | 0 | 0 | 0 | 660 | ||||||
License and asset acquisition charges | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 0 | 0 | 25 | 0 | 0 | 0 | 1,075 | 60 | 25 | 1,135 | |
IPRD Impairments [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 0 | 0 | 0 | 32 | 32 | ||||||
Interest Expense [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 73 | 166 | 83 | 0 | 322 | ||||||
Pension charges [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | (3) | 1,545 | 44 | 49 | 26 | 27 | 37 | 31 | 1,635 | 121 | |
Royalties and licensing income [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | (15) | (9) | 0 | 0 | 0 | 0 | (25) | (50) | (24) | (75) | |
Divestiture gains [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 3 | (1,179) | 8 | 0 | (1) | (108) | (25) | (43) | (1,168) | (177) | |
Acquisition expenses [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 182 | 7 | 303 | 165 | 657 | ||||||
Contingent Value Rights [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 523 | 0 | 0 | 0 | 523 | ||||||
Investment Income [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | (44) | (99) | (54) | 0 | (197) | ||||||
Integration expenses [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 191 | 96 | 106 | 22 | 415 | ||||||
Provision For Restructuring [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 269 | 10 | 10 | 12 | 29 | 45 | 37 | 20 | 301 | 131 | |
Loss/(gain) on equity investments [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | (294) | 261 | (71) | (175) | 268 | (97) | 356 | (15) | (279) | 512 | |
Litigation Charges Recoveries [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 75 | 0 | 0 | 0 | 70 | 0 | 0 | 0 | 75 | 70 | |
Intangible asset impairment [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64 | 0 | 64 | |
Other Expense [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 2 | 0 | 0 | 0 | 2 | ||||||
Cost of products sold [Member] | Employee compensation charges [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 1 | 0 | 0 | 0 | 1 | ||||||
Cost of products sold [Member] | Accelerated Depreciation and Other Shutdown Costs [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 24 | 22 | 139 | 12 | 18 | 13 | 14 | 13 | 197 | 58 | |
Selling, General and Administrative Expenses [Member] | Employee compensation charges [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 27 | 0 | 0 | 0 | 27 | ||||||
Selling, General and Administrative Expenses [Member] | Accelerated Depreciation and Other Shutdown Costs [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 8 | 0 | 0 | 1 | 9 | ||||||
Research and development [Member] | Employee compensation charges [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | 33 | 0 | 0 | 0 | 33 | ||||||
Research and development [Member] | Accelerated Depreciation and Other Shutdown Costs [Member] | |||||||||||
Specified Items | |||||||||||
Increase/(decrease) to pretax income | $ 109 | $ 20 | $ 19 | $ 19 | $ 22 | $ 18 | $ 19 | $ 20 | $ 167 | $ 79 |
Uncategorized Items - bmy-20191
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 4,237,000,000 |