Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 01, 2021 | Jun. 30, 2020 | |
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 2,240,475,153 | ||
Entity Public Float | $ 132,442,510,032 | ||
Document Annual Report | true | ||
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 | 2,240,475,153 | ||
Entity Public Float | $ 132,442,510,032 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
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 | ||
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Revenues | $ 42,518 | $ 26,145 | $ 22,561 | ||
Cost of products sold | 11,773 | [1] | 8,078 | [1] | 6,467 |
Marketing, selling and administrative | 7,661 | 4,871 | 4,551 | ||
Research and development | 11,143 | 6,148 | 6,332 | ||
MyoKardia Asset Acquisition IPRD Charge | 11,438 | 0 | 0 | ||
Amortization of Acquired Intangible Assets | 9,688 | 1,135 | 97 | ||
Other (income)/expense, net | (2,314) | 938 | (854) | ||
Total Expenses | 49,389 | 21,170 | 16,593 | ||
(Loss)/Earnings Before Income Taxes | (6,871) | 4,975 | 5,968 | ||
Provision for Income Taxes | 2,124 | 1,515 | 1,021 | ||
Net (Loss)/Earnings | (8,995) | 3,460 | 4,947 | ||
Noncontrolling Interest | 20 | 21 | 27 | ||
Net (Loss)/Earnings Attributable to BMS | $ (9,015) | $ 3,439 | $ 4,920 | ||
Basic Earnings Per Common Share Attributable to BMS | $ (3.99) | $ 2.02 | $ 3.01 | ||
Diluted Earnings per Common Share Attributable to BMS | $ (3.99) | $ 2.01 | $ 3.01 | ||
Net product sales [Member] | |||||
Revenues | $ 41,321 | $ 25,174 | $ 21,581 | ||
Alliance and other revenues [Member] | |||||
Revenues | $ 1,197 | $ 971 | $ 980 | ||
[1] | Excludes amortization of acquired intangible assets. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net (Loss)/Earnings | $ (8,995) | $ 3,460 | $ 4,947 |
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 | (256) | (32) | 70 |
Pension and postretirement benefits | (75) | 1,203 | 53 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 5 | 36 | (25) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 7 | 35 | (254) |
Other Comprehensive Income (Loss), Net of Tax | (319) | 1,242 | (156) |
Comprehensive (Loss)/Income | (9,314) | 4,702 | 4,791 |
Comprehensive (Loss)/Income Attributable to BMS | (9,334) | 4,681 | 4,764 |
Noncontrolling Interest | $ 20 | $ 21 | $ 27 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 14,546 | $ 12,346 |
Marketable debt securities, current | 1,285 | 3,047 |
Receivables | 8,501 | 7,685 |
Inventories | 2,074 | 4,293 |
Other current assets | 3,786 | 1,983 |
Total Current Assets | 30,192 | 29,354 |
Property, plant and equipment | 5,886 | 6,252 |
Goodwill | 20,547 | 22,488 |
Other intangible assets | 53,243 | 63,969 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 1,161 | 510 |
Marketable debt securities, noncurrent | 433 | 767 |
Other Assets, Noncurrent | 7,019 | 6,604 |
Total Assets | 118,481 | 129,944 |
Current Liabilities: | ||
Short-term debt obligations | 2,340 | 3,346 |
Accounts payable | 2,713 | 2,445 |
Other current liabilities | 14,027 | 12,513 |
Total Current Liabilities | 19,080 | 18,304 |
Deferred Income Tax Liabilities, Net | 5,407 | 6,454 |
Long-term debt | 48,336 | 43,387 |
Other Liabilities, Noncurrent | 7,776 | 10,101 |
Total Liabilities | 80,599 | 78,246 |
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 3,484 in 2020 and 3,568 in 2019, 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 2020 and 2019 | 292 | 292 |
Capital in excess of par value of stock | 44,325 | 43,709 |
Accumulated other comprehensive loss | (1,839) | (1,520) |
Retained earnings | 21,281 | 34,474 |
Less cost of treasury stock - 679 million common shares in 2020 and 672 million common shares in 2019 | (26,237) | (25,357) |
Total Bristol-Myers Squibb Company Shareholders' Equity | 37,822 | 51,598 |
Noncontrolling interest | 60 | 100 |
Total Equity | 37,882 | 51,698 |
Total Liabilities and Equity | $ 118,481 | $ 129,944 |
Preferred Stock, Shares Outstanding | 3,484 | 3,568 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 3,484 | 3,568 |
Preferred Stock, Liquidation Preference Per Share | $ 50 | $ 50 |
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 4,500,000,000 | 4,500,000,000 |
Common Stock, Shares Issued | 2,900,000,000 | 2,900,000,000 |
Treasury Stock, Shares | 679,000,000 | 672,000,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 3,484 | 3,568 |
Preferred Stock, Shares Outstanding | 3,484 | 3,568 |
Preferred Stock, Liquidation Preference Per Share | $ 50 | $ 50 |
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 4,500,000,000 | 4,500,000,000 |
Common Stock, Shares Issued | 2,900,000,000 | 2,900,000,000 |
Treasury Stock, Shares | 679,000,000 | 672,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Cash Flows From Operating Activities: | |||
Net (Loss)/Earnings | $ (8,995) | $ 3,460 | $ 4,947 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization, net | 10,380 | 1,746 | 637 |
Deferred income taxes | 983 | (924) | 45 |
Stock-based compensation | 779 | 441 | 221 |
Impairment charges | 1,203 | 199 | 126 |
Pension settlements and amortization | 43 | 1,688 | 186 |
Divestiture gains and royalties | (699) | (1,855) | (992) |
MyoKardia Asset Acquisition IPRD Charge | 11,438 | 0 | 0 |
Asset acquisition charges | 1,099 | 63 | 1,211 |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 1,228 | 275 | (513) |
Equity investment (gains)/losses | (1,228) | (275) | 513 |
Contingent consideration fair value adjustments | (1,757) | 523 | 0 |
Other adjustments | (177) | (26) | (45) |
Changes in operating assets and liabilities: | |||
Receivables | (646) | 752 | (429) |
Inventories | 2,672 | 463 | (216) |
Accounts payable | 188 | 229 | (59) |
Income taxes payable | (2,305) | 907 | 203 |
Other | 1,074 | 819 | 718 |
Net Cash Provided by Operating Activities | 14,052 | 8,210 | 7,066 |
Cash Flows From Investing Activities: | |||
Sale and maturities of marketable securities | 6,280 | 3,809 | 2,379 |
Purchase of marketable securities | (4,172) | (3,961) | (2,305) |
Capital expenditures | (753) | (836) | (951) |
Divestiture and other proceeds | 870 | 15,852 | 1,249 |
Acquisition and other payments, net of cash acquired | (13,084) | (24,777) | (2,372) |
Net Cash Used in Investing Activities | (10,859) | (9,913) | (2,000) |
Cash Flows From Financing Activities: | |||
Short-term borrowings, net | (267) | 131 | (543) |
Issuance of long-term debt | 6,945 | 26,778 | 0 |
Repayment of long-term debt | (2,750) | (9,256) | (5) |
Repurchase of common stock | (1,546) | (7,300) | (320) |
Dividends | (4,075) | (2,679) | (2,613) |
Other | 542 | (53) | (54) |
Net Cash (Used in)/Provided by Financing Activities | (1,151) | 7,621 | (3,535) |
Effect of Exchange Rate on Cash, Cash Equivalents and Restricted Cash | 111 | (9) | (41) |
Increase in Cash, Cash Equivalents and Restricted Cash | 2,153 | 5,909 | 1,490 |
Cash, Cash Equivalents and Restricted Cash | $ 14,973 | $ 12,820 | $ 6,911 |
SUPPLEMENTAL FINANCIAL INFORMAT
SUPPLEMENTAL FINANCIAL INFORMATION SUPPLEMENTAL FINANCIAL INFORMATION (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information [Text Block] | SUPPLEMENTAL FINANCIAL INFORMATION December 31, Dollars in Millions 2020 2019 Prepaid and refundable income taxes $ 1,799 $ 754 Research and development 492 410 Equity investments 619 — Other (a) 876 819 Other current assets $ 3,786 $ 1,983 (a) Includes restricted cash of $89 million and $84 million at December 31, 2020 and 2019, respectively. December 31, Dollars in Millions 2020 2019 Equity investments $ 4,076 $ 3,405 Inventories 1,080 1,373 Operating leases 859 704 Pension and postretirement 208 456 Restricted cash 338 390 Other 458 276 Other non-current assets $ 7,019 $ 6,604 December 31, Dollars in Millions 2020 2019 Rebates and returns $ 5,688 $ 4,275 Income taxes payable 647 1,517 Employee compensation and benefits 1,412 1,457 Research and development 1,423 1,324 Dividends 1,129 1,025 Interest 434 493 Royalties 461 418 Operating leases 164 133 Contingent value rights 515 — Other 2,154 1,871 Other current liabilities $ 14,027 $ 12,513 December 31, Dollars in Millions 2020 2019 Income taxes payable $ 5,017 $ 5,368 Contingent value rights 15 2,275 Pension and postretirement 899 725 Operating leases 833 672 Deferred income 357 424 Deferred compensation 344 287 Other 311 350 Other non-current liabilities $ 7,776 $ 10,101 |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Income Statement Elements [Abstract] | |
Quarterly Financial Information [Text Block] | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Year Ended December 31, 2020 Dollars in Millions, except per share data First Quarter Second Quarter Third Quarter Fourth Quarter Year Total Revenues $ 10,781 $ 10,129 $ 10,540 $ 11,068 $ 42,518 Gross Margin 7,119 7,430 8,038 8,158 30,745 Net (Loss)/Earnings (766) (80) 1,878 (10,027) (8,995) Net (Loss)/Earnings Attributable to: Noncontrolling Interest 9 5 6 — 20 BMS (775) (85) 1,872 (10,027) (9,015) (Loss)/Earnings per Common Share - Basic (a) $ (0.34) $ (0.04) $ 0.83 $ (4.45) $ (3.99) (Loss)/Earnings per Common Share - Diluted (a) (0.34) (0.04) 0.82 (4.45) (3.99) Cash dividends declared per common share $ 0.45 $ 0.45 $ 0.45 $ 0.49 $ 1.84 Cash and cash equivalents $ 15,817 $ 19,934 $ 19,435 $ 14,546 $ 14,546 Marketable debt securities (b) 3,156 2,247 2,215 1,718 1,718 Total Assets 129,285 128,076 125,536 118,481 118,481 Long-term debt (c) 46,105 46,106 44,614 50,336 50,336 Equity 49,977 49,160 50,230 37,882 37,882 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 (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 2020 and 2019: Year Ended December 31, 2020 Dollars in Millions First Quarter Second Quarter Third Quarter Fourth Quarter Year Inventory purchase price accounting adjustments $ 1,420 $ 714 $ 456 $ 98 $ 2,688 Intangible asset impairment — — — 575 575 Employee compensation charges 2 1 — 1 4 Site exit and other costs 16 13 3 1 33 Cost of products sold 1,438 728 459 675 3,300 Employee compensation charges 15 12 7 241 275 Site exit and other costs 6 (1) (1) — 4 Marketing, selling and administrative 21 11 6 241 279 License and asset acquisition charges 25 300 203 475 1,003 IPRD impairments — — — 470 470 Inventory purchase price accounting adjustments 17 — 8 11 36 Employee compensation charges 18 15 8 241 282 Site exit and other costs 56 39 4 16 115 Research and development 116 354 223 1,213 1,906 IPRD charge - MyoKardia acquisition — — — 11,438 11,438 Amortization of acquired intangible assets 2,282 2,389 2,491 2,526 9,688 Interest expense (a) (41) (41) (40) (37) (159) Contingent consideration 556 (165) (988) (1,160) (1,757) Royalties and licensing income (83) (18) (53) (14) (168) Equity investment losses/(gains) 339 (818) (214) (463) (1,156) Integration expenses 174 166 195 182 717 Provision for restructuring 160 115 176 79 530 Litigation and other settlements — — — (239) (239) Reversion excise tax 76 — — — 76 Divestiture (gains)/losses (16) 9 1 (49) (55) Other (income)/expense, net 1,165 (752) (923) (1,701) (2,211) Increase to pretax income 5,022 2,730 2,256 14,392 24,400 Income taxes on items above (291) (3) (405) (1,034) (1,733) Income taxes attributed to Otezla* divestiture — 255 11 — 266 Income taxes attributed to internal transfer of intangible assets — 853 — — 853 Income taxes (291) 1,105 (394) (1,034) (614) Increase to net earnings $ 4,731 $ 3,835 $ 1,862 $ 13,358 $ 23,786 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 (a) — 83 166 73 322 Contingent consideration — — — 523 523 Royalties and licensing income — — (9) (15) (24) Equity investment (gains)/losses (175) (71) 261 (294) (279) Integration expenses 22 106 96 191 415 Provision for restructuring 12 10 10 269 301 Litigation and other settlements — — — 75 75 Investment income — (54) (99) (44) (197) Divestiture losses/(gains) — 8 (1,179) 3 (1,168) Pension and postretirement 49 44 1,545 (3) 1,635 Acquisition expenses 165 303 7 182 657 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 |
SUPPLEMENTAL FINANCIAL INFORM_2
SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Financial Information [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | December 31, Dollars in Millions 2020 2019 Prepaid and refundable income taxes $ 1,799 $ 754 Research and development 492 410 Equity investments 619 — Other (a) 876 819 Other current assets $ 3,786 $ 1,983 |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, Dollars in Millions 2020 2019 Equity investments $ 4,076 $ 3,405 Inventories 1,080 1,373 Operating leases 859 704 Pension and postretirement 208 456 Restricted cash 338 390 Other 458 276 Other non-current assets $ 7,019 $ 6,604 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, Dollars in Millions 2020 2019 Rebates and returns $ 5,688 $ 4,275 Income taxes payable 647 1,517 Employee compensation and benefits 1,412 1,457 Research and development 1,423 1,324 Dividends 1,129 1,025 Interest 434 493 Royalties 461 418 Operating leases 164 133 Contingent value rights 515 — Other 2,154 1,871 Other current liabilities $ 14,027 $ 12,513 |
Other Noncurrent Liabilities [Table Text Block] | December 31, Dollars in Millions 2020 2019 Income taxes payable $ 5,017 $ 5,368 Contingent value rights 15 2,275 Pension and postretirement 899 725 Operating leases 833 672 Deferred income 357 424 Deferred compensation 344 287 Other 311 350 Other non-current liabilities $ 7,776 $ 10,101 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Income Statement Elements [Abstract] | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2020 Dollars in Millions, except per share data First Quarter Second Quarter Third Quarter Fourth Quarter Year Total Revenues $ 10,781 $ 10,129 $ 10,540 $ 11,068 $ 42,518 Gross Margin 7,119 7,430 8,038 8,158 30,745 Net (Loss)/Earnings (766) (80) 1,878 (10,027) (8,995) Net (Loss)/Earnings Attributable to: Noncontrolling Interest 9 5 6 — 20 BMS (775) (85) 1,872 (10,027) (9,015) (Loss)/Earnings per Common Share - Basic (a) $ (0.34) $ (0.04) $ 0.83 $ (4.45) $ (3.99) (Loss)/Earnings per Common Share - Diluted (a) (0.34) (0.04) 0.82 (4.45) (3.99) Cash dividends declared per common share $ 0.45 $ 0.45 $ 0.45 $ 0.49 $ 1.84 Cash and cash equivalents $ 15,817 $ 19,934 $ 19,435 $ 14,546 $ 14,546 Marketable debt securities (b) 3,156 2,247 2,215 1,718 1,718 Total Assets 129,285 128,076 125,536 118,481 118,481 Long-term debt (c) 46,105 46,106 44,614 50,336 50,336 Equity 49,977 49,160 50,230 37,882 37,882 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 (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 2020 and 2019: Year Ended December 31, 2020 Dollars in Millions First Quarter Second Quarter Third Quarter Fourth Quarter Year Inventory purchase price accounting adjustments $ 1,420 $ 714 $ 456 $ 98 $ 2,688 Intangible asset impairment — — — 575 575 Employee compensation charges 2 1 — 1 4 Site exit and other costs 16 13 3 1 33 Cost of products sold 1,438 728 459 675 3,300 Employee compensation charges 15 12 7 241 275 Site exit and other costs 6 (1) (1) — 4 Marketing, selling and administrative 21 11 6 241 279 License and asset acquisition charges 25 300 203 475 1,003 IPRD impairments — — — 470 470 Inventory purchase price accounting adjustments 17 — 8 11 36 Employee compensation charges 18 15 8 241 282 Site exit and other costs 56 39 4 16 115 Research and development 116 354 223 1,213 1,906 IPRD charge - MyoKardia acquisition — — — 11,438 11,438 Amortization of acquired intangible assets 2,282 2,389 2,491 2,526 9,688 Interest expense (a) (41) (41) (40) (37) (159) Contingent consideration 556 (165) (988) (1,160) (1,757) Royalties and licensing income (83) (18) (53) (14) (168) Equity investment losses/(gains) 339 (818) (214) (463) (1,156) Integration expenses 174 166 195 182 717 Provision for restructuring 160 115 176 79 530 Litigation and other settlements — — — (239) (239) Reversion excise tax 76 — — — 76 Divestiture (gains)/losses (16) 9 1 (49) (55) Other (income)/expense, net 1,165 (752) (923) (1,701) (2,211) Increase to pretax income 5,022 2,730 2,256 14,392 24,400 Income taxes on items above (291) (3) (405) (1,034) (1,733) Income taxes attributed to Otezla* divestiture — 255 11 — 266 Income taxes attributed to internal transfer of intangible assets — 853 — — 853 Income taxes (291) 1,105 (394) (1,034) (614) Increase to net earnings $ 4,731 $ 3,835 $ 1,862 $ 13,358 $ 23,786 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 (a) — 83 166 73 322 Contingent consideration — — — 523 523 Royalties and licensing income — — (9) (15) (24) Equity investment (gains)/losses (175) (71) 261 (294) (279) Integration expenses 22 106 96 191 415 Provision for restructuring 12 10 10 269 301 Litigation and other settlements — — — 75 75 Investment income — (54) (99) (44) (197) Divestiture losses/(gains) — 8 (1,179) 3 (1,168) Pension and postretirement 49 44 1,545 (3) 1,635 Acquisition expenses 165 303 7 182 657 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 |
SELECTED QUARTERLY FINANCIAL _3
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 11,068 | $ 10,540 | $ 10,129 | $ 10,781 | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 42,518 | $ 26,145 |
Gross Margin | 8,158 | 8,038 | 7,430 | 7,119 | 5,453 | 4,217 | 4,301 | 4,096 | 30,745 | 18,067 |
Net (Loss)/Earnings | (10,027) | 1,878 | (80) | (766) | (1,060) | 1,366 | 1,439 | 1,715 | (8,995) | 3,460 |
Noncontrolling Interest | 0 | 6 | 5 | 9 | (4) | 13 | 7 | 5 | 20 | 21 |
Net (Loss)/Earnings Attributable to BMS | $ (10,027) | $ 1,872 | $ (85) | $ (775) | $ (1,056) | $ 1,353 | $ 1,432 | $ 1,710 | $ (9,015) | $ 3,439 |
Basic Earnings Per Common Share Attributable to BMS | $ (4.45) | $ 0.83 | $ (0.04) | $ (0.34) | $ (0.55) | $ 0.83 | $ 0.88 | $ 1.05 | $ (3.99) | $ 2.02 |
Diluted Earnings per Common Share Attributable to BMS | (4.45) | 0.82 | (0.04) | (0.34) | (0.55) | 0.83 | 0.87 | 1.04 | (3.99) | 2.01 |
Common Stock, Dividends, Per Share, Declared | $ 0.49 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.41 | $ 0.41 | $ 0.41 | $ 1.84 | $ 1.68 |
Cash and cash equivalents | $ 14,546 | $ 19,435 | $ 19,934 | $ 15,817 | $ 12,346 | $ 30,489 | $ 28,404 | $ 7,335 | $ 14,546 | $ 12,346 |
Marketable Securities | 1,718 | 2,215 | 2,247 | 3,156 | 3,814 | 2,978 | 1,947 | 2,662 | 1,718 | 3,814 |
Total Assets | 118,481 | 125,536 | 128,076 | 129,285 | 129,944 | 57,433 | 55,163 | 34,834 | 118,481 | 129,944 |
Long-term Debt | 50,336 | 44,614 | 46,106 | 46,105 | 46,150 | 24,390 | 24,433 | 5,635 | 50,336 | 46,150 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 37,882 | 50,230 | 49,160 | 49,977 | 51,698 | 17,754 | 16,151 | 15,317 | 37,882 | 51,698 |
Increase/(decrease) to pretax income | 14,392 | 2,256 | 2,730 | 5,022 | 2,886 | 840 | 612 | 137 | 24,400 | 4,475 |
Cost of products sold | 675 | 459 | 728 | 1,438 | 685 | 22 | 139 | 12 | 3,300 | 858 |
Marketing, selling and administrative | 241 | 6 | 11 | 21 | 35 | 0 | 0 | 1 | 279 | 36 |
Research and development | 1,213 | 223 | 354 | 116 | 142 | 20 | 44 | 51 | 1,906 | 257 |
IPRD charge - MyoKardia acquisition - Specified Items | 11,438 | 11,438 | ||||||||
Amortization of Acquired Intangible Assets - Specified Items | 2,526 | 2,491 | 2,389 | 2,282 | 1,062 | 9,688 | 1,062 | |||
Other income (net) | (1,701) | (923) | (752) | 1,165 | 962 | 798 | 429 | 73 | (2,211) | 2,262 |
Income Tax On Items Affecting Comparability | (1,034) | (405) | (3) | (291) | (264) | (275) | (105) | (43) | (1,733) | (687) |
Otezla Divestiture Tax Impact - Specified | 11 | 255 | 266 | |||||||
Income taxes attributed to internal transfer of intangible assets | 853 | 808 | 853 | 808 | ||||||
Income Tax - Specified Items | (1,034) | (394) | 1,105 | (291) | 544 | (275) | (105) | (43) | (614) | 121 |
Increase/(decrease) to Net Earnings | 13,358 | 1,862 | 3,835 | 4,731 | 3,430 | 565 | 507 | 94 | 23,786 | 4,596 |
Inventory purchase price accounting adjustments | Cost of products sold [Member] | ||||||||||
Increase/(decrease) to pretax income | 98 | 456 | 714 | 1,420 | 660 | 2,688 | 660 | |||
Inventory purchase price accounting adjustments | Research and development [Member] | ||||||||||
Increase/(decrease) to pretax income | 11 | 8 | 0 | 17 | 36 | |||||
Intangible asset impairment [Member] | Cost of products sold [Member] | ||||||||||
Increase/(decrease) to pretax income | 575 | 575 | ||||||||
Employee compensation charges [Member] | Cost of products sold [Member] | ||||||||||
Increase/(decrease) to pretax income | 1 | 1 | 2 | 1 | 4 | 1 | ||||
Employee compensation charges [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||
Increase/(decrease) to pretax income | 241 | 7 | 12 | 15 | 27 | 275 | 27 | |||
Employee compensation charges [Member] | Research and development [Member] | ||||||||||
Increase/(decrease) to pretax income | 241 | 8 | 15 | 18 | 33 | 282 | 33 | |||
Accelerated Depreciation and Other Shutdown Costs [Member] | Cost of products sold [Member] | ||||||||||
Increase/(decrease) to pretax income | 1 | 3 | 13 | 16 | 24 | 22 | 139 | 12 | 33 | 197 |
Accelerated Depreciation and Other Shutdown Costs [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||
Increase/(decrease) to pretax income | 0 | (1) | (1) | 6 | 8 | 1 | 4 | 9 | ||
Accelerated Depreciation and Other Shutdown Costs [Member] | Research and development [Member] | ||||||||||
Increase/(decrease) to pretax income | 16 | 4 | 39 | 56 | 109 | 20 | 19 | 19 | 115 | 167 |
Upfront, milestone and other licensing payments [Member] | ||||||||||
Increase/(decrease) to pretax income | 0 | 0 | 25 | 0 | 25 | |||||
Upfront, milestone and other licensing payments [Member] | Research and development [Member] | ||||||||||
Increase/(decrease) to pretax income | 475 | 203 | 300 | 25 | 1,003 | |||||
IPRD Impairments [Member] | Research and development [Member] | ||||||||||
Increase/(decrease) to pretax income | 470 | 0 | 0 | 0 | 32 | 470 | 32 | |||
Interest Expense [Member] | ||||||||||
Increase/(decrease) to pretax income | (37) | (40) | (41) | (41) | 73 | 166 | 83 | (159) | 322 | |
Contingent Value Rights [Member] | ||||||||||
Increase/(decrease) to pretax income | (1,160) | (988) | (165) | 556 | 523 | (1,757) | 523 | |||
Royalties and licensing income [Member] | ||||||||||
Increase/(decrease) to pretax income | (14) | (53) | (18) | (83) | (15) | (9) | 0 | 0 | (168) | (24) |
Loss/(gain) on equity investments [Member] | ||||||||||
Increase/(decrease) to pretax income | (463) | (214) | (818) | 339 | (294) | 261 | (71) | (175) | (1,156) | (279) |
Integration expenses [Member] | ||||||||||
Increase/(decrease) to pretax income | 182 | 195 | 166 | 174 | 191 | 96 | 106 | 22 | 717 | 415 |
Provision For Restructuring [Member] | ||||||||||
Increase/(decrease) to pretax income | 79 | 176 | 115 | 160 | 269 | 10 | 10 | 12 | 530 | 301 |
Litigation Charges Recoveries [Member] | ||||||||||
Increase/(decrease) to pretax income | (239) | 0 | 0 | 0 | 75 | 0 | 0 | 0 | (239) | 75 |
Reversion excise tax | ||||||||||
Increase/(decrease) to pretax income | 0 | 0 | 0 | 76 | 76 | |||||
Divestiture gains [Member] | ||||||||||
Increase/(decrease) to pretax income | $ (49) | $ 1 | $ 9 | $ (16) | 3 | (1,179) | 8 | 0 | $ (55) | (1,168) |
Investment Income [Member] | ||||||||||
Increase/(decrease) to pretax income | (44) | (99) | (54) | (197) | ||||||
Pension charges [Member] | ||||||||||
Increase/(decrease) to pretax income | (3) | 1,545 | 44 | 49 | 1,635 | |||||
Acquisition expenses [Member] | ||||||||||
Increase/(decrease) to pretax income | 182 | 7 | 303 | 165 | 657 | |||||
Other Expense [Member] | ||||||||||
Increase/(decrease) to pretax income | $ 2 | $ 0 | $ 0 | $ 0 | $ 2 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 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 acquisitions; impairments of goodwill and intangible assets; sales rebate and return accruals; legal contingencies; and income taxes. Actual results may differ from estimates. Reclassifications Certain reclassifications were made to conform the prior period consolidated financial statements to the current period presentation. Cash payments resulting for licensing arrangements, including upfront and contingent milestones previously included in operating activities in the consolidated statements of cash flows are now presented in investing activities. The adjustment resulted in an increase to net cash provided by operating activities and net cash used in investing activities of $143 million in 2019 and $1.1 billion in 2018. Deferred income previously presented separately in the consolidated statements of cash flows is now presented in Other operating assets and liabilities. These reclassifications did not have an impact on net assets or net earnings. 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 including escrow for litigation settlements and funds restricted for annual Company contributions to the defined contribution plan in the U.S. Restricted cash was $427 million and $474 million at December 31, 2020 and 2019, respectively. 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 proportional share of the investees 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 ranging from three to ten years. 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 excluded for 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 or substantially of the relative fair value was allocated to a single asset. Amounts allocated to 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, marketed product 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, realize synergies from acquisitions 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 $990 million in 2020, $633 million in 2019 and $672 million in 2018. 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 (Loss)/Income. 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. Recently Adopted Accounting Standards Financial Instruments - Measurement of Credit Losses In June 2016, the FASB issued amended guidance for the measurement of credit losses on financial instruments. Entities are 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. BMS adopted the amended guidance on a modified retrospective approach on January 1, 2020. The amended guidance did not impact BMS’s results of operations. |
REVENUE REVENUE
REVENUE REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Net product sales $ 41,321 $ 25,174 $ 21,581 Alliance revenues 615 597 647 Other revenues 582 374 333 Total Revenues $ 42,518 $ 26,145 $ 22,561 Net product sales represent more than 95% of total revenues for the years ended December 31, 2020, 2019 and 2018. Products are sold principally to wholesalers, distributors, specialty pharmacies, and to a lesser extent, directly to retailers, hospitals, clinics and government agencies. 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, 2020 2019 2018 McKesson Corporation 31 % 26 % 25 % AmerisourceBergen Corporation 25 % 20 % 20 % Cardinal Health, Inc. 19 % 17 % 17 % 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 2020 2019 2018 Gross product sales $ 60,016 $ 37,206 $ 30,174 GTN adjustments (a) Charge-backs and cash discounts (5,827) (3,675) (2,735) Medicaid and Medicare rebates (7,595) (4,941) (3,225) Other rebates, returns, discounts and adjustments (5,273) (3,416) (2,633) Total GTN adjustments (18,695) (12,032) (8,593) Net product sales $ 41,321 $ 25,174 $ 21,581 (a) Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $106 million in 2020, $132 million in 2019 and $96 million in 2018. 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 upfront 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: (i) arrangements when BMS out-licenses intellectual property to another party and has no further performance obligations; (ii) arrangements that include a license and an additional performance obligation to supply product upon the request of the third party; and (iii) 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. Upfront 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 revenues. 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, upfront 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 revenues. The above fee allocation between the license and the supply represents the amount of consideration expected 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 the obligation to jointly develop and commercialize the product with the third party. As a result, upfront 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 revenues. 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 2020 2019 2018 Prioritized Brands Revlimid $ 12,106 $ 1,299 $ — Eliquis 9,168 7,929 6,438 Opdivo 6,992 7,204 6,735 Orencia 3,157 2,977 2,710 Pomalyst/Imnovid 3,070 322 — Sprycel 2,140 2,110 2,000 Yervoy 1,682 1,489 1,330 Abraxane 1,247 166 — Empliciti 381 357 247 Reblozyl 274 — — Inrebic 55 5 — Onureg 17 — — Zeposia 12 — — Established Brands Vidaza 455 58 — Baraclude 447 555 744 Other Brands (a) 1,315 1,674 2,357 Total Revenues $ 42,518 $ 26,145 $ 22,561 United States $ 26,577 $ 15,342 $ 12,586 Europe 9,853 6,266 5,658 Rest of World 5,457 4,013 3,733 Other (b) 631 524 584 Total Revenues $ 42,518 $ 26,145 $ 22,561 (a) Includes BMS and Celgene products in 2020 and 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, 2020 and 2019. Revenue recognized from performance obligations satisfied in prior periods was $338 million in 2020 and $411 million in 2019, 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, 2020 and 2019. 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, 2020 | |
Supplemental Income Statement Elements [Abstract] | |
Alliances[Text Block] | ALLIANCESBMS 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 regulatory 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 regulatory 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 2020 2019 2018 Revenues from alliances: Net product sales $ 9,364 $ 9,944 $ 8,359 Alliance revenues 615 597 647 Total Revenues $ 9,979 $ 10,541 $ 9,006 Payments to/(from) alliance partners: Cost of products sold $ 4,485 $ 4,169 $ 3,439 Marketing, selling and administrative (128) (127) (104) Research and development 349 42 1,044 Other (income)/expense, net (74) (60) (67) Selected Alliance Balance Sheet Information: December 31, Dollars in Millions 2020 2019 Receivables – from alliance partners $ 343 $ 347 Accounts payable – to alliance partners 1,093 1,026 Deferred income from alliances (a) 366 431 (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 certain smaller countries, Pfizer has had full commercialization rights and 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 which are amortized and 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 2020 2019 2018 Revenues from Pfizer alliance: Net product sales $ 8,942 $ 7,711 $ 6,329 Alliance revenues 226 218 109 Total Revenues $ 9,168 $ 7,929 $ 6,438 Payments to/(from) Pfizer: Cost of products sold – Profit sharing $ 4,331 $ 3,745 $ 3,078 Other (income)/expense, net – Amortization of deferred income (55) (55) (55) Selected Alliance Balance Sheet Information: December 31, Dollars in Millions 2020 2019 Receivables $ 253 $ 247 Accounts payable 1,024 922 Deferred income 300 355 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 2019, Ono exercised the right to accept NKTR-214 into the alliance with BMS upon completion of a Phase I clinical study of Opdivo and NKTR-214 in the Ono Territory. Ono partially reimbursed BMS for development costs incurred with the study and shares in certain future development costs, contingent milestone payments, profits and losses under the collaboration with Nektar. In 2017, Ono granted BMS an exclusive license for the development and commercialization of ONO-4578, Ono’s Prostaglandin E2 receptor 4 antagonist. In 2020, the rights were terminated by both parties. Summarized financial information related to this alliance was as follows: Year Ended December 31, Dollars in Millions 2020 2019 2018 Revenues from Ono alliances: Net product sales $ 194 $ 194 $ 165 Alliance revenues 382 305 294 Total Revenues $ 576 $ 499 $ 459 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 metastatic melanoma, adjuvant 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 which represented 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 upfront 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 upfront payment was allocated to the rights discussed above and included in Research and development expense in 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 $132 million in 2020, $108 million in 2019 and $59 million in 2018. bluebird BMS and bluebird jointly develop and commercialize novel disease-altering gene therapy product candidates targeting BCMA. The collaboration arrangement began in 2013 and included (i) a right for BMS to license any anti-BCMA products resulting from the collaboration, (ii) a right for bluebird to participate in the development and commercialization of any licensed products resulting from the collaboration through a 50/50 co-development and profit share in the U.S. in exchange for a reduction of milestone payments, and (iii) sales-based milestones and royalties payable to bluebird upon the commercialization of any licensed products resulting from the collaboration if bluebird declined to exercise their co-development and profit sharing rights. The options to license idecabtagene vicleucel (ide-cel, bb2121) and bb21217 were exercised in 2016 and 2017, respectively. BMS and bluebird share equally in all profits and losses relating to developing, commercializing and manufacturing ide-cel within the U.S. BMS is exclusively responsible for the development and commercialization of ide-cel outside the U.S. BMS is responsible for the worldwide development, including related funding after the substantial completion by bluebird of the ongoing Phase I clinical trial, and commercialization of bb21217. bluebird has an option to co-develop, co-promote and share equally in all profits and losses in the U.S. In 2020, BMS and bluebird amended their collaboration arrangement where, among other items, BMS is assuming the contract manufacturing agreements relating to ide-cel adherent lentiviral vector. Over time, BMS is assuming responsibility for manufacturing ide-cel suspension lentiviral vector outside of the U.S., with bluebird responsible for manufacturing ide-cel suspension lentiviral vector in the U.S. The parties were also released from future exclusivity related to BCMA-directed T cell therapies. In addition, BMS agreed to buy out its obligation to pay bluebird future ex-U.S. milestones and royalties on ide-cel and bb21217 for a payment of $200 million, which was included in Research and development expense in 2020. Cost sharing payments between the parties were not material. Otsuka BMS and Otsuka co-promoted Sprycel in the U.S. and the EU through 2019. BMS was responsible for the development and manufacture of the product and was also the principal in the end customer product sales. A fee was paid to Otsuka through 2020 based on net sales levels in the Oncology Territory (U.S., Japan and the EU) that equated to $294 million on the first $1.0 billion of annual net sales plus 1% of net sales in excess of $1.0 billion. Revenues earned from the Otsuka alliance were $1.8 billion in 2019 and $1.7 billion in 2018. Payments to Otsuka of $302 million in 2019 and $297 million in 2018, were recorded in Cost of product sold. Effective January 1, 2020, Otsuka is no longer co-promoting Sprycel in the U.S. and as a result, this arrangement is no longer considered a collaboration under ASC 808. Revenues earned and fees paid to Otsuka in the Oncology Territory in 2020 are not included in the select financial information table above. |
ACQUISITIONS, DIVESTITURES AND
ACQUISITIONS, DIVESTITURES AND LICENSING ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2020 | |
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 further position BMS as a leading biopharmaceutical company 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 assessment of the fair value of assets acquired and liabilities assumed was finalized. The measurement period adjustments reflected in 2020 primarily resulted from completing valuations of real estate and personal property, revised future cash flow estimates for certain intangible assets, changes in the estimated tax basis of certain intangible assets based upon a tax ruling which reduced deferred income tax liabilities and other changes to certain equity investments, legal contingency and income tax liabilities. The related impact to net earnings that would have been recognized in previous periods if the adjustments were recognized as of the acquisition date was not material to the consolidated financial statements. 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 were included in compensation costs. Refer to “—Note 18. Employee Stock Benefit Plans” for more information. The 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 fair values summarized below: Dollars in Millions Amounts Recognized as of Acquisition Date Measurement Period Adjustments Purchase Price Allocation Cash and cash equivalents $ 11,179 $ — $ 11,179 Receivables 2,652 — 2,652 Inventories 4,511 — 4,511 Property, plant and equipment 1,342 (277) 1,065 Intangible assets (a) 64,027 (100) 63,927 Otezla* assets held-for-sale (b) 13,400 — 13,400 Other assets 3,408 43 3,451 Accounts payable (363) — (363) Income taxes payable (2,718) (38) (2,756) Deferred income tax liabilities (7,339) 2,336 (5,003) Debt (21,782) — (21,782) Other liabilities (4,017) 15 (4,002) Identifiable net assets acquired 64,300 1,979 66,279 Goodwill (c) 15,969 (1,979) 13,990 Total consideration transferred $ 80,269 $ — $ 80,269 (a) Intangible assets consists of currently marketed product rights of approximately $44.4 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 MyoKardia On November 17, 2020, BMS acquired MyoKardia a clinical-stage biopharmaceutical company pioneering a precision medicine approach to discover, develop and commercialize targeted therapies for the treatment of serious cardiovascular diseases. BMS, through a subsidiary, completed a tender offer to acquire all of the issued and outstanding shares of MyoKardia’s common stock and accepted all shares validly tendered and not withdrawn as of the expiration time of the tender offer for $225.00 per share, or $13.1 billion, including cash settlements of equity stock awards. The acquisition provides BMS with rights to MyoKardia’s lead asset, mavacamten, a potential first-in-class cardiovascular medicine for the treatment of obstructive hypertrophic cardiomyopathy that has completed Phase III development with an anticipated NDA submission in the first quarter of 2021. BMS funded the transaction through a combination of cash on hand from its operations and net proceeds received in connection with the 2020 senior unsecured notes offering. The consideration transferred was allocated based on the relative fair value of gross assets acquired. The transaction was accounted for as an asset acquisition since mavacamten represented substantially all of the fair value of the gross assets acquired (excluding cash and deferred income taxes). As a result, an $11.4 billion IPRD charge was recognized in the fourth quarter of 2020. The following summarizes the total consideration transferred and allocation of consideration transferred to the assets acquired and liabilities assumed: Amounts in Million Amounts Cash consideration for outstanding shares $ 12,030 Cash consideration for stock awards 1,059 Consideration paid 13,089 Less: Charge for unvested stock awards (a) 482 Transaction costs 53 Consideration to be allocated $ 12,660 Other intangible assets (b) $ 11,553 Cash and cash equivalents 861 Deferred income taxes 295 Other assets 177 Other liabilities (226) Total assets acquired, net $ 12,660 (a) Represents the accelerated vesting of MyoKardia stock awards and included in Marketing, selling and administrative expense ($241 million) and Research and development expense ($241 million) as of December 31, 2020. (b) Includes IPRD of $11.4 billion (of which $11.1 billion related to mavacamten) and licenses of $115 million. Forbius In 2020, BMS acquired all of the outstanding shares of Forbius, a privately held, clinical-stage protein engineering company that designs and develops biotherapeutics for the treatment of cancer and fibrotic diseases. The acquisition provides BMS with full rights to Forbius’s TGF-beta program, including the program’s lead investigational asset, AVID200, which is in Phase I development. BMS accounted for the transaction as an asset acquisition since AVID200 represented substantially all of the fair value of the gross assets acquired. The transaction price included an upfront payment of $185 million and contingent development, regulatory and sales-based milestone payments up to $815 million. The up-front payment was included in Research and development expense except for $7 million that was allocated to deferred tax assets. Other Research and development expense also includes $100 million in 2020 and $60 million in 2018 resulting from the occurrence of certain development events attributed to the Cormorant asset acquisition completed in 2016. 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 were not material in all periods presented (excluding divestiture gains or losses). Proceeds (a) Divestiture Gains Royalty Income Dollars in Millions 2020 2019 2018 2020 2019 2018 2020 2019 2018 Diabetes Business $ 558 $ 661 $ 579 $ — $ — $ — $ (567) $ (650) $ (661) Erbitux* Business 13 15 216 — — — — (23) (145) Manufacturing Operations 10 48 160 (1) 1 — — — — Plavix* and Avapro* / Avalide* 7 — 80 (12) — — — — — Otezla* — 13,400 — — — — — — — UPSA Business — 1,508 — — (1,157) — — — — Mature Brands and Other 127 10 212 (42) (12) (178) (77) (13) (8) Total $ 715 $ 15,642 $ 1,247 $ (55) $ (1,168) $ (178) $ (644) $ (686) $ (814) (a) Includes royalties received subsequent to the related sale of the asset or business. 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 $673 million in 2020, $533 million in 2019 and $457 million in 2018. 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 paid $39 million in 2020 and $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, and paid $67 million in 2020. 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. BMS transferred its co-commercialization rights in Japan to Merck KGaA in 2015 in exchange for sales-based royalties through 2032. As a result of the adoption of ASC 610 in 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 included 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 of $160 million were received in 2018. The transaction was accounted for as the sale of a business. The divestiture included the transfer of the facility, the majority of employees at the site, inventories and certain third-party contract manufacturing obligations. 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 as an equity investment gain 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. 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. Otezla* In order to complete the Celgene acquisition, BMS was required by the FTC to divest certain products. On November 21, 2019, BMS completed the divestiture of Otezla* (apremilast) to Amgen for $13.4 billion of cash. 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 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. The transaction was accounted for as the sale of a business. Mature Brands and Other In 2020, a mature brand was sold resulting in proceeds of $50 million and divestiture gains of $49 million. In 2018, several mature brands were sold to Cheplapharm resulting in proceeds of $153 million and divestiture gains of $127 million. Licensing and Other Arrangements The following table summarizes the financial impact of Keytruda* royalties, Tecentriq * royalties, up-front and milestone licensing fees for products that have not obtained commercial approval, which are included in Other (income)/expense, net. Year Ended December 31, Dollars in Millions 2020 2019 2018 Keytruda * royalties $ (681) $ (545) $ (343) Tecentriq * royalties (19) — — Up-front licensing fees (30) (29) (61) Contingent milestone income (72) (31) (37) Amortization of deferred income (58) (58) (57) Other royalties (23) (11) (41) Total $ (883) $ (674) $ (539) Tecentriq* Patent License In 2020, BMS and Ono entered a global patent license agreement with Roche Group related to Tecentriq * (atezolizumab), Roche’s anti-PD-L1 antibody. Under the agreement, Roche paid $324 million which included royalties for the nine months ended September 30, 2020, and will pay single-digit royalties on worldwide net sales of Tecentriq * through December 31, 2026. The upfront payment and royalties will be shared between BMS and Ono consistent with existing agreements. BMS recorded $239 million in Other (income)/expense, net for the settlement and $19 million for royalties in the fourth quarter of 2020. Dragonfly In 2020, BMS obtained a global exclusive license to Dragonfly’s interleukin-12 (IL-12) investigational immunotherapy program, including its extended half-life cytokine DF6002. BMS will be responsible for the development and any subsequent commercialization of DF6002 and its related products worldwide, including strategic decisions, regulatory responsibilities, funding, and manufacturing. Dragonfly will continue to be involved in the development of DF6002 in current and certain future Phase I/II clinical trials. BMS paid $475 million to Dragonfly for the rights in 2020 including $75 million following the commencement of a Phase I combination clinical study (included in Research and development expense). Dragonfly is eligible to receive additional contingent consideration comprised of development, regulatory and sales-based milestone payments up to $2.7 billion and royalties on global net sales. |
OTHER INCOME (NET)
OTHER INCOME (NET) | 12 Months Ended |
Dec. 31, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other (Income) / Expense, net [Text Block] | OTHER (INCOME)/EXPENSE, NET Year Ended December 31, Dollars in Millions 2020 2019 2018 Interest expense $ 1,420 $ 656 $ 183 Contingent consideration (1,757) 523 — Royalties and licensing income (1,527) (1,360) (1,353) Equity investment (gains)/losses (1,228) (275) 419 Integration expenses 717 415 — Provision for restructuring 530 301 131 Litigation and other settlements (194) 77 76 Transition and other service fees (149) (37) (12) Investment income (121) (464) (173) Reversion excise tax 76 — — Divestiture gains (55) (1,168) (178) Intangible asset impairment 21 15 64 Pension and postretirement (13) 1,599 (27) Acquisition expenses — 657 — Other (34) (1) 16 Other (income)/expense, net $ (2,314) $ 938 $ (854) |
RESTRUCTURING
RESTRUCTURING | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING Celgene Acquisition Plan In 2019, a restructuring and integration plan was implemented as an initiative to realize sustainable run rate synergies resulting from cost savings and avoidance from the Celgene acquisition which is currently expected to be approximately $3.0 billion. 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%). Charges of approximately $3.0 billion are expected to be incurred through 2022. Cumulative charges of approximately $1.9 billion have been recognized including 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 1,565 in 2020 and 125 in 2019. MyoKardia Acquisition Plan In 2020, a restructuring and integration plan was initiated to realize expected cost synergies resulting from cost savings and avoidance from the MyoKardia acquisition. Charges of approximately $150 million are expected to be incurred through 2022, and consist of integration planning and execution expenses, employee termination benefit costs and other costs. Company Transformation In 2016, a restructuring plan was announced to evolve and streamline BMS’s operating model. Cumulative charges of approximately $1.5 billion were recognized for these actions since the announcement. Actions under the plan have been completed as of December 31, 2020. The following provides the charges related to restructuring initiatives by type of cost: Year Ended December 31, Dollars in Millions 2020 2019 2018 Celgene Acquisition Plan $ 1,244 $ 674 $ — MyoKardia Acquisition Plan 39 — — Company Transformation 127 305 268 Total charges $ 1,410 $ 979 $ 268 Employee termination costs $ 457 $ 273 $ 87 Other termination costs 73 28 44 Provision for restructuring 530 301 131 Integration expenses 717 415 — Accelerated depreciation 53 133 113 Asset impairments 103 130 16 Other shutdown costs 7 — 8 Total charges $ 1,410 $ 979 $ 268 Cost of products sold $ 32 $ 180 $ 57 Marketing, selling and administrative 10 1 1 Research and development 113 82 79 Other (income)/expense, net 1,255 716 131 Total charges $ 1,410 $ 979 $ 268 The following summarizes the charges and spending related to restructuring plan activities: Year Ended December 31, Dollars in Millions 2020 2019 2018 Liability at December 31 $ 100 $ 99 $ 186 Cease-use liability reclassification — (3) — Liability at January 1 100 96 186 Provision for restructuring (a) 460 156 131 Foreign currency translation and other 6 (1) 1 Payments (418) (151) (219) Liability at December 31 $ 148 $ 100 $ 99 |
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 2020 2019 2018 Current: U.S. $ 1,245 $ 1,002 $ 566 Non-U.S. (104) 1,437 410 Total Current 1,141 2,439 976 Deferred: U.S. 229 (113) (51) Non-U.S. 754 (811) 96 Total Deferred 983 (924) 45 Total Provision $ 2,124 $ 1,515 $ 1,021 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 2020 2019 2018 (Loss)/Earnings before income taxes: U.S. $ (10,106) $ 542 $ 2,338 Non-U.S. 3,235 4,433 3,630 Total (6,871) 4,975 5,968 U.S. statutory rate (1,443) 21.0 % 1,045 21.0 % 1,253 21.0 % Deemed repatriation transition tax — — — — (56) (0.9) % Global intangible low taxed income (GILTI) 729 (10.6) % 849 17.1 % 94 1.6 % Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland (86) 1.3 % (68) (1.4) % (202) (3.4) % Internal transfer of intangible assets 853 (12.4) % — — — — U.S. Federal valuation allowance 4 (0.1) % 25 0.5 % 119 2.0 % U.S. Federal, state and foreign contingent tax matters 136 (2.0) % (13) (0.3) % (55) (0.9) % U.S. Federal research based credits (165) 2.4 % (138) (2.8) % (138) (2.3) % Contingent value rights (363) 5.3 % 110 2.2 % — — Non-deductible R&D charges 2,461 (35.8) % 5 0.1 % 17 0.3 % Puerto Rico excise tax (147) 2.1 % (163) (3.3) % (152) (2.6) % State and local taxes (net of valuation allowance) 103 (1.5) % (16) (0.3) % 67 1.1 % Foreign and other 42 (0.6) % (121) (2.3) % 74 1.2 % Total $ 2,124 (30.9) % $ 1,515 30.5 % $ 1,021 17.1 % The tax charge for the deemed repatriation transition tax was complete as of December 31, 2018 and included favorable measurement period adjustments to the provisional amounts recorded in 2017 associated with the Act. The GILTI tax associated with the Otezla* divestiture was $266 million in 2020 and $808 million in 2019. BMS is no longer indefinitely reinvested with respect to its undistributed earnings from foreign subsidiaries and has provided a deferred tax liability for 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. An internal transfer of certain intangible assets to the U.S. acquired in the Celgene transaction resulted in a tax charge to establish a deferred tax liability based on the fair value of the assets in 2020. A U.S. Federal valuation allowance was established in 2019 and 2018 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 taxable or tax deductible. Non-deductible R&D charges primarily resulted from the $11.4 billion MyoKardia IPRD charge in 2020. 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 2020 2019 Deferred tax assets Foreign net operating loss carryforwards $ 3,271 $ 2,480 State net operating loss and credit carryforwards 325 263 U.S. Federal net operating loss and credit carryforwards 435 88 Milestone payments and license fees 643 558 Other foreign deferred tax assets 307 370 Share-based compensation 389 521 Other 981 650 Total deferred tax assets 6,351 4,930 Valuation allowance (2,809) (2,844) Deferred tax assets net of valuation allowance $ 3,542 $ 2,086 Deferred tax liabilities Acquired intangible assets $ (6,612) $ (7,387) Goodwill and other (1,176) (643) Total deferred tax liabilities $ (7,788) $ (8,030) Deferred tax liabilities, net $ (4,246) $ (5,944) Recognized as: Deferred income taxes assets – non-current $ 1,161 $ 510 Deferred income taxes liabilities – non-current (5,407) (6,454) Total $ (4,246) $ (5,944) The U.S. Federal net operating loss carryforwards were $1.5 billion at December 31, 2020. 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 2021 (certain amounts have unlimited lives). At December 31, 2020, a valuation allowance of $2.8 billion exists for the following items: $2.0 billion primarily for foreign net operating loss and tax credit carryforwards, $207 million for state deferred tax assets including net operating loss and tax credit carryforwards and $557 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 2020 2019 2018 Balance at beginning of year $ 2,844 $ 3,193 $ 2,827 Provision 62 75 458 Utilization (488) (423) (43) Foreign currency translation 212 (132) (48) Acquisitions 179 228 — Non U.S. rate change — (97) (1) Balance at end of year $ 2,809 $ 2,844 $ 3,193 Income tax payments were $3.4 billion in 2020, $1.5 billion in 2019 and $747 million in 2018, respectively. 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 2020 2019 2018 Balance at beginning of year $ 1,905 $ 995 $ 1,155 Gross additions to tax positions related to current year 76 170 48 Gross additions to tax positions related to prior years 325 19 21 Gross additions to tax positions assumed in acquisitions 51 852 — Gross reductions to tax positions related to prior years (352) (35) (106) Settlements (7) (23) 2 Reductions to tax positions related to lapse of statute (5) (72) (119) Cumulative translation adjustment 10 (1) (6) Balance at end of year $ 2,003 $ 1,905 $ 995 Additional information regarding unrecognized tax benefits is as follows: Year Ended December 31, Dollars in Millions 2020 2019 2018 Unrecognized tax benefits that if recognized would impact the effective tax rate $ 1,900 $ 1,809 $ 853 Accrued interest 366 292 167 Accrued penalties 20 10 11 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. BMS received several notices of proposed adjustments from the IRS related to transfer pricing and other tax positions for the 2008 to 2012 tax years. 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, 2020 could decrease in the range of approximately $375 million to $415 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 2020 Canada 2012 to 2020 France 2016 to 2020 Germany 2008 to 2020 Italy 2016 to 2020 Japan 2015 to 2020 Switzerland 2016 to 2020 UK 2012 to 2020 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE Year Ended December 31, Amounts in Millions, Except Per Share Data 2020 2019 2018 Net (Loss)/Earnings Attributable to BMS Used for Basic and Diluted EPS Calculation $ (9,015) $ 3,439 $ 4,920 Weighted-Average Common Shares Outstanding - Basic 2,258 1,705 1,633 Incremental Shares Attributable to Share-Based Compensation Plans — 7 4 Weighted-Average Common Shares Outstanding - Diluted 2,258 1,712 1,637 (Loss)/Earnings per Common Share Basic $ (3.99) $ 2.02 $ 3.01 Diluted (3.99) 2.01 3.01 |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 December 31, 2019 Dollars in Millions Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash and cash equivalents - money market and other securities $ — $ 12,361 $ — $ — $ 10,448 $ — Marketable debt securities: Certificates of deposit — 1,020 — — 1,227 — Commercial paper — — — — 1,093 — Corporate debt securities — 698 — — 1,494 — Derivative assets — 42 27 — 140 — Equity investments 3,314 138 — 2,020 175 — Derivative liabilities — (270) — — (40) — Contingent consideration liability: Contingent value rights 530 — — 2,275 — — Other acquisition related contingent consideration — — 78 — — 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 other acquisition related contingent consideration as of December 31, 2020 and 2019 was calculated using the following significant unobservable inputs: Ranges (weighted average) utilized as of: Inputs December 31, 2020 December 31, 2019 Discount rate 0.2% to 0.8% (0.5%) 2.2% to 3.2% (2.6%) Probability of payment 0% to 80% (2.7%) 0% to 68% (4.1%) Projected year of payment for development and regulatory milestones 2021 to 2025 2020 to 2029 There were no transfers between levels 1, 2 and 3 during the year ended December 31, 2020. The following table represents a roll-forward of the fair value of level 3 instruments: Year Ended December 31, 2020 Year Ended December 31, 2019 Dollars in Millions Asset Liability Asset Liability Fair value as of January 1 $ — $ 106 $ — $ — Changes in estimated fair value — (33) — — Acquisitions 27 — — 106 Foreign exchange — 5 — — Fair value as of December 31 $ 27 $ 78 $ — $ 106 Available-for-sale Debt Securities and Equity Investments The following table summarizes available-for-sale debt securities: December 31, 2020 December 31, 2019 Dollars in Millions Amortized Gross Unrealized Fair Value Amortized Gross Unrealized Fair Value Gains Losses Gains Losses Certificates of deposit $ 1,020 $ — $ — $ 1,020 $ 1,227 $ — $ — $ 1,227 Commercial paper — — — — 1,093 — — 1,093 Corporate debt securities 684 14 — 698 1,487 8 (1) 1,494 Total available-for-sale debt securities (a) $ 1,704 $ 14 $ — 1,718 $ 3,807 $ 8 $ (1) 3,814 (a) All marketable debt securities mature within five years as of December 31, 2020 and 2019. The following summarizes the carrying amount of equity investments at December 31, 2020 and 2019: Dollars in Millions 2020 2019 Equity investments with readily determinable fair values $ 3,452 $ 2,195 Equity investments without readily determinable fair values 694 781 Equity method and other investment 549 429 Total equity investments $ 4,695 $ 3,405 The following summarizes the activity related to equity investments. Changes in fair value of equity investments are included in Other (income)/expense, net. Dollars in Millions 2020 2019 2018 Net gain/(loss) recognized on equity investments with readily determinable fair values (a) $ 1,169 $ 170 $ (530) Realized (loss)/gain recognized on equity investments with readily determinable fair value sold (12) 14 7 Upward adjustments on equity investments without readily determinable fair value 183 58 19 Impairments and downward adjustments on equity investments without readily determinable fair value (204) (27) — Cumulative upward adjustments on equity investments without readily determinable fair value 192 Cumulative impairments and downward adjustments on equity investments without readily determinable fair value (193) (a) Net unrealized net gains on equity investments still held were $1.2 billion in 2020 and $156 million in 2019. Unrealized net losses on equity investments still held were $537 million in 2018. 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 are temporarily reported in Accumulated other comprehensive loss and included in earnings when the hedged item affects earnings. 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 $3.5 billion and Japanese yen of $1.2 billion at December 31, 2020. 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. 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. In 2020, Treasury lock hedge contracts were entered into with a total notional value of $2.1 billion to hedge future interest rate risk associated with the anticipated issuance of long-term debt to fund the MyoKardia acquisition. The Treasury lock contracts were terminated upon the issuance of the 2020 unsecured senior notes and the $51 million proceeds were included in Other Comprehensive (Loss)/Income. Net Investment Hedges — Non-U.S. dollar borrowings of €950 million ($1.2 billion) at December 31, 2020 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. Cross-currency interest rate swap contracts of $400 million at December 31, 2020 are designated to hedge Japanese yen currency exposure of BMS’s net investment in its Japan subsidiaries. Contract fair value changes are recorded in the foreign currency translation component of Other Comprehensive (Loss)/Income 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 (0.14% as of December 31, 2020) 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. In 2019, 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 Celgene acquisition. Additionally, 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 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, 2020 December 31, 2019 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 $ 24 $ — $ — $ 255 $ 6 $ — $ — Cross-currency interest rate swap contracts — — 400 (10) 175 2 125 (1) Foreign currency forward contracts 231 1 5,813 (259) 766 27 980 (20) Derivatives not designated as hedging instruments: Foreign currency forward contracts 1,104 17 336 (1) 2,342 91 1,173 (10) Foreign currency zero-cost collar contracts — — — — 2,482 14 2,235 (9) Other — 27 — — — — — — (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, 2020 2019 2018 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 $ — $ (29) $ — $ (24) $ — $ (23) Cross-currency interest rate swap contracts — (10) — (9) — (8) Foreign currency forward contracts (18) (23) (103) 11 (4) (14) 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 (Loss)/Income: Year Ended December 31, Dollars in Millions 2020 2019 2018 Derivatives qualifying as cash flow hedges Foreign currency forward contracts gain/(loss): Recognized in Other Comprehensive (Loss)/Income (a) $ (267) $ 65 $ 86 Reclassified to Cost of products sold (54) (103) (4) Treasury lock hedge contracts gain: Recognized in Other Comprehensive (Loss)/Income 51 — — Derivatives qualifying as net investment hedges Cross-currency interest rate swap contracts gain/(loss): Recognized in Other Comprehensive (Loss)/Income (11) 6 (5) Non-derivatives qualifying as net investment hedges Non U.S. dollar borrowings gain/(loss): Recognized in Other Comprehensive (Loss)/Income (105) 29 45 (a) The majority is expected to be reclassified into earnings in the next 12 months. Debt Obligations In 2020, BMS issued an aggregate principal amount of $7.0 billion of fixed rate unsecured senior notes with proceeds net of discount and deferred loan issuance costs of $6.9 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 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 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. In 2019, BMS 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 was subject to customary terms and conditions and did 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. The fair value of long-term debt was $58.5 billion and $50.7 billion at December 31, 2020 and 2019, 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 $2.8 billion in 2020 and $1.3 billion in 2019. Interest payments were $1.6 billion in 2020, $414 million in 2019 and $218 million in 2018. At December 31, 2020, BMS had four separate revolving credit facilities totaling $6.0 billion, which consisted of a 364-day $2.0 billion facility that expired in January 2021, a three-year $1.0 billion facility expiring in January 2022 and two five-year $1.5 billion facilities that were extended in January 2021 to September 2024 and July 2025, 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. No borrowings were outstanding under any revolving credit facility at December 31, 2020 or 2019. In January 2021, BMS entered into a 364-day $2.0 billion facility expiring in January 2022, which is extendable annually by one year on the anniversary date with the consent of the lenders. Available financial guarantees provided in the form of bank overdraft facilities, stand-by letters of credit and performance bonds were approximately $1.2 billion at December 31, 2020. Stand-by letters of credit and guarantees are issued through financial institutions in support of various obligations, including sale of products to hospitals and foreign ministries of health, bonds for customs, and duties and value added tax. Short-term debt obligations include: December 31, Dollars in Millions 2020 2019 Non-U.S. short-term borrowings $ 176 $ 351 Current portion of long-term debt 2,000 2,763 Other 164 232 Total $ 2,340 $ 3,346 Long-term debt and the current portion of long-term debt includes: December 31, Dollars in Millions 2020 2019 Principal Value: Floating Rate Notes due 2020 $ — $ 750 2.875% Notes due 2020 — 1,500 3.950% Notes due 2020 — 500 2.250% Notes due 2021 500 500 2.550% Notes due 2021 1,000 1,000 2.875% Notes due 2021 500 500 Floating Rate Notes due 2022 500 500 2.000% Notes due 2022 750 750 2.600% Notes due 2022 1,500 1,500 3.250% Notes due 2022 1,000 1,000 3.550% Notes due 2022 1,000 1,000 0.537% Notes due 2023 1,500 — 2.750% Notes due 2023 750 750 3.250% Notes due 2023 500 500 3.250% Notes due 2023 1,000 1,000 4.000% Notes due 2023 700 700 7.150% Notes due 2023 302 302 2.900% Notes due 2024 3,250 3,250 3.625% Notes due 2024 1,000 1,000 0.750% Notes due 2025 1,000 — 1.000% Euro Notes due 2025 701 638 3.875% Notes due 2025 2,500 2,500 3.200% Notes due 2026 2,250 2,250 6.800% Notes due 2026 256 256 1.125% Notes due 2027 1,000 — 3.250% Notes due 2027 750 750 3.450% Notes due 2027 1,000 1,000 3.900% Notes due 2028 1,500 1,500 3.400% Notes due 2029 4,000 4,000 1.450% Notes due 2030 1,250 — 1.750% Euro Notes due 2035 701 638 5.875% Notes due 2036 287 287 6.125% Notes due 2038 226 226 4.125% Notes due 2039 2,000 2,000 2.350% Notes due 2040 750 — 5.700% Notes due 2040 250 250 3.250% Notes due 2042 500 500 5.250% Notes due 2043 400 400 4.500% Notes due 2044 500 500 4.625% Notes due 2044 1,000 1,000 5.000% Notes due 2045 2,000 2,000 4.350% Notes due 2047 1,250 1,250 4.550% Notes due 2048 1,500 1,500 4.250% Notes due 2049 3,750 3,750 2.550% Notes due 2050 1,500 — 6.875% Notes due 2097 87 87 0.13% - 5.75% Other - maturing through 2024 51 51 Total $ 48,711 $ 44,335 December 31, Dollars in Millions 2020 2019 Principal Value $ 48,711 $ 44,335 Adjustments to Principal Value: Fair value of interest rate swap contracts 24 6 Unamortized basis adjustment from swap terminations 149 175 Unamortized bond discounts and issuance costs (303) (280) Unamortized purchase price adjustments of Celgene debt 1,755 1,914 Total $ 50,336 $ 46,150 Current portion of long-term debt 2,000 2,763 Long-term debt 48,336 43,387 Total $ 50,336 $ 46,150 |
RECEIVABLES
RECEIVABLES | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Receivables [Text Block] | RECEIVABLES December 31, Dollars in Millions 2020 2019 Trade receivables $ 7,882 $ 6,888 Less charge-backs and cash discounts (645) (391) Less allowance for expected credit loss (18) (21) Net trade receivables 7,219 6,476 Alliance, Royalties, VAT and other 1,282 1,209 Receivables $ 8,501 $ 7,685 Non-U.S. receivables sold on a nonrecourse basis were $1.2 billion in 2020, $797 million in 2019 and $756 million in 2018. In the aggregate, receivables from three pharmaceutical wholesalers in the U.S. represented approximately 56% and 50% of total trade receivables at December 31, 2020 and 2019, respectively. Changes to the allowances for expected credit loss, charge-backs and cash discounts were as follows: Year Ended December 31, Dollars in Millions 2020 2019 2018 Balance at beginning of year $ 412 $ 278 $ 252 Celgene acquisition — 116 — Provision (a) 5,839 3,687 2,739 Utilization (5,601) (3,667) (2,707) Other 13 (2) (6) Balance at end of year $ 663 $ 412 $ 278 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2020 | |
Inventory, Net [Abstract] | |
Inventories [Text Block] | INVENTORIES December 31, Dollars in Millions 2020 2019 Finished goods $ 932 $ 2,227 Work in process 2,015 3,267 Raw and packaging materials 207 172 Total Inventories $ 3,154 $ 5,666 Inventories $ 2,074 $ 4,293 Other non-current assets 1,080 1,373 Total inventories include fair value adjustments resulting from the Celgene acquisition of approximately $774 million and $3.5 billion at December 31, 2020 and 2019, respectively, which will be recognized in future periods. Other non-current assets include inventory expected to remain on hand beyond one year in both periods. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | PROPERTY, PLANT AND EQUIPMENT December 31, Dollars in Millions 2020 2019 Land $ 189 $ 187 Buildings 5,732 6,336 Machinery, equipment and fixtures 3,063 3,157 Construction in progress 487 527 Gross property, plant and equipment 9,471 10,207 Less accumulated depreciation (3,585) (3,955) Property, plant and equipment (a) $ 5,886 $ 6,252 United States $ 4,501 $ 4,835 Europe 1,243 1,291 Rest of the World 142 126 Total $ 5,886 $ 6,252 (a) Includes measurement period adjustments. Refer to “—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for more information. Depreciation expense was $586 million in 2020, $554 million in 2019 and $505 million in 2018. |
LEASES Leases (Notes)
LEASES Leases (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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: Year Ended December 31, Dollars in Millions 2020 2019 Operating lease cost $ 194 $ 115 Variable lease cost 50 25 Short-term lease cost 19 20 Sublease income (4) (4) Total operating lease expense $ 259 $ 156 Operating lease right-of-use assets and liabilities were as follows: December 31, Dollars in Millions 2020 2019 Other non-current assets $ 859 $ 704 Other current liabilities 164 133 Other non-current liabilities 833 672 Total liabilities $ 997 $ 805 Future lease payments for non-cancellable operating leases as of December 31, 2020 were as follows: Dollars in Millions 2021 $ 195 2022 169 2023 142 2024 106 2025 84 Thereafter 468 Total future lease payments 1,164 Less imputed interest (167) Total lease liability $ 997 Right-of-use assets obtained in exchange for new operating lease obligations were $326 million in 2020 which includes $82 million of right-of-use assets acquired in the MyoKardia acquisition. Cash paid for amounts included in the measurement of operating lease liabilities was $164 million in 2020 and $79 million in 2019. Cash paid in 2019 was net of a $33 million lease incentive received. Undiscounted lease obligations for operating leases not yet commenced were approximately $750 million as of December 31, 2020. The obligation primarily relates to a research and development facility that is being constructed by the lessor and which is expected to be ready for use in 2022. A right-of-use asset impairment charge of $31 million was incurred during 2020 due to a site vacancy and partial sublease. The fair value of the right-of-use asset was determined using an income approach incorporating potential future cash flows associated with the sublease of the building. Supplemental balance sheet information related to leases was as follows: December 31, 2020 2019 Weighted average remaining lease term 9.0 years 9.0 years Weighted average discount rate 3 % 4 % |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Estimated December 31, Dollars in Millions 2020 2019 Goodwill (a) $ 20,547 $ 22,488 Other intangible assets: Licenses 5 – 15 years 328 482 Acquired marketed product rights (a) 3 – 15 years 59,076 46,827 Capitalized software 3 – 10 years 1,325 1,297 IPRD 6,130 19,500 Gross other intangible assets 66,859 68,106 Less accumulated amortization (13,616) (4,137) Other intangible assets $ 53,243 $ 63,969 (a) Includes measurement period adjustments. Refer to “—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for more information. In 2020, $13.1 billion of IPRD was reclassified to acquired marketed product rights upon approval in the U.S. for Reblozyl for the treatment of anemia in adults with lower-risk MDS, Zeposia and Onureg . Amortization expense of other intangible assets was $9.9 billion in 2020, $1.3 billion in 2019 and $198 million in 2018. Future annual amortization expense of other intangible assets is expected to be approximately $10.2 billion in 2021, $10.1 billion in 2022, $9.5 billion in 2023 $8.5 billion in 2024 and $1.2 billion in 2025. Other intangible asset impairment charges were $1.1 billion in 2020, $66 million in 2019 and $84 million in 2018, respectively. In 2020, a $575 million impairment charge was recorded in Cost of products sold resulting from the lower cash flow projections reflecting revised commercial forecasts for Inrebic , resulting in the full impairment of the asset. Additionally, a $470 million impairment charge was recorded in Research and development expense following a decision to discontinue the orva-cel program development. Inrebic and orva-cel were obtained in connection with the acquisition of Celgene. In 2019, a $32 million IPRD impairment charge was recorded in Research and development expense following a decision to discontinue development of an investigational compound obtained in the acquisition of Medarex. In 2018, a $64 million impairment charge was recorded in Other (income)/expense, net 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. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
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, 2018 2,208 $ 221 $ 1,898 $ (2,289) $ 31,160 575 $ (19,249) $ 106 Accounting change - cumulative effect (a) — — — (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 (Loss)Income — — — (156) — — — — Cash dividends declared (b) — — — — (2,630) — — — Share repurchase program — — — — — 5 (313) — Stock compensation — — 183 — — (4) (12) — Adoption of ASU 2018-02 — — — (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 (a) — — — — 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 (Loss)/Income — — — 1,242 — — — — Celgene acquisition 715 71 42,721 — — — — — Cash dividends declared (b) — — — — (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 Net loss — — — — (9,015) — — 20 Other Comprehensive (Loss)/Income — — — (319) — — — — Cash dividends declared (b) — — — — (4,178) — — — Share repurchase program — — 1,400 — — 43 (2,993) — Stock compensation — — (784) — — (36) 2,113 — Distributions — — — — — — — (60) Balance at December 31, 2020 2,923 $ 292 $ 44,325 $ (1,839) $ 21,281 679 $ (26,237) $ 60 (a) Cumulative effect resulting from adoption of ASU 2014-09 and ASU 2016-02. (b) Cash dividends declared per common share were $1.84 in 2020, $1.68 in 2019 and $1.61 in 2018. 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 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. BMS repurchased approximately 27 million shares of its common stock for $1.6 billion during the year ended December 31, 2020. The remaining share repurchase capacity under the share repurchase program was approximately $4.4 billion as of December 31, 2020. In 2019, BMS executed accelerated share repurchase agreements (“ASR”) to repurchase an aggregate $7 billion of common stock. The ASR was funded with cash on-hand. Approximately 99 million shares of common stock (80% of the $7 billion aggregate repurchase price) were received by BMS and included in treasury stock. In 2020, the agreement was settled and approximately 16 million shares of common stock were received by BMS and transferred to treasury stock. The components of Other Comprehensive (Loss)/Income were as follows: Year Ended December 31, 2020 2019 2018 Dollars in Millions Pretax Tax After Tax Pretax Tax After Tax Pretax Tax After Tax Derivatives qualifying as cash flow hedges: Unrealized (losses)/gains $ (216) $ 7 $ (209) $ 65 $ (7) $ 58 $ 86 $ (9) $ 77 Reclassified to net earnings (a) (54) 7 (47) (103) 13 (90) (4) (3) (7) Derivatives qualifying as cash flow hedges (270) 14 (256) (38) 6 (32) 82 (12) 70 Pension and postretirement benefits: Actuarial (losses)/gains (134) 25 (109) (143) 28 (115) (89) (3) (92) Amortization (b) 33 (6) 27 55 (11) 44 65 (13) 52 Settlements (b) 10 (3) 7 1,640 (366) 1,274 121 (28) 93 Pension and postretirement benefits (91) 16 (75) 1,552 (349) 1,203 97 (44) 53 Available-for-sale securities: Unrealized gains/(losses) 7 (1) 6 42 (9) 33 (30) 5 (25) Realized (gains)/losses (b) (1) — (1) 3 — 3 — — — Available-for-sale securities 6 (1) 5 45 (9) 36 (30) 5 (25) Foreign currency translation (19) 26 7 43 (8) 35 (245) (9) (254) Other Comprehensive (Loss)/Income $ (374) $ 55 $ (319) $ 1,602 $ (360) $ 1,242 $ (96) $ (60) $ (156) (a) Included in Cost of products sold. (b) Included in Other (income)/expense, net. The accumulated balances related to each component of Other Comprehensive (Loss)/Income, net of taxes, were as follows: December 31, Dollars in Millions 2020 2019 Derivatives qualifying as cash flow hedges $ (237) $ 19 Pension and postretirement benefits (974) (899) Available-for-sale securities 11 6 Foreign currency translation (639) (646) Accumulated other comprehensive loss $ (1,839) $ (1,520) |
PENSION AND POSTRETIREMENT BENE
PENSION AND POSTRETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2020 | |
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 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. 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. 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 2020 2019 2018 Service cost — benefits earned during the year $ 48 $ 26 $ 26 Interest cost on projected benefit obligation 42 115 193 Expected return on plan assets (98) (200) (386) Amortization of prior service credits (4) (4) (4) Amortization of net actuarial loss 44 59 74 Settlements and Curtailments 10 1,640 121 Net periodic pension benefit cost/(credit) $ 42 $ 1,636 $ 24 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 and 2018. 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 2020 2019 Benefit obligations at beginning of year $ 2,940 $ 5,966 Service cost—benefits earned during the year 48 26 Interest cost 42 115 Settlements and Curtailments (145) (4,105) Actuarial losses 233 777 Benefits paid (58) (109) Acquisition/Divestiture — 262 Foreign currency and other 182 8 Benefit obligations at end of year $ 3,242 $ 2,940 Fair value of plan assets at beginning of year $ 2,536 $ 6,129 Actual return on plan assets 196 804 Employer contributions 96 63 Settlements (126) (4,104) Benefits paid (58) (109) Asset transfer — (424) Acquisition/Divestiture — 164 Foreign currency and other 163 13 Fair value of plan assets at end of year $ 2,807 $ 2,536 Unfunded status $ (435) $ (404) Assets/(Liabilities) recognized: Other non-current assets $ 208 $ 192 Other current liabilities (26) (27) Other non-current liabilities (617) (569) Funded status $ (435) $ (404) Recognized in Accumulated other comprehensive loss: Net actuarial losses $ 1,255 $ 1,192 Prior service credit (22) (26) Total $ 1,233 $ 1,166 The accumulated benefit obligation for defined benefit pension plans was $3.2 billion and $2.9 billion at December 31, 2020 and 2019, respectively. Additional information related to pension plans was as follows: December 31, Dollars in Millions 2020 2019 Pension plans with projected benefit obligations in excess of plan assets: Projected benefit obligation $ 1,805 $ 1,652 Fair value of plan assets 1,162 1,056 Pension plans with accumulated benefit obligations in excess of plan assets : Accumulated benefit obligation 1,579 1,417 Fair value of plan assets 952 875 Actuarial Assumptions Weighted-average assumptions used to determine defined benefit pension plan obligations were as follows: December 31, 2020 2019 Discount rate 1.2 % 1.6 % Rate of compensation increase 1.3 % 1.3 % Interest crediting rate 2.2 % 2.2 % Weighted-average actuarial assumptions used to determine defined benefit pension plan net periodic benefit cost/(credit) were as follows: Year Ended December 31, 2020 2019 2018 Discount rate 1.6 % 3.2 % 3.1 % Expected long-term return on plan assets 4.1 % 4.5 % 6.2 % Rate of compensation increase 1.3 % 0.5 % 0.5 % Interest crediting rate 2.2 % 2.7 % 2.6 % 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 2020 and 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 (25 years in 2021) 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. Postretirement benefit plan assets consist principally of fixed-income securities. Postretirement benefit plan obligations were $267 million and $255 million at December 31, 2020 and 2019, respectively, and the fair value of plan assets was $398 million at December 31, 2019. The weighted-average discount rate used to determine benefit obligations was 2.0% and 2.9% at December 31, 2020 and 2019, respectively. The net periodic benefit credits were not material. As a result of the Bristol-Myers Squibb Retirement Income Plan's termination in 2019, $381 million of assets held in a separate account within the Pension Trust used to fund retiree medical plan payments was reverted back to the Company in 2020, resulting in an excise tax of $76 million. Plan Assets The fair value of pension and postretirement plan assets by asset category at December 31, 2020 and 2019 was as follows: December 31, 2020 December 31, 2019 Dollars in Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Plan Assets Equity securities $ 101 $ — $ — $ 101 $ 87 $ — $ — $ 87 Equity funds — 601 — 601 4 544 — 548 Fixed income funds — 783 — 783 — 769 — 769 Corporate debt securities — 533 — 533 — 764 — 764 U.S. Treasury and agency securities — 70 — 70 — 168 — 168 Insurance contracts — — 149 149 — — 128 128 Cash and cash equivalents 96 — — 96 24 — — 24 Other — 112 40 152 — 111 33 144 Plan assets subject to leveling $ 197 $ 2,099 $ 189 $ 2,485 $ 115 $ 2,356 $ 161 $ 2,632 Plan assets measured at NAV as a practical expedient 322 302 Net plan assets $ 2,807 $ 2,934 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 and fixed income 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. Investments using the practical expedient consist primarily of multi-asset funds which are redeemable on either a daily, 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, 2020 was broadly characterized as an allocation between equity securities (28%), debt securities (60%) and other investments (12%). Contributions and Estimated Future Benefit Payments Contributions to pension plans were $96 million in 2020, $63 million in 2019, and $71 million in 2018, and are not expected to be material in 2021. Estimated annual future benefit payments for non-terminating plans (including lump sum payments) will be approximately $140 million in 2021 and approximately $125 million in each of the next four 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 $290 million in 2020 and $200 million in 2019 and 2018, respectively. |
EMPLOYEE STOCK BENEFIT PLANS
EMPLOYEE STOCK BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 95 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 of December 31, 2020, 23 million shares were available for award under the Celgene Plans. Outstanding Celgene equity awards were assumed by BMS and converted into BMS equity awards at acquisition. 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. The contractual obligation to pay the contingent value rights terminated in January 2021 because the FDA did not approve liso-cel (JCAR017) by December 31, 2020. 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. Stock-based compensation expense was as follows: Year Ended December 31, Dollars in Millions 2020 2019 2018 Cost of products sold $ 37 $ 19 $ 15 Marketing, selling and administrative 332 162 122 Research and development 339 115 84 Other (income)/expense, net 71 145 — Total stock-based compensation expense $ 779 $ 441 $ 221 Income tax benefit (a) $ 158 $ 87 $ 41 (a) Income tax benefit excludes excess tax benefits from share-based compensation awards that were vested or exercised of $35 million in 2020, $4 million in 2019 and $25 million in 2018. The total stock-based compensation expense for the years ended December 31, 2020 and 2019 includes $382 million and $66 million, respectively, related to Celgene post-combination service period and $71 million and $145 million, respectively, of accelerated vesting of awards related to the Celgene acquisition. It also includes $3 million in 2020 and $10 million in 2019 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 was 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, 2020: 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, 2020 101.2 $ 48.08 34.7 $ 55.58 1.6 $ 59.25 3.0 $ 57.46 Granted — — 13.1 53.65 0.9 53.92 1.4 55.61 Released/Exercised (23.8) 39.21 (16.1) 56.00 (0.6) 60.20 (1.0) 57.87 Adjustments for actual payout — — — — — — — — Forfeited/Canceled (4.0) 61.57 (4.0) 54.37 (0.2) 56.88 (0.3) 55.28 Balance at December 31, 2020 73.4 50.25 27.7 54.58 1.7 56.01 3.1 56.72 Expected to vest 23.7 54.58 1.5 56.19 3.2 57.92 (a) At December 31, 2020 substantially all of the 8.1 million unvested stock options with a weighted-average exercise price of $53.36, are expected to vest. Dollars in Millions Stock Options Restricted Stock Units Market Share Units Performance Share Units Unrecognized compensation cost $ 41 $ 828 $ 42 $ 75 Expected weighted-average period in years of compensation cost to be recognized 1.3 2.4 2.8 1.7 Amounts in Millions, except per share data 2020 2019 2018 Weighted-average grant date fair value (per share): Stock options - replacement awards $ — $ 15.00 $ — Restricted stock units - replacement awards — 56.37 — Restricted stock units 53.65 47.16 61.40 Market share units 53.92 51.52 72.33 Performance share units 55.61 49.99 67.60 Fair value of awards that vested: Restricted stock units - replacement awards $ 777 $ 233 $ — Restricted stock units 122 105 98 Market share units 37 30 40 Performance share units 59 53 103 Total intrinsic value of stock options exercised 556 148 89 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, 2020: 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 16.5 1.8 $ 26.62 $ 583 $40 - $55 22.9 4.6 48.72 305 $55 - $65 23.6 3.9 59.53 64 $65+ 10.4 4.3 69.90 — Outstanding 73.4 3.7 50.25 $ 952 Exercisable 65.3 3.4 49.87 $ 872 The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the closing stock price of $62.03 on December 31, 2020. |
LEGAL PROCEEDINGS AND CONTINGEN
LEGAL PROCEEDINGS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
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 to 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 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 U.S. Court of Appeals for the Federal Circuit and the Federal Circuit affirmed the District Court opinion. BMS filed a petition to reconsider the decision with the Federal Circuit en banc , which was denied in October 2020. 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. CAR T 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. In January 2020, Kite renewed its previous motion for judgment as a matter of law and also moved for a new trial, and Juno filed a motion seeking enhanced damages, supplemental damages, ongoing royalties, and prejudgment interest. In March 2020, the Court denied both of Kite ’ s motions in their entirety. In April 2020, the Court granted in part Juno’s motion and entered a final judgment awarding to Juno and SKI approximately $1.2 billion in royalties, interest and enhanced damages and a 27.6% running royalty on Kite ’ s sales of Yescarta * from December 13, 2019 through the expiration of the ’190 Patent in August 2024. In April 2020, Kite appealed the final judgment to the U.S. Court of Appeals for the Federal Circuit. No date has been scheduled for an oral hearing on the appeal. 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 to November 2026, thereby restoring the term of the Eliquis composition of matter patent, which is BMS’s basis for projected LOE. 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. In August 2020, the U.S. District Court issued a decision finding that the remaining aNDA filers’ products infringed the Eliquis composition of matter and formulation patents and that both Eliquis patents are not invalid. The remaining aNDA filers have appealed to the Court of Appeals for the Federal Circuit. 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 ($341 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. In April 2020, the Federal Court issued a decision dismissing the Australian government’s claim for damages. In May 2020, the Australian government appealed the Federal Court's decision and an appeal hearing has been scheduled for February 2021. Pomalyst - Canada Celgene received a Notice of Allegation in January 2020 from Natco Pharma (Canada) Inc. (“Natco Canada”) notifying Celgene that it had filed an Abbreviated New Drug Submission (“aNDS”) with Canada’s Minister of Health with respect to certain of Celgene’s Canadian patents. Natco Canada is seeking to market a generic version of Pomalyst in Canada. In response, Celgene initiated a patent infringement action in the Federal Court of Canada. Natco Canada alleges that the asserted patents are invalid and/or not infringed. A trial is scheduled to begin on November 15, 2021. Celgene received a second Notice of Allegation in November 2020 from Natco Canada notifying Celgene that it had filed a second aNDS with Canada’s Minister of Health with respect to certain of Celgene’s Canadian patents. Natco Canada is seeking to market a generic version of Pomalyst in Canada. In response, Celgene initiated a patent infringement action in the Federal Court of Canada. Natco Canada alleges that the asserted patents are invalid and/or not infringed. No trial date has been scheduled for this matter. Celgene received two Notices of Allegation in March 2020 from Dr. Reddy’s Laboratories Ltd. (“DRL Canada”) notifying Celgene that it had filed an aNDS with Canada’s Minister of Health with respect to certain of Celgene’s Canadian patents. DRL Canada is seeking to market a generic version of Pomalyst in Canada. In response, Celgene initiated two patent infringement actions in the Federal Court of Canada. DRL Canada alleges that the asserted patents are invalid and/or not infringed. A trial is scheduled to begin in January 2022. Pomalyst - U.S. Beginning in 2017, Celgene received Notice letters on behalf of Teva Pharmaceuticals USA, Inc. (“Teva”); Apotex Inc. (“Apotex”) and Apotex Corp.; Hetero Labs Limited, Hetero Labs Limited Unit-V, Hetero Drugs Limited, Hetero USA, Inc. (collectively, “Hetero”); Eugia Pharma Specialities Limited and Aurobindo Pharma Ltd. (collectively, “Aurobindo”); Mylan Pharmaceuticals Inc.; and Breckenridge Pharmaceutical, Inc. (“Breckenridge”) 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 and the companies filed answers, counterclaims and declaratory judgment actions alleging that the asserted patents are invalid, unenforceable, and not infringed. These litigations were subsequently consolidated. In March 2020, Celgene subsequently filed additional patent infringement actions in the U.S. District Court for the District of New Jersey against each of the companies asserting a newly-issued patent that is listed in the FDA Orange Book and that covers formulations comprising pomalidomide. The companies each filed responsive pleadings between April and June 2020, alleging that the patent is invalid and not infringed. The Court has consolidated these additional litigations with the previously-consolidated litigations. In September 2020, the Court granted Mylan Pharmaceuticals Inc.’s motion to dismiss, which decision Celgene has appealed. In October 2020, Breckenridge and Aurobindo received final approval from the FDA of their respective aNDAs. In November 2020, Celgene and Breckenridge entered into a confidential settlement agreement. Pursuant to terms of the confidential settlement agreement, on January 7, 2021, the Court enjoined Breckenridge from infringing the asserted patents, unless and to the extent otherwise specifically authorized by Celgene and dismissed Breckenridge from the proceedings. A final pretrial conference concerning the consolidated litigations is scheduled for February 16, 2021 but is expected to be delayed. In February and March 2019, Celgene filed additional patent infringement actions in the U.S. District Court for the District of New Jersey against the companies asserting certain patents that are not listed in the FDA Orange Book and that cover polymorphic forms of pomalidomide, and the companies filed answers and/or counterclaims alleging that each of these patents is invalid and/or not infringed. These actions have been consolidated with the earlier-filed actions against the companies. No trial date has been set for this matter. 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 an aNDA containing paragraph IV certifications seeking approval to market a generic version of Pomalyst in the U.S. 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. In March 2020, Celgene filed an additional patent infringement action in the U.S. District Court for the District of New Jersey against DRL asserting a newly-issued patent that is listed in the FDA Orange Book and that covers formulations comprising pomalidomide, which has been consolidated with the above DRL case. The Court has not set a trial date in this consolidated action. In February 2021, Celgene filed an additional patent infringement action in the U.S. District Court for the District of New Jersey against DRL asserting certain patents that are not listed in the FDA Orange Book and that cover polymorphic forms of pomalidomide. DRL has not responded to the complaint. No trial date has been set for this matter. Revlimid - U.S. Celgene has received Notice Letters on behalf of Zydus Pharmaceuticals (USA) Inc.; Cipla Ltd., (“Cipla”); 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. (collectively, “Mylan”); and Aurobindo Pharma Limited, Eugia Pharma Specialities Limited, Aurobindo Pharma USA, Inc., Aurolife Pharma LLC, and Lupin Limited 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 against certain defendants, who have filed answers and/or counterclaims alleging that the asserted patents are invalid and/or not infringed. No trial date has been scheduled in any of these New Jersey actions. Celgene also filed a patent infringement action against Mylan in the U.S. District Court for the Northern District of West Virginia (the “West Virginia action”) asserting certain FDA Orange Book-listed patents. Mylan filed its answer and counterclaims alleging that the patents are invalid and/or not infringed. A trial is scheduled to begin in the West Virginia action on October 4, 2021. In December 2020, Celgene settled all outstanding claims in the litigation with Cipla. Pursuant to the settlement, Celgene has agreed to provide Cipla with a license to Celgene’s patents required to manufacture and sell certain volume-limited amounts of generic lenalidomide in the United States beginning on a certain date after the March 2022 volume-limited license date previously provided to Natco. In addition, Celgene has agreed to provide Cipla with a license to Celgene’s patents required to manufacture and sell an unlimited quantity of generic lenalidomide in the United States beginning January 31, 2026. 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 filed a patent infringement action in the U.S. District Court for the District of New Jersey. No trial date has been scheduled. In 2020, BMS received a Notice Letter from Lupin 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 filed patent infringement actions in the U.S. District Courts for the District of New Jersey and Delaware. No trial date has been scheduled. PRICING, SALES AND PROMOTIONAL PRACTICES LITIGATION Plavix* State Attorneys General Lawsuits BMS and certain Sanofi entities are defendants in consumer protection actions brought by the attorneys general of Hawaii and New Mexico relating to the labeling, sales and/or promotion of Plavix* . A trial in the Hawaii matter concluded in November 2020 and a decision is expected in the first quarter of 2021. 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 2,500 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. To date, approximately 2,700 cases, comprising approximately 3,900 plaintiffs, have been dismissed based on participation in the settlement program or failure to comply with settlement related court orders. In the U.S., less than 20 cases remain pending on behalf of plaintiffs, who either chose not to participate in the settlement program or filed their claims after the settlement cut-off date. There are ten cases pending in Canada (four class actions, six individual injury claims). Out of the ten cases, only three are active (the class actions in Quebec and Ontario and one individual injury claim). Both class actions have now been certified and will proceed separately, subject to a pending appeal of the Ontario class certification decision. Byetta* Amylin, a former subsidiary of BMS, and Lilly are co-defendants in product liability litigation related to Byetta*. As of December 2020, there are approximately 590 separate lawsuits pending on behalf of approximately 2,250 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 has filed a motion for summary judgment based on federal preemption and a motion for summary judgment based on the absence of general causation evidence, both were heard in 2020. 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 December 2020, claims are pending in state and federal court on behalf of approximately 280 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 moved to dismiss the amended complaint. In September 2020, the Court granted BMS’s motion to dismiss with prejudice. The plaintiffs appealed the Court's decision in October 2020. 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 Zeposia . 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 t he dismissed claims are now dismissed with prejudice. In November 2020, the Court granted class certification with respect to the remaining claims. In December 2020, the defendants sought leave to appeal the Court’s class certification decision. No trial date has been scheduled. In April 2020, certain Schwab management investment companies on behalf of certain Schwab funds filed an individual action in the U.S. District Court for the District of New Jersey asserting largely the same allegations as the Celgene Securities Class Action against the same remaining defendants in that action. In July 2020, the defendants filed a motion to dismiss the plaintiffs' complaint in full. 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 two other manufacturers of HIV medications are defendants in related lawsuits pending in the Northern District of California. The lawsuits allege 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 currently pending actions, asserted on behalf of indirect purchasers, were initiated in 2019 in the Northern District of California and in 2020 in the Southern District of Florida. The Florida matter was transferred to the Northern District of California. In July 2020, the Court granted in part defendants’ motion to dismiss, including dismissing with prejudice plaintiffs’ claims as to an overarching conspiracy and plaintiffs’ theories based on the alleged payment of royalties after patent expiration. Other claims, however, remain. A trial on the indirect purchasers’ claims is scheduled for August 2022. In September and October 2020, two purported class actions have also been filed asserting similar claims on behalf of direct purchasers. Defendants’ motions to dismiss and compel arbitration in those matters are scheduled to be heard in February 2021. A trial on the direct purchasers’ claims has not been scheduled. Humana Litigations In May 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 scheduled. In May 2020, Celgene filed suit against Humana Pharmacy, Inc. (“HPI”), a Humana subsidiary, in Delaware Superior Court. Celgene’s complaint alleges that HPI breached its contractual obligations to Celgene by assigning claims to Humana that Humana is now asserting. The complaint seeks damages for HPI’s breach as well as a declaratory judgment. In September 2020, HPI filed a motion to dismiss Celgene’s complaint. In March 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 scheduled. Thalomid and Revlimid Antitrust Class Action Litigation and Related Proceedings 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. In March 2020, Celgene reached a revised settlement with the class plaintiffs. In May 2020, the Court preliminarily approved the settlement. In October 2020, the Court entered a final order approving the settlement and dismissed the matter. That settlement does not resolve the claims of certain entities that opted out of the first settlement. In March 20 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 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 ’ |
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 acquisitions; 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 reclassifications were made to conform the prior period consolidated financial statements to the current period presentation. Cash payments resulting for licensing arrangements, including upfront and contingent milestones previously included in operating activities in the consolidated statements of cash flows are now presented in investing activities. The adjustment resulted in an increase to net cash provided by operating activities and net cash used in investing activities of $143 million in 2019 and $1.1 billion in 2018. Deferred income previously presented separately in the consolidated statements of cash flows is now presented in Other operating assets and liabilities. These reclassifications did not have an impact on net assets or net earnings. |
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 including escrow for litigation settlements and funds restricted for annual Company contributions to the defined contribution plan in the U.S. Restricted cash was $427 million and $474 million at December 31, 2020 and 2019, respectively. |
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 proportional share of the investees 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. |
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 SoftwareEligible costs to obtain internal use software are capitalized and amortized over the estimated useful life of the software ranging from three to ten years. |
Acquisitions Policy [Policy Text Block] | AcquisitionsBusinesses 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 excluded for 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 or substantially of the relative fair value was allocated to a single asset. Amounts allocated to 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, realize synergies from acquisitions 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 upfront 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: (i) arrangements when BMS out-licenses intellectual property to another party and has no further performance obligations; (ii) arrangements that include a license and an additional performance obligation to supply product upon the request of the third party; and (iii) 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. Upfront 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 revenues. 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, upfront 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 revenues. The above fee allocation between the license and the supply represents the amount of consideration expected 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 the obligation to jointly develop and commercialize the product with the third party. As a result, upfront 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 revenues. 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 $990 million in 2020, $633 million in 2019 and $672 million in 2018. |
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 (Loss)/Income. |
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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards Financial Instruments - Measurement of Credit Losses In June 2016, the FASB issued amended guidance for the measurement of credit losses on financial instruments. Entities are 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. BMS adopted the amended guidance on a modified retrospective approach on January 1, 2020. The amended guidance did not impact BMS’s results of operations. |
REVENUE REVENUE (Policies)
REVENUE REVENUE (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 upfront 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: (i) arrangements when BMS out-licenses intellectual property to another party and has no further performance obligations; (ii) arrangements that include a license and an additional performance obligation to supply product upon the request of the third party; and (iii) 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. Upfront 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 revenues. 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, upfront 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 revenues. The above fee allocation between the license and the supply represents the amount of consideration expected 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 the obligation to jointly develop and commercialize the product with the third party. As a result, upfront 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 revenues. Refer to “—Note 3. Alliances” for further information. |
ALLIANCES ALLIANCES (Policies)
ALLIANCES ALLIANCES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Income Statement Elements [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 regulatory 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 regulatory 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, 2020 | |
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 2020 2019 2018 Net product sales $ 41,321 $ 25,174 $ 21,581 Alliance revenues 615 597 647 Other revenues 582 374 333 Total Revenues $ 42,518 $ 26,145 $ 22,561 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year Ended December 31, 2020 2019 2018 McKesson Corporation 31 % 26 % 25 % AmerisourceBergen Corporation 25 % 20 % 20 % Cardinal Health, Inc. 19 % 17 % 17 % |
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 2020 2019 2018 Gross product sales $ 60,016 $ 37,206 $ 30,174 GTN adjustments (a) Charge-backs and cash discounts (5,827) (3,675) (2,735) Medicaid and Medicare rebates (7,595) (4,941) (3,225) Other rebates, returns, discounts and adjustments (5,273) (3,416) (2,633) Total GTN adjustments (18,695) (12,032) (8,593) Net product sales $ 41,321 $ 25,174 $ 21,581 |
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 2020 2019 2018 Prioritized Brands Revlimid $ 12,106 $ 1,299 $ — Eliquis 9,168 7,929 6,438 Opdivo 6,992 7,204 6,735 Orencia 3,157 2,977 2,710 Pomalyst/Imnovid 3,070 322 — Sprycel 2,140 2,110 2,000 Yervoy 1,682 1,489 1,330 Abraxane 1,247 166 — Empliciti 381 357 247 Reblozyl 274 — — Inrebic 55 5 — Onureg 17 — — Zeposia 12 — — Established Brands Vidaza 455 58 — Baraclude 447 555 744 Other Brands (a) 1,315 1,674 2,357 Total Revenues $ 42,518 $ 26,145 $ 22,561 United States $ 26,577 $ 15,342 $ 12,586 Europe 9,853 6,266 5,658 Rest of World 5,457 4,013 3,733 Other (b) 631 524 584 Total Revenues $ 42,518 $ 26,145 $ 22,561 (a) Includes BMS and Celgene products in 2020 and 2019. (b) Other revenues include royalties and alliance-related revenues for products not sold by BMS ’ s regional commercial organizations. |
ALLIANCES (Tables)
ALLIANCES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Revenues from alliances: Net product sales $ 9,364 $ 9,944 $ 8,359 Alliance revenues 615 597 647 Total Revenues $ 9,979 $ 10,541 $ 9,006 Payments to/(from) alliance partners: Cost of products sold $ 4,485 $ 4,169 $ 3,439 Marketing, selling and administrative (128) (127) (104) Research and development 349 42 1,044 Other (income)/expense, net (74) (60) (67) Selected Alliance Balance Sheet Information: December 31, Dollars in Millions 2020 2019 Receivables – from alliance partners $ 343 $ 347 Accounts payable – to alliance partners 1,093 1,026 Deferred income from alliances (a) 366 431 (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 2020 2019 2018 Revenues from Pfizer alliance: Net product sales $ 8,942 $ 7,711 $ 6,329 Alliance revenues 226 218 109 Total Revenues $ 9,168 $ 7,929 $ 6,438 Payments to/(from) Pfizer: Cost of products sold – Profit sharing $ 4,331 $ 3,745 $ 3,078 Other (income)/expense, net – Amortization of deferred income (55) (55) (55) Selected Alliance Balance Sheet Information: December 31, Dollars in Millions 2020 2019 Receivables $ 253 $ 247 Accounts payable 1,024 922 Deferred income 300 355 |
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 2020 2019 2018 Revenues from Ono alliances: Net product sales $ 194 $ 194 $ 165 Alliance revenues 382 305 294 Total Revenues $ 576 $ 499 $ 459 |
ACQUISITIONS, DIVESTITURES AN_2
ACQUISITIONS, DIVESTITURES AND LICENSING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 were 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 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 fair values summarized below: Dollars in Millions Amounts Recognized as of Acquisition Date Measurement Period Adjustments Purchase Price Allocation Cash and cash equivalents $ 11,179 $ — $ 11,179 Receivables 2,652 — 2,652 Inventories 4,511 — 4,511 Property, plant and equipment 1,342 (277) 1,065 Intangible assets (a) 64,027 (100) 63,927 Otezla* assets held-for-sale (b) 13,400 — 13,400 Other assets 3,408 43 3,451 Accounts payable (363) — (363) Income taxes payable (2,718) (38) (2,756) Deferred income tax liabilities (7,339) 2,336 (5,003) Debt (21,782) — (21,782) Other liabilities (4,017) 15 (4,002) Identifiable net assets acquired 64,300 1,979 66,279 Goodwill (c) 15,969 (1,979) 13,990 Total consideration transferred $ 80,269 $ — $ 80,269 (a) Intangible assets consists of currently marketed product rights of approximately $44.4 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) |
Schedule of Consideration Transferred - Asset Acquisition | Amounts in Million Amounts Cash consideration for outstanding shares $ 12,030 Cash consideration for stock awards 1,059 Consideration paid 13,089 Less: Charge for unvested stock awards (a) 482 Transaction costs 53 Consideration to be allocated $ 12,660 Other intangible assets (b) $ 11,553 Cash and cash equivalents 861 Deferred income taxes 295 Other assets 177 Other liabilities (226) Total assets acquired, net $ 12,660 (a) Represents the accelerated vesting of MyoKardia stock awards and included in Marketing, selling and administrative expense ($241 million) and Research and development expense ($241 million) as of December 31, 2020. (b) Includes IPRD of $11.4 billion (of which $11.1 billion related to mavacamten) and licenses of $115 million. |
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 were not material in all periods presented (excluding divestiture gains or losses). Proceeds (a) Divestiture Gains Royalty Income Dollars in Millions 2020 2019 2018 2020 2019 2018 2020 2019 2018 Diabetes Business $ 558 $ 661 $ 579 $ — $ — $ — $ (567) $ (650) $ (661) Erbitux* Business 13 15 216 — — — — (23) (145) Manufacturing Operations 10 48 160 (1) 1 — — — — Plavix* and Avapro* / Avalide* 7 — 80 (12) — — — — — Otezla* — 13,400 — — — — — — — UPSA Business — 1,508 — — (1,157) — — — — Mature Brands and Other 127 10 212 (42) (12) (178) (77) (13) (8) Total $ 715 $ 15,642 $ 1,247 $ (55) $ (1,168) $ (178) $ (644) $ (686) $ (814) (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, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule Of Other Income Expense [Table Text Block] | Year Ended December 31, Dollars in Millions 2020 2019 2018 Interest expense $ 1,420 $ 656 $ 183 Contingent consideration (1,757) 523 — Royalties and licensing income (1,527) (1,360) (1,353) Equity investment (gains)/losses (1,228) (275) 419 Integration expenses 717 415 — Provision for restructuring 530 301 131 Litigation and other settlements (194) 77 76 Transition and other service fees (149) (37) (12) Investment income (121) (464) (173) Reversion excise tax 76 — — Divestiture gains (55) (1,168) (178) Intangible asset impairment 21 15 64 Pension and postretirement (13) 1,599 (27) Acquisition expenses — 657 — Other (34) (1) 16 Other (income)/expense, net $ (2,314) $ 938 $ (854) |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | The following provides the charges related to restructuring initiatives by type of cost: Year Ended December 31, Dollars in Millions 2020 2019 2018 Celgene Acquisition Plan $ 1,244 $ 674 $ — MyoKardia Acquisition Plan 39 — — Company Transformation 127 305 268 Total charges $ 1,410 $ 979 $ 268 Employee termination costs $ 457 $ 273 $ 87 Other termination costs 73 28 44 Provision for restructuring 530 301 131 Integration expenses 717 415 — Accelerated depreciation 53 133 113 Asset impairments 103 130 16 Other shutdown costs 7 — 8 Total charges $ 1,410 $ 979 $ 268 Cost of products sold $ 32 $ 180 $ 57 Marketing, selling and administrative 10 1 1 Research and development 113 82 79 Other (income)/expense, net 1,255 716 131 Total charges $ 1,410 $ 979 $ 268 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following summarizes the charges and spending related to restructuring plan activities: Year Ended December 31, Dollars in Millions 2020 2019 2018 Liability at December 31 $ 100 $ 99 $ 186 Cease-use liability reclassification — (3) — Liability at January 1 100 96 186 Provision for restructuring (a) 460 156 131 Foreign currency translation and other 6 (1) 1 Payments (418) (151) (219) Liability at December 31 $ 148 $ 100 $ 99 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Current: U.S. $ 1,245 $ 1,002 $ 566 Non-U.S. (104) 1,437 410 Total Current 1,141 2,439 976 Deferred: U.S. 229 (113) (51) Non-U.S. 754 (811) 96 Total Deferred 983 (924) 45 Total Provision $ 2,124 $ 1,515 $ 1,021 |
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 2020 2019 2018 (Loss)/Earnings before income taxes: U.S. $ (10,106) $ 542 $ 2,338 Non-U.S. 3,235 4,433 3,630 Total (6,871) 4,975 5,968 U.S. statutory rate (1,443) 21.0 % 1,045 21.0 % 1,253 21.0 % Deemed repatriation transition tax — — — — (56) (0.9) % Global intangible low taxed income (GILTI) 729 (10.6) % 849 17.1 % 94 1.6 % Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland (86) 1.3 % (68) (1.4) % (202) (3.4) % Internal transfer of intangible assets 853 (12.4) % — — — — U.S. Federal valuation allowance 4 (0.1) % 25 0.5 % 119 2.0 % U.S. Federal, state and foreign contingent tax matters 136 (2.0) % (13) (0.3) % (55) (0.9) % U.S. Federal research based credits (165) 2.4 % (138) (2.8) % (138) (2.3) % Contingent value rights (363) 5.3 % 110 2.2 % — — Non-deductible R&D charges 2,461 (35.8) % 5 0.1 % 17 0.3 % Puerto Rico excise tax (147) 2.1 % (163) (3.3) % (152) (2.6) % State and local taxes (net of valuation allowance) 103 (1.5) % (16) (0.3) % 67 1.1 % Foreign and other 42 (0.6) % (121) (2.3) % 74 1.2 % Total $ 2,124 (30.9) % $ 1,515 30.5 % $ 1,021 17.1 % |
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 2020 2019 Deferred tax assets Foreign net operating loss carryforwards $ 3,271 $ 2,480 State net operating loss and credit carryforwards 325 263 U.S. Federal net operating loss and credit carryforwards 435 88 Milestone payments and license fees 643 558 Other foreign deferred tax assets 307 370 Share-based compensation 389 521 Other 981 650 Total deferred tax assets 6,351 4,930 Valuation allowance (2,809) (2,844) Deferred tax assets net of valuation allowance $ 3,542 $ 2,086 Deferred tax liabilities Acquired intangible assets $ (6,612) $ (7,387) Goodwill and other (1,176) (643) Total deferred tax liabilities $ (7,788) $ (8,030) Deferred tax liabilities, net $ (4,246) $ (5,944) Recognized as: Deferred income taxes assets – non-current $ 1,161 $ 510 Deferred income taxes liabilities – non-current (5,407) (6,454) Total $ (4,246) $ (5,944) |
Summary of Valuation Allowance [Table Text Block] | Changes in the valuation allowance were as follows: Year Ended December 31, Dollars in Millions 2020 2019 2018 Balance at beginning of year $ 2,844 $ 3,193 $ 2,827 Provision 62 75 458 Utilization (488) (423) (43) Foreign currency translation 212 (132) (48) Acquisitions 179 228 — Non U.S. rate change — (97) (1) Balance at end of year $ 2,809 $ 2,844 $ 3,193 |
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 2020 2019 2018 Balance at beginning of year $ 1,905 $ 995 $ 1,155 Gross additions to tax positions related to current year 76 170 48 Gross additions to tax positions related to prior years 325 19 21 Gross additions to tax positions assumed in acquisitions 51 852 — Gross reductions to tax positions related to prior years (352) (35) (106) Settlements (7) (23) 2 Reductions to tax positions related to lapse of statute (5) (72) (119) Cumulative translation adjustment 10 (1) (6) Balance at end of year $ 2,003 $ 1,905 $ 995 |
Summary of Income Tax Examinations [Table Text Block] | Additional information regarding unrecognized tax benefits is as follows: Year Ended December 31, Dollars in Millions 2020 2019 2018 Unrecognized tax benefits that if recognized would impact the effective tax rate $ 1,900 $ 1,809 $ 853 Accrued interest 366 292 167 Accrued penalties 20 10 11 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Net (Loss)/Earnings Attributable to BMS Used for Basic and Diluted EPS Calculation $ (9,015) $ 3,439 $ 4,920 Weighted-Average Common Shares Outstanding - Basic 2,258 1,705 1,633 Incremental Shares Attributable to Share-Based Compensation Plans — 7 4 Weighted-Average Common Shares Outstanding - Diluted 2,258 1,712 1,637 (Loss)/Earnings per Common Share Basic $ (3.99) $ 2.02 $ 3.01 Diluted (3.99) 2.01 3.01 |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
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, 2020 December 31, 2019 Dollars in Millions Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash and cash equivalents - money market and other securities $ — $ 12,361 $ — $ — $ 10,448 $ — Marketable debt securities: Certificates of deposit — 1,020 — — 1,227 — Commercial paper — — — — 1,093 — Corporate debt securities — 698 — — 1,494 — Derivative assets — 42 27 — 140 — Equity investments 3,314 138 — 2,020 175 — Derivative liabilities — (270) — — (40) — Contingent consideration liability: Contingent value rights 530 — — 2,275 — — Other acquisition related contingent consideration — — 78 — — 106 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Ranges (weighted average) utilized as of: Inputs December 31, 2020 December 31, 2019 Discount rate 0.2% to 0.8% (0.5%) 2.2% to 3.2% (2.6%) Probability of payment 0% to 80% (2.7%) 0% to 68% (4.1%) Projected year of payment for development and regulatory milestones 2021 to 2025 2020 to 2029 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year Ended December 31, 2020 Year Ended December 31, 2019 Dollars in Millions Asset Liability Asset Liability Fair value as of January 1 $ — $ 106 $ — $ — Changes in estimated fair value — (33) — — Acquisitions 27 — — 106 Foreign exchange — 5 — — Fair value as of December 31 $ 27 $ 78 $ — $ 106 |
Available-for-sale Securities [Table Text Block] | December 31, 2020 December 31, 2019 Dollars in Millions Amortized Gross Unrealized Fair Value Amortized Gross Unrealized Fair Value Gains Losses Gains Losses Certificates of deposit $ 1,020 $ — $ — $ 1,020 $ 1,227 $ — $ — $ 1,227 Commercial paper — — — — 1,093 — — 1,093 Corporate debt securities 684 14 — 698 1,487 8 (1) 1,494 Total available-for-sale debt securities (a) $ 1,704 $ 14 $ — 1,718 $ 3,807 $ 8 $ (1) 3,814 (a) All marketable debt securities mature within five years as of December 31, 2020 and 2019. |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Dollars in Millions 2020 2019 Equity investments with readily determinable fair values $ 3,452 $ 2,195 Equity investments without readily determinable fair values 694 781 Equity method and other investment 549 429 Total equity investments $ 4,695 $ 3,405 |
Schedule of Equity Investments | Dollars in Millions 2020 2019 2018 Net gain/(loss) recognized on equity investments with readily determinable fair values (a) $ 1,169 $ 170 $ (530) Realized (loss)/gain recognized on equity investments with readily determinable fair value sold (12) 14 7 Upward adjustments on equity investments without readily determinable fair value 183 58 19 Impairments and downward adjustments on equity investments without readily determinable fair value (204) (27) — Cumulative upward adjustments on equity investments without readily determinable fair value 192 Cumulative impairments and downward adjustments on equity investments without readily determinable fair value (193) (a) Net unrealized net gains on equity investments still held were $1.2 billion in 2020 and $156 million in 2019. Unrealized net losses on equity investments still held were $537 million in 2018. |
Schedule of Derivatives and Fair Value [Table Text Block] | The following summarizes the fair value of outstanding derivatives: December 31, 2020 December 31, 2019 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 $ 24 $ — $ — $ 255 $ 6 $ — $ — Cross-currency interest rate swap contracts — — 400 (10) 175 2 125 (1) Foreign currency forward contracts 231 1 5,813 (259) 766 27 980 (20) Derivatives not designated as hedging instruments: Foreign currency forward contracts 1,104 17 336 (1) 2,342 91 1,173 (10) Foreign currency zero-cost collar contracts — — — — 2,482 14 2,235 (9) Other — 27 — — — — — — (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, 2020 2019 2018 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 $ — $ (29) $ — $ (24) $ — $ (23) Cross-currency interest rate swap contracts — (10) — (9) — (8) Foreign currency forward contracts (18) (23) (103) 11 (4) (14) 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 (Loss)/Income: Year Ended December 31, Dollars in Millions 2020 2019 2018 Derivatives qualifying as cash flow hedges Foreign currency forward contracts gain/(loss): Recognized in Other Comprehensive (Loss)/Income (a) $ (267) $ 65 $ 86 Reclassified to Cost of products sold (54) (103) (4) Treasury lock hedge contracts gain: Recognized in Other Comprehensive (Loss)/Income 51 — — Derivatives qualifying as net investment hedges Cross-currency interest rate swap contracts gain/(loss): Recognized in Other Comprehensive (Loss)/Income (11) 6 (5) Non-derivatives qualifying as net investment hedges Non U.S. dollar borrowings gain/(loss): Recognized in Other Comprehensive (Loss)/Income (105) 29 45 (a) The majority 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 2020 2019 Non-U.S. short-term borrowings $ 176 $ 351 Current portion of long-term debt 2,000 2,763 Other 164 232 Total $ 2,340 $ 3,346 |
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 2020 2019 Principal Value: Floating Rate Notes due 2020 $ — $ 750 2.875% Notes due 2020 — 1,500 3.950% Notes due 2020 — 500 2.250% Notes due 2021 500 500 2.550% Notes due 2021 1,000 1,000 2.875% Notes due 2021 500 500 Floating Rate Notes due 2022 500 500 2.000% Notes due 2022 750 750 2.600% Notes due 2022 1,500 1,500 3.250% Notes due 2022 1,000 1,000 3.550% Notes due 2022 1,000 1,000 0.537% Notes due 2023 1,500 — 2.750% Notes due 2023 750 750 3.250% Notes due 2023 500 500 3.250% Notes due 2023 1,000 1,000 4.000% Notes due 2023 700 700 7.150% Notes due 2023 302 302 2.900% Notes due 2024 3,250 3,250 3.625% Notes due 2024 1,000 1,000 0.750% Notes due 2025 1,000 — 1.000% Euro Notes due 2025 701 638 3.875% Notes due 2025 2,500 2,500 3.200% Notes due 2026 2,250 2,250 6.800% Notes due 2026 256 256 1.125% Notes due 2027 1,000 — 3.250% Notes due 2027 750 750 3.450% Notes due 2027 1,000 1,000 3.900% Notes due 2028 1,500 1,500 3.400% Notes due 2029 4,000 4,000 1.450% Notes due 2030 1,250 — 1.750% Euro Notes due 2035 701 638 5.875% Notes due 2036 287 287 6.125% Notes due 2038 226 226 4.125% Notes due 2039 2,000 2,000 2.350% Notes due 2040 750 — 5.700% Notes due 2040 250 250 3.250% Notes due 2042 500 500 5.250% Notes due 2043 400 400 4.500% Notes due 2044 500 500 4.625% Notes due 2044 1,000 1,000 5.000% Notes due 2045 2,000 2,000 4.350% Notes due 2047 1,250 1,250 4.550% Notes due 2048 1,500 1,500 4.250% Notes due 2049 3,750 3,750 2.550% Notes due 2050 1,500 — 6.875% Notes due 2097 87 87 0.13% - 5.75% Other - maturing through 2024 51 51 Total $ 48,711 $ 44,335 December 31, Dollars in Millions 2020 2019 Principal Value $ 48,711 $ 44,335 Adjustments to Principal Value: Fair value of interest rate swap contracts 24 6 Unamortized basis adjustment from swap terminations 149 175 Unamortized bond discounts and issuance costs (303) (280) Unamortized purchase price adjustments of Celgene debt 1,755 1,914 Total $ 50,336 $ 46,150 Current portion of long-term debt 2,000 2,763 Long-term debt 48,336 43,387 Total $ 50,336 $ 46,150 |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, Dollars in Millions 2020 2019 Trade receivables $ 7,882 $ 6,888 Less charge-backs and cash discounts (645) (391) Less allowance for expected credit loss (18) (21) Net trade receivables 7,219 6,476 Alliance, Royalties, VAT and other 1,282 1,209 Receivables $ 8,501 $ 7,685 |
Receivables Allowance [Table Text Block] | Changes to the allowances for expected credit loss, charge-backs and cash discounts were as follows: Year Ended December 31, Dollars in Millions 2020 2019 2018 Balance at beginning of year $ 412 $ 278 $ 252 Celgene acquisition — 116 — Provision (a) 5,839 3,687 2,739 Utilization (5,601) (3,667) (2,707) Other 13 (2) (6) Balance at end of year $ 663 $ 412 $ 278 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory, Net [Abstract] | |
Schedule of Inventories [Table Text Block] | December 31, Dollars in Millions 2020 2019 Finished goods $ 932 $ 2,227 Work in process 2,015 3,267 Raw and packaging materials 207 172 Total Inventories $ 3,154 $ 5,666 Inventories $ 2,074 $ 4,293 Other non-current assets 1,080 1,373 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, Dollars in Millions 2020 2019 Land $ 189 $ 187 Buildings 5,732 6,336 Machinery, equipment and fixtures 3,063 3,157 Construction in progress 487 527 Gross property, plant and equipment 9,471 10,207 Less accumulated depreciation (3,585) (3,955) Property, plant and equipment (a) $ 5,886 $ 6,252 United States $ 4,501 $ 4,835 Europe 1,243 1,291 Rest of the World 142 126 Total $ 5,886 $ 6,252 |
LEASES Leases (Tables)
LEASES Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table summarizes the components of lease expense: Year Ended December 31, Dollars in Millions 2020 2019 Operating lease cost $ 194 $ 115 Variable lease cost 50 25 Short-term lease cost 19 20 Sublease income (4) (4) Total operating lease expense $ 259 $ 156 |
Balance Sheet Information Related to Leases [Table Text Block] | Operating lease right-of-use assets and liabilities were as follows: December 31, Dollars in Millions 2020 2019 Other non-current assets $ 859 $ 704 Other current liabilities 164 133 Other non-current liabilities 833 672 Total liabilities $ 997 $ 805 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future lease payments for non-cancellable operating leases as of December 31, 2020 were as follows: Dollars in Millions 2021 $ 195 2022 169 2023 142 2024 106 2025 84 Thereafter 468 Total future lease payments 1,164 Less imputed interest (167) Total lease liability $ 997 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets By Major Class [Table Text Block] | Estimated December 31, Dollars in Millions 2020 2019 Goodwill (a) $ 20,547 $ 22,488 Other intangible assets: Licenses 5 – 15 years 328 482 Acquired marketed product rights (a) 3 – 15 years 59,076 46,827 Capitalized software 3 – 10 years 1,325 1,297 IPRD 6,130 19,500 Gross other intangible assets 66,859 68,106 Less accumulated amortization (13,616) (4,137) Other intangible assets $ 53,243 $ 63,969 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2018 2,208 $ 221 $ 1,898 $ (2,289) $ 31,160 575 $ (19,249) $ 106 Accounting change - cumulative effect (a) — — — (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 (Loss)Income — — — (156) — — — — Cash dividends declared (b) — — — — (2,630) — — — Share repurchase program — — — — — 5 (313) — Stock compensation — — 183 — — (4) (12) — Adoption of ASU 2018-02 — — — (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 (a) — — — — 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 (Loss)/Income — — — 1,242 — — — — Celgene acquisition 715 71 42,721 — — — — — Cash dividends declared (b) — — — — (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 Net loss — — — — (9,015) — — 20 Other Comprehensive (Loss)/Income — — — (319) — — — — Cash dividends declared (b) — — — — (4,178) — — — Share repurchase program — — 1,400 — — 43 (2,993) — Stock compensation — — (784) — — (36) 2,113 — Distributions — — — — — — — (60) Balance at December 31, 2020 2,923 $ 292 $ 44,325 $ (1,839) $ 21,281 679 $ (26,237) $ 60 (a) Cumulative effect resulting from adoption of ASU 2014-09 and ASU 2016-02. |
Schedule of Comprehensive Income (Loss) [Table Text Block] | The components of Other Comprehensive (Loss)/Income were as follows: Year Ended December 31, 2020 2019 2018 Dollars in Millions Pretax Tax After Tax Pretax Tax After Tax Pretax Tax After Tax Derivatives qualifying as cash flow hedges: Unrealized (losses)/gains $ (216) $ 7 $ (209) $ 65 $ (7) $ 58 $ 86 $ (9) $ 77 Reclassified to net earnings (a) (54) 7 (47) (103) 13 (90) (4) (3) (7) Derivatives qualifying as cash flow hedges (270) 14 (256) (38) 6 (32) 82 (12) 70 Pension and postretirement benefits: Actuarial (losses)/gains (134) 25 (109) (143) 28 (115) (89) (3) (92) Amortization (b) 33 (6) 27 55 (11) 44 65 (13) 52 Settlements (b) 10 (3) 7 1,640 (366) 1,274 121 (28) 93 Pension and postretirement benefits (91) 16 (75) 1,552 (349) 1,203 97 (44) 53 Available-for-sale securities: Unrealized gains/(losses) 7 (1) 6 42 (9) 33 (30) 5 (25) Realized (gains)/losses (b) (1) — (1) 3 — 3 — — — Available-for-sale securities 6 (1) 5 45 (9) 36 (30) 5 (25) Foreign currency translation (19) 26 7 43 (8) 35 (245) (9) (254) Other Comprehensive (Loss)/Income $ (374) $ 55 $ (319) $ 1,602 $ (360) $ 1,242 $ (96) $ (60) $ (156) (a) Included in Cost of products sold. (b) Included in Other (income)/expense, net. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The accumulated balances related to each component of Other Comprehensive (Loss)/Income, net of taxes, were as follows: December 31, Dollars in Millions 2020 2019 Derivatives qualifying as cash flow hedges $ (237) $ 19 Pension and postretirement benefits (974) (899) Available-for-sale securities 11 6 Foreign currency translation (639) (646) Accumulated other comprehensive loss $ (1,839) $ (1,520) |
PENSION AND POSTRETIREMENT BE_2
PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Service cost — benefits earned during the year $ 48 $ 26 $ 26 Interest cost on projected benefit obligation 42 115 193 Expected return on plan assets (98) (200) (386) Amortization of prior service credits (4) (4) (4) Amortization of net actuarial loss 44 59 74 Settlements and Curtailments 10 1,640 121 Net periodic pension benefit cost/(credit) $ 42 $ 1,636 $ 24 |
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 2020 2019 Benefit obligations at beginning of year $ 2,940 $ 5,966 Service cost—benefits earned during the year 48 26 Interest cost 42 115 Settlements and Curtailments (145) (4,105) Actuarial losses 233 777 Benefits paid (58) (109) Acquisition/Divestiture — 262 Foreign currency and other 182 8 Benefit obligations at end of year $ 3,242 $ 2,940 Fair value of plan assets at beginning of year $ 2,536 $ 6,129 Actual return on plan assets 196 804 Employer contributions 96 63 Settlements (126) (4,104) Benefits paid (58) (109) Asset transfer — (424) Acquisition/Divestiture — 164 Foreign currency and other 163 13 Fair value of plan assets at end of year $ 2,807 $ 2,536 Unfunded status $ (435) $ (404) Assets/(Liabilities) recognized: Other non-current assets $ 208 $ 192 Other current liabilities (26) (27) Other non-current liabilities (617) (569) Funded status $ (435) $ (404) Recognized in Accumulated other comprehensive loss: Net actuarial losses $ 1,255 $ 1,192 Prior service credit (22) (26) Total $ 1,233 $ 1,166 |
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 2020 2019 Pension plans with projected benefit obligations in excess of plan assets: Projected benefit obligation $ 1,805 $ 1,652 Fair value of plan assets 1,162 1,056 Pension plans with accumulated benefit obligations in excess of plan assets : Accumulated benefit obligation 1,579 1,417 Fair value of plan assets 952 875 |
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, 2020 2019 Discount rate 1.2 % 1.6 % Rate of compensation increase 1.3 % 1.3 % Interest crediting rate 2.2 % 2.2 % |
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, 2020 2019 2018 Discount rate 1.6 % 3.2 % 3.1 % Expected long-term return on plan assets 4.1 % 4.5 % 6.2 % Rate of compensation increase 1.3 % 0.5 % 0.5 % Interest crediting rate 2.2 % 2.7 % 2.6 % |
Schedule Of Allocation Of Plan Assets [Table Text Block] | The fair value of pension and postretirement plan assets by asset category at December 31, 2020 and 2019 was as follows: December 31, 2020 December 31, 2019 Dollars in Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Plan Assets Equity securities $ 101 $ — $ — $ 101 $ 87 $ — $ — $ 87 Equity funds — 601 — 601 4 544 — 548 Fixed income funds — 783 — 783 — 769 — 769 Corporate debt securities — 533 — 533 — 764 — 764 U.S. Treasury and agency securities — 70 — 70 — 168 — 168 Insurance contracts — — 149 149 — — 128 128 Cash and cash equivalents 96 — — 96 24 — — 24 Other — 112 40 152 — 111 33 144 Plan assets subject to leveling $ 197 $ 2,099 $ 189 $ 2,485 $ 115 $ 2,356 $ 161 $ 2,632 Plan assets measured at NAV as a practical expedient 322 302 Net plan assets $ 2,807 $ 2,934 |
EMPLOYEE STOCK BENEFIT PLANS (T
EMPLOYEE STOCK BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Cost of products sold $ 37 $ 19 $ 15 Marketing, selling and administrative 332 162 122 Research and development 339 115 84 Other (income)/expense, net 71 145 — Total stock-based compensation expense $ 779 $ 441 $ 221 Income tax benefit (a) $ 158 $ 87 $ 41 |
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, 2020 101.2 $ 48.08 34.7 $ 55.58 1.6 $ 59.25 3.0 $ 57.46 Granted — — 13.1 53.65 0.9 53.92 1.4 55.61 Released/Exercised (23.8) 39.21 (16.1) 56.00 (0.6) 60.20 (1.0) 57.87 Adjustments for actual payout — — — — — — — — Forfeited/Canceled (4.0) 61.57 (4.0) 54.37 (0.2) 56.88 (0.3) 55.28 Balance at December 31, 2020 73.4 50.25 27.7 54.58 1.7 56.01 3.1 56.72 Expected to vest 23.7 54.58 1.5 56.19 3.2 57.92 |
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 $ 41 $ 828 $ 42 $ 75 Expected weighted-average period in years of compensation cost to be recognized 1.3 2.4 2.8 1.7 |
Schedule Of Share Based Compensation Additional Information [Table Text Block] | Amounts in Millions, except per share data 2020 2019 2018 Weighted-average grant date fair value (per share): Stock options - replacement awards $ — $ 15.00 $ — Restricted stock units - replacement awards — 56.37 — Restricted stock units 53.65 47.16 61.40 Market share units 53.92 51.52 72.33 Performance share units 55.61 49.99 67.60 Fair value of awards that vested: Restricted stock units - replacement awards $ 777 $ 233 $ — Restricted stock units 122 105 98 Market share units 37 30 40 Performance share units 59 53 103 Total intrinsic value of stock options exercised 556 148 89 |
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, 2020: 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 16.5 1.8 $ 26.62 $ 583 $40 - $55 22.9 4.6 48.72 305 $55 - $65 23.6 3.9 59.53 64 $65+ 10.4 4.3 69.90 — Outstanding 73.4 3.7 50.25 $ 952 Exercisable 65.3 3.4 49.87 $ 872 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |||
Restricted Cash | $ 427 | $ 474 | |
Direct Operating Costs [Abstract] | |||
Advertising and product promotion costs | $ 990 | 633 | $ 672 |
Licensing Arrangements Cash Flows Reclassification [Member] | |||
Reclassification [Line Items] | |||
Prior Period Reclassification Adjustment | $ 143 | $ 1,100 | |
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 |
REVENUE REVENUE BY NATURE (Deta
REVENUE REVENUE BY NATURE (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 11,068 | $ 10,540 | $ 10,129 | $ 10,781 | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 42,518 | $ 26,145 | $ 22,561 |
Net product sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 41,321 | 25,174 | 21,581 | ||||||||
Concentration Risk, Percentage | 95.00% | ||||||||||
Other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 582 | 374 | 333 | ||||||||
Collaborative Arrangement [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 9,979 | 10,541 | 9,006 | ||||||||
Collaborative Arrangement [Member] | Net product sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 9,364 | 9,944 | 8,359 | ||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 615 | $ 597 | $ 647 |
REVENUE CONCENTRATION OF RISK (
REVENUE CONCENTRATION OF RISK (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
McKesson Corporation [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 31.00% | 26.00% | 25.00% |
AmerisorceBergen [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 25.00% | 20.00% | 20.00% |
Cardinal Health, Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 19.00% | 17.00% | 17.00% |
REVENUE GROSS TO NET ADJUSTMENT
REVENUE GROSS TO NET ADJUSTMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gross to Net Adjustments [Line Items] | |||||||||||
Revenues | $ 11,068 | $ 10,540 | $ 10,129 | $ 10,781 | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 42,518 | $ 26,145 | $ 22,561 |
Gross to Net Adjustments | (18,695) | (12,032) | (8,593) | ||||||||
Prior Period Gross to Net Adjustment Impacted by New Accounting Pronouncement | 106 | 132 | 96 | ||||||||
Sales Revenue, Gross [Member] | |||||||||||
Gross to Net Adjustments [Line Items] | |||||||||||
Revenues | 60,016 | 37,206 | 30,174 | ||||||||
Net product sales [Member] | |||||||||||
Gross to Net Adjustments [Line Items] | |||||||||||
Revenues | 41,321 | 25,174 | 21,581 | ||||||||
Charge-backs and cash discounts [Member] | |||||||||||
Gross to Net Adjustments [Line Items] | |||||||||||
Gross to Net Adjustments | (5,827) | (3,675) | (2,735) | ||||||||
Medicaid and Medicare rebates [Member] | |||||||||||
Gross to Net Adjustments [Line Items] | |||||||||||
Gross to Net Adjustments | (7,595) | (4,941) | (3,225) | ||||||||
Other rebates, returns, discounts and adjustments [Member] | |||||||||||
Gross to Net Adjustments [Line Items] | |||||||||||
Gross to Net Adjustments | $ (5,273) | $ (3,416) | $ (2,633) |
REVENUE REVENUE BY PRODUCT AND
REVENUE REVENUE BY PRODUCT AND REGION (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 11,068 | $ 10,540 | $ 10,129 | $ 10,781 | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 42,518 | $ 26,145 | $ 22,561 |
UNITED STATES | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 26,577 | 15,342 | 12,586 | ||||||||
European Union [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 9,853 | 6,266 | 5,658 | ||||||||
Rest Of World [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 5,457 | 4,013 | 3,733 | ||||||||
Other Region [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 631 | 524 | 584 | ||||||||
Revlimid [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 12,106 | 1,299 | 0 | ||||||||
Eliquis [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 9,168 | 7,929 | 6,438 | ||||||||
Opdivo [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 6,992 | 7,204 | 6,735 | ||||||||
Orencia [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 3,157 | 2,977 | 2,710 | ||||||||
Pomalyst/Imnovid [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 3,070 | 322 | 0 | ||||||||
Sprycel [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 2,140 | 2,110 | 2,000 | ||||||||
Yervoy [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,682 | 1,489 | 1,330 | ||||||||
Abraxane [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,247 | 166 | 0 | ||||||||
Empliciti [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 381 | 357 | 247 | ||||||||
Reblozyl | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 274 | 0 | 0 | ||||||||
Inrebic [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 55 | 5 | 0 | ||||||||
Onureg | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 17 | 0 | 0 | ||||||||
Zeposia | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 12 | 0 | 0 | ||||||||
Vidaza [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 455 | 58 | 0 | ||||||||
Baraclude [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 447 | 555 | 744 | ||||||||
Mature Products And All Other [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 1,315 | $ 1,674 | $ 2,357 |
REVENUE NARRATIVES (Details)
REVENUE NARRATIVES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 338 | $ 411 |
ALLIANCES ALLIANCE (Total) (Det
ALLIANCES ALLIANCE (Total) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | $ 11,068 | $ 10,540 | $ 10,129 | $ 10,781 | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 42,518 | $ 26,145 | $ 22,561 | ||
Cost of products sold | 11,773 | [1] | 8,078 | [1] | 6,467 | ||||||||
Other (Income)/Expense, Net - Collaborative Arrangement | (2,314) | 938 | (854) | ||||||||||
Receivables | 8,501 | 7,685 | 8,501 | 7,685 | |||||||||
Accounts payable | 2,713 | 2,445 | 2,713 | 2,445 | |||||||||
Collaborative Arrangement [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | 9,979 | 10,541 | 9,006 | ||||||||||
Cost of products sold | 4,485 | 4,169 | 3,439 | ||||||||||
Selling, General and Administrative Expense - Collaborative Arrangement | (128) | (127) | (104) | ||||||||||
Research and Development Expense - Collaborative Arrangement | 349 | 42 | 1,044 | ||||||||||
Other (Income)/Expense, Net - Collaborative Arrangement | (74) | (60) | (67) | ||||||||||
Receivables | 343 | 347 | 343 | 347 | |||||||||
Accounts payable | 1,093 | 1,026 | 1,093 | 1,026 | |||||||||
Deferred income | $ 366 | $ 431 | 366 | 431 | |||||||||
Net product sales [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | 41,321 | 25,174 | 21,581 | ||||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | 9,364 | 9,944 | 8,359 | ||||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | $ 615 | $ 597 | $ 647 | ||||||||||
[1] | Excludes amortization of acquired intangible assets. |
ALLIANCES (Pfizer) (Details)
ALLIANCES (Pfizer) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | $ 11,068 | $ 10,540 | $ 10,129 | $ 10,781 | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 42,518 | $ 26,145 | $ 22,561 | ||
Cost of products sold | 11,773 | [1] | 8,078 | [1] | 6,467 | ||||||||
Other (Income)/Expense, Net - Collaborative Arrangement | (2,314) | 938 | (854) | ||||||||||
Receivables | 8,501 | 7,685 | 8,501 | 7,685 | |||||||||
Accounts payable | 2,713 | 2,445 | 2,713 | 2,445 | |||||||||
Eliquis [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | 9,168 | 7,929 | 6,438 | ||||||||||
Collaborative Arrangement [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | 9,979 | 10,541 | 9,006 | ||||||||||
Cost of products sold | 4,485 | 4,169 | 3,439 | ||||||||||
Other (Income)/Expense, Net - Collaborative Arrangement | (74) | (60) | (67) | ||||||||||
Receivables | 343 | 347 | 343 | 347 | |||||||||
Accounts payable | 1,093 | 1,026 | 1,093 | 1,026 | |||||||||
Deferred income | 366 | 431 | 366 | 431 | |||||||||
Collaborative Arrangement [Member] | Pfizer [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | 9,168 | 7,929 | 6,438 | ||||||||||
Cost of products sold | 4,331 | 3,745 | 3,078 | ||||||||||
Other (Income)/Expense, Net - Collaborative Arrangement | (55) | (55) | (55) | ||||||||||
Receivables | 253 | 247 | 253 | 247 | |||||||||
Accounts payable | 1,024 | 922 | 1,024 | 922 | |||||||||
Deferred income | $ 300 | $ 355 | $ 300 | 355 | |||||||||
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 | 41,321 | 25,174 | 21,581 | ||||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | 9,364 | 9,944 | 8,359 | ||||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | Pfizer [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | 8,942 | 7,711 | 6,329 | ||||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | 615 | 597 | 647 | ||||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | Pfizer [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | $ 226 | $ 218 | $ 109 | ||||||||||
[1] | Excludes amortization of acquired intangible assets. |
ALLIANCES (Ono) (Details)
ALLIANCES (Ono) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | $ 11,068 | $ 10,540 | $ 10,129 | $ 10,781 | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 42,518 | $ 26,145 | $ 22,561 |
Collaborative Arrangement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | $ 9,979 | 10,541 | 9,006 | ||||||||
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% | ||||||||||
Revenues | $ 576 | 499 | 459 | ||||||||
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 | $ 41,321 | 25,174 | 21,581 | ||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | 9,364 | 9,944 | 8,359 | ||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | Ono [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | 194 | 194 | 165 | ||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | 615 | 597 | 647 | ||||||||
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | Ono [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Revenues | $ 382 | $ 305 | $ 294 |
ALLIANCES (Nektar) (Details)
ALLIANCES (Nektar) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Research and development | $ 11,143 | $ 6,148 | $ 6,332 |
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% | ||
Common Stock Lock Up Period, Years | 5 | ||
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 | $ 132 | $ 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 |
ALLIANCES (bluebird) (Details)
ALLIANCES (bluebird) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
bluebird [Member] | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Upfront Payment related to the collaboration agreement | $ 200 |
ALLIANCES (Otsuka) (Details)
ALLIANCES (Otsuka) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | $ 11,068 | $ 10,540 | $ 10,129 | $ 10,781 | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | $ 42,518 | $ 26,145 | $ 22,561 | ||
Cost of products sold | 11,773 | [1] | 8,078 | [1] | 6,467 | ||||||||
Collaborative Arrangement [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | 9,979 | 10,541 | 9,006 | ||||||||||
Cost of products sold | 4,485 | 4,169 | 3,439 | ||||||||||
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 products sold | 302 | 297 | |||||||||||
Net product sales [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | $ 41,321 | 25,174 | 21,581 | ||||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | $ 9,364 | 9,944 | 8,359 | ||||||||||
Net product sales [Member] | Collaborative Arrangement [Member] | Otsuka [Member] | |||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||
Revenues | $ 1,800 | $ 1,700 | |||||||||||
[1] | Excludes amortization of acquired intangible assets. |
ACQUISITIONS NARRATIVE (Details
ACQUISITIONS NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 17, 2020 | Nov. 20, 2019 | |
Business Acquisition [Line Items] | |||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 13,084 | $ 24,777 | $ 2,372 | ||||||||||||
Revenues | $ 11,068 | $ 10,540 | $ 10,129 | $ 10,781 | $ 7,945 | $ 6,007 | $ 6,273 | $ 5,920 | 42,518 | 26,145 | 22,561 | ||||
Net (Loss)/Earnings | $ (10,027) | $ 1,878 | $ (80) | $ (766) | (1,060) | $ 1,366 | $ 1,439 | $ 1,715 | (8,995) | 3,460 | 4,947 | ||||
Business Acquisition, Transaction Costs | $ 657 | $ 657 | 657 | ||||||||||||
Employee Benefits and Share-based Compensation | $ 779 | 441 | $ 221 | ||||||||||||
MyoKardia Acquisition [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Share Price | $ 225 | ||||||||||||||
Asset acquisition payment | $ 13,089 | ||||||||||||||
Charge for unvested stock awards | $ 482 | ||||||||||||||
Celgene [Member] | |||||||||||||||
Business 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 | ||||||||||||||
Employee Benefits and Share-based Compensation | $ 66 | ||||||||||||||
Celgene [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenues | 1,900 | ||||||||||||||
Net (Loss)/Earnings | $ 1,600 |
ACQUISITIONS, DIVESTITURES AN_3
ACQUISITIONS, DIVESTITURES AND LICENSING ARRANGEMENTS ACQUISITION - CONSIDERATION TRANSFERRED (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Nov. 20, 2019 | |
Business Acquisition [Line Items] | |||
Share Price | $ 62.03 | $ 56.48 | |
Celgene [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 35,745 | ||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 40,378 | ||
Common Stock, Shares, Outstanding | 714.9 | ||
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 | $ 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, 2020 | Dec. 31, 2019 | Nov. 20, 2019 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 20,547 | $ 22,488 | |
Celgene [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 11,179 | $ 11,179 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 2,652 | 2,652 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 4,511 | 4,511 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,065 | 1,342 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | (277) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 63,927 | 64,027 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (100) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Held-For-Sale | 13,400 | 13,400 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets | 3,451 | 3,408 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Assets | 43 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (363) | (363) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Income Taxes | (2,756) | (2,718) | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Income Taxes | (38) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (5,003) | (7,339) | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments, Deferred Income Tax Liabilities | 2,336 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt | (21,782) | (21,782) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Liabilities | (4,002) | (4,017) | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments, Other Liabilities | 15 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 66,279 | 64,300 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments, Net | 1,979 | ||
Goodwill | 13,990 | 15,969 | |
Goodwill, Purchase Accounting Adjustments | (1,979) | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 80,269 | 80,269 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 44,400 | ||
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 | ||
Celgene [Member] | Otezla [Member] | Inventories [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Held-For-Sale | 381 | ||
Celgene [Member] | Otezla [Member] | Finite-Lived Intangible Assets [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Held-For-Sale | 13,000 | ||
Celgene [Member] | Otezla [Member] | Accrued Liabilities [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Held-For-Sale | 19 | ||
Celgene [Member] | Otezla [Member] | Other Noncurrent Liabilities [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 ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 17, 2020 | |
Business Acquisition [Line Items] | |||||
MyoKardia Asset Acquisition IPRD Charge | $ 11,438 | $ 0 | $ 0 | ||
Research and development [Member] | |||||
Business Acquisition [Line Items] | |||||
Charge for unvested stock awards | 241 | ||||
Selling, General and Administrative Expenses [Member] | |||||
Business Acquisition [Line Items] | |||||
Charge for unvested stock awards | 241 | ||||
MyoKardia Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Share Price | $ 225 | ||||
Asset acquisition payment | $ 13,089 | ||||
Charge for unvested stock awards | $ 482 | ||||
Deferred income taxes acquired through an asset acquisition | 295 | ||||
Cash consideration for outstanding shares | 12,030 | ||||
Cash consideration for stock awards | 1,059 | ||||
Transaction cost | 53 | ||||
Consideration to be allocated | 12,660 | ||||
Other intangible assets acquired through an asset acquisition | 11,553 | ||||
Cash and cash equivalents acquired through an asset acquisition | 861 | ||||
Other assets acquired through an asset acquisition | 177 | ||||
Other liabilities assumed through an asset acquisition | (226) | ||||
Total assets acquired, net through an asset acquisition | $ 12,660 | ||||
Forbius [Member] | |||||
Business Acquisition [Line Items] | |||||
Asset acquisition payment | 185 | 185 | |||
Contingent and Regulatory Milestone Payments | 815 | 815 | |||
Deferred income taxes acquired through an asset acquisition | 7 | 7 | |||
Cormorant [Member] | |||||
Business Acquisition [Line Items] | |||||
Contingent and Regulatory Milestone Payments | $ 100 | $ 100 | $ 60 |
DIVESTITURES (Details)
DIVESTITURES (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | $ 715 | $ 15,642 | $ 1,247 | ||
Divestiture gains | 55 | 1,168 | 178 | ||
Royalties | (644) | (686) | (814) | ||
Diabetes business [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 558 | 661 | 579 | ||
Divestiture gains | 0 | 0 | 0 | ||
Royalties | (567) | (650) | (661) | ||
Diabetes business [Member] | Supply Agreements [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Royalties | 673 | 533 | 457 | ||
Diabetes business [Member] | Amylin Related Products [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Royalties | 45 | ||||
Percentage of potential future royalties transferred | 70.00% | ||||
Business Sale Royalty Expense | 39 | 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 | |||
Business Sale Royalty Expense | 67 | ||||
Erbitux [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 13 | 15 | 216 | ||
Divestiture gains | 0 | 0 | 0 | ||
Royalties | 0 | (23) | (145) | ||
Manufacturing Facility [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 10 | 48 | 160 | ||
Divestiture gains | (1) | 1 | 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 | 7 | 0 | 80 | ||
Divestiture gains | (12) | 0 | 0 | ||
Royalties | 0 | 0 | 0 | ||
Terminal Payment | 200 | ||||
Otezla [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 0 | 13,400 | 0 | ||
Divestiture gains | 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 | 0 | 1,508 | 0 | ||
Divestiture gains | 0 | (1,157) | 0 | ||
Royalties | 0 | 0 | 0 | ||
Other divestitures [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 127 | 10 | 212 | ||
Divestiture gains | (42) | (12) | (178) | ||
Royalties | (77) | (13) | (8) | ||
Not all inclusive [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture gains | (55) | (1,168) | (178) | ||
Mature brand, Teofarma [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 50 | ||||
Divestiture gains | $ (49) | ||||
Mature brand, Cheplapharm [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture proceeds | 153 | ||||
Divestiture gains | (127) | ||||
North America [Member] | Erbitux [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Royalties | $ 145 | ||||
Collaboration Distribution Fee Percentage | 39.00% | ||||
JAPAN | Erbitux [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Royalties | 23 | ||||
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 | ||||
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 | ||||
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% | ||||
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 | ||||
Deferred Revenue [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 | 80 | ||||
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] | |||||
Divestiture proceeds | $ 160 |
LICENSING ARRANGEMENTS (Details
LICENSING ARRANGEMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Royalty Income, Nonoperating | $ (23) | $ (11) | $ (41) |
Up-front licensing fee | (30) | (29) | (61) |
Contingent regulatory milestone income | (72) | (31) | (37) |
Amortization of Other Deferred Charges | (58) | (58) | (57) |
Licensing and other arrangements income | (883) | (674) | (539) |
Keytruda royalties | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Royalty Income, Nonoperating | (681) | (545) | (343) |
Tecentriq royalties | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Royalty Income, Nonoperating | (19) | $ 0 | $ 0 |
Proceeds from out-licensed arrangements | 324 | ||
Patent Settlement Income | 239 | ||
Dragonfly [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Upfront payments for licensing and alliance arrangements | 475 | ||
Payment for Additional Targets Made To Collaborative Partner | 75 | ||
Collaborative Arrangement Contingent Payments Maximum Exposure | $ 2,700 |
OTHER INCOME (NET) OTHER INCOME
OTHER INCOME (NET) OTHER INCOME (NET) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Interest Expense | $ 1,420 | $ 656 | $ 183 |
Contingent consideration | (1,757) | 523 | 0 |
Royalties and licensing income | (1,527) | (1,360) | (1,353) |
Equity investment (gains)/losses | (1,228) | (275) | 419 |
Integration expenses | 717 | 415 | 0 |
Provision for restructuring | 530 | 301 | 131 |
Litigation and other settlements | (194) | 77 | 76 |
Transition and other service fees | (149) | (37) | (12) |
Investment Income | (121) | (464) | (173) |
Reversion excise tax | 76 | 0 | 0 |
Divestiture gains | (55) | (1,168) | (178) |
Intangible asset impairment | 21 | 15 | 64 |
Pension and postretirement | (13) | 1,599 | (27) |
Acquisition expenses | 0 | 657 | 0 |
Other | (34) | (1) | 16 |
Other (Income)/Expense, Net | $ (2,314) | $ 938 | $ (854) |
RESTRUCTURING NARRATIVE (Detail
RESTRUCTURING NARRATIVE (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019 | |
Celgene Integration [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring and related charges | $ 3,000 | |
Cash outlays | 2,500 | |
Restructuring and related charges incurred to date | $ 1,900 | |
Workforce reduction of manufacturing, selling, administrative, and research and development personnel | 1,565 | 125 |
MyoKardia Acquisition Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring and related charges | $ 150 | |
Operating Model 2020 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges incurred to date | $ 1,500 |
RESTRUCTURING RESTRUCTURING AND
RESTRUCTURING RESTRUCTURING AND RELATED COSTS TABLE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Total charges | $ 1,410 | $ 979 | $ 268 |
Employee termination costs | 457 | 273 | 87 |
Other Restructuring Costs | 73 | 28 | 44 |
Provision for restructuring | 530 | 301 | 131 |
Integration expenses | 717 | 415 | 0 |
Restructuring and Related Cost, Accelerated Depreciation | 53 | 133 | 113 |
Restructuring Related Costs, Asset Impairments | 103 | 130 | 16 |
Other shutdown costs | 7 | 0 | 8 |
Cost of products sold [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 32 | 180 | 57 |
Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 10 | 1 | 1 |
Research and development [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 113 | 82 | 79 |
Other (income)/expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 1,255 | 716 | 131 |
Operating Model 2020 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 127 | 305 | 268 |
Celgene Integration [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | 1,244 | 674 | 0 |
MyoKardia Acquisition Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total charges | $ 39 | $ 0 | $ 0 |
RESTRUCTURING SCHEDULE OF RESTR
RESTRUCTURING SCHEDULE OF RESTRUCTURING RESERVE (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | Dec. 31, 2017 |
Restructuring Reserve | $ 96 | $ 186 | $ 148 | $ 100 | $ 99 | $ 100 | $ 186 | |
Restructuring Reserve, Translation and Other Adjustment | $ 0 | $ (3) | $ 0 | |||||
Provision for restructuring | 530 | 301 | 131 | |||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 6 | (1) | 1 | |||||
Payments for Restructuring | (418) | (151) | (219) | |||||
Restructuring Reserve, Accrual Adjustment | 10 | 4 | 17 | |||||
Restructuring Charges | 460 | 156 | $ 131 | |||||
Accelerated Stock Based Compensation [Member] | Celgene Integration [Member] | ||||||||
Provision for restructuring | $ 70 | $ 145 |
INCOME TAXES (Provision for Inc
INCOME TAXES (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Current Income Tax Expense | $ 1,245 | $ 1,002 | $ 566 |
Current Foreign Tax Expense (Benefit) | (104) | 1,437 | 410 |
Total Current Income Tax Expense | 1,141 | 2,439 | 976 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Deferred Income Tax Expense/(Benefit) | 229 | (113) | (51) |
Non-U.S. Deferred Income Tax Expense/(Benefit) | 754 | (811) | 96 |
Total Deferred Income Tax Expense/(Benefit) | 983 | (924) | 45 |
Provision for Income Taxes | $ 2,124 | $ 1,515 | $ 1,021 |
INCOME TAXES (Effective Tax Rat
INCOME TAXES (Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
U.S. Earnings/(Loss) before income taxes | $ (10,106) | $ 542 | $ 2,338 |
Non-U.S. Earnings before income taxes | 3,235 | 4,433 | 3,630 |
(Loss)/Earnings Before Income Taxes | (6,871) | 4,975 | 5,968 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. statutory rate, Amount | (1,443) | 1,045 | 1,253 |
Deemed repatriation transition tax, Amount | 0 | 0 | (56) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 729 | 849 | 94 |
Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland | (86) | (68) | (202) |
Effective Income Tax Rate Reconciliation, Internal Transfer of Intangible Assets, Amount | 853 | ||
U.S. Federal valuation allowance release | 4 | 25 | 119 |
U.S. Federal, state and foreign contingent tax matters, Amount | 136 | (13) | (55) |
U.S. Federal research based credits, amount | (165) | (138) | (138) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | (363) | 110 | |
Non-tax deductible research and development charge, Amount | 2,461 | 5 | 17 |
Puerto Rico excise tax, amount | (147) | (163) | (152) |
State and local taxes (net of valuation allowance), amount | 103 | (16) | 67 |
Foreign and other, Amount | 42 | (121) | 74 |
Provision for Income Taxes | $ 2,124 | $ 1,515 | $ 1,021 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. statutory income tax rate | 21.00% | 21.00% | 21.00% |
Deemed repatriation transition tax, Percent | 0.00% | 0.00% | (0.90%) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (10.60%) | 17.10% | 1.60% |
Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland, Rate | 1.30% | (1.40%) | (3.40%) |
Effective Income Tax Rate Reconciliation, Internal Transfer of Intangible Assets, Percent | (12.40%) | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (0.10%) | 0.50% | 2.00% |
U.S. Federal, state and foreign contingent tax matters, Rate | (2.00%) | (0.30%) | (0.90%) |
U.S. Federal research based credits, Rate | 2.40% | (2.80%) | (2.30%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 5.30% | 2.20% | |
Non-tax deductible research and development charge, Rate | (35.80%) | 0.10% | 0.30% |
Puerto Rico excise tax, Rate | 2.10% | (3.30%) | (2.60%) |
State and local taxes (net of valuation allowance), Rate | (1.50%) | (0.30%) | 1.10% |
Foreign and other, Amount | (0.60%) | (2.30%) | 1.20% |
Effective Income Tax Rate Reconciliation, Percent | (30.90%) | 30.50% | 17.10% |
INCOME TAXES INCOME TAXES (Narr
INCOME TAXES INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 729 | $ 849 | $ 94 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations, Including Interest Accrued | 81 | 119 | |
Asset acquisition charges | 1,099 | 63 | 1,211 |
Deferred Tax Assets, Valuation Allowance | 2,809 | 2,844 | |
Income tax payments | 3,400 | 1,500 | $ 747 |
MyoKardia Acquisition [Member] | |||
Valuation Allowance [Line Items] | |||
Asset acquisition charges | 11,400 | ||
Foreign Net Operating Loss And Tax Credit Carryforwards [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 2,000 | ||
State Net Operating Loss And Tax Credit Carryforwards [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 207 | ||
SEC Schedule, 12-09, Valuation Allowance, Other Tax Carryforward [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 557 | ||
Domestic Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Operating Loss Carryforwards | 1,500 | ||
Minimum [Member] | |||
Valuation Allowance [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 375 | ||
Maximum [Member] | |||
Valuation Allowance [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 415 | ||
Otezla [Member] | |||
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 266 | $ 808 |
INCOME TAXES (Deferred Taxes an
INCOME TAXES (Deferred Taxes and Valuation Allowance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of Deferred Tax Assets [Abstract] | |||
Foreign net operating loss carryforwards | $ 3,271 | $ 2,480 | |
State net operating loss and credit carryforwards | 325 | 263 | |
U.S. Federal net operating loss and credit carryforwards | 435 | 88 | |
Milestones payments and license fees | 643 | 558 | |
Other foreign deferred tax assets | 307 | 370 | |
Share-based compensation | 389 | 521 | |
Other | 981 | 650 | |
Total deferred tax assets | 6,351 | 4,930 | |
Valuation allowance | (2,809) | (2,844) | |
Total deferred tax assets, net | 3,542 | 2,086 | |
Components of Deferred Tax Liabilities [Abstract] | |||
Acquired intangible assets | (6,612) | (7,387) | |
Goodwill and other | (1,176) | (643) | |
Deferred Tax Liabilities, Gross | (7,788) | (8,030) | |
Deferred Tax Liabilities, Net | (4,246) | (5,944) | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 412 | 278 | $ 252 |
Provision | 5,839 | 3,687 | 2,739 |
Utilization | (5,601) | (3,667) | (2,707) |
Foreign currency translation | 13 | (2) | (6) |
Balance at end of year | 663 | 412 | 278 |
Deferred Income Tax Liabilities, Net | (5,407) | (6,454) | |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 1,161 | 510 | |
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 | 2,844 | 3,193 | 2,827 |
Provision | 62 | 75 | 458 |
Utilization | (488) | (423) | (43) |
Foreign currency translation | 212 | (132) | (48) |
Acquisitions | 179 | 228 | 0 |
Non U.S. rate change | 0 | (97) | (1) |
Balance at end of year | $ 2,809 | $ 2,844 | $ 3,193 |
INCOME TAXES (Unrecognized Tax
INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 1,905 | $ 995 | $ 1,155 |
Gross additions to tax positions related to current year | 76 | 170 | 48 |
Gross additions to tax positions related to prior years | 325 | 19 | 21 |
Gross additions to tax positions assumed in acquisitions | 51 | 852 | 0 |
Gross reductions to tax positions related to prior years | (352) | (35) | (106) |
Settlements | (7) | (23) | |
Settlements | 2 | ||
Reductions to tax positions related to lapse of statute | (5) | (72) | (119) |
Cumulative translation adjustment | 10 | ||
Cumulative translation adjustment | (1) | (6) | |
Balance at end of year | 2,003 | 1,905 | 995 |
Income Tax Uncertainties [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate | 1,900 | 1,809 | 853 |
Accrued interest | 366 | 292 | 167 |
Accrued penalties | $ 20 | $ 10 | $ 11 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net (Loss)/Earnings Attributable to BMS | $ (10,027) | $ 1,872 | $ (85) | $ (775) | $ (1,056) | $ 1,353 | $ 1,432 | $ 1,710 | $ (9,015) | $ 3,439 | $ 4,920 |
Weighted-average common shares outstanding - basic | 2,258,000 | 1,705,000 | 1,633,000 | ||||||||
Incremental shares attributable to share-based compensation plans | 0 | 7,000 | 4,000 | ||||||||
Weighted-average common shares outstanding - diluted | 2,258,000 | 1,712,000 | 1,637,000 | ||||||||
Earnings per Share - Basic | $ (4.45) | $ 0.83 | $ (0.04) | $ (0.34) | $ (0.55) | $ 0.83 | $ 0.88 | $ 1.05 | $ (3.99) | $ 2.02 | $ 3.01 |
Earnings per Share - Diluted | $ (4.45) | $ 0.82 | $ (0.04) | $ (0.34) | $ (0.55) | $ 0.83 | $ 0.87 | $ 1.04 | $ (3.99) | $ 2.01 | $ 3.01 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 106,000 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Fair Value Measurements) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)percentageyr | Dec. 31, 2019USD ($)percentageyr | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | $ 1,718 | $ 3,814 | |
Equity Securities, FV-NI | 3,452 | 2,195 | |
Contingent consideration fair value adjustments | (1,757) | 523 | $ 0 |
Debt Securities, Available-for-sale, Amortized Cost | 1,704 | 3,807 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 14 | 8 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | (1) | |
Equity Securities without Readily Determinable Fair Value, Amount | 694 | 781 | |
Equity Securities, FV-NI, Equity Securities Without Readily Determinable Fair Value, and Equity Method Investments | 4,695 | 3,405 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 1,169 | 170 | (530) |
Equity Securities, FV-NI, Realized Gain (Loss) | (12) | 14 | 7 |
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount | 183 | 58 | 19 |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | (204) | (27) | 0 |
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount | 192 | ||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount | (193) | ||
Unrealized Gain (Loss) on Investments | $ 1,200 | $ 156 | 537 |
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | percentage | 0.002 | 0.022 | |
Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | percentage | 0.008 | 0.032 | |
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | percentage | 0.005 | 0.026 | |
Probability of payment [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | percentage | 0 | 0 | |
Probability of payment [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | percentage | 0.80 | 0.68 | |
Probability of payment [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | percentage | 0.027 | 0.041 | |
Projected year of payments | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | yr | 2,021 | 2,020 | |
Projected year of payments | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | yr | 2,025 | 2,029 | |
Contingent Value Rights [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | $ 15 | $ 2,275 | |
Certificates of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,020 | 1,227 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,020 | 1,227 | |
Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 1,093 | |
Debt Securities, Available-for-sale, Amortized Cost | 0 | 1,093 | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 698 | 1,494 | |
Debt Securities, Available-for-sale, Amortized Cost | 684 | 1,487 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 14 | 8 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1) | ||
Portion at Other than Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Method Investments | 549 | 429 | |
Fair Value Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value | 0 | 0 | |
Total derivatives at fair value, assets | 0 | 0 | |
Total derivatives at fair value, liabilities | 0 | 0 | |
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Fair Value Level 1 [Member] | Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 3,314 | 2,020 | |
Fair Value Level 1 [Member] | Contingent Value Rights [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 530 | 2,275 | |
Fair Value Level 1 [Member] | Certificates of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value Level 1 [Member] | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value Level 1 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value | 12,361 | 10,448 | |
Total derivatives at fair value, assets | 42 | 140 | |
Total derivatives at fair value, liabilities | (270) | (40) | |
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Fair Value Level 2 [Member] | Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 138 | 175 | |
Fair Value Level 2 [Member] | Contingent Value Rights [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Fair Value Level 2 [Member] | Certificates of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,020 | 1,227 | |
Fair Value Level 2 [Member] | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 1,093 | |
Fair Value Level 2 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 698 | 1,494 | |
Fair Value Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value | 0 | 0 | |
Total derivatives at fair value, assets | 27 | 0 | |
Total derivatives at fair value, liabilities | 0 | 0 | |
Business Combination, Contingent Consideration, Liability | 78 | 106 | $ 0 |
Business Combination, Consideration Transferred | 27 | ||
Contingent consideration fair value adjustments | (33) | 0 | |
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | 106 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Due to Foreign Exchange, Liability | 5 | 0 | |
Fair Value Level 3 [Member] | Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 0 | 0 | |
Fair Value Level 3 [Member] | Contingent Value Rights [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Fair Value Level 3 [Member] | Certificates of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value Level 3 [Member] | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value Level 3 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Derivatives and Hedging) (Details) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020EUR (€) | |
Derivatives and Hedging [Line Items] | ||||
Debt Instrument, Face Amount | $ 48,711 | $ 44,335 | ||
Variable rate debt, Lower range of basis point spread | 4.60% | 4.60% | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (216) | 65 | $ 86 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (54) | (103) | (4) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (19) | 43 | (245) | |
Interest Rate Swap [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative Liability | 24 | 6 | ||
Cross Currency Interest Rate Contract [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | (11) | 6 | (5) | |
Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (267) | 65 | 86 | |
Treasury Lock [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 51 | |||
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 | (18) | (103) | (4) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (54) | (103) | (4) | |
Cost of products sold [Member] | Zero Cost Collar Currency Contracts [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 | (29) | (24) | (23) | |
Other Income [Member] | Cross Currency Interest Rate Contract [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (10) | (9) | (8) | |
Other Income [Member] | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (23) | 11 | (14) | |
Other Income [Member] | Zero Cost Collar Currency Contracts [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 2 | 0 | |
Other Income [Member] | Forward Starting Interest Rate Swap Contracts [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 35 | 0 | |
Other Income [Member] | Deal Contingent Forward Starting Interest Rate Swap [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | 240 | 0 | |
London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
LIBOR | 0.14% | 0.14% | ||
Designated as Hedging Instrument [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,200 | € 950 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (105) | 29 | $ 45 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 24 | 6 | ||
Derivative Liability | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 255 | 255 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 0 | 2 | ||
Derivative Liability | (10) | (1) | ||
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 0 | 175 | ||
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 400 | 125 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 1 | 27 | ||
Derivative Liability | (259) | (20) | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 231 | 766 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 5,813 | 980 | ||
Designated as Hedging Instrument [Member] | Treasury Lock [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 2,100 | |||
Designated as Hedging Instrument [Member] | Euro Member Countries, Euro | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 3,500 | |||
Designated as Hedging Instrument [Member] | Japan, Yen | Cross Currency Interest Rate Contract [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 400 | |||
Designated as Hedging Instrument [Member] | Japan, Yen | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 1,200 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 17 | 91 | ||
Derivative Liability | (1) | (10) | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 1,104 | 2,342 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 336 | 1,173 | ||
Not Designated as Hedging Instrument [Member] | Zero Cost Collar Currency Contracts [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 0 | 14 | ||
Derivative Liability | 0 | (9) | ||
Not Designated as Hedging Instrument [Member] | Zero Cost Collar Currency Contracts [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 0 | 2,482 | ||
Not Designated as Hedging Instrument [Member] | Zero Cost Collar Currency Contracts [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 0 | 2,235 | ||
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Total derivatives at fair value, assets | 27 | 0 | ||
Derivative Liability | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | Assets [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | Liability [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | 0 | $ 0 | ||
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 [Member] | ||||
Derivatives and Hedging [Line Items] | ||||
Derivative, Notional Amount | $ 10,400 |
FINANCIAL INSTRUMENTS AND FAI_5
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Debt Obligations) (Details) $ in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Nov. 20, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 48,711 | $ 44,335 | |||||||||
Long-term debt, Fair value | 58,500 | 50,700 | |||||||||
Repayments of Notes Payable | 2,800 | 1,300 | |||||||||
Interest payments | 1,600 | 414 | $ 218 | ||||||||
Securities Borrowed, Fair Value of Collateral | 1,200 | ||||||||||
Short-term Bank Loans and Notes Payable | 176 | 351 | |||||||||
Current portion of long-term debt | 2,000 | 2,763 | |||||||||
Other short-term debt | 164 | 232 | |||||||||
Short term debt | 2,340 | 3,346 | |||||||||
Adjustments to Principal Value, Unamortized basis adjustment from swap terminations | 149 | 175 | |||||||||
Adjustments to Principal Value, Unamortized bond discounts and issuance costs | (303) | (280) | |||||||||
Debt Instrument, Unamortized Premium | 1,755 | 1,914 | |||||||||
Long-term Debt | 50,336 | 46,150 | $ 44,614 | $ 46,106 | $ 46,105 | $ 24,390 | $ 24,433 | $ 5,635 | |||
Long-term debt | $ 48,336 | 43,387 | |||||||||
Line of Credit Facility [Line Items] | |||||||||||
Number of Revolving Credit Facilities | 4 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | ||||||||||
Interest Rate Swap [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Derivative Liability | 24 | 6 | |||||||||
$2 Billion Maximum Borrowing Capacity [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | ||||||||||
$2 Billion Maximum Borrowing Capacity [Member] | Subsequent Event [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 | ||||||||||
$7.0 Billion Fixed Rate Unsecured Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 7,000 | ||||||||||
Proceeds from Debt, Net of Issuance Costs | 6,900 | ||||||||||
Floating Rate Notes due 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 0 | 750 | |||||||||
2.875% Senior Notes due 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 0 | 1,500 | |||||||||
3.950% Senior Notes due 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 0 | 500 | |||||||||
2.250% Senior Notes due 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 500 | 500 | |||||||||
2.550% Notes due 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,000 | 1,000 | |||||||||
2.875% Senior Notes due 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 500 | 500 | |||||||||
Floating Rate Notes due 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 500 | 500 | |||||||||
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 | 1,500 | |||||||||
3.250% Senior Notes due 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,000 | 1,000 | |||||||||
3.550% Senior Notes due 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,000 | 1,000 | |||||||||
0.537% Notes due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,500 | 0 | |||||||||
2.750% Notes due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 750 | 750 | |||||||||
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 | 1,000 | |||||||||
4.000% Senior Notes due 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 700 | 700 | |||||||||
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 | 3,250 | |||||||||
3.625% Senior Notes due 2024 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,000 | 1,000 | |||||||||
0.750% Notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,000 | 0 | |||||||||
Euro notes due 2025 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 701 | 638 | |||||||||
3.875% Senior Notes due 2025 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 2,500 | 2,500 | |||||||||
3.200% Notes due 2026 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 2,250 | 2,250 | |||||||||
6.800% Notes due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 256 | 256 | |||||||||
1.125% Notes due 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,000 | 0 | |||||||||
3.250% Notes Due 2027 [Member] | |||||||||||
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 | 1,000 | |||||||||
3.900% Senior Notes due 2028 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,500 | 1,500 | |||||||||
3.400% Notes due 2029 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 4,000 | 4,000 | |||||||||
1.450% Notes due 2030 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,250 | 0 | |||||||||
Euro Notes due 2035 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 701 | 638 | |||||||||
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 | 2,000 | |||||||||
2.350% Notes due 2040 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 750 | 0 | |||||||||
5.700% Senior Notes due 2040 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 250 | 250 | |||||||||
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 | 400 | |||||||||
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 | 1,000 | |||||||||
5.000% Senior Notes due 2045 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 2,000 | 2,000 | |||||||||
4.350% Senior Notes due 2047 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,250 | 1,250 | |||||||||
4.550% Senior Notes due 2048 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,500 | 1,500 | |||||||||
4.250% Notes due 2049 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 3,750 | 3,750 | |||||||||
2.550% Notes due 2050 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,500 | 0 | |||||||||
6.875% Notes due 2097 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 87 | 87 | |||||||||
0.13% - 5.75% Other - Maturing through 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 51 | 51 | |||||||||
$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 | ||||||||||
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 |
RECEIVABLES (Details)
RECEIVABLES (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||
Trade receivables | $ 7,882 | $ 6,888 | |
Less charge-backs and cash discounts | (645) | (391) | |
Less allowances | (18) | (21) | |
Net trade receivables | 7,219 | 6,476 | |
Alliance, Royalties, VAT and other | 1,282 | 1,209 | |
Receivables | 8,501 | 7,685 | |
Receivables sold on a nonrecourse basis | $ 1,200 | $ 797 | $ 756 |
The number of the largest pharmaceutical wholesalers in the U.S. | 3 | ||
Customer Concentration Risk [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Percentage Of Aggregate Total Trade Receivables Due | 56.00% | 50.00% |
RECEIVABLES PROVISION (Details)
RECEIVABLES PROVISION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||
Balance at beginning of year | $ 412 | $ 278 | $ 252 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 116 | 0 |
Provision | 5,839 | 3,687 | 2,739 |
Utilization | (5,601) | (3,667) | (2,707) |
Other | 13 | (2) | (6) |
Balance at end of year | 663 | 412 | 278 |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 12 | $ 12 | $ 4 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory, Finished Goods, Net of Reserves | $ 932 | $ 2,227 |
Inventory, Work in Process, Net of Reserves | 2,015 | 3,267 |
Inventory, Raw Materials and Supplies, Net of Reserves | 207 | 172 |
Total inventories | 3,154 | 5,666 |
Inventories | 2,074 | 4,293 |
Inventory, Noncurrent | 1,080 | 1,373 |
Inventory purchase price fair value adjustment [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 774 | $ 3,500 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 189 | $ 187 | |
Buildings | 5,732 | 6,336 | |
Machinery, equipment and fixtures | 3,063 | 3,157 | |
Construction in progress | 487 | 527 | |
Gross property, plant and equipment | 9,471 | 10,207 | |
Less accumulated depreciation | (3,585) | (3,955) | |
Property, plant and equipment | 5,886 | 6,252 | |
Depreciation expense | 586 | 554 | $ 505 |
UNITED STATES | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 4,501 | 4,835 | |
Europe [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,243 | 1,291 | |
Rest Of World [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 142 | $ 126 |
LEASES Narrative (Details)
LEASES Narrative (Details) | Dec. 31, 2020 |
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) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 194 | $ 115 |
Variable Lease, Cost | 50 | 25 |
Short-term Lease, Cost | 19 | 20 |
Sublease Income | (4) | (4) |
Lease, Cost | $ 259 | $ 156 |
LEASES Lease Assets and Liabili
LEASES Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 859 | $ 704 |
Other Current Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Liability | 164 | 133 |
Other Noncurrent Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Liability | $ 833 | $ 672 |
LEASES Maturities of Operating
LEASES Maturities of Operating Lease Liabilities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 195 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 169 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 142 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 106 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 84 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 468 |
Lessee, Operating Lease, Liability, Payments, Due | 1,164 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ (167) |
LEASES Supplemental Information
LEASES Supplemental Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 326 | |
Operating Lease, Payments | 164 | $ 79 |
Incentive from Lessor | 33 | |
Lessee, Operating Leases Not Yet Commenced, Amount | 750 | |
Operating Lease, Impairment Loss | $ 31 | |
Operating Lease, Weighted Average Remaining Lease Term | 9 years | 9 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% | 4.00% |
MyoKardia Acquisition [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 82 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 20,547 | $ 22,488 | |
Other intangible assets | |||
Total other intangible assets, gross | 66,859 | 68,106 | |
Other intangible assets accumulated amortization | (13,616) | (4,137) | |
Other intangible assets | 53,243 | 63,969 | |
Acquired Developed Product Rights Reclassed From IPRD | 13,100 | ||
Amortization of intangible assets | 9,900 | 1,300 | $ 198 |
Future estimated amortization, 2021 | 10,200 | ||
Future estimated amortization, 2022 | 10,100 | ||
Future estimated amortization, 2023 | 9,500 | ||
Future estimated amortization, 2024 | 8,500 | ||
Future estimated amortization, 2025 | 1,200 | ||
Impairment of other intangible assets | 1,100 | 66 | 84 |
Asset Impairment Charges | $ 64 | ||
Inrebic [Member] | |||
Other intangible assets | |||
Impairment of other intangible assets | 575 | ||
Orva-cel [Member] | |||
Other intangible assets | |||
Impairment of other intangible assets | 470 | ||
In Process Research and Development [Member] | |||
Other intangible assets | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 6,130 | 19,500 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 32 | ||
Licenses [Member] | |||
Other intangible assets | |||
Finite-lived intangible assets, net | $ 328 | 482 | |
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 | $ 59,076 | 46,827 | |
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 | $ 1,325 | $ 1,297 | |
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, 2020 | Dec. 31, 2019 |
Other Current Assets [Abstract] | ||
Prepaid Taxes | $ 1,799 | $ 754 |
Research and Development | 492 | 410 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 619 | 0 |
Other Prepaid Expense, Current | 876 | 819 |
Other current assets | $ 3,786 | $ 1,983 |
SUPPLEMENTAL FINANCIAL INFORM_4
SUPPLEMENTAL FINANCIAL INFORMATION Other Non-Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Equity investments | $ 4,076 | $ 3,405 |
Inventory, Noncurrent | 1,080 | 1,373 |
Operating Lease, Right-of-Use Asset | 859 | 704 |
Assets for Plan Benefits, Defined Benefit Plan | 208 | 456 |
Restricted Cash, Noncurrent | 338 | 390 |
Other Assets, Miscellaneous, Noncurrent | 458 | 276 |
Other Assets, Noncurrent | $ 7,019 | $ 6,604 |
SUPPLEMENTAL FINANCIAL INFORM_5
SUPPLEMENTAL FINANCIAL INFORMATION Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued rebates and returns | $ 5,688 | $ 4,275 |
Accrued Income Taxes, Current | 647 | 1,517 |
Employee-related Liabilities, Current | 1,412 | 1,457 |
Accrued Research And Development | 1,423 | 1,324 |
Dividends Payable, Current | 1,129 | 1,025 |
Accrued Interest | 434 | 493 |
Accrued Royalties, Current | 461 | 418 |
Business Combination, Contingent Consideration, Liability, Current | 515 | 0 |
Other Accrued Liabilities, Current | 2,154 | 1,871 |
Other Liabilities, Current, Total | 14,027 | 12,513 |
Other Current Liabilities [Member] | ||
Operating Lease, Liability | $ 164 | $ 133 |
SUPPLEMENTAL FINANCIAL INFORM_6
SUPPLEMENTAL FINANCIAL INFORMATION Other Non-Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Income Taxes, Noncurrent | $ 5,017 | $ 5,368 |
Liability, Defined Benefit Plan, Noncurrent | 899 | 725 |
Deferred Income, Noncurrent | 357 | 424 |
Deferred Compensation Liability, Classified, Noncurrent | 344 | 287 |
Other Accrued Liabilities, Noncurrent | 311 | 350 |
Other Liabilities, Noncurrent | 7,776 | 10,101 |
Other Noncurrent Liabilities [Member] | ||
Operating Lease, Liability | 833 | 672 |
Contingent Value Rights [Member] | ||
Business Combination, Contingent Consideration, Liability | $ 15 | $ 2,275 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Equity [Line Items] | |||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.49 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.41 | $ 0.41 | $ 0.41 | $ 1.84 | $ 1.68 | $ 1.61 | ||
Common Stock, Value, Issued, Balance at January 1, | $ 292 | $ 292 | |||||||||||
Common Stock, Value, Issued, Balance at December 31, | $ 292 | $ 292 | 292 | $ 292 | |||||||||
Capital in Excess of Par Value of Stock, Balance at January 1, | 43,709 | 43,709 | |||||||||||
Capital in Excess of Par Value of Stock, Balance at December 31, | 44,325 | 43,709 | 44,325 | 43,709 | |||||||||
Accumulated Other Comprehensive Loss, Balance at January 1 | (1,520) | (1,520) | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | (319) | 1,242 | $ (156) | ||||||||||
Accumulated Other Comprehensive Loss, Balance at December 31 | (1,839) | (1,520) | (1,839) | (1,520) | |||||||||
Retained Earnings, Balance at January 1, | 34,474 | 34,474 | |||||||||||
Net (Loss)/Earnings Attributable to BMS | (10,027) | $ 1,872 | $ (85) | $ (775) | (1,056) | $ 1,353 | $ 1,432 | $ 1,710 | (9,015) | 3,439 | 4,920 | ||
Retained Earnings, Balance at December 31, | $ 21,281 | $ 34,474 | $ 21,281 | $ 34,474 | |||||||||
Treasury Stock, Shares, Balance at January 1, | 672 | 672 | |||||||||||
Treasury Stock, Shares, Balance at December 31, | 679 | 672 | 679 | 672 | |||||||||
Cost of Treasury Stock, Balance at January 1, | $ (25,357) | $ (25,357) | |||||||||||
Cost of Treasury Stock, Balance at December 31, | $ (26,237) | $ (25,357) | (26,237) | $ (25,357) | |||||||||
Noncontrolling interest, Balance at January 1, | 100 | 100 | |||||||||||
Noncontrolling Interest | 0 | $ 6 | $ 5 | $ 9 | (4) | $ 13 | $ 7 | $ 5 | 20 | 21 | $ 27 | ||
Noncontrolling interest, Balance at December 31, | $ 60 | $ 100 | $ 60 | $ 100 | |||||||||
Accumulated Other Comprehensive Loss Cumulative Adjustments | $ 0 | $ (34) | |||||||||||
Common Stock [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Common Stock, Shares Issued, Balance at January 1, | 2,923 | 2,208 | 2,923 | 2,208 | 2,208 | ||||||||
Common Stock, Shares Issued, Balance at December 31, | 2,923 | 2,923 | 2,923 | 2,923 | 2,208 | ||||||||
Common Stock, Value, Issued, Balance at January 1, | $ 292 | $ 221 | $ 292 | $ 221 | $ 221 | ||||||||
Common Stock, Value, Issued, Balance at December 31, | $ 292 | $ 292 | 292 | $ 292 | 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, | 43,709 | 2,081 | 43,709 | 2,081 | 1,898 | ||||||||
Capital in Excess of Par Value of Stock, Balance at December 31, | 44,325 | 43,709 | 44,325 | 43,709 | 2,081 | ||||||||
Stock compensation | (784) | 307 | 183 | ||||||||||
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 | (1,520) | (2,762) | (1,520) | (2,762) | (2,289) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (319) | 1,242 | (156) | ||||||||||
Accumulated Other Comprehensive Loss, Balance at December 31 | (1,839) | (1,520) | (1,839) | (1,520) | (2,762) | ||||||||
New Accounting Pronoucement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (283) | ||||||||||||
Accumulated Other ComprehensiveIncome Loss Net Of Tax, Adjusted Balance | (2,762) | (2,323) | |||||||||||
Retained Earnings [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Retained Earnings, Balance at January 1, | $ 34,474 | $ 34,065 | 34,474 | 34,065 | 31,160 | ||||||||
Net (Loss)/Earnings Attributable to BMS | (9,015) | 3,439 | 4,920 | ||||||||||
Cash dividends declared | (4,178) | (3,035) | (2,630) | ||||||||||
Retained Earnings, Balance at December 31, | $ 21,281 | $ 34,474 | $ 21,281 | $ 34,474 | 34,065 | ||||||||
New Accounting Pronoucement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 283 | ||||||||||||
RetainedEarningsCumulativeAdjustments | 5 | 332 | |||||||||||
Retained Earnings Accumulated Deficit, Adjusted Balance | $ 34,070 | $ 31,492 | |||||||||||
Treasury Stock [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Treasury Stock, Shares, Balance at January 1, | 672 | 576 | 672 | 576 | 575 | ||||||||
Stock repurchase program, Treasury Stock | 43 | 105 | 5 | ||||||||||
Employee stock compensation plans, Shares | (36) | (9) | (4) | ||||||||||
Treasury Stock, Shares, Balance at December 31, | 679 | 672 | 679 | 672 | 576 | ||||||||
Cost of Treasury Stock, Balance at January 1, | $ (25,357) | $ (19,574) | $ (25,357) | $ (19,574) | $ (19,249) | ||||||||
Stock repurchase program, Cost of Treasury Stock | (2,993) | (5,900) | (313) | ||||||||||
Employee stock compensation plans, Cost | 2,113 | 117 | (12) | ||||||||||
Cost of Treasury Stock, Balance at December 31, | $ (26,237) | $ (25,357) | (26,237) | (25,357) | (19,574) | ||||||||
Noncontrolling Interest [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Noncontrolling interest, Balance at January 1, | $ 100 | $ 96 | 100 | 96 | 106 | ||||||||
Noncontrolling Interest | (20) | (21) | (27) | ||||||||||
Distributions | (60) | (17) | (37) | ||||||||||
Noncontrolling interest, Balance at December 31, | $ 60 | $ 100 | $ 60 | $ 100 | $ 96 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (216) | $ 65 | $ 86 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 7 | (7) | (9) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (209) | 58 | 77 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (54) | (103) | (4) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 7 | 13 | (3) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (47) | (90) | (7) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (270) | (38) | 82 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 14 | 6 | (12) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (256) | (32) | 70 |
Pension and postretirement benefits - Actuarial gains/(losses), Pre-tax | (134) | (143) | (89) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 25 | 28 | (3) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (109) | (115) | (92) |
Pension and postretirement benefits - Amortization, Pre-tax | 33 | 55 | 65 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | (6) | (11) | (13) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 27 | 44 | 52 |
Pension and postretirement benefits - Settlements and curtailments, Pre-tax | 10 | 1,640 | 121 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | (3) | (366) | (28) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | 7 | 1,274 | 93 |
Pension and other postretirement benefits, Pre-tax | (91) | 1,552 | 97 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 16 | (349) | (44) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (75) | 1,203 | 53 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments and Tax | 7 | 42 | (30) |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | (1) | (9) | 5 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax | 6 | 33 | (25) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | (1) | 3 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (1) | 3 | 0 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | 6 | 45 | (30) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | (1) | (9) | 5 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 5 | 36 | (25) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (19) | 43 | (245) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 26 | (8) | (9) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 7 | 35 | (254) |
Other Comprehensive Income/(Loss), before Tax | (374) | 1,602 | (96) |
Other Comprehensive Income (Loss), Tax | 55 | (360) | (60) |
Other Comprehensive Income (Loss), Net of Tax | (319) | 1,242 | $ (156) |
Derivatives qualifying as cash flow hedges | (237) | 19 | |
Pension and other postretirement benefits | (974) | (899) | |
Available-for-sale securities | 11 | 6 | |
Foreign currency translation | (639) | (646) | |
Accumulated other comprehensive loss | $ (1,839) | $ (1,520) |
EQUITY (Stock Repurchase Progra
EQUITY (Stock Repurchase Program) (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Repurchased During Period, Shares | 27,000 | |
Stock Repurchased During Period, Value | $ 1,600 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 4,400 | |
2019 ASR [Member] | ||
Stock Repurchase Program, Authorized Amount | $ 7,000 | |
Stock Repurchased During Period, Shares | 16,000 | 99,000 |
PENSION AND POSTRETIREMENT BE_3
PENSION AND POSTRETIREMENT BENEFIT PLANS PENSION AND POSTRETIREMENT BENEFIT PLANS (Defined Benefit Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Document Period End Date | Dec. 31, 2020 | ||
Pension Plans, Defined Benefit [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 3,242 | $ 2,940 | $ 5,966 |
Funded Status | (435) | $ (404) | |
Bristol-Myers Squibb Retirement Income Plan [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Payment for Pension Benefits | 1,300 | ||
Defined Benefit Plan, Benefit Obligation | 2,600 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 1,500 | ||
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 BE_4
PENSION AND POSTRETIREMENT BENEFIT PLANS (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 96 | $ 63 | $ 71 |
Total net periodic benefit cost/(credit) | (13) | 1,599 | (27) |
Pension Plans, Defined Benefit [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 96 | 63 | |
Service cost - benefits earned during the year | 48 | 26 | 26 |
Interest cost on projected benefit obligation | 42 | 115 | 193 |
Expected return on plan assets | (98) | (200) | (386) |
Amortization of prior service costs | (4) | (4) | (4) |
Amortization of net actuarial (gain)/loss | 44 | 59 | 74 |
Curtailments | 10 | 1,640 | 121 |
Total net periodic benefit cost/(credit) | $ 42 | $ 1,636 | $ 24 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets | |||
Fair value of plan assets at beginning of year | $ 2,934 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 96 | $ 63 | $ 71 |
Fair value of plan assets at end of year | 2,807 | 2,934 | |
Assets for Plan Benefits, Defined Benefit Plan | 208 | 456 | |
Pension and other liabilities | (899) | (725) | |
Accumulated benefit obligation | 3,200 | 2,900 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation | |||
Benefit obligations at the beginning of year | 2,940 | 5,966 | |
Service cost - benefits earned during the year | 48 | 26 | 26 |
Interest cost on projected benefit obligation | 42 | 115 | 193 |
Settlements | (145) | (4,105) | |
Actuarial (gains)/losses | 233 | 777 | |
Benefits paid | (58) | (109) | |
Defined Benefit Plan, Benefit Obligation, Business Combination | 0 | 262 | |
Foreign currency and other | 182 | 8 | |
Benefit obligations at the end of the year | 3,242 | 2,940 | 5,966 |
Defined Benefit Plan, Change in Fair Value of Plan Assets | |||
Fair value of plan assets at beginning of year | 2,536 | 6,129 | |
Actual return on plan assets | 196 | 804 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 96 | 63 | |
Settlements | (126) | (4,104) | |
Benefits paid | (58) | (109) | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | 0 | (424) | |
Defined Benefit Plan, Plan Assets, Business Combination | 0 | 164 | |
Exchange rate losses | 163 | 13 | |
Fair value of plan assets at end of year | 2,807 | 2,536 | $ 6,129 |
Funded Status | (435) | (404) | |
Assets for Plan Benefits, Defined Benefit Plan | 208 | 192 | |
Accrued liabilities | (26) | (27) | |
Pension and other liabilities | (617) | (569) | |
Net actuarial losses | 1,255 | 1,192 | |
Prior service credit | (22) | (26) | |
Total recognized in other comprehensive loss, pre-tax | $ 1,233 | $ 1,166 |
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) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 96 | $ 63 | $ 71 |
Reversion excise tax | 76 | 0 | $ 0 |
Pension Plans, Defined Benefit [Member] | |||
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 | 1,805 | 1,652 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 1,162 | 1,056 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 1,579 | 1,417 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 952 | 875 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 96 | $ 63 |
PENSION AND POSTRETIREMENT BE_7
PENSION AND POSTRETIREMENT BENEFIT PLANS (Actuarial Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Document Period End Date | Dec. 31, 2020 | ||
Pension Plans, Defined Benefit [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.20% | 1.60% | |
Rate of compensation increase used to determine benefit obligations | 1.30% | 1.30% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 2.20% | 2.20% | |
Discount rate used to determine net periodic benefit cost | 1.60% | 3.20% | 3.10% |
Expected long-term return on plan assets used to determine net periodic benefit cost | 4.10% | 4.50% | 6.20% |
Rate of compensation increase used to determine net periodic benefit cost | 1.30% | 0.50% | 0.50% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 2.20% | 2.70% | 2.60% |
PENSION AND POSTRETIREMENT BE_8
PENSION AND POSTRETIREMENT BENEFIT PLANS PENSION AND POSTRETIREMENT BENEFIT PLANS (Postretirement Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | 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 | $ 2,807 | $ 2,934 | |
Defined contribution plan expense | 290 | 200 | $ 200 |
Pension Asset Transfer | 381 | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 267 | 255 | |
Defined Benefit Plan, Plan Assets, Amount | $ 398 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.00% | 2.90% |
PENSION AND POSTRETIREMENT BE_9
PENSION AND POSTRETIREMENT BENEFIT PLANS (Fair Value Disclosures) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 2,807 | $ 2,934 | |
Fair Value Level 1 [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 197 | 115 | |
Fair Value Level 1 [Member] | Equity Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 101 | 87 | |
Fair Value Level 1 [Member] | Equity Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 4 | |
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] | 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 | 96 | 24 | |
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 | 2,099 | 2,356 | |
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 | 601 | 544 | |
Fair Value Level 2 [Member] | Fixed Income Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 783 | 769 | |
Fair Value Level 2 [Member] | Corporate Debt Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 533 | 764 | |
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 | 70 | 168 | |
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 | 112 | 111 | |
Fair Value Level 3 [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 189 | 161 | |
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] | Insurance Contracts [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 149 | 128 | |
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 | 40 | 33 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,485 | 2,632 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Equity Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 101 | 87 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Equity Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 601 | 548 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fixed Income Funds [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 783 | 769 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Corporate Debt Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 533 | 764 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | U.S. Treasury and Agency Securities [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 70 | 168 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Insurance Contracts [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 149 | 128 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Cash and Cash Equivalents [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 96 | 24 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Other[Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 152 | 144 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Plan assets not subject to leveling | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 322 | 302 | |
Pension Plans, Defined Benefit [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Funded Status | (435) | (404) | |
Defined Benefit Plan, Plan Assets, Amount | 2,807 | $ 2,536 | $ 6,129 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Document Period End Date | Dec. 31, 2020 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 96 | $ 63 | $ 71 |
Defined contribution plan expense | 290 | $ 200 | $ 200 |
Forecast - 2021 [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 140 | ||
Forecast - 2022 + [Member] | |||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 125 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 20, 2019 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | $ 779 | $ 441 | $ 221 | |||
Deferred tax benefit related to stock-based compensation expense | $ 158 | 87 | 41 | |||
Document Period End Date | Dec. 31, 2020 | |||||
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% | |||||
Maximum payout factor percentage | 200.00% | |||||
Cost of products sold [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | $ 37 | 19 | 15 | |||
Selling, General and Administrative Expenses [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | 332 | 162 | 122 | |||
Research and development [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | 339 | 115 | 84 | |||
Other Income [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Benefits and Share-based Compensation | 71 | 145 | $ 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 | 71 | $ 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 | $ 3 | ||||
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 | 95 | |||||
Legacy Celgene Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available to be granted for active plans | 23 |
EMPLOYEE STOCK BENEFIT PLANS (A
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 73.4 | 101.2 | |
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 | 23.8 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 50.25 | $ 48.08 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 39.21 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 61.57 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 15 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 8.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price | $ 53.36 | ||
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 | 27.7 | 34.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 13.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 16.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 4 | ||
Share Based Compensation Arrangement By Share Based Payment Awards Other Than Options Expected To Vest Outstanding Number | 23.7 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 54.58 | $ 55.58 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 53.65 | $ 47.16 | 61.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 56 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 54.37 | ||
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest Weighted Average Grant Date Fair Value | $ 54.58 | ||
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 | 1.7 | 1.6 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0.9 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0.2 | ||
Share Based Compensation Arrangement By Share Based Payment Awards Other Than Options Expected To Vest Outstanding Number | 1.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 56.01 | $ 59.25 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 53.92 | $ 51.52 | 72.33 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 60.20 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 56.88 | ||
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest Weighted Average Grant Date Fair Value | $ 56.19 | ||
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 | 3.1 | 3 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1.4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1 | ||
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 | 3.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 56.72 | $ 57.46 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 55.61 | $ 49.99 | $ 67.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 57.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 55.28 | ||
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest Weighted Average Grant Date Fair Value | $ 57.92 | ||
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 |
EMPLOYEE STOCK BENEFIT PLANS _3
EMPLOYEE STOCK BENEFIT PLANS (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total intrinsic value of stock options exercised during the year | $ 556 | $ 148 | $ 89 |
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 | $ 41 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||
Weighted-average grant date fair value (per share) | $ 0 | $ 15 | $ 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 | $ 828 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | ||
Weighted-average grant date fair value (per share) | $ 53.65 | $ 47.16 | $ 61.40 |
Fair value of awards that vested during the year | $ 122 | $ 105 | $ 98 |
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 | $ 42 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 9 months 18 days | ||
Weighted-average grant date fair value (per share) | $ 53.92 | $ 51.52 | $ 72.33 |
Fair value of awards that vested during the year | $ 37 | $ 30 | $ 40 |
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 | $ 75 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Weighted-average grant date fair value (per share) | $ 55.61 | $ 49.99 | $ 67.60 |
Fair value of awards that vested during the year | $ 59 | $ 53 | $ 103 |
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) | $ 0 | $ 56.37 | $ 0 |
Fair value of awards that vested during the year | $ 777 | $ 233 | $ 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, 2020 | Nov. 20, 2019 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 73,400 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 65,300 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 3 years 8 months 12 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 3 years 4 months 24 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 50.25 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 49.87 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 952 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 872 | |
Share Price | $ 62.03 | $ 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 | 16,500 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months 18 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 26.62 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 583 | |
$40 - $55 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 22,900 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 4 years 7 months 6 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 48.72 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 305 | |
$55 - $65 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 23,600 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 3 years 10 months 24 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 59.53 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 64 | |
$65 plus [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 10,400 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 4 years 3 months 18 days | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 69.90 | |
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, 2020lawsuits |
Byetta Product Liability Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 590 |
Uncategorized Items - bmy-20201
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 5,421,000,000 |