XML 123 R26.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2019
Selected Quarterly Financial Information [Abstract]  
Quarterly Financial Information [Text Block] SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 
Year Ended December 31, 2019
Dollars in Millions, except per share data
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter(d)
 
Year(d)
Total Revenues
$
5,920

 
$
6,273

 
$
6,007

 
$
7,945

 
$
26,145

Gross Margin
4,096

 
4,301

 
4,217

 
5,453

 
18,067

Net Earnings/(Loss)
1,715

 
1,439

 
1,366

 
(1,060
)
 
3,460

Net Earnings/(Loss) Attributable to:
 
 
 
 
 
 
 
 
 
Noncontrolling Interest
5

 
7

 
13

 
(4
)
 
21

BMS
1,710

 
1,432

 
1,353

 
(1,056
)
 
3,439

 
 
 
 
 
 
 
 
 
 
Earnings/(Loss) per Common Share - Basic(a)
$
1.05

 
$
0.88

 
$
0.83

 
$
(0.55
)
 
$
2.02

Earnings/(Loss) per Common Share - Diluted(a)
1.04

 
0.87

 
0.83

 
(0.55
)
 
2.01

 
 
 
 
 
 
 
 
 
 
Cash dividends declared per common share
$
0.41

 
$
0.41

 
$
0.41

 
$
0.45

 
$
1.68

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
7,335

 
$
28,404

 
$
30,489

 
$
12,346

 
$
12,346

Marketable debt securities(b)
2,662

 
1,947

 
2,978

 
3,814

 
3,814

Total Assets
34,834

 
55,163

 
57,433

 
129,944

 
129,944

Long-term debt(c)
5,635

 
24,433

 
24,390

 
46,150

 
46,150

Equity
15,317

 
16,151

 
17,754

 
51,698

 
51,698

 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2018
Dollars in Millions, except per share data
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Year
Total Revenues
$
5,193

 
$
5,704

 
$
5,691

 
$
5,973

 
$
22,561

Gross Margin
3,629

 
4,099

 
4,063

 
4,303

 
16,094

Net Earnings
1,495

 
382

 
1,912

 
1,158

 
4,947

Net Earnings/(Loss) Attributable to:
 
 
 
 
 
 
 
 
 
Noncontrolling Interest
9

 
9

 
11

 
(2
)
 
27

BMS
1,486

 
373

 
1,901

 
1,160

 
4,920

 
 
 
 
 
 
 
 
 
 
Earnings per Common Share - Basic(a)
$
0.91

 
$
0.23

 
$
1.16

 
$
0.71

 
$
3.01

Earnings per Common Share - Diluted(a)
0.91

 
0.23

 
1.16

 
0.71

 
3.01

 
 
 
 
 
 
 
 
 
 
Cash dividends declared per common share
$
0.40

 
$
0.40

 
$
0.40

 
$
0.41

 
$
1.61

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
5,342

 
$
4,999

 
$
5,408

 
$
6,911

 
$
6,911

Marketable debt securities(b)
3,548

 
3,057

 
3,298

 
3,623

 
3,623

Total Assets
33,083

 
32,641

 
33,734

 
34,986

 
34,986

Long-term debt(c)
5,775

 
5,671

 
5,687

 
6,895

 
6,895

Equity
12,906

 
12,418

 
13,750

 
14,127

 
14,127

(a)
Earnings per share for the quarters may not add to the amounts for the year, as each period is computed on a discrete basis.
(b)
Marketable debt securities includes current and non-current assets.
(c)
Long-term debt includes the current portion.
(d)
Commencing on November 20, 2019, Celgene's operations are included in our consolidated financial statements. Refer to “—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for additional information.

The following specified items affected the comparability of results in 2019 and 2018:
 
Year Ended December 31, 2019
Dollars in Millions
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Year
Inventory purchase price accounting adjustments
$
—

 
$
—

 
$
—

 
$
660

 
$
660

Employee compensation charges
—

 
—

 
—

 
1

 
1

Site exit and other costs
12

 
139

 
22

 
24

 
197

Cost of products sold
12

 
139

 
22

 
685

 
858

 
 
 
 
 
 
 
 
 
 
Employee compensation charges
—

 
—

 
—

 
27

 
27

Site exit and other costs
1

 
—

 
—

 
8

 
9

Marketing, selling and administrative
1

 
—

 
—

 
35

 
36

 
 
 
 
 
 
 
 
 
 
License and asset acquisition charges
—

 
25

 
—

 
—

 
25

IPRD impairments
32

 
—

 
—

 
—

 
32

Employee compensation charges
—

 
—

 
—

 
33

 
33

Site exit and other costs
19

 
19

 
20

 
109

 
167

Research and development
51

 
44

 
20

 
142

 
257

 
 
 
 
 
 
 
 
 
 
Amortization of acquired intangible assets
—

 
—

 
—

 
1,062

 
1,062

 
 
 
 
 
 
 
 
 
 
Interest expense
—

 
83

 
166

 
73

 
322

Pension and postretirement
49

 
44

 
1,545

 
(3
)
 
1,635

Royalties and licensing income
—

 
—

 
(9
)
 
(15
)
 
(24
)
Divestiture (gains)/losses
—

 
8

 
(1,179
)
 
3

 
(1,168
)
Acquisition expenses
165

 
303

 
7

 
182

 
657

Contingent value rights
—

 
—

 
—

 
523

 
523

Investment income
—

 
(54
)
 
(99
)
 
(44
)
 
(197
)
Integration expenses
22

 
106

 
96

 
191

 
415

Provision for restructuring
12

 
10

 
10

 
269

 
301

Equity investment (gains)/losses
(175
)
 
(71
)
 
261

 
(294
)
 
(279
)
Litigation and other settlements
—

 
—

 
—

 
75

 
75

Other
—

 
—

 
—

 
2

 
2

Other (income)/expense, net
73

 
429

 
798

 
962

 
2,262

 
 
 
 
 
 
 
 
 
 
Increase to pretax income
137

 
612

 
840

 
2,886

 
4,475

 
 
 
 
 
 
 
 
 
 
Income taxes on items above
(43
)
 
(105
)
 
(275
)
 
(264
)
 
(687
)
Income taxes attributed to Otezla* divestiture
—

 
—

 
—

 
808

 
808

Income taxes
(43
)
 
(105
)
 
(275
)
 
544

 
121

 
 
 
 
 
 
 
 
 
 
Increase to net earnings
$
94

 
$
507

 
$
565

 
$
3,430

 
$
4,596


 
Year Ended December 31, 2018
Dollars in Millions
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Year
Site exit and other costs
$
13

 
$
14

 
$
13

 
$
18

 
$
58

Cost of products sold
13

 
14

 
13

 
18

 
58

 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative
1

 
—

 
—

 
1

 
2

 
 
 
 
 
 
 
 
 
 
License and asset acquisition charges
60

 
1,075

 
—

 
—

 
1,135

Site exit and other costs
20

 
19

 
18

 
22

 
79

Research and development
80

 
1,094

 
18

 
22

 
1,214

 
 
 
 
 
 
 
 
 
 
Pension and postretirement
31

 
37

 
27

 
26

 
121

Royalties and licensing income
(50
)
 
(25
)
 
—

 
—

 
(75
)
Divestiture gains
(43
)
 
(25
)
 
(108
)
 
(1
)
 
(177
)
Provision for restructuring
20

 
37

 
45

 
29

 
131

Equity investment (gains)/losses
(15
)
 
356

 
(97
)
 
268

 
512

Litigation and other settlements
—

 
—

 
—

 
70

 
70

Intangible asset impairment
64

 
—

 
—

 
—

 
64

Other (income)/expense, net
7

 
380

 
(133
)
 
392

 
646

 
 
 
 
 
 
 
 
 
 
Increase/(decrease) to pretax income
101

 
1,488

 
(102
)
 
433

 
1,920

 
 
 
 
 
 
 
 
 
 
Income taxes on items above
(8
)
 
(218
)
 
1

 
(43
)
 
(268
)
Income taxes attributed to U.S. tax reform
(32
)
 
3

 
(20
)
 
(7
)
 
(56
)
Income taxes
(40
)
 
(215
)
 
(19
)
 
(50
)
 
(324
)
 
 
 
 
 
 
 
 
 
 
Increase/(decrease) to net earnings
$
61

 
$
1,273

 
$
(121
)
 
$
383

 
$
1,596