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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net sales $ 9,913 $ 10,735 $ 9,823
Cost of products sold 3,465 3,116 2,813
Gross profit 6,448 7,620 7,011
Operating expenses:      
Selling, general and administrative expenses 3,787 3,941 3,569
Research and development expenses 1,143 1,174 1,113
Royalty expense 45 65 70
Amortization expense 789 699 599
Goodwill impairment charges 73 0 0
Intangible asset impairment charges 460 105 35
Contingent consideration net expense (benefit) (100) (35) (21)
Restructuring net charges (credits) 52 38 36
Litigation-related net charges (credits) 278 115 103
Operating expenses 6,528 6,102 5,504
Operating income (loss) (80) 1,518 1,506
Other income (expense):      
Interest expense (361) (473) (241)
Other, net 362 (358) 156
Income (loss) before income taxes (79) 687 1,422
Income tax (benefit) expense 2 (4,013) (249)
Net income (loss) (82) 4,700 1,671
Preferred stock dividends 33 0 0
Net income (loss) available to common stockholders $ (115) $ 4,700 $ 1,671
Net income (loss) per common share — basic $ (0.08) $ 3.38 $ 1.21
Net income (loss) per common share — assuming dilution $ (0.08) $ 3.33 $ 1.19
Weighted-average shares outstanding      
Basic 1,416,700 1,391,500 1,381,000
Assuming dilution 1,416,700 1,410,600 1,401,400