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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net sales $ 11,888 $ 9,913 $ 10,735
Cost of products sold 3,711 3,465 3,116
Gross profit 8,177 6,448 7,620
Operating expenses:      
Selling, general and administrative expenses 4,359 3,787 3,941
Research and development expenses 1,204 1,143 1,174
Royalty expense 49 45 65
Amortization expense 741 789 699
Goodwill impairment charges 0 73 0
Intangible asset impairment charges 370 460 105
Contingent consideration net expense (benefit) (136) (100) (35)
Restructuring net charges (credits) 40 52 38
Litigation-related net charges (credits) 430 278 115
Gain (Loss) on Disposition of Assets (78) 0 0
Operating expenses 6,978 6,528 6,102
Operating income (loss) 1,199 (80) 1,518
Other income (expense):      
Interest expense (341) (361) (473)
Other, net 218 362 (358)
Income (loss) before income taxes 1,076 (79) 687
Income tax (benefit) expense 36 2 (4,013)
Net income (loss) 1,041 (82) 4,700
Preferred stock dividends 55 33 0
Net income (loss) available to common stockholders $ 985 $ (115) $ 4,700
Net income (loss) per common share — basic $ 0.69 $ (0.08) $ 3.38
Net income (loss) per common share — assuming dilution $ 0.69 $ (0.08) $ 3.33
Weighted-average shares outstanding      
Basic 1,422,300 1,416,700 1,391,500
Assuming dilution 1,433,800 1,416,700 1,410,600