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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net sales $ 3,026 $ 2,752
Cost of products sold 955 894
Gross profit 2,071 1,858
Operating expenses:    
Selling, general and administrative expenses 1,060 1,019
Research and development expenses 319 276
Royalty expense 12 12
Amortization expense 198 185
Contingent consideration net expense (benefit) 12 (6)
Restructuring net charges (credits) 4 5
Litigation-related net charges (credits) 0 4
Gain on disposal of businesses and assets 0 (6)
Operating expenses 1,605 1,488
Operating income (loss) 466 370
Other income (expense):    
Interest expense (279) (82)
Other, net (31) 37
Income (loss) before income taxes 156 325
Income tax expense (benefit) 45 (16)
Net income (loss) 110 341
Preferred stock dividends (14) (14)
Net income (loss) available to common stockholders $ 97 $ 327
Net income (loss) per common share — basic $ 0.07 $ 0.23
Net income (loss) per common share — assuming dilution $ 0.07 $ 0.23
Weighted-average shares outstanding    
Basic 1,427.8 1,418.7
Assuming dilution 1,438.4 1,430.8