Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2019shares | |
Entity Incorporation, State or Country Code | DE |
Document Type | 10-Q |
Document Quarterly Report | true |
Entity File Number | 001-01136 |
Entity Registrant Name | BRISTOL MYERS SQUIBB CO |
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 Central Index Key | 0000014272 |
Entity Tax Identification Number | 22-0790350 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,629,284,798 |
Document Period End Date | Sep. 30, 2019 |
Document Transition Report | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Common Stock $0.10 Par Value [Member] | |
Title of 12(b) Security | Common Stock, $0.10 Par Value |
Trading Symbol | BMY |
Security Exchange Name | NYSE |
1.000% Notes due 2025 [Member] | |
Title of 12(b) Security | 1.000% Notes due 2025 |
Trading Symbol | BMY25 |
Security Exchange Name | NYSE |
1.750% Notes due 2035 [Member] | |
Title of 12(b) Security | 1.750% Notes due 2035 |
Trading Symbol | BMY35 |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | $ 6,007 | $ 5,691 | $ 18,200 | $ 16,588 |
Cost of Goods and Services Sold | 1,810 | 1,648 | 5,646 | 4,857 |
Selling, General and Administrative Expense | 1,055 | 1,104 | 3,137 | 3,215 |
Research and Development Expense | 1,382 | 1,280 | 4,061 | 4,965 |
Other Nonoperating Income (Expense) | 411 | (508) | 252 | (912) |
Costs and Expenses | 4,658 | 3,524 | 13,096 | 12,125 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,349 | 2,167 | 5,104 | 4,463 |
Income Tax Expense (Benefit) | (17) | 255 | 584 | 674 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,366 | 1,912 | 4,520 | 3,789 |
Net Income (Loss) Attributable to Noncontrolling Interest | 13 | 11 | 25 | 29 |
Net Income (Loss) Attributable to Parent | $ 1,353 | $ 1,901 | $ 4,495 | $ 3,760 |
Earnings Per Share, Basic | $ 0.83 | $ 1.16 | $ 2.75 | $ 2.30 |
Earnings Per Share, Diluted | $ 0.83 | $ 1.16 | $ 2.75 | $ 2.30 |
Net product sales [Member] | ||||
Revenues | $ 5,768 | $ 5,433 | $ 17,512 | $ 15,866 |
Alliance and other revenues [Member] | ||||
Revenues | $ 239 | $ 258 | $ 688 | $ 722 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 1,366 | $ 1,912 | $ 4,520 | $ 3,789 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 38 | 5 | 24 | 71 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,116 | 22 | 1,204 | 194 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 4 | 2 | 43 | (31) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | (21) | 28 | (237) |
Other Comprehensive Income/(Loss) | 1,158 | 8 | 1,299 | (3) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 2,524 | 1,920 | 5,819 | 3,786 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 13 | 11 | 25 | 29 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 2,511 | $ 1,909 | $ 5,794 | $ 3,757 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 30,489 | $ 6,911 |
Marketable securities | 2,053 | 1,973 |
Receivables | 5,510 | 5,965 |
Inventories | 1,192 | 1,195 |
Other assets, current | 947 | 1,116 |
Total current assets | 40,191 | 17,160 |
Property, plant and equipment | 4,830 | 5,027 |
Goodwill | 6,513 | 6,538 |
Other intangible assets | 1,002 | 1,091 |
Deferred income taxes | 1,624 | 1,371 |
Marketable securities | 925 | 1,775 |
Other assets | 2,348 | 2,024 |
Total Assets | 57,433 | 34,986 |
Current Liabilities: | ||
Short-term debt obligations | 569 | 1,703 |
Accounts payable | 1,888 | 1,892 |
Other liabilities, current | 8,032 | 7,059 |
Total Current Liabilities | 10,489 | 10,654 |
Accrued Income Taxes, Noncurrent | 2,919 | 3,043 |
Other liabilities, noncurrent | 1,881 | 1,516 |
Long-term debt | 24,390 | 5,646 |
Total Liabilities | 39,679 | 20,859 |
Bristol-Myers Squibb Company Shareholders' Equity: | ||
Preferred stock | 0 | 0 |
Common stock | 221 | 221 |
Capital in excess of par value of stock | 2,206 | 2,081 |
Accumulated other comprehensive loss | (1,463) | (2,762) |
Retained earnings | 36,555 | 34,065 |
Less cost of treasury stock | (19,871) | (19,574) |
Total Bristol-Myers Squibb Company Shareholders' Equity | 17,648 | 14,031 |
Stockholders' Equity Attributable to Noncontrolling Interest | 106 | 96 |
Total Equity | 17,754 | 14,127 |
Total Liabilities and Equity | $ 57,433 | $ 34,986 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows From Operating Activities: | ||
Net Earnings | $ 4,520 | $ 3,789 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Depreciation, Depletion and Amortization | 510 | 465 |
Deferred Income Tax Expense (Benefit) | (587) | (161) |
Share-based Payment Arrangement, Noncash Expense | 157 | 168 |
Impairment of Long-Lived Assets to be Disposed of | 183 | 110 |
Pension settlements and amortization | 1,683 | 145 |
Divestiture gains and royalties | (1,676) | (822) |
Asset acquisition charge | 25 | 85 |
Equity investment, gain (loss) | 15 | 244 |
Other Noncash Income (Expense) | (21) | (43) |
Increase (Decrease) in Other Operating Assets and Liabilities, Net [Abstract] | ||
Increase (Decrease) in Receivables | 434 | (222) |
Increase (Decrease) in Inventories | (7) | (152) |
Increase (Decrease) in Accounts Payable | 48 | (186) |
Increase Decrease In Other Deferred Revenue | 13 | 84 |
Increase (Decrease) in Income Taxes Payable | 47 | 199 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 685 | (192) |
Net Cash Provided by (Used in) Operating Activities | 6,029 | 3,511 |
Cash Flows From Investing Activities: | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 2,464 | 1,453 |
Payments to Acquire Marketable Securities | (1,642) | (1,062) |
Payments to Acquire Property, Plant, and Equipment | (585) | (661) |
Divestiture and other proceeds | 2,087 | 947 |
Payments to Acquire Businesses, Net of Cash Acquired | (58) | (1,215) |
Net Cash Provided by (Used in) Investing Activities | 2,266 | (538) |
Cash Flows From Financing Activities: | ||
Proceeds from (Repayments of) Short-term Debt | 115 | (617) |
Proceeds from Issuance of Long-term Debt | 18,790 | 0 |
Repayments of Long-term Debt | (1,256) | (5) |
Payments for Repurchase of Common Stock | (300) | (320) |
Payments of Dividends | (2,011) | (1,960) |
Proceeds from (Payments for) Other Financing Activities | (40) | (55) |
Net Cash Provided by (Used in) Financing Activities | 15,298 | (2,957) |
Effect of Exchange Rate on Cash and Cash Equivalents | (15) | (29) |
Cash and Cash Equivalents, Period Increase (Decrease) | 23,578 | (13) |
Cash and Cash Equivalents at Beginning of Period | 6,911 | 5,421 |
Cash and Cash Equivalents at End of Period | $ 30,489 | $ 5,408 |
BASIS OF PRESENTATION AND RECEN
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS [Abstract] | |
Basis of Presentation and Recently Issued Accounting Standards [Text Block] | Basis of Consolidation Bristol-Myers Squibb Company prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is responsible for the consolidated financial statements included in this Quarterly Report on Form 10-Q, which include all adjustments necessary for a fair presentation of the financial position at September 30, 2019 and December 31, 2018 , the results of operations for the three and nine months ended September 30, 2019 and 2018 , and cash flows for the nine months ended September 30, 2019 and 2018 . All intercompany balances and transactions have been eliminated. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2018 included in the 2018 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document. Business Segment Information The Company 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. The determination of a single segment is consistent with the financial information regularly reviewed by the chief executive officer 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 Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining sales rebate and return accruals; legal contingencies; income taxes; and pension and postretirement benefits. Actual results may differ from estimates. Reclassification Certain prior period amounts were reclassified to conform to the current period presentation. Accrued liabilities, Deferred income and Income taxes payable previously presented separately in Total Current Liabilities in the consolidated balance sheets are now presented as Accrued and other current liabilities. Deferred income and Pension and other liabilities previously presented separately in Total Liabilities in the consolidated balance sheets are now presented as Other non-current liabilities. Recently Adopted Accounting Standards Leases Amended guidance for lease accounting was adopted on January 1, 2019 using the modified retrospective method with the cumulative effect of the change recognized in retained earnings in the period of adoption. The new guidance requires an entity to recognize a right-of-use asset and a lease liability initially measured at the present value of future lease payments. The cumulative effect of the accounting change was not material. The Company elected the package of practical expedients upon adoption and will apply the practical expedient not to separate lease and non-lease components for new and modified leases commencing after adoption. In addition, the Company applied the short-term lease recognition exemption for leases with terms at inception not greater than 12 months. The amended guidance does not materially impact the Company’s results of operations other than recognition of the operating lease right-of-use asset and lease liability. Goodwill Impairment Testing Amended guidance that simplifies the recognition and measurement of a goodwill impairment loss by eliminating Step 2 of the quantitative goodwill impairment test was adopted prospectively in the first quarter of 2019. Under the amended guidance, a goodwill impairment loss is recognized for the amount by which the reporting unit's carrying amount, including goodwill, exceeds its fair value up to the amount of its allocated goodwill. The adoption of the amended guidance did not have an impact on the Company’s results of operations. Recently Issued Accounting Standards Not Yet Adopted Financial Instruments - Measurement of Credit Losses In June 2016, the FASB issued amended guidance for the measurement of credit losses on financial instruments. Entities will be 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. The guidance is effective January 1, 2020 with early adoption permitted in 2019 on a modified retrospective approach. The amended guidance will not have a material impact to the Company’s results of operations. |
REVENUE RECOGNITION Revenue Rec
REVENUE RECOGNITION Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE The following table summarizes the disaggregation of revenue by nature: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Net product sales $ 5,768 $ 5,433 $ 17,512 $ 15,866 Alliance revenues 143 177 418 483 Other revenues 96 81 270 239 Total Revenues $ 6,007 $ 5,691 $ 18,200 $ 16,588 The following table summarizes GTN adjustments: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Gross product sales $ 8,884 $ 7,681 $ 25,697 $ 21,891 GTN adjustments (a) Charge-backs and cash discounts (927 ) (711 ) (2,591 ) (1,957 ) Medicaid and Medicare rebates (1,362 ) (847 ) (3,252 ) (2,169 ) Other rebates, returns, discounts and adjustments (827 ) (690 ) (2,342 ) (1,899 ) Total GTN adjustments (3,116 ) (2,248 ) (8,185 ) (6,025 ) Net product sales $ 5,768 $ 5,433 $ 17,512 $ 15,866 (a) Includes adjustments to provisions for product sales made in prior periods resulting from changes in estimates of $12 million and $139 million for the three and nine months ended September 30, 2019 and $(7) million and $103 million for the three and nine months ended September 30, 2018 , respectively. The following table summarizes the disaggregation of revenue by product and region: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Prioritized Brands Opdivo $ 1,817 $ 1,793 $ 5,441 $ 4,931 Eliquis 1,928 1,577 5,895 4,733 Orencia 767 675 2,185 1,979 Sprycel 558 491 1,561 1,464 Yervoy 353 382 1,104 946 Empliciti 89 59 263 178 Established Brands Baraclude 145 175 433 579 Other Brands 350 539 1,318 1,778 Total Revenues $ 6,007 $ 5,691 $ 18,200 $ 16,588 United States $ 3,472 $ 3,235 $ 10,588 $ 9,243 Europe 1,445 1,365 4,416 4,179 Rest of the World 976 932 2,838 2,728 Other (a) 114 159 358 438 Total Revenues $ 6,007 $ 5,691 $ 18,200 $ 16,588 (a) Other revenues include royalties and alliance-related revenues for products not sold by the Company's regional commercial organizations. Revenue recognized from performance obligations satisfied in prior periods was $78 million and $341 million for the three and nine months ended September 30, 2019 and $97 million and $398 million for the three and nine months ended September 30, 2018 , respectively, consisting primarily of royalties for out-licensing arrangements and revised estimates for gross-to-net adjustments related to prior period sales. Contract assets were not material at September 30, 2019 and December 31, 2018 . |
ALLIANCES
ALLIANCES | 9 Months Ended |
Sep. 30, 2019 | |
ALLIANCES [Abstract] | |
Collaborative Arrangement Disclosure [Text Block] | ALLIANCES The Company enters into collaboration arrangements with third parties for the research, development, manufacturing and/or 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. The Company may either in-license intellectual property owned by the other party or out-license its intellectual property to the other party. These arrangements 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. The Company refers to these collaborations as alliances and its partners as alliance partners. Selected financial information pertaining to the Company's alliances was as follows, including net product sales when the Company 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. Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Revenues from alliances: Net product sales $ 2,464 $ 2,037 $ 7,412 $ 6,135 Alliance revenues 143 177 418 483 Total Revenues $ 2,607 $ 2,214 $ 7,830 $ 6,618 Payments to/(from) alliance partners: Cost of products sold $ 1,017 $ 838 $ 3,116 $ 2,528 Marketing, selling and administrative (33 ) (26 ) (93 ) (76 ) Research and development 11 (2 ) 32 1,060 Other income (net) (15 ) (14 ) (45 ) (44 ) Selected Alliance Balance Sheet information: Dollars in Millions September 30, December 31, Receivables - from alliance partners $ 342 $ 395 Accounts payable - to alliance partners 994 904 Deferred income from alliances (a) 452 491 (a) Includes unamortized upfront and milestone payments. The nature and purpose, significant rights and obligations of the parties and specific accounting policy elections for each of the Company's significant alliances are discussed in the Company's 2018 Form 10-K. There were no significant developments and updates related to alliances during 2019. |
ACQUISITIONS, DIVESTITURES AND
ACQUISITIONS, DIVESTITURES AND OTHER ARRANGEMENTS (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Acquisitions, Divestitures and Other Arrangements [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | DIVESTITURES AND OTHER ARRANGEMENTS Divestitures The following table summarizes proceeds, gains or losses and royalty income resulting from divestitures. Revenue and pretax earnings related to all divestitures and assets held-for-sale were not material in all periods presented (excluding divestiture gains or losses). Three Months Ended September 30, Net Proceeds (a) Divestiture Losses/(Gains) Royalty Income Dollars in Millions 2019 2018 2019 2018 2019 2018 UPSA Business $ 1,510 $ — $ (1,176 ) $ — $ — $ — Diabetes Business 163 165 — — (171 ) (170 ) Erbitux* Business 3 59 — — — (48 ) Manufacturing Operations — — 1 — — — Mature Brands and Other 7 140 (4 ) (108 ) (6 ) 1 Total $ 1,683 $ 364 $ (1,179 ) $ (108 ) $ (177 ) $ (217 ) Nine Months Ended September 30, Net Proceeds (a) Divestiture Losses/(Gains) Royalty Income Dollars in Millions 2019 2018 2019 2018 2019 2018 UPSA Business $ 1,510 $ — $ (1,160 ) $ — $ — $ — Diabetes Business 491 408 — — (497 ) (497 ) Erbitux* Business 11 168 — — — (145 ) Manufacturing Operations 3 159 1 — — — Mature Brands and Other 9 212 (12 ) (178 ) (8 ) (2 ) Total $ 2,024 $ 947 $ (1,171 ) $ (178 ) $ (505 ) $ (644 ) (a) Includes royalties received subsequent to the related sale of the asset or business. UPSA Business In the third quarter of 2019, the Company 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. The UPSA business was treated as a single disposal group held-for-sale as of December 31, 2018 . Assets Held-For-Sale Manufacturing Operations In the second quarter of 2019, the Company agreed to sell its manufacturing and packaging facility in Anagni, Italy to Catalent for approximately $50 million . The transaction is expected to close by the end of 2019 subject to regulatory approvals and the satisfaction of certain other customary closing conditions and will be accounted for as a sale of a business. Catalent will provide certain manufacturing and packaging services for the Company for a period of time subsequent to closing. The business was accounted for as held-for-sale and its assets were reduced to the estimated relative fair value resulting in a $113 million impairment charge for the nine months ended September 30, 2019 that was included in Cost of products sold. Assets were reclassified to assets held-for-sale as of September 30, 2019 and included within Prepaid expenses and other. Liabilities were reclassified to liabilities related to assets held-for-sale and included within Accrued and other current liabilities. The following table summarizes the net assets held-for-sale as of September 30, 2019 and December 31, 2018 . Dollars in Millions September 30, December 31, Receivables $ — $ 79 Inventories 7 81 Property, plant and equipment 36 187 Goodwill 4 127 Other 12 5 Assets held-for-sale $ 59 $ 479 Accounts payable $ — $ 35 Accrued and other current liabilities 8 78 Deferred income taxes — 25 Other liabilities 3 14 Liabilities related to assets held-for-sale $ 11 $ 152 Net assets held-for-sale $ 48 $ 327 |
OTHER INCOME (NET)
OTHER INCOME (NET) | 9 Months Ended |
Sep. 30, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other (Income)/Expense [Text Block] | OTHER INCOME (NET) Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Interest expense $ 209 $ 44 $ 377 $ 135 Investment income (173 ) (44 ) (348 ) (118 ) Equity investment losses/(gains) 261 (97 ) 15 244 Provision for restructuring 10 45 32 102 Acquisition expenses 7 — 475 — Integration expenses 96 — 224 — Litigation and other settlements (1 ) 11 — 10 Equity in net income of affiliates — (22 ) — (73 ) Divestiture gains (1,179 ) (108 ) (1,171 ) (178 ) Royalties and licensing income (356 ) (338 ) (967 ) (1,058 ) Transition and other service fees (7 ) — (11 ) (5 ) Pension and postretirement 1,537 (10 ) 1,607 (40 ) Intangible asset impairment — — 15 64 Other 7 11 4 5 Other income (net) $ 411 $ (508 ) $ 252 $ (912 ) |
RESTRUCTURING
RESTRUCTURING | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING In October 2016, the Company announced a restructuring plan to evolve and streamline its operating model. The majority of the charges are expected to be incurred through 2020, range between $1.5 billion to $2.0 billion and consist of employee termination benefit costs, contract termination costs, plant and equipment accelerated depreciation, impairment charges and other shutdown costs associated with early manufacturing and R&D site exits. Cash outlays in connection with these actions are expected to be approximately 40% to 50% of the total charges. Charges of approximately $1.3 billion have been recognized for these actions since the announcement. Restructuring charges are recognized upon meeting certain criteria, including finalization of committed plans, reliable estimates and discussions with local works councils in certain markets. Employee workforce reductions were approximately 100 and 600 for the nine months ended September 30, 2019 and 2018 , respectively. The following tables summarize the charges and activity related to the restructuring actions: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Employee termination costs $ 4 $ 37 $ 11 $ 72 Other termination costs 6 8 21 30 Provision for restructuring 10 45 32 102 Accelerated depreciation 33 30 96 82 Impairment charges 9 — 119 10 Other shutdown costs — 1 — 6 Total charges $ 52 $ 76 $ 247 $ 200 Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Cost of products sold $ 22 $ 12 $ 156 $ 39 Marketing, selling and administrative — 1 1 2 Research and development 20 18 58 57 Other income (net) 10 45 32 102 Total charges $ 52 $ 76 $ 247 $ 200 Nine Months Ended September 30, Dollars in Millions 2019 2018 Liability at December 31 $ 99 $ 186 Cease-use lease liability reclassification (3 ) — Liability at January 1 96 186 Charges 36 108 Change in estimates (4 ) (6 ) Provision for restructuring 32 102 Foreign currency translation and other (1 ) 2 Payments (98 ) (171 ) Liability at September 30 $ 29 $ 119 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Earnings Before Income Taxes $ 1,349 $ 2,167 $ 5,104 $ 4,463 Provision for Income Taxes (17 ) 255 584 674 Effective Tax Rate (1.3 )% 11.8 % 11.4 % 15.1 % Jurisdictional tax rates and other tax impacts attributed to pension settlement charges, gain on sale of the UPSA business divestiture and other specified items decreased the effective tax rate by 13.1% and 3.6% in the three and nine months ended September 30, 2019 , respectively. These items decreased the effective tax rate by 1.5% and 0.8% in the three and nine months ended September 30, 2018 , respectively. The tax impact of these discrete items are reflected immediately and are not considered in estimating the annual effective tax rate. Additional changes to the effective tax rate may occur in future periods due to various reasons including pretax earnings mix, tax reserves, cash repatriations and revised interpretations of the relevant tax code. The Company 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. 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. Tax reserve releases due to lapse of statutes were $81 million and $49 million in the three months ended September 30, 2019 and 2018, respectively. It is also reasonably possible that the total amount of unrecognized tax benefits at September 30, 2019 could decrease in the range of approximately $300 million to $340 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. It is reasonably possible that new issues will be raised by tax authorities that may increase unrecognized tax benefits; however, an estimate of such increases cannot reasonably be made at this time. The Company believes that it has adequately provided for all open tax years by tax jurisdiction. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE Three Months Ended September 30, Nine Months Ended September 30, Amounts in Millions, Except Per Share Data 2019 2018 2019 2018 Net Earnings Attributable to BMS used for Basic and Diluted EPS Calculation $ 1,353 $ 1,901 $ 4,495 $ 3,760 Weighted-average common shares outstanding - basic 1,632 1,632 1,634 1,633 Incremental shares attributable to share-based compensation plans 2 4 2 4 Weighted-average common shares outstanding - diluted 1,634 1,636 1,636 1,637 Earnings per share - basic $ 0.83 $ 1.16 $ 2.75 $ 2.30 Earnings per share - diluted 0.83 1.16 2.75 2.30 |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Financial assets and liabilities measured at fair value on a recurring basis are summarized below: September 30, 2019 December 31, 2018 Dollars in Millions Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents - money market and other investments $ — $ 29,771 $ — $ 6,173 Marketable securities Certificates of deposit — 1,156 — 971 Commercial paper — 129 — 273 Corporate debt securities — 1,693 — 2,379 Equity investments — — — 125 Derivative assets — 85 — 44 Equity investments 113 147 88 266 Derivative liabilities — (251 ) — (31 ) As further described in “Item 8. Financial Statements and Supplementary Data—Note 9. Financial Instruments and Fair Value Measurements” in the Company's 2018 Form 10-K, the Company's fair value estimates use inputs that are either (1) quoted prices for identical assets or liabilities in active markets (Level 1 inputs); (2) observable prices for similar assets or liabilities in active markets or for identical or similar assets or liabilities in markets that are not active (Level 2 inputs); or (3) unobservable inputs (Level 3 inputs). There were no Level 3 financial assets or liabilities as of September 30, 2019 and December 31, 2018 . Available-for-sale Debt Securities and Equity Investments Changes in fair value of equity investments are included in Other income (net). The following table summarizes the Company's available-for-sale debt securities and equity investments: September 30, 2019 December 31, 2018 Dollars in Millions Amortized Cost Gross Unrealized Amortized Cost Gross Unrealized Gains Losses Fair Value Gains Losses Fair Value Certificates of deposit $ 1,156 $ — $ — $ 1,156 $ 971 $ — $ — $ 971 Commercial paper 129 — — 129 273 — — 273 Corporate debt securities 1,686 8 (1 ) 1,693 2,416 — (37 ) 2,379 $ 2,971 $ 8 $ (1 ) 2,978 $ 3,660 $ — $ (37 ) 3,623 Equity investments 260 479 Total $ 3,238 $ 4,102 Dollars in Millions September 30, December 31, Current marketable securities $ 2,053 $ 1,973 Non-current marketable securities (a) 925 1,775 Other assets 260 354 Total $ 3,238 $ 4,102 (a) All non-current marketable securities mature within five years as of September 30, 2019 and December 31, 2018 . Equity investments not measured at fair value and excluded from the above fair value table were limited partnerships and other equity method investments of $150 million at September 30, 2019 and $114 million at December 31, 2018 and other equity investments without readily determinable fair values of $164 million at September 30, 2019 and $206 million at December 31, 2018 . These amounts are included in Other assets. The following table summarizes the net gain/(loss) recorded for equity investments with readily determinable fair values held as of September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Net gain/(loss) recognized $ (235 ) $ 97 $ (81 ) $ (262 ) Less: Net gain/(loss) recognized for equity investments sold — — 14 — Net unrealized gain/(loss) on equity investments held $ (235 ) $ 97 $ (95 ) $ (262 ) 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. Upon adoption of the amended guidance for derivatives and hedging in the first quarter of 2018, the entire change in fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the derivatives qualifying as cash flow hedges component of Other Comprehensive (Loss)/Income. 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) within the next 12 months. The notional amount of outstanding foreign currency forward contracts was primarily attributed to the euro of $921 million and Japanese yen of $546 million at September 30, 2019 . The earnings impact related to discontinued cash flow hedges and hedge ineffectiveness was not material 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. Net Investment Hedges — Euro borrowings of €950 million ( $1.0 billion ) at September 30, 2019 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 $43 million and $10 million in 2019 and 2018, respectively, and were recorded in the foreign currency translation component of Other Comprehensive Income/(Loss) with the related offset in Long-term debt. In January 2018, the Company entered into $300 million of cross-currency interest rate swap contracts maturing in December 2022 designated to hedge Japanese yen currency exposures of the Company's net investment in its Japan subsidiary. Contract fair value changes are recorded in the foreign currency translation component of Other Comprehensive Income/(Loss) with a related offset in Other 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 ( 2.0% as of September 30, 2019 ) 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 match those of 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. Following the announcement of the Company's pending acquisition of Celgene, the Company entered into forward starting interest rate swap option contracts, 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 pending Celgene acquisition. In April 2019, the Company entered into deal contingent forward starting interest rate swap contracts, with an aggregate notional principal amount of $10.4 billion , to hedge interest rate risk associated with the anticipated issuance of long-term debt to fund the Celgene acquisition and terminated the forward starting interest rate swap option contracts. The deal contingent forward starting interest rate swap contracts were unwound upon the May 2019 issuance of the new notes, refer to “—Debt Obligations.” The following table summarizes the fair value of outstanding derivatives: September 30, 2019 December 31, 2018 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 $ 11 $ — $ — $ — $ — $ 755 $ (10 ) Cross-currency interest rate swap contracts 125 1 175 (2 ) 50 — 250 (5 ) Foreign currency forward contracts 1,667 68 246 (4 ) 1,503 44 496 (10 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts 525 5 203 (5 ) 54 — 600 (6 ) Deal contingent forward starting interest rate swap contracts — — 10,350 (240 ) — — — — (a) Included in prepaid expenses and other and other assets. (b) Included in accrued and 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: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Dollars in Millions Cost of products sold Other income (net) Cost of products sold Other income (net) Interest rate swap contracts $ — $ 6 $ — $ 18 Cross-currency interest rate swap contracts — 2 — 6 Foreign currency forward contracts 20 9 76 11 Forward starting interest rate swap option contracts — — — (35 ) Deal contingent forward starting interest rate swap contracts — — — (240 ) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Dollars in Millions Cost of products sold Other income (net) Cost of products sold Other income (net) Interest rate swap contracts $ — $ 5 $ — $ 18 Cross-currency interest rate swap contracts — 2 — 6 Foreign currency forward contracts 13 10 (20 ) 17 The following table summarizes the effect of derivative and non-derivative instruments designated as hedging instruments in Other Comprehensive Income/(Loss): Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Derivatives qualifying as cash flow hedges Foreign currency forward contracts gain/(loss): Recognized in Other Comprehensive Income/(Loss) (a) $ 63 $ 18 $ 102 $ 63 Reclassified to Cost of products sold (20 ) (13 ) (76 ) 20 Derivatives qualifying as net investment hedges Cross-currency interest rate swap contracts gain/(loss): Recognized in Other Comprehensive Income/(Loss) 2 5 4 1 Non-derivatives qualifying as net investment hedges Non U.S. dollar borrowings gain/(loss): Recognized in Other Comprehensive Income/(Loss) 41 (6 ) 43 10 (a) The amount is expected to be reclassified into earnings in the next 12 months. Debt Obligations Short-term debt obligations include: Dollars in Millions September 30, December 31, Non-U.S. short-term borrowings $ 355 $ 320 Current portion of long-term debt — 1,249 Other 214 134 Total $ 569 $ 1,703 Long-term debt and the current portion of long-term debt include: Dollars in Millions September 30, December 31, Principal Value $ 24,467 $ 6,776 Adjustments to Principal Value Fair value of interest rate swap contracts 11 (10 ) Unamortized basis adjustment from swap terminations 181 201 Unamortized bond discounts and issuance costs (269 ) (72 ) Total $ 24,390 $ 6,895 Current portion of long-term debt $ — $ 1,249 Long-term debt 24,390 5,646 The fair value of long-term debt was $26.6 billion at September 30, 2019 and $7.1 billion at December 31, 2018 valued using Level 2 inputs. Interest payments were $166 million and $174 million for the nine months ended September 30, 2019 and 2018 , respectively, net of amounts related to interest rate swap contracts. During the first quarter of 2019, the $750 million 1.600% Notes and the $500 million 1.750% Notes matured and were repaid. In May 2019, the Company issued an aggregate principal amount of $19.0 billion of floating rate and fixed rate unsecured senior notes. The notes rank equally in right of payment with all of the Company'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. All of the notes are subject to special mandatory redemption at a redemption price equal to 101% of the aggregate principal amount of the notes plus accrued and unpaid interest if the pending acquisition of Celgene is not completed by July 30, 2020 or the Company notifies the trustee in respect of the notes that it will not pursue the consummation of the Celgene acquisition. The following table summarizes the note issuances: Dollars in Millions 2019 Principal Value: Floating Rate Notes due 2020 $ 750 Floating Rate Notes due 2022 500 2.550% Notes due 2021 1,000 2.600% Notes due 2022 1,500 2.900% Notes due 2024 3,250 3.200% Notes due 2026 2,250 3.400% Notes due 2029 4,000 4.125% Notes due 2039 2,000 4.250% Notes due 2049 3,750 Total $ 19,000 Proceeds net of discount and deferred loan issuance costs $ 18,790 As of September 30, 2019 , BMS had four revolving credit facilities totaling $6.0 billion , which consisted of a 364-day $2.0 billion facility expiring in January 2020, a $1.0 billion facility expiring in January 2022 and two five-year $1.5 billion facilities that were extended to September 2023 and July 2024, respectively. The facilities provide for customary terms and conditions with no financial covenants and may be used to provide backup liquidity for the Company's commercial paper borrowings. The Company'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. The Company's 364-day $2.0 billion facility can be renewed for one year on each anniversary date, subject to certain terms and conditions. No borrowings were outstanding under any revolving credit facility at September 30, 2019 or December 31, 2018 . In connection with the pending acquisition of Celgene, the Company entered into a bridge commitment letter that provided for up to $33.5 billion in a 364-day senior unsecured bridge facility in January 2019. The Company terminated the bridge facility upon receipt of proceeds from the Company's issuance of $19.0 billion of new notes in May 2019. The Company also 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 pending Celgene acquisition. The term loan is subject to customary terms and conditions and does not have any financial covenants. No amounts will be borrowed under the term loan prior to the closing of the pending acquisition of Celgene. If drawn upon, the proceeds under the term loan will be used to fund a portion of the cash to be paid in the pending acquisition of Celgene and the payment of related fees and expenses. |
RECEIVABLES
RECEIVABLES | 9 Months Ended |
Sep. 30, 2019 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Receivables [Text Block] | RECEIVABLES Dollars in Millions September 30, December 31, Trade receivables $ 4,595 $ 4,914 Less charge-backs and cash discounts (270 ) (245 ) Less bad debt allowances (36 ) (33 ) Net trade receivables 4,289 4,636 Prepaid and refundable income taxes 159 218 Alliance, royalties, VAT and other 1,062 1,111 Receivables $ 5,510 $ 5,965 Non-U.S. receivables sold on a nonrecourse basis were $580 million and $594 million for the nine months ended September 30, 2019 and 2018 , respectively. Receivables from the Company's three largest pharmaceutical wholesalers in the U.S. represented approximately 70% of total trade receivables at September 30, 2019 and December 31, 2018 . |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2019 | |
Inventory, Net [Abstract] | |
Inventories [Text Block] | INVENTORIES Dollars in Millions September 30, December 31, Finished goods $ 306 $ 356 Work in process 1,124 1,152 Raw and packaging materials 127 116 Total inventories $ 1,557 $ 1,624 Inventories $ 1,192 $ 1,195 Other assets (a) 365 429 (a) Other assets include inventory expected to remain on hand beyond one year in both periods. Prior year amounts of certain inventory balances are presented as work in process to conform to the current year presentation rather than finished goods and raw materials. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | PROPERTY, PLANT AND EQUIPMENT Dollars in Millions September 30, December 31, Land $ 105 $ 104 Buildings 5,285 5,231 Machinery, equipment and fixtures 2,932 2,962 Construction in progress 465 548 Gross property, plant and equipment 8,787 8,845 Less accumulated depreciation (3,957 ) (3,818 ) Property, plant and equipment $ 4,830 $ 5,027 Depreciation expense was $135 million and $401 million for the three and nine months ended September 30, 2019 and $127 million and $366 million for the three and nine months ended September 30, 2018 , respectively. |
LEASES Leases (Notes)
LEASES Leases (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The Company leases facilities for office, research and development, and for storage and distribution purposes, comprising 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. The Company considers factors 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 the Company’s 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. As most leases do not provide an implicit rate, the Company's incremental borrowing rate was applied on a portfolio approach to discount its real estate lease liabilities. The remaining 10% of the Company’s total lease obligation is comprised of vehicles used primarily by the Company’s sales force and an R&D facility operated by a third party under the Company's direction. Vehicle lease terms vary by country with terms generally between one year and 4 years . The following table summarizes the components of lease expense: Dollars in Millions Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 25 $ 80 Variable lease cost 5 15 Short-term lease cost 6 16 Sublease income (1 ) (3 ) Total operating lease expense $ 35 $ 108 Operating lease right-of-use assets and liabilities were as follows as of September 30, 2019 and January 1, 2019 : Dollars in Millions September 30, January 1, Other assets $ 496 $ 543 Accrued and other current liabilities 66 40 Other non-current liabilities 504 548 Total liabilities $ 570 $ 588 Future lease payments for non-cancellable operating leases as of September 30, 2019 were as follows: Dollars in Millions Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 28 2020 86 2021 76 2022 69 2023 61 Thereafter 395 Total future lease payments 715 Less imputed interest 145 Total lease liability $ 570 Right-of-use assets obtained in exchange for new operating lease obligations were not material for the three and nine months ended September 30, 2019 . Cash paid for amounts included in the measurement of operating lease liabilities was $41 million for the nine months ended September 30, 2019 , net of a $33 million lease incentive received in the second quarter. The weighted-average remaining lease term was 11 years and the discount rate was 4% as of September 30, 2019 . |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Dollars in Millions Estimated Useful Lives September 30, December 31, Goodwill $ 6,513 $ 6,538 Other intangible assets: Licenses 5 – 15 years 482 510 Developed technology rights 9 – 15 years 2,357 2,357 Capitalized software 3 – 10 years 1,258 1,156 IPRD — 32 Gross other intangible assets 4,097 4,055 Less accumulated amortization (3,095 ) (2,964 ) Other intangible assets $ 1,002 $ 1,091 Amortization expense was $52 million and $156 million for the three and nine months ended September 30, 2019 and $54 million and $147 million for the three and nine months ended September 30, 2018 , respectively. In the first quarter of 2019, a $32 million IPRD impairment charge was recorded in Research and development following the decision to discontinue development of an investigational compound obtained in the acquisition of Medarex. In the first quarter of 2018, a $64 million |
ACCRUED AND OTHER CURRENT LIABI
ACCRUED AND OTHER CURRENT LIABILITIES | 9 Months Ended |
Sep. 30, 2019 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities [Table Text Block] | ACCRUED AND OTHER CURRENT LIABILITIES Dollars in Millions September 30, December 31, Rebates and returns $ 3,209 $ 2,417 Employee compensation and benefits 639 848 Research and development 891 805 Dividends 668 669 Royalties 378 391 Interest 289 69 Deal contingent forward starting interest rate swap contracts 240 — Branded Prescription Drug Fee 165 188 Litigation and other settlements 75 118 Operating leases 66 — Restructuring 24 85 Pension and postretirement benefits 35 35 Deferred income 86 172 Income taxes payable 546 398 Liabilities related to assets held-for-sale 11 152 Other 710 712 Accrued and other current liabilities $ 8,032 $ 7,059 |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | EQUITY The following table summarizes changes in equity for the nine months ended September 30, 2019 : Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Loss Retained Earnings Treasury Stock Noncontrolling Interest Dollars and Shares in Millions Shares Par Value Shares Cost 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 — — — — 1,710 — — 5 Other Comprehensive Income/(Loss) — — — 118 — — — — Cash dividends declared (b) — — — — (671 ) — — — Stock compensation — — 22 — — (4 ) 3 — Distributions — — — — — — — (2 ) Balance at March 31, 2019 2,208 221 2,103 (2,644 ) 35,109 572 (19,571 ) 99 Net earnings — — — — 1,432 — — 7 Other Comprehensive Income/(Loss) — — — 23 — — — — Cash dividends declared (b) — — — — (671 ) — — — Stock compensation — — 47 — — — — — Distributions — — — — — — — (4 ) Balance at June 30, 2019 2,208 221 2,150 (2,621 ) 35,870 572 (19,571 ) 102 Net earnings — — — — 1,353 — — 13 Other Comprehensive Income/(Loss) — — — 1,158 — — — — Cash dividends declared (b) — — — — (668 ) — — — Stock repurchase program — — — — — 7 (300 ) — Stock compensation — — 56 — — — — — Distributions — — — — — — — (9 ) Balance at September 30, 2019 2,208 $ 221 $ 2,206 $ (1,463 ) $ 36,555 579 $ (19,871 ) $ 106 (a) Refer to “—Note 1 . Basis of Presentation and Recently Issued Accounting Standards” for additional information. (b) Cash dividends declared per common share were $0.41 for the three months ended March 31, 2019 , June 30, 2019 and September 30, 2019 . The following table summarizes changes in equity for the nine months ended September 30, 2018 : Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Loss Retained Earnings Treasury Stock Noncontrolling Interest Dollars and Shares in Millions Shares Par Value Shares Cost Balance at December 31, 2017 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 — — — — 1,486 — — 9 Other Comprehensive Income/(Loss) — — — 89 — — — — Cash dividends declared (b) — — — — (655 ) — — — Stock repurchase program — — — — — 3 (166 ) — Stock compensation — — 18 — — (4 ) (18 ) — Distributions — — — — — — — (2 ) Balance at March 31, 2018 2,208 221 1,916 (2,234 ) 32,323 574 (19,433 ) 113 Net earnings — — — — 373 — — 9 Other Comprehensive Income/(Loss) — — — (100 ) — — — — Cash dividends declared (b) — — — — (652 ) — — — Stock repurchase program — — — — — 2 (147 ) — Stock compensation — — 50 — — — — — Distributions — — — — — — — (21 ) Balance at June 30, 2018 2,208 221 1,966 (2,334 ) 32,044 576 (19,580 ) 101 Net earnings — — — — 1,901 — — 11 Other Comprehensive Income/(Loss) — — — 8 — — — — Cash dividends declared (b) — — — — (653 ) — — — Stock compensation — — 63 — — — 4 — Distributions — — — — — — — (2 ) Balance at September 30, 2018 2,208 $ 221 $ 2,029 $ (2,326 ) $ 33,292 576 $ (19,576 ) $ 110 (a) Refer to “—Note 1. Accounting Policies and Recently Issued Accounting Standards” in the Company's 2018 Form 10-K for additional information. (b) Cash dividends declared per common share were $0.40 for the three months ended March 31, 2018 , June 30, 2018 and September 30, 2018 . The Company has a stock repurchase program, authorized by its Board of Directors, allowing for repurchases of its shares. The repurchases are effected in the open market or through privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including through Rule 10b5-1 trading plans. The stock 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. The Company repurchased 6.5 million shares of its common stock for $300 million in the third quarter of 2019. The remaining share repurchase capacity under the stock repurchase program was $1.0 billion as of September 30, 2019 . The components of Other Comprehensive Income/(Loss) were as follows: 2019 2018 Dollars in Millions Pretax Tax After tax Pretax Tax After tax Three Months Ended September 30, Derivatives qualifying as cash flow hedges: Unrealized gains/(losses) $ 63 $ (8 ) $ 55 $ 18 $ (2 ) $ 16 Reclassified to net earnings (a) (20 ) 3 (17 ) (13 ) 2 (11 ) Derivatives qualifying as cash flow hedges 43 (5 ) 38 5 — 5 Pension and postretirement benefits: Actuarial (losses)/gains (126 ) 27 (99 ) (12 ) 3 (9 ) Amortization (b) 12 (2 ) 10 14 (3 ) 11 Settlements (b) 1,550 (345 ) 1,205 26 (6 ) 20 Pension and postretirement benefits 1,436 (320 ) 1,116 28 (6 ) 22 Available-for-sale securities: Unrealized gains/(losses) 6 (2 ) 4 4 (2 ) 2 Foreign currency translation 10 (10 ) — (21 ) — (21 ) Total Other Comprehensive Income/(Loss) $ 1,495 $ (337 ) $ 1,158 $ 16 $ (8 ) $ 8 Nine Months Ended September 30, Derivatives qualifying as cash flow hedges: Unrealized gains/(losses) $ 102 $ (12 ) $ 90 $ 63 $ (6 ) $ 57 Reclassified to net earnings (a) (76 ) 10 (66 ) 20 (6 ) 14 Derivatives qualifying as cash flow hedges 26 (2 ) 24 83 (12 ) 71 Pension and postretirement benefits: Actuarial (losses)/gains (140 ) 30 (110 ) 100 (21 ) 79 Amortization (b) 45 (8 ) 37 50 (9 ) 41 Settlements (b) 1,643 (366 ) 1,277 95 (21 ) 74 Pension and postretirement benefits 1,548 (344 ) 1,204 245 (51 ) 194 Available-for-sale securities: Unrealized gains/(losses) 42 (2 ) 40 (36 ) 5 (31 ) Realized losses 3 — 3 — — — Available-for-sale securities 45 (2 ) 43 (36 ) 5 (31 ) Foreign currency translation 39 (11 ) 28 (232 ) (5 ) (237 ) Total Other Comprehensive Income/(Loss) $ 1,658 $ (359 ) $ 1,299 $ 60 $ (63 ) $ (3 ) (a) Included in Cost of products sold. (b) Included in Other income (net). The accumulated balances related to each component of Other Comprehensive Income/(Loss), net of taxes, were as follows: Dollars in Millions September 30, December 31, Derivatives qualifying as cash flow hedges $ 75 $ 51 Pension and postretirement benefits (898 ) (2,102 ) Available-for-sale securities 13 (30 ) Foreign currency translation (653 ) (681 ) Accumulated other comprehensive loss $ (1,463 ) $ (2,762 ) |
PENSION AND POSTRETIREMENT BENE
PENSION AND POSTRETIREMENT BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits [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 this plan were eliminated in 2009. The Company contributed at least the minimum amount required by the ERISA. Plan benefits were based primarily on the participant’s years of credited service and final average compensation. As of September 30, 2019 , remaining Plan assets consist primarily of fixed-income securities. The net periodic benefit cost of defined benefit pension plans includes: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Service cost – benefits earned during the year $ 6 $ 6 $ 18 $ 20 Interest cost on projected benefit obligation 20 50 101 146 Expected return on plan assets (39 ) (97 ) (173 ) (315 ) Amortization of prior service credits (1 ) (1 ) (3 ) (3 ) Amortization of net actuarial loss 14 17 49 57 Curtailments and settlements 1,550 26 1,643 95 Net periodic pension benefit cost $ 1,550 $ 1 $ 1,635 $ — In December 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 the third quarter of 2019, $1.3 billion was distributed to participants who elected lump sum payments during the election window and a group annuity contract was purchased from Athene, which irrevocably assumed the obligation, for $2.4 billion for most of the remaining plan participants. These transactions resulted in a $1.5 billion non-cash pre-tax pension settlement charge in the third quarter of 2019. The remaining plan obligation of approximately $200 million is expected to be settled through the purchase of an additional group annuity contract from Athene in the fourth quarter of 2019. Pension settlement charges were also recognized after determining that the annual lump sum payments will likely exceed the annual interest and service costs for the primary and certain other U.S. and international pension plans. The charges included the acceleration of a portion of unrecognized actuarial losses. Non-current pension liabilities were $426 million at September 30, 2019 and $427 million at December 31, 2018 . Defined contribution plan expense in the U.S. was approximately $50 million and $140 million for the three and nine months ended September 30, 2019 and approximately $50 million and $130 million for the three and nine months ended September 30, 2018 , respectively. Comprehensive medical and group life benefits are provided for substantially all 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 net periodic benefit credits were not material in both periods. |
LEGAL PROCEEDINGS AND CONTINGEN
LEGAL PROCEEDINGS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Contingencies [Text Block] | LEGAL PROCEEDINGS AND CONTINGENCIES The Company 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. 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. The Company recognizes accruals for such contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. These matters 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. Legal proceedings that are material or that the Company believes could become material are described below. Although the Company believes it has substantial defenses in these matters, there can be no assurance that there will not be an increase in the scope of pending matters or that any future lawsuits, claims, government investigations or other legal proceedings will not be material. Unless otherwise noted, the Company is unable to assess the outcome of the respective litigation nor is it able to provide an estimated range of potential loss. Furthermore, failure to enforce the Company's patent rights would likely result in substantial decreases in the respective product revenues from generic competition. INTELLECTUAL PROPERTY Plavix* - Australia As previously disclosed, 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. (Apotex), has since changed its name to Apotex. In August 2007, Apotex filed an application in the Federal Court of Australia (the Federal Court) 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 granted Sanofi’s injunction. A subsidiary of the Company 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 Apotex case, and a trial occurred in April 2008. 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. The Company 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 which have stayed the Federal Court’s ruling. Apotex filed a notice of appeal appealing the holding of validity of the clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate claims. A hearing on the appeals occurred in February 2009. On September 29, 2009, the Full Court held all of the claims of Patent No. 597784 invalid. In November 2009, the Company and Sanofi applied to the High Court of Australia (High Court) for special leave to appeal the judgment of the Full Court. In March 2010, the High Court denied the Company and Sanofi’s request to hear the appeal of the Full Court decision. The case was remanded to the Federal Court for further proceedings related to damages sought by Apotex. The Company and Apotex have settled the Apotex case, and the case was dismissed. The Australian government has intervened in this matter and is seeking maximum damages up to 449 million AUD ( $303 million ), plus interest, which would be split between the Company and Sanofi, for alleged losses experienced for paying a higher price for branded Plavix* during the period when the injunction was in place. The Company and Sanofi have disputed that the Australian government is entitled to any damages and the Australian government's claim is still pending and a trial was concluded in September 2017. The Company is expecting a decision in 2019. Sprycel - Europe In May 2013, Apotex, Actavis Group PTC ehf, Generics [UK] Limited (Mylan) and an unnamed company filed oppositions in the EPO seeking revocation of European Patent No. 1169038 (the ‘038 patent) covering dasatinib, the active ingredient in Sprycel . On January 20, 2016, the Opposition Division of the EPO revoked the ‘038 patent. In May 2016, the Company appealed the EPO’s decision to the EPO Board of Appeal. In February 2017, the EPO Board of Appeal upheld the Opposition Division’s decision, and revoked the ‘038 patent. Orphan drug exclusivity and data exclusivity for Sprycel in the EU expired in November 2016. The EPO Board of Appeal’s decision does not affect the validity of the Company's other Sprycel patents within and outside Europe, including different patents that cover the monohydrate form of dasatinib and the use of dasatinib to treat CML. Additionally, in February 2017, the EPO Board of Appeal reversed and remanded an invalidity decision on European Patent No. 1610780 and its claim to the use of dasatinib to treat CML, which the EPO’s Opposition Division had revoked in October 2012. In December 2018, the EPO’s Opposition Division upheld the validity of the patent directed to the use of dasatinib to treat CML, which expires in 2024. The Company intends to take appropriate legal actions to protect Sprycel . Anti-PD-1 Antibody Patent Oppositions and Litigation In September 2015, Dana-Farber Cancer Institute (Dana-Farber) filed a complaint in Massachusetts federal court 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, the Company settled the lawsuit with Pfizer. A bench trial in the lawsuit with Dana-Farber took place in February 2019. In May, the judge in the case issued an opinion ruling that the two scientists should be added as inventors to the patents. The decision has been appealed to the Federal Circuit. In June 2019, Dana Farber filed a new lawsuit in the District of Massachusetts against the Company seeking damages as a result of the court's decision adding the scientists as inventors. Eliquis Patent Litigation - U.S. In 2017, twenty-five generic companies sent the Company Paragraph-IV certification letters informing the Company that they had filed aNDAs 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 April 2017, the Company, along with its partner Pfizer, initiated patent lawsuits under the Hatch-Waxman Act against all generic filers in federal district courts in Delaware and West Virginia. In August 2017, the U.S. Patent and Trademark Office granted patent term restoration to the composition of matter patent, thereby restoring the term of the Eliquis composition of matter patent, which is the Company’s basis for projected LOE, from February 2023 to November 2026. The Company has settled lawsuits with a number of aNDA filers through September 2019. The settlements do not affect the Company’s projected LOE for Eliquis . A trial with the remaining aNDA filers is scheduled to begin October 31, 2019 in the U.S. District Court for the District of Delaware. PRICING, SALES AND PROMOTIONAL PRACTICES LITIGATION Plavix* State Attorneys General Lawsuits The Company and certain Sanofi entities are defendants in consumer protection and/or false advertising actions brought by the attorneys general of Hawaii and New Mexico relating to the sales and promotion of Plavix* . The Hawaii matter is currently scheduled for trial in April 2020. PRODUCT LIABILITY LITIGATION The Company 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, the Company also faces unfiled claims involving its products. Byetta* Amylin, a former subsidiary of the Company, and Lilly are co-defendants in product liability litigation related to Byetta*. To date, there are approximately 570 separate lawsuits pending on behalf of approximately 2,200 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 a 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 product liability insurance covering a substantial number of claims involving Byetta* and any additional liability to Amylin with respect to Byetta* is expected to be shared between the Company and AstraZeneca. Abilify* The Company 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 2,000 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 United States District Court for the Northern District of Florida. On February 15, 2019, the Company 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 the various state courts, including California and New Jersey. Onglyza* The Company 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 September 2019, 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 the Company’s global diabetes business divestiture, the Company sold Onglyza* to AstraZeneca in February 2014 and any potential liability with respect to Onglyza* is expected to be shared with AstraZeneca. SECURITIES LITIGATION 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 the Company, the Company’s Chief Executive Officer, Giovanni Caforio, the Company’s Chief Financial Officer, Charles A. Bancroft and certain former and current executives of the Company. The case in California has been voluntarily dismissed. The remaining complaint alleges violations of securities laws for the Company’s disclosures related to the CheckMate-026 clinical trial in lung cancer. In September 2019, the Court granted the Company’s motion to dismiss, but allowed the plaintiffs leave to file an amended complaint. In October 2019, the plaintiffs filed an amended complaint. The Company continues to believe these allegations are without merit and will continue to defend the matter. OTHER LITIGATION Acquisition of Celgene Litigation Following the announcement of the Company's pending acquisition of Celgene, thirteen complaints were filed by Celgene shareholders in the U.S. District Court for the District of Delaware, U.S. District Court for the District of New Jersey, the U.S. District Court for the Southern District of New York and the Court of Chancery of the State of Delaware seeking to enjoin the Company's pending acquisition of Celgene. The complaints in these actions name as defendants Celgene and the members of Celgene's Board of Directors. Five of these complaints also name the Company and Burgundy Merger Sub, Inc., a wholly-owned subsidiary of the Company that was formed solely for the purpose of completing the pending acquisition of Celgene and will be merged with and into Celgene upon the completion of the acquisition, as defendants. Of the complaints naming the Company as a defendant, four are styled as putative class actions. The plaintiffs allege violations of various federal securities laws and breaches of fiduciary duties in connection with the acquisition of Celgene by the Company. After the Company and Celgene released supplemental disclosures relating to the proposed acquisition in early April 2019, the plaintiffs in these cases agreed to dismiss their actions. As of June 30, 2019, all of these complaints have been dismissed, including all five complaints that named the Company and Burgundy Merger Sub, Inc. as defendants. Separately, a fourteen th complaint styled as a putative class action was filed in the Court of Chancery of the State of Delaware on behalf of the Company's shareholders naming members of the Company's Board of Directors as defendants. This complaint alleges that each of the members of the Company's Board of Directors breached his or her fiduciary duties to the Company and its shareholders by failing to disclose material information about the pending acquisition. The lawsuit was voluntarily dismissed in April 2019. Average Manufacturer Price Litigation The Company 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 the Company 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. The case is currently scheduled for trial in January 2020. HIV Medication Antitrust Lawsuits The Company and several other manufacturers of HIV medications are defendants in related lawsuits brought by indirect purchasers in the U.S. District Court for the Northern District of California alleging 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 Company has moved to dismiss the complaint. GOVERNMENT INVESTIGATIONS Like other pharmaceutical companies, the Company and certain of its subsidiaries are subject to extensive regulation by national, state and local government agencies in the U.S. and other countries in which the Company operates. As a result, the Company, from time to time, is subject to various governmental inquiries and investigations. It is possible that criminal charges, substantial fines and/or civil penalties, could result from government investigations. ENVIRONMENTAL PROCEEDINGS As previously reported, the Company is a party to several environmental proceedings and other matters, and is responsible under various state, federal and foreign laws, including CERCLA, for certain costs of investigating and/or remediating contamination resulting from past industrial activity at the Company’s current or former sites or at waste disposal or reprocessing facilities operated by third parties. CERCLA Matters With respect to CERCLA matters for which the Company is responsible under various state, federal and foreign laws, the Company typically estimates potential costs based on information obtained from the U.S. Environmental Protection Agency, or counterpart state or foreign agency and/or studies prepared by independent consultants, including the total estimated costs for the site and the expected cost-sharing, if any, with other “potentially responsible parties,” and the Company accrues liabilities when they are probable and reasonably estimable. The Company estimated its share of future costs for these sites to be $69.7 million at September 30, 2019 , which represents the sum of best estimates or, where no best estimate can reasonably be made, estimates of the minimal probable amount among a range of such costs (without taking into account any potential recoveries from other parties). The amount includes the estimated costs for any additional probable loss associated with the previously disclosed North Brunswick Township High School Remediation Site. |
PENDING CELGENE ACQUISITION PEN
PENDING CELGENE ACQUISITION PENDING CELGENE ACQUISITION (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | PENDING CELGENE ACQUISITION On January 3, 2019, the Company announced that it entered into a definitive merger agreement under which it will acquire Celgene. Under the terms of the agreement, which has been approved by the respective Boards of Directors of the Company and Celgene, if the merger is completed, Celgene shareholders will receive one share of the Company's common stock and $50.00 in cash for each share of Celgene common stock held by them. Celgene shareholders will also receive one tradeable contingent value right (“CVR”) for each share of Celgene representing the right to receive $9.00 in cash, which is subject to the achievement of future regulatory milestones. Based on the closing price of a share of the Company's common stock on January 2, 2019, the most recent trading day prior to the date of the announcement, the merger consideration represented approximately $74 billion . The amount of consideration to be received by Celgene shareholders will fluctuate with changes in the price of shares of BMS common stock. The Company expects to fund the anticipated cash portion of the merger consideration through a combination of available cash, including $18.8 billion of net proceeds raised in the May 2019 issuance of new notes, borrowings under the term loan established earlier in the year and short-term borrowings. The Company also announced plans to initiate a $7.0 billion accelerated share repurchase program following the closing of the Company's pending acquisition of Celgene, subject to Board of Directors’ approval. The acquisition was approved by the Company’s and Celgene’s shareholders on April 12, 2019. The European Commission granted unconditional approval of the Celgene acquisition in July 2019 and the acquisition has been approved by all other requisite foreign jurisdictions. Consummation of the pending acquisition remains subject to the satisfaction of customary closing conditions and regulatory approvals, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). With respect to the review of the pending acquisition pursuant to the HSR Act, the Company and Celgene on March 25, 2019 each received a request for additional information and documentary materials (also known as a “second request”) from the FTC in connection with its review. The effect of this request, which was issued under the HSR Act, is to extend the waiting period imposed by the HSR Act until 30 days after the Company and Celgene have substantially complied with this request, unless the period is extended voluntarily by the parties or terminated sooner by the FTC. To allow the pending acquisition to close on a timely basis in light of concerns expressed by the FTC, Celgene entered into a purchase agreement with Amgen on August 26, 2019 under which Amgen would acquire the global rights to Otezla* for $13.4 billion . In connection with the divestiture and Celgene entering into the purchase agreement, the Company entered into a guarantee with Amgen under which it agreed to guarantee the full payment and performance of Celgene’s obligations under the purchase agreement. The pending Otezla* divestiture is subject to, among other things, the closing of the Celgene acquisition and the issuance by the FTC of a consent order requiring Celgene to divest Otezla* to Amgen. The Company continues to work constructively with the FTC to bring about the issuance of a consent order, which will permit the Celgene acquisition to proceed. Once the FTC issues the consent order and the other closing conditions are satisfied, the Company intends to close the pending acquisition of Celgene at the earliest possible date, which it currently expects to be before the end of 2019. The Company remains focused on executing a successful closing of the Celgene acquisition. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Bristol-Myers Squibb Company prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is responsible for the consolidated financial statements included in this Quarterly Report on Form 10-Q, which include all adjustments necessary for a fair presentation of the financial position at September 30, 2019 and December 31, 2018 , the results of operations for the three and nine months ended September 30, 2019 and 2018 , and cash flows for the nine months ended September 30, 2019 and 2018 . All intercompany balances and transactions have been eliminated. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2018 included in the 2018 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document. |
Segment Reporting, Policy [Policy Text Block] | The Company 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. The determination of a single segment is consistent with the financial information regularly reviewed by the chief executive officer 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, Policy [Policy Text Block] | Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining sales rebate and return accruals; legal contingencies; income taxes; and pension and postretirement benefits. Actual results may differ from estimates. |
Reclassification, Policy [Policy Text Block] | Certain prior period amounts were reclassified to conform to the current period presentation. Accrued liabilities, Deferred income and Income taxes payable previously presented separately in Total Current Liabilities in the consolidated balance sheets are now presented as Accrued and other current liabilities. Deferred income and Pension and other liabilities previously presented separately in Total Liabilities in the consolidated balance sheets are now presented as Other non-current liabilities. |
New Accounting Pronouncements, Policy [Policy Text Block] | Leases Amended guidance for lease accounting was adopted on January 1, 2019 using the modified retrospective method with the cumulative effect of the change recognized in retained earnings in the period of adoption. The new guidance requires an entity to recognize a right-of-use asset and a lease liability initially measured at the present value of future lease payments. The cumulative effect of the accounting change was not material. The Company elected the package of practical expedients upon adoption and will apply the practical expedient not to separate lease and non-lease components for new and modified leases commencing after adoption. In addition, the Company applied the short-term lease recognition exemption for leases with terms at inception not greater than 12 months. The amended guidance does not materially impact the Company’s results of operations other than recognition of the operating lease right-of-use asset and lease liability. Goodwill Impairment Testing Amended guidance that simplifies the recognition and measurement of a goodwill impairment loss by eliminating Step 2 of the quantitative goodwill impairment test was adopted prospectively in the first quarter of 2019. Under the amended guidance, a goodwill impairment loss is recognized for the amount by which the reporting unit's carrying amount, including goodwill, exceeds its fair value up to the amount of its allocated goodwill. The adoption of the amended guidance did not have an impact on the Company’s results of operations. Recently Issued Accounting Standards Not Yet Adopted Financial Instruments - Measurement of Credit Losses In June 2016, the FASB issued amended guidance for the measurement of credit losses on financial instruments. Entities will be 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. The guidance is effective January 1, 2020 with early adoption permitted in 2019 on a modified retrospective approach. The amended guidance will not have a material impact to the Company’s results of operations. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disaggregation of Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table summarizes the disaggregation of revenue by nature: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Net product sales $ 5,768 $ 5,433 $ 17,512 $ 15,866 Alliance revenues 143 177 418 483 Other revenues 96 81 270 239 Total Revenues $ 6,007 $ 5,691 $ 18,200 $ 16,588 |
Revenue Recognition, Discounts [Policy Text Block] | The following table summarizes GTN adjustments: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Gross product sales $ 8,884 $ 7,681 $ 25,697 $ 21,891 GTN adjustments (a) Charge-backs and cash discounts (927 ) (711 ) (2,591 ) (1,957 ) Medicaid and Medicare rebates (1,362 ) (847 ) (3,252 ) (2,169 ) Other rebates, returns, discounts and adjustments (827 ) (690 ) (2,342 ) (1,899 ) Total GTN adjustments (3,116 ) (2,248 ) (8,185 ) (6,025 ) Net product sales $ 5,768 $ 5,433 $ 17,512 $ 15,866 (a) Includes adjustments to provisions for product sales made in prior periods resulting from changes in estimates of $12 million and $139 million for the three and nine months ended September 30, 2019 and $(7) million and $103 million for the three and nine months ended September 30, 2018 , respectively. |
Revenue from External Customers by Products and Services [Table Text Block] | The following table summarizes the disaggregation of revenue by product and region: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Prioritized Brands Opdivo $ 1,817 $ 1,793 $ 5,441 $ 4,931 Eliquis 1,928 1,577 5,895 4,733 Orencia 767 675 2,185 1,979 Sprycel 558 491 1,561 1,464 Yervoy 353 382 1,104 946 Empliciti 89 59 263 178 Established Brands Baraclude 145 175 433 579 Other Brands 350 539 1,318 1,778 Total Revenues $ 6,007 $ 5,691 $ 18,200 $ 16,588 United States $ 3,472 $ 3,235 $ 10,588 $ 9,243 Europe 1,445 1,365 4,416 4,179 Rest of the World 976 932 2,838 2,728 Other (a) 114 159 358 438 Total Revenues $ 6,007 $ 5,691 $ 18,200 $ 16,588 |
ALLIANCES (Tables)
ALLIANCES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
ALLIANCES [Abstract] | |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Revenues from alliances: Net product sales $ 2,464 $ 2,037 $ 7,412 $ 6,135 Alliance revenues 143 177 418 483 Total Revenues $ 2,607 $ 2,214 $ 7,830 $ 6,618 Payments to/(from) alliance partners: Cost of products sold $ 1,017 $ 838 $ 3,116 $ 2,528 Marketing, selling and administrative (33 ) (26 ) (93 ) (76 ) Research and development 11 (2 ) 32 1,060 Other income (net) (15 ) (14 ) (45 ) (44 ) Selected Alliance Balance Sheet information: Dollars in Millions September 30, December 31, Receivables - from alliance partners $ 342 $ 395 Accounts payable - to alliance partners 994 904 Deferred income from alliances (a) 452 491 (a) Includes unamortized upfront and milestone payments. |
ACQUISITIONS, DIVESTITURES AN_2
ACQUISITIONS, DIVESTITURES AND OTHER ARRANGEMENTS DIVESTITURES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended September 30, Net Proceeds (a) Divestiture Losses/(Gains) Royalty Income Dollars in Millions 2019 2018 2019 2018 2019 2018 UPSA Business $ 1,510 $ — $ (1,176 ) $ — $ — $ — Diabetes Business 163 165 — — (171 ) (170 ) Erbitux* Business 3 59 — — — (48 ) Manufacturing Operations — — 1 — — — Mature Brands and Other 7 140 (4 ) (108 ) (6 ) 1 Total $ 1,683 $ 364 $ (1,179 ) $ (108 ) $ (177 ) $ (217 ) Nine Months Ended September 30, Net Proceeds (a) Divestiture Losses/(Gains) Royalty Income Dollars in Millions 2019 2018 2019 2018 2019 2018 UPSA Business $ 1,510 $ — $ (1,160 ) $ — $ — $ — Diabetes Business 491 408 — — (497 ) (497 ) Erbitux* Business 11 168 — — — (145 ) Manufacturing Operations 3 159 1 — — — Mature Brands and Other 9 212 (12 ) (178 ) (8 ) (2 ) Total $ 2,024 $ 947 $ (1,171 ) $ (178 ) $ (505 ) $ (644 ) (a) Includes royalties received subsequent to the related sale of the asset or business. |
ACQUISITIONS, DIVESTITURES AN_3
ACQUISITIONS, DIVESTITURES AND OTHER ARRANGEMENTS ASSETS HELD-FOR-SALE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The following table summarizes the net assets held-for-sale as of September 30, 2019 and December 31, 2018 . Dollars in Millions September 30, December 31, Receivables $ — $ 79 Inventories 7 81 Property, plant and equipment 36 187 Goodwill 4 127 Other 12 5 Assets held-for-sale $ 59 $ 479 Accounts payable $ — $ 35 Accrued and other current liabilities 8 78 Deferred income taxes — 25 Other liabilities 3 14 Liabilities related to assets held-for-sale $ 11 $ 152 Net assets held-for-sale $ 48 $ 327 |
OTHER INCOME (NET) (Tables)
OTHER INCOME (NET) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule Of Other Income Expense [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Interest expense $ 209 $ 44 $ 377 $ 135 Investment income (173 ) (44 ) (348 ) (118 ) Equity investment losses/(gains) 261 (97 ) 15 244 Provision for restructuring 10 45 32 102 Acquisition expenses 7 — 475 — Integration expenses 96 — 224 — Litigation and other settlements (1 ) 11 — 10 Equity in net income of affiliates — (22 ) — (73 ) Divestiture gains (1,179 ) (108 ) (1,171 ) (178 ) Royalties and licensing income (356 ) (338 ) (967 ) (1,058 ) Transition and other service fees (7 ) — (11 ) (5 ) Pension and postretirement 1,537 (10 ) 1,607 (40 ) Intangible asset impairment — — 15 64 Other 7 11 4 5 Other income (net) $ 411 $ (508 ) $ 252 $ (912 ) |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The following tables summarize the charges and activity related to the restructuring actions: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Employee termination costs $ 4 $ 37 $ 11 $ 72 Other termination costs 6 8 21 30 Provision for restructuring 10 45 32 102 Accelerated depreciation 33 30 96 82 Impairment charges 9 — 119 10 Other shutdown costs — 1 — 6 Total charges $ 52 $ 76 $ 247 $ 200 Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Cost of products sold $ 22 $ 12 $ 156 $ 39 Marketing, selling and administrative — 1 1 2 Research and development 20 18 58 57 Other income (net) 10 45 32 102 Total charges $ 52 $ 76 $ 247 $ 200 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Nine Months Ended September 30, Dollars in Millions 2019 2018 Liability at December 31 $ 99 $ 186 Cease-use lease liability reclassification (3 ) — Liability at January 1 96 186 Charges 36 108 Change in estimates (4 ) (6 ) Provision for restructuring 32 102 Foreign currency translation and other (1 ) 2 Payments (98 ) (171 ) Liability at September 30 $ 29 $ 119 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Earnings Before Income Taxes $ 1,349 $ 2,167 $ 5,104 $ 4,463 Provision for Income Taxes (17 ) 255 584 674 Effective Tax Rate (1.3 )% 11.8 % 11.4 % 15.1 % |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Amounts in Millions, Except Per Share Data 2019 2018 2019 2018 Net Earnings Attributable to BMS used for Basic and Diluted EPS Calculation $ 1,353 $ 1,901 $ 4,495 $ 3,760 Weighted-average common shares outstanding - basic 1,632 1,632 1,634 1,633 Incremental shares attributable to share-based compensation plans 2 4 2 4 Weighted-average common shares outstanding - diluted 1,634 1,636 1,636 1,637 Earnings per share - basic $ 0.83 $ 1.16 $ 2.75 $ 2.30 Earnings per share - diluted 0.83 1.16 2.75 2.30 |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [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: September 30, 2019 December 31, 2018 Dollars in Millions Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents - money market and other investments $ — $ 29,771 $ — $ 6,173 Marketable securities Certificates of deposit — 1,156 — 971 Commercial paper — 129 — 273 Corporate debt securities — 1,693 — 2,379 Equity investments — — — 125 Derivative assets — 85 — 44 Equity investments 113 147 88 266 Derivative liabilities — (251 ) — (31 ) |
Available-for-sale Securities [Table Text Block] | Changes in fair value of equity investments are included in Other income (net). The following table summarizes the Company's available-for-sale debt securities and equity investments: September 30, 2019 December 31, 2018 Dollars in Millions Amortized Cost Gross Unrealized Amortized Cost Gross Unrealized Gains Losses Fair Value Gains Losses Fair Value Certificates of deposit $ 1,156 $ — $ — $ 1,156 $ 971 $ — $ — $ 971 Commercial paper 129 — — 129 273 — — 273 Corporate debt securities 1,686 8 (1 ) 1,693 2,416 — (37 ) 2,379 $ 2,971 $ 8 $ (1 ) 2,978 $ 3,660 $ — $ (37 ) 3,623 Equity investments 260 479 Total $ 3,238 $ 4,102 Dollars in Millions September 30, December 31, Current marketable securities $ 2,053 $ 1,973 Non-current marketable securities (a) 925 1,775 Other assets 260 354 Total $ 3,238 $ 4,102 (a) All non-current marketable securities mature within five years as of September 30, 2019 and December 31, 2018 . |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | The following table summarizes the net gain/(loss) recorded for equity investments with readily determinable fair values held as of September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Net gain/(loss) recognized $ (235 ) $ 97 $ (81 ) $ (262 ) Less: Net gain/(loss) recognized for equity investments sold — — 14 — Net unrealized gain/(loss) on equity investments held $ (235 ) $ 97 $ (95 ) $ (262 ) |
Schedule of Derivatives and Fair Value [Table Text Block] | The following table summarizes the fair value of outstanding derivatives: September 30, 2019 December 31, 2018 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 $ 11 $ — $ — $ — $ — $ 755 $ (10 ) Cross-currency interest rate swap contracts 125 1 175 (2 ) 50 — 250 (5 ) Foreign currency forward contracts 1,667 68 246 (4 ) 1,503 44 496 (10 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts 525 5 203 (5 ) 54 — 600 (6 ) Deal contingent forward starting interest rate swap contracts — — 10,350 (240 ) — — — — (a) Included in prepaid expenses and other and other assets. (b) Included in accrued and 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: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Dollars in Millions Cost of products sold Other income (net) Cost of products sold Other income (net) Interest rate swap contracts $ — $ 6 $ — $ 18 Cross-currency interest rate swap contracts — 2 — 6 Foreign currency forward contracts 20 9 76 11 Forward starting interest rate swap option contracts — — — (35 ) Deal contingent forward starting interest rate swap contracts — — — (240 ) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Dollars in Millions Cost of products sold Other income (net) Cost of products sold Other income (net) Interest rate swap contracts $ — $ 5 $ — $ 18 Cross-currency interest rate swap contracts — 2 — 6 Foreign currency forward contracts 13 10 (20 ) 17 |
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 Income/(Loss): Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Derivatives qualifying as cash flow hedges Foreign currency forward contracts gain/(loss): Recognized in Other Comprehensive Income/(Loss) (a) $ 63 $ 18 $ 102 $ 63 Reclassified to Cost of products sold (20 ) (13 ) (76 ) 20 Derivatives qualifying as net investment hedges Cross-currency interest rate swap contracts gain/(loss): Recognized in Other Comprehensive Income/(Loss) 2 5 4 1 Non-derivatives qualifying as net investment hedges Non U.S. dollar borrowings gain/(loss): Recognized in Other Comprehensive Income/(Loss) 41 (6 ) 43 10 (a) The amount 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: Dollars in Millions September 30, December 31, Non-U.S. short-term borrowings $ 355 $ 320 Current portion of long-term debt — 1,249 Other 214 134 Total $ 569 $ 1,703 |
Schedule of Fair Value and Other Adjustments to Long Term Debt [Table Text Block] | Long-term debt and the current portion of long-term debt include: Dollars in Millions September 30, December 31, Principal Value $ 24,467 $ 6,776 Adjustments to Principal Value Fair value of interest rate swap contracts 11 (10 ) Unamortized basis adjustment from swap terminations 181 201 Unamortized bond discounts and issuance costs (269 ) (72 ) Total $ 24,390 $ 6,895 Current portion of long-term debt $ — $ 1,249 Long-term debt 24,390 5,646 |
Schedule of Note Issuances [Table Text Block] | The following table summarizes the note issuances: Dollars in Millions 2019 Principal Value: Floating Rate Notes due 2020 $ 750 Floating Rate Notes due 2022 500 2.550% Notes due 2021 1,000 2.600% Notes due 2022 1,500 2.900% Notes due 2024 3,250 3.200% Notes due 2026 2,250 3.400% Notes due 2029 4,000 4.125% Notes due 2039 2,000 4.250% Notes due 2049 3,750 Total $ 19,000 Proceeds net of discount and deferred loan issuance costs $ 18,790 |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule Of Receivables [Table Text Block] | Dollars in Millions September 30, December 31, Trade receivables $ 4,595 $ 4,914 Less charge-backs and cash discounts (270 ) (245 ) Less bad debt allowances (36 ) (33 ) Net trade receivables 4,289 4,636 Prepaid and refundable income taxes 159 218 Alliance, royalties, VAT and other 1,062 1,111 Receivables $ 5,510 $ 5,965 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory, Net [Abstract] | |
Inventories [Table Text Block] | Dollars in Millions September 30, December 31, Finished goods $ 306 $ 356 Work in process 1,124 1,152 Raw and packaging materials 127 116 Total inventories $ 1,557 $ 1,624 Inventories $ 1,192 $ 1,195 Other assets (a) 365 429 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Dollars in Millions September 30, December 31, Land $ 105 $ 104 Buildings 5,285 5,231 Machinery, equipment and fixtures 2,932 2,962 Construction in progress 465 548 Gross property, plant and equipment 8,787 8,845 Less accumulated depreciation (3,957 ) (3,818 ) Property, plant and equipment $ 4,830 $ 5,027 |
LEASES Leases (Tables)
LEASES Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Dollars in Millions Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 25 $ 80 Variable lease cost 5 15 Short-term lease cost 6 16 Sublease income (1 ) (3 ) Total operating lease expense $ 35 $ 108 |
Balance Sheet Information Related to Leases [Table Text Block] | Dollars in Millions September 30, January 1, Other assets $ 496 $ 543 Accrued and other current liabilities 66 40 Other non-current liabilities 504 548 Total liabilities $ 570 $ 588 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Dollars in Millions Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 28 2020 86 2021 76 2022 69 2023 61 Thereafter 395 Total future lease payments 715 Less imputed interest 145 Total lease liability $ 570 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets By Major Class [Table Text Block] | Dollars in Millions Estimated Useful Lives September 30, December 31, Goodwill $ 6,513 $ 6,538 Other intangible assets: Licenses 5 – 15 years 482 510 Developed technology rights 9 – 15 years 2,357 2,357 Capitalized software 3 – 10 years 1,258 1,156 IPRD — 32 Gross other intangible assets 4,097 4,055 Less accumulated amortization (3,095 ) (2,964 ) Other intangible assets $ 1,002 $ 1,091 |
ACCRUED AND OTHER CURRENT LIA_2
ACCRUED AND OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Dollars in Millions September 30, December 31, Rebates and returns $ 3,209 $ 2,417 Employee compensation and benefits 639 848 Research and development 891 805 Dividends 668 669 Royalties 378 391 Interest 289 69 Deal contingent forward starting interest rate swap contracts 240 — Branded Prescription Drug Fee 165 188 Litigation and other settlements 75 118 Operating leases 66 — Restructuring 24 85 Pension and postretirement benefits 35 35 Deferred income 86 172 Income taxes payable 546 398 Liabilities related to assets held-for-sale 11 152 Other 710 712 Accrued and other current liabilities $ 8,032 $ 7,059 |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The following table summarizes changes in equity for the nine months ended September 30, 2019 : Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Loss Retained Earnings Treasury Stock Noncontrolling Interest Dollars and Shares in Millions Shares Par Value Shares Cost 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 — — — — 1,710 — — 5 Other Comprehensive Income/(Loss) — — — 118 — — — — Cash dividends declared (b) — — — — (671 ) — — — Stock compensation — — 22 — — (4 ) 3 — Distributions — — — — — — — (2 ) Balance at March 31, 2019 2,208 221 2,103 (2,644 ) 35,109 572 (19,571 ) 99 Net earnings — — — — 1,432 — — 7 Other Comprehensive Income/(Loss) — — — 23 — — — — Cash dividends declared (b) — — — — (671 ) — — — Stock compensation — — 47 — — — — — Distributions — — — — — — — (4 ) Balance at June 30, 2019 2,208 221 2,150 (2,621 ) 35,870 572 (19,571 ) 102 Net earnings — — — — 1,353 — — 13 Other Comprehensive Income/(Loss) — — — 1,158 — — — — Cash dividends declared (b) — — — — (668 ) — — — Stock repurchase program — — — — — 7 (300 ) — Stock compensation — — 56 — — — — — Distributions — — — — — — — (9 ) Balance at September 30, 2019 2,208 $ 221 $ 2,206 $ (1,463 ) $ 36,555 579 $ (19,871 ) $ 106 (a) Refer to “—Note 1 . Basis of Presentation and Recently Issued Accounting Standards” for additional information. (b) Cash dividends declared per common share were $0.41 for the three months ended March 31, 2019 , June 30, 2019 and September 30, 2019 . The following table summarizes changes in equity for the nine months ended September 30, 2018 : Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Loss Retained Earnings Treasury Stock Noncontrolling Interest Dollars and Shares in Millions Shares Par Value Shares Cost Balance at December 31, 2017 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 — — — — 1,486 — — 9 Other Comprehensive Income/(Loss) — — — 89 — — — — Cash dividends declared (b) — — — — (655 ) — — — Stock repurchase program — — — — — 3 (166 ) — Stock compensation — — 18 — — (4 ) (18 ) — Distributions — — — — — — — (2 ) Balance at March 31, 2018 2,208 221 1,916 (2,234 ) 32,323 574 (19,433 ) 113 Net earnings — — — — 373 — — 9 Other Comprehensive Income/(Loss) — — — (100 ) — — — — Cash dividends declared (b) — — — — (652 ) — — — Stock repurchase program — — — — — 2 (147 ) — Stock compensation — — 50 — — — — — Distributions — — — — — — — (21 ) Balance at June 30, 2018 2,208 221 1,966 (2,334 ) 32,044 576 (19,580 ) 101 Net earnings — — — — 1,901 — — 11 Other Comprehensive Income/(Loss) — — — 8 — — — — Cash dividends declared (b) — — — — (653 ) — — — Stock compensation — — 63 — — — 4 — Distributions — — — — — — — (2 ) Balance at September 30, 2018 2,208 $ 221 $ 2,029 $ (2,326 ) $ 33,292 576 $ (19,576 ) $ 110 (a) Refer to “—Note 1. Accounting Policies and Recently Issued Accounting Standards” in the Company's 2018 Form 10-K for additional information. (b) Cash dividends declared per common share were $0.40 for the three months ended March 31, 2018 , June 30, 2018 and September 30, 2018 . |
Schedule of Comprehensive Income Loss [Table Text Block] | The components of Other Comprehensive Income/(Loss) were as follows: 2019 2018 Dollars in Millions Pretax Tax After tax Pretax Tax After tax Three Months Ended September 30, Derivatives qualifying as cash flow hedges: Unrealized gains/(losses) $ 63 $ (8 ) $ 55 $ 18 $ (2 ) $ 16 Reclassified to net earnings (a) (20 ) 3 (17 ) (13 ) 2 (11 ) Derivatives qualifying as cash flow hedges 43 (5 ) 38 5 — 5 Pension and postretirement benefits: Actuarial (losses)/gains (126 ) 27 (99 ) (12 ) 3 (9 ) Amortization (b) 12 (2 ) 10 14 (3 ) 11 Settlements (b) 1,550 (345 ) 1,205 26 (6 ) 20 Pension and postretirement benefits 1,436 (320 ) 1,116 28 (6 ) 22 Available-for-sale securities: Unrealized gains/(losses) 6 (2 ) 4 4 (2 ) 2 Foreign currency translation 10 (10 ) — (21 ) — (21 ) Total Other Comprehensive Income/(Loss) $ 1,495 $ (337 ) $ 1,158 $ 16 $ (8 ) $ 8 Nine Months Ended September 30, Derivatives qualifying as cash flow hedges: Unrealized gains/(losses) $ 102 $ (12 ) $ 90 $ 63 $ (6 ) $ 57 Reclassified to net earnings (a) (76 ) 10 (66 ) 20 (6 ) 14 Derivatives qualifying as cash flow hedges 26 (2 ) 24 83 (12 ) 71 Pension and postretirement benefits: Actuarial (losses)/gains (140 ) 30 (110 ) 100 (21 ) 79 Amortization (b) 45 (8 ) 37 50 (9 ) 41 Settlements (b) 1,643 (366 ) 1,277 95 (21 ) 74 Pension and postretirement benefits 1,548 (344 ) 1,204 245 (51 ) 194 Available-for-sale securities: Unrealized gains/(losses) 42 (2 ) 40 (36 ) 5 (31 ) Realized losses 3 — 3 — — — Available-for-sale securities 45 (2 ) 43 (36 ) 5 (31 ) Foreign currency translation 39 (11 ) 28 (232 ) (5 ) (237 ) Total Other Comprehensive Income/(Loss) $ 1,658 $ (359 ) $ 1,299 $ 60 $ (63 ) $ (3 ) (a) Included in Cost of products sold. (b) Included in Other income (net). |
Schedule of Accumulated Other Comprehensive Income Loss [Table Text Block] | The accumulated balances related to each component of Other Comprehensive Income/(Loss), net of taxes, were as follows: Dollars in Millions September 30, December 31, Derivatives qualifying as cash flow hedges $ 75 $ 51 Pension and postretirement benefits (898 ) (2,102 ) Available-for-sale securities 13 (30 ) Foreign currency translation (653 ) (681 ) Accumulated other comprehensive loss $ (1,463 ) $ (2,762 ) |
PENSION AND POSTRETIREMENT BE_2
PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The net periodic benefit cost of defined benefit pension plans includes: Three Months Ended September 30, Nine Months Ended September 30, Dollars in Millions 2019 2018 2019 2018 Service cost – benefits earned during the year $ 6 $ 6 $ 18 $ 20 Interest cost on projected benefit obligation 20 50 101 146 Expected return on plan assets (39 ) (97 ) (173 ) (315 ) Amortization of prior service credits (1 ) (1 ) (3 ) (3 ) Amortization of net actuarial loss 14 17 49 57 Curtailments and settlements 1,550 26 1,643 95 Net periodic pension benefit cost $ 1,550 $ 1 $ 1,635 $ — |
REVENUE RECOGNITION Revenue by
REVENUE RECOGNITION Revenue by Nature (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 6,007 | $ 5,691 | $ 18,200 | $ 16,588 |
Net product sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,768 | 5,433 | 17,512 | 15,866 |
Other revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 96 | 81 | 270 | 239 |
Collaborative Arrangement [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,607 | 2,214 | 7,830 | 6,618 |
Collaborative Arrangement [Member] | Net product sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,464 | 2,037 | 7,412 | 6,135 |
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 143 | $ 177 | $ 418 | $ 483 |
REVENUE RECOGNITION Gross-to-Ne
REVENUE RECOGNITION Gross-to-Net Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Gross to Net Adjustments [Line Items] | ||||
Revenues | $ 6,007 | $ 5,691 | $ 18,200 | $ 16,588 |
Gross to Net Adjustments | (3,116) | (2,248) | (8,185) | (6,025) |
Prior Period Gross to Net Adjustment Impacted by New Accounting Pronouncement | 12 | (7) | 139 | 103 |
Sales Revenue, Gross [Member] | ||||
Gross to Net Adjustments [Line Items] | ||||
Revenues | 8,884 | 7,681 | 25,697 | 21,891 |
Net product sales [Member] | ||||
Gross to Net Adjustments [Line Items] | ||||
Revenues | 5,768 | 5,433 | 17,512 | 15,866 |
Charge-backs and cash discounts [Member] | ||||
Gross to Net Adjustments [Line Items] | ||||
Gross to Net Adjustments | (927) | (711) | (2,591) | (1,957) |
Medicaid and Medicare rebates [Member] | ||||
Gross to Net Adjustments [Line Items] | ||||
Gross to Net Adjustments | (1,362) | (847) | (3,252) | (2,169) |
Other rebates, returns, discounts and adjustments [Member] | ||||
Gross to Net Adjustments [Line Items] | ||||
Gross to Net Adjustments | $ (827) | $ (690) | $ (2,342) | $ (1,899) |
REVENUE RECOGNITION Revenue b_2
REVENUE RECOGNITION Revenue by Product by Region (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue from External Customer [Line Items] | ||||
Revenues | $ 6,007 | $ 5,691 | $ 18,200 | $ 16,588 |
Opdivo [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 1,817 | 1,793 | 5,441 | 4,931 |
Eliquis [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 1,928 | 1,577 | 5,895 | 4,733 |
Orencia [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 767 | 675 | 2,185 | 1,979 |
Sprycel [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 558 | 491 | 1,561 | 1,464 |
Yervoy [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 353 | 382 | 1,104 | 946 |
Empliciti [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 89 | 59 | 263 | 178 |
Baraclude [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 145 | 175 | 433 | 579 |
Mature Products And All Other [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 350 | 539 | 1,318 | 1,778 |
UNITED STATES | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 3,472 | 3,235 | 10,588 | 9,243 |
European Union [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 1,445 | 1,365 | 4,416 | 4,179 |
Rest Of World [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 976 | 932 | 2,838 | 2,728 |
Other Region [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 114 | $ 159 | $ 358 | $ 438 |
REVENUE RECOGNITION Narratives
REVENUE RECOGNITION Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue, Performance Obligation [Abstract] | ||||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 78 | $ 97 | $ 341 | $ 398 |
ALLIANCES (Details)
ALLIANCES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Alliance Statement [Line Items] | |||||
Revenues | $ 6,007 | $ 5,691 | $ 18,200 | $ 16,588 | |
Cost of Goods and Services Sold | 1,810 | 1,648 | 5,646 | 4,857 | |
Other Nonoperating Income (Expense) | 411 | (508) | 252 | (912) | |
Receivables | 5,510 | 5,510 | $ 5,965 | ||
Accounts payable | 1,888 | 1,888 | 1,892 | ||
Collaborative Arrangement [Member] | |||||
Alliance Statement [Line Items] | |||||
Revenues | 2,607 | 2,214 | 7,830 | 6,618 | |
Cost of Goods and Services Sold | 1,017 | 838 | 3,116 | 2,528 | |
Selling, General and Administrative Expense - Collaborative Arrangement | (33) | (26) | (93) | (76) | |
Research and Development Expense - Collaborative Arrangement | 11 | (2) | 32 | 1,060 | |
Other Nonoperating Income (Expense) | (15) | (14) | (45) | (44) | |
Receivables | 342 | 342 | 395 | ||
Accounts payable | 994 | 994 | 904 | ||
Deferred income from alliances | 452 | 452 | $ 491 | ||
Net product sales [Member] | |||||
Alliance Statement [Line Items] | |||||
Revenues | 5,768 | 5,433 | 17,512 | 15,866 | |
Net product sales [Member] | Collaborative Arrangement [Member] | |||||
Alliance Statement [Line Items] | |||||
Revenues | 2,464 | 2,037 | 7,412 | 6,135 | |
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | |||||
Alliance Statement [Line Items] | |||||
Revenues | $ 143 | $ 177 | $ 418 | $ 483 |
DIVESTITURES (Details)
DIVESTITURES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 1,683 | $ 364 | $ 2,024 | $ 947 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (1,179) | (108) | (1,171) | (178) |
Royalty Income, Nonoperating | (177) | (217) | (505) | (644) |
UPSA [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 1,510 | 0 | 1,510 | 0 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (1,176) | 0 | (1,160) | 0 |
Royalty Income, Nonoperating | 0 | 0 | 0 | 0 |
Diabetes business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 163 | 165 | 491 | 408 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 0 | 0 | 0 |
Royalty Income, Nonoperating | (171) | (170) | (497) | (497) |
Erbitux [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 3 | 59 | 11 | 168 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 0 | 0 | 0 |
Royalty Income, Nonoperating | 0 | (48) | 0 | (145) |
Manufacturing Facility [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | 0 | 3 | 159 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 1 | 0 | 1 | 0 |
Royalty Income, Nonoperating | 0 | 0 | 0 | 0 |
Other divestitures [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 7 | 140 | 9 | 212 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (4) | (108) | (12) | (178) |
Royalty Income, Nonoperating | $ (6) | $ (8) | $ (2) | |
Royalty Expense | $ 1 |
ACQUISITIONS, DIVESTITURES AN_4
ACQUISITIONS, DIVESTITURES AND OTHER ARRANGEMENTS ASSETS HELD-FOR-SALE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 1,683 | $ 364 | $ 2,024 | $ 947 | ||
Receivables | 5,510 | 5,510 | $ 5,965 | |||
Inventories | 1,192 | 1,192 | 1,195 | |||
Property, plant and equipment | 4,830 | 4,830 | 5,027 | |||
Goodwill | 6,513 | 6,513 | 6,538 | |||
Total Assets | 57,433 | 57,433 | 34,986 | |||
Accounts payable | 1,888 | 1,888 | 1,892 | |||
Other liabilities, noncurrent | 1,881 | 1,881 | 1,516 | |||
Total Liabilities | 39,679 | 39,679 | 20,859 | |||
Manufacturing Facility [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | $ 0 | 3 | $ 159 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Receivables | 0 | 0 | 79 | |||
Inventories | 7 | 7 | 81 | |||
Property, plant and equipment | 36 | 36 | 187 | |||
Goodwill | 4 | 4 | 127 | |||
Other Assets | 12 | 12 | 5 | |||
Total Assets | 59 | 59 | 479 | |||
Accounts payable | 0 | 0 | 35 | |||
Accrued liabilities | 8 | 8 | 78 | |||
Deferred Tax Liabilities, Net | 0 | 0 | 25 | |||
Other liabilities, noncurrent | 3 | 3 | 14 | |||
Total Liabilities | 11 | 11 | 152 | |||
Net Assets | $ 48 | 48 | $ 327 | |||
ANAGNI [Member] | Manufacturing Facility [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Tangible Asset Impairment Charges | $ 113 | |||||
Forecast [Member] | ANAGNI [Member] | Manufacturing Facility [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 50 |
OTHER INCOME (NET) (Details)
OTHER INCOME (NET) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | ||||
Interest expense | $ 209 | $ 44 | $ 377 | $ 135 |
Investment income | (173) | (44) | (348) | (118) |
Equity investment, gain (loss) | 261 | (97) | 15 | 244 |
Restructuring Charges | 10 | 45 | 32 | 102 |
Business Acquisition, Transaction Costs | 7 | 0 | 475 | 0 |
Business Combination, Integration Related Costs | 96 | 0 | 224 | 0 |
Litigation and other settlements | (1) | 11 | 0 | 10 |
Equity in net income of affiliates | 0 | (22) | 0 | (73) |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (1,179) | (108) | (1,171) | (178) |
Royalties and licensing income | (356) | (338) | (967) | (1,058) |
Transition and other service fees | (7) | 0 | (11) | (5) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,537 | (10) | 1,607 | (40) |
Impairment of Intangible Assets, Finite-lived | 0 | 0 | 15 | 64 |
Other | 7 | 11 | 4 | 5 |
Other Nonoperating Income (Expense) | $ 411 | $ (508) | $ 252 | $ (912) |
RESTRUCTURING NARRATIVE (Detail
RESTRUCTURING NARRATIVE (Details) $ in Billions | 9 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | $ 1.3 | |
Restructuring and Related Cost, Number of Positions Eliminated | 100 | 600 |
Minimum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | $ 1.5 | |
Cash outlays percentage | 40.00% | |
Maximum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | $ 2 | |
Cash outlays percentage | 50.00% |
RESTRUCTURING RESTRUCTURING AND
RESTRUCTURING RESTRUCTURING AND RELATED COSTS TABLE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | $ 4 | $ 37 | $ 11 | $ 72 |
Other Restructuring Costs | 6 | 8 | 21 | 30 |
Restructuring Charges | 10 | 45 | 32 | 102 |
Restructuring and Related Cost, Accelerated Depreciation | 33 | 30 | 96 | 82 |
Restructuring Related Costs, Asset Impairments | 9 | 0 | 119 | 10 |
Other shutdown costs | 0 | 1 | 0 | 6 |
Restructuring Costs and Asset Impairment Charges | 52 | 76 | 247 | 200 |
Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Costs and Asset Impairment Charges | 22 | 12 | 156 | 39 |
Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Costs and Asset Impairment Charges | 0 | 1 | 1 | 2 |
Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Costs and Asset Impairment Charges | 20 | 18 | 58 | 57 |
Other Nonoperating Income (Expense) [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Costs and Asset Impairment Charges | $ 10 | $ 45 | $ 32 | $ 102 |
RESTRUCTURING SCHEDULE OF RESTR
RESTRUCTURING SCHEDULE OF RESTRUCTURING RESERVE (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Jan. 01, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Restructuring and Related Activities [Abstract] | ||||||||
Restructuring Reserve | $ 96 | $ 186 | $ 29 | $ 119 | $ 29 | $ 119 | $ 99 | $ 186 |
Restructuring Reserve, Translation and Other Adjustment | $ (3) | $ 0 | ||||||
Restructuring Reserve, Period Increase (Decrease) | 36 | 108 | ||||||
Restructuring Reserve, Accrual Adjustment | (4) | (6) | ||||||
Restructuring Charges | $ 10 | $ 45 | 32 | 102 | ||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (1) | 2 | ||||||
Payments for Restructuring | $ (98) | $ (171) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Line Items] | ||||
Earnings Before Income Taxes | $ 1,349 | $ 2,167 | $ 5,104 | $ 4,463 |
Income Tax Expense (Benefit) | $ (17) | $ 255 | $ 584 | $ 674 |
Effective Income Tax Rate Reconciliation, Percent | (1.30%) | 11.80% | 11.40% | 15.10% |
Decrease in Effective Income Tax Rate due to Discrete Items | 13.10% | 1.50% | 3.60% | 0.80% |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 81 | $ 49 | ||
Document Period End Date | Sep. 30, 2019 | |||
Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 300 | $ 300 | ||
Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 340 | $ 340 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to BMS used for Basic and Diluted EPS Calculation | $ 1,353 | $ 1,901 | $ 4,495 | $ 3,760 |
Weighted-average common shares outstanding - basic | 1,632 | 1,632 | 1,634 | 1,633 |
Incremental shares attributable to share-based compensation plans | 2 | 4 | 2 | 4 |
Weighted-average common shares outstanding - diluted | 1,634 | 1,636 | 1,636 | 1,637 |
Earnings Per Share, Basic | $ 0.83 | $ 1.16 | $ 2.75 | $ 2.30 |
Earnings Per Share, Diluted | $ 0.83 | $ 1.16 | $ 2.75 | $ 2.30 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Fair Value Measurement) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | $ 2,978 | $ 2,978 | $ 3,623 | ||
Equity Securities, FV-NI | 260 | 260 | 479 | ||
Debt Securities, Available-for-sale, Amortized Cost | 2,971 | 2,971 | 3,660 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8 | 8 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1) | (1) | (37) | ||
Total securities | 3,238 | 3,238 | 4,102 | ||
Investments, Fair Value Disclosure | 3,238 | 3,238 | 4,102 | ||
Equity Securities without Readily Determinable Fair Value, Amount | 164 | 164 | 206 | ||
Equity Securities, FV-NI, Gain (Loss) | (235) | $ 97 | (81) | $ (262) | |
Equity Securities, FV-NI, Realized Gain (Loss) | 0 | 0 | 14 | 0 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (235) | $ 97 | (95) | $ (262) | |
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | 0 | ||
Derivative asset | 0 | 0 | 0 | ||
Derivative Liability | 0 | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 29,771 | 29,771 | 6,173 | ||
Derivative asset | 85 | 85 | 44 | ||
Derivative Liability | (251) | (251) | (31) | ||
Certificates of Deposit [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | 1,156 | 1,156 | 971 | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,156 | 1,156 | 971 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | 0 | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | 0 | 0 | 0 | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | 1,156 | 1,156 | 971 | ||
Commercial Paper [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | 129 | 129 | 273 | ||
Debt Securities, Available-for-sale, Amortized Cost | 129 | 129 | 273 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | 0 | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | 0 | 0 | 0 | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | 129 | 129 | 273 | ||
Corporate Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | 1,693 | 1,693 | 2,379 | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,686 | 1,686 | 2,416 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8 | 8 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1) | (1) | (37) | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | 0 | 0 | 0 | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale | 1,693 | 1,693 | 2,379 | ||
Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI | 0 | 0 | 0 | ||
Marketable Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI | 0 | 0 | 125 | ||
Other Current Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 2,053 | 2,053 | 1,973 | ||
Other Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 925 | 925 | 1,775 | ||
Other Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 260 | 260 | 354 | ||
Other Assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI | 113 | 113 | 88 | ||
Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Securities, FV-NI | 147 | 147 | 266 | ||
Portion at Other than Fair Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity Method Investments | $ 150 | $ 150 | $ 114 |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Derivatives and Hedging) (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | ||||||
Debt Instrument, Face Amount | $ 24,467 | $ 24,467 | $ 6,776 | |||
Derivative, Basis Spread on Variable Rate | 4.60% | 4.60% | 4.60% | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 63 | $ 18 | $ 102 | $ 63 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (20) | (13) | (76) | 20 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 10 | (21) | 39 | (232) | ||
Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Face Amount | 1,000 | 1,000 | € 950 | |||
Non-Derivatives Qualifying as Net Investment Hedges Reclassified to Earnings | 43 | 10 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 41 | (6) | 43 | 10 | ||
Cross Currency Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 2 | 5 | 4 | 1 | ||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative asset | 1 | 1 | 0 | |||
Derivative Liability | (2) | (2) | (5) | |||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 125 | 125 | 50 | |||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Liability [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 175 | 175 | 250 | |||
Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability | 11 | 11 | (10) | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative asset | 11 | 11 | 0 | |||
Derivative Liability | 0 | 0 | (10) | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 255 | 255 | 0 | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Liability [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 0 | 0 | 755 | |||
Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 63 | 18 | 102 | 63 | ||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative asset | 68 | 68 | 44 | |||
Derivative Liability | (4) | (4) | (10) | |||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 1,667 | 1,667 | 1,503 | |||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Liability [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 246 | 246 | 496 | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative asset | 5 | 5 | 0 | |||
Derivative Liability | (5) | (5) | (6) | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 525 | 525 | 54 | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Liability [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 203 | 203 | 600 | |||
Forward Starting Interest Rate Swap Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 7,600 | 7,600 | ||||
Deal Contingent Forward Starting Interest Rate Swap Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 10,400 | 10,400 | ||||
Derivative asset | 0 | 0 | 0 | |||
Derivative Liability | (240) | (240) | 0 | |||
Deal Contingent Forward Starting Interest Rate Swap Contracts [Member] | Not Designated as Hedging Instrument [Member] | Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 0 | 0 | 0 | |||
Deal Contingent Forward Starting Interest Rate Swap Contracts [Member] | Not Designated as Hedging Instrument [Member] | Liability [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 10,350 | 10,350 | $ 0 | |||
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 921 | 921 | ||||
Japan, Yen | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 300 | 300 | ||||
Japan, Yen | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 546 | 546 | ||||
Cost of Sales [Member] | Cross Currency Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 | ||
Cost of Sales [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 | ||
Cost of Sales [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 20 | 13 | 76 | (20) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (20) | (13) | (76) | 20 | ||
Cost of Sales [Member] | Forward Starting Interest Rate Swap Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | ||||
Cost of Sales [Member] | Deal Contingent Forward Starting Interest Rate Swap Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | ||||
Interest Expense [Member] | Cross Currency Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 2 | 2 | 6 | 6 | ||
Interest Expense [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 6 | 5 | 18 | 18 | ||
Interest Expense [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 9 | $ 10 | 11 | $ 17 | ||
Interest Expense [Member] | Forward Starting Interest Rate Swap Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (35) | ||||
Interest Expense [Member] | Deal Contingent Forward Starting Interest Rate Swap Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ (240) | ||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Variable Interest Rate | 2.00% | 2.00% | 2.00% |
FINANCIAL INSTRUMENTS AND FAI_5
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Short-term Bank Loans and Notes Payable | $ 355 | $ 355 | $ 320 | ||
Current portion of long-term debt | 0 | 0 | 1,249 | ||
Other Short-term Borrowings | 214 | 214 | 134 | ||
Bank drafts and short-term borrowings | 569 | 569 | 1,703 | ||
Debt Instrument, Face Amount | 24,467 | 24,467 | 6,776 | ||
Adjustments to Principal Value, Unamortized basis adjustment from swap terminations | 181 | 181 | 201 | ||
Debt Instrument, Unamortized Discount | (269) | (269) | (72) | ||
Long-term Debt | 24,390 | 24,390 | 6,895 | ||
Long-term debt | 24,390 | 24,390 | 5,646 | ||
Long-term debt, fair value | 26,600 | 26,600 | 7,100 | ||
Interest payments | 166 | $ 174 | |||
Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative Liability | 11 | 11 | $ (10) | ||
Bridge Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 33,500 | ||||
1.600% Notes Due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Notes Payable | $ 750 | ||||
Interest rate on matured debt | 1.60% | ||||
1.750% Notes Due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Notes Payable | $ 500 | ||||
Interest rate on matured debt | 1.75% | ||||
$2.0 Billion Revolving Credit Facility Expiring in January 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | 2,000 | |||
$1.5 Billion Revolving Credit Facility Expiring in September 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | 1,500 | |||
$1.5 Billion Revolving Credit Facility Expiring in July 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | 1,500 | |||
Term Loan Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 8,000 | 8,000 | |||
Floating Rate Notes due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 750 | 750 | |||
Floating Rate Notes due 2022 [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 | |||
2.600% Notes due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 1,500 | 1,500 | |||
2.900% Notes due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 3,250 | 3,250 | |||
3.200% Notes due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 2,250 | 2,250 | |||
3.400% Notes due 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 4,000 | 4,000 | |||
4.125% Notes due 2039 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 2,000 | 2,000 | |||
4.250% Notes due 2049 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 3,750 | 3,750 | |||
$19 Billion Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 19,000 | $ 19,000 | |||
Redemption Premium | 101.00% | ||||
Proceeds from Debt, Net of Issuance Costs | 18,800 | $ 18,790 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 6,000 | $ 6,000 | |||
Revolving Credit Facility [Member] | $1.0 Billion Revolving Credit Facility Expiring in January 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | 1,000 | |||
364-Day Tranche [Member] | Term Loan Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | 1,000 | |||
Three-Year Tranche [Member] | Term Loan Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000 | 4,000 | |||
Five-Year Tranche [Member] | Term Loan Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | $ 3,000 |
RECEIVABLES (Details)
RECEIVABLES (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Account Receivables [Line Items] | |||
Trade receivables | $ 4,595 | $ 4,914 | |
Charge-Backs and Cash Discounts | (270) | (245) | |
Less allowances | (36) | (33) | |
Net trade receivables | 4,289 | 4,636 | |
Prepaid and refundable income taxes | 159 | 218 | |
Other | 1,062 | 1,111 | |
Receivables | 5,510 | $ 5,965 | |
Non-U.S. receivables sold on a nonrecourse basis | $ 580 | $ 594 | |
Number Of Largest Pharmaceutical Wholesalers | 3 | ||
Customer Concentration Risk [Member] | |||
Account Receivables [Line Items] | |||
Percent of aggregate total trade receivables due from three pharmaceutical wholesalers | 70.00% | 70.00% |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory, Net [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 306 | $ 356 |
Inventory, Work in Process, Net of Reserves | 1,124 | 1,152 |
Inventory, Raw Materials and Supplies, Net of Reserves | 127 | 116 |
Total inventories | 1,557 | 1,624 |
Inventories | 1,192 | 1,195 |
Inventories - other assets | $ 365 | $ 429 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||||
Land | $ 105 | $ 105 | $ 104 | ||
Buildings and Improvements, Gross | 5,285 | 5,285 | 5,231 | ||
Machinery and Equipment, Gross | 2,932 | 2,932 | 2,962 | ||
Construction in Progress, Gross | 465 | 465 | 548 | ||
Gross property, plant and equipment | 8,787 | 8,787 | 8,845 | ||
Less accumulated depreciation | (3,957) | (3,957) | (3,818) | ||
Property, plant and equipment | 4,830 | 4,830 | $ 5,027 | ||
Depreciation expense | $ 135 | $ 127 | $ 401 | $ 366 |
LEASES Narratives (Details)
LEASES Narratives (Details) | Sep. 30, 2019 |
Facility Lease [Member] | Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Lessee, Operating Lease, Renewal Term | 1 year |
Facility Lease [Member] | Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 20 years |
Lessee, Operating Lease, Renewal Term | 10 years |
Vehicle Lease [Member] | Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Vehicle Lease [Member] | Maximum [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 | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 25 | $ 80 |
Variable Lease, Cost | 5 | 15 |
Short-term Lease, Cost | 6 | 16 |
Sublease Income | (1) | (3) |
Lease, Cost | $ 35 | $ 108 |
LEASES Lease Assets and Liabili
LEASES Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 496 | $ 543 | |
Operating Lease, Liability, Current | 66 | 40 | $ 0 |
Operating Lease, Liability, Noncurrent | 504 | 548 | |
Operating Lease, Liability | $ 570 | $ 588 |
LEASES Maturities of Operating
LEASES Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | $ 28 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 86 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 76 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 69 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 61 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 395 | |
Lessee, Operating Lease, Liability, Payments, Due | 715 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 145 | |
Operating Lease, Liability | $ 570 | $ 588 |
LEASES Supplemental Information
LEASES Supplemental Information Related to Leases (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Incentive from Lessor | $ 33 |
Operating Lease, Payments | $ 41 |
Operating Lease, Weighted Average Remaining Lease Term | 11 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 6,513 | $ 6,513 | $ 6,538 | ||||
Gross other intangible assets | 4,097 | 4,097 | 4,055 | ||||
Less: accumulated amortization | (3,095) | (3,095) | (2,964) | ||||
Other intangible assets | 1,002 | 1,002 | 1,091 | ||||
Amortization expense | 52 | $ 54 | 156 | $ 147 | |||
Asset Impairment Charges | $ 64 | ||||||
Licensing Agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Assets, Net | 482 | 482 | 510 | ||||
Technology-Based Intangible Assets [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Assets, Net | 2,357 | 2,357 | 2,357 | ||||
Capitalized Software, Intangible Asset [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Assets, Net | 1,258 | 1,258 | 1,156 | ||||
In Process Research and Development [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
In-process research and development | $ 0 | $ 0 | $ 32 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 32 | ||||||
Minimum [Member] | Licensing Agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||
Minimum [Member] | Technology-Based Intangible Assets [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||||
Minimum [Member] | Capitalized Software, Intangible Asset [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||
Maximum [Member] | Licensing Agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||
Maximum [Member] | Technology-Based Intangible Assets [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||
Maximum [Member] | Capitalized Software, Intangible Asset [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 10 years |
ACCRUED AND OTHER CURRENT LIA_3
ACCRUED AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Other Liabilities, Current [Abstract] | |||
Rebates and returns | $ 3,209 | $ 2,417 | |
Employee compensation and benefits | 639 | 848 | |
Research and development | 891 | 805 | |
Dividends Payable, Current | 668 | 669 | |
Royalties | 378 | 391 | |
Liabilities related to the deal contingent forward interest rate swap | 240 | 0 | |
Branded Prescription Drug Fee | 165 | 188 | |
Liabilities related to assets held-for-sale | 11 | 152 | |
Litigation and other settlements | 75 | 118 | |
Operating Lease, Liability, Current | 66 | $ 40 | 0 |
Restructuring | 24 | 85 | |
Liability, Pension and Other Postretirement and Postemployment Benefits, Current | 35 | 35 | |
Deferred income | 86 | 172 | |
Income taxes payable | 546 | 398 | |
Accrued Interest | 289 | 69 | |
Other | 710 | 712 | |
Other liabilities, current | $ 8,032 | $ 7,059 |
EQUITY (Changes in Equity) (Det
EQUITY (Changes in Equity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Common Stock, Dividends, Per Share, Declared | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.41 | $ 0.40 | |||||
Stock Repurchased During Period, Value | $ 300 | ||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 1,000 | $ 1,000 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Common Stock, Value, Issued, Balance at Beginning of Period | $ 221 | 221 | |||||||||||
Common Stock, Value, Issued, Balance at End of Period | 221 | 221 | |||||||||||
Capital in Excess of Par Value of Stock, Balance at Beginning of Period | 2,081 | 2,081 | |||||||||||
Capital in Excess of Par Value of Stock, Balance at End of Period | 2,206 | 2,206 | |||||||||||
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | (2,762) | (2,762) | |||||||||||
Other Comprehensive Income/(Loss) | 1,158 | $ 8 | 1,299 | $ (3) | |||||||||
Accumulated Other Comprehensive Loss, Balance at End of Period | (1,463) | (1,463) | |||||||||||
Retained Earnings, Balance at Beginning of Period | 34,065 | 34,065 | |||||||||||
Net Earnings Attributable to BMS | 1,353 | 1,901 | 4,495 | 3,760 | |||||||||
Retained Earnings, Balance at End of Period | $ 36,555 | 36,555 | |||||||||||
Stock repurchase program, Shares | 6.5 | ||||||||||||
Cost of Treasury Stock, Balance at Beginning of Period | (19,574) | (19,574) | |||||||||||
Cost of Treasury Stock, Balance at End of Period | $ (19,871) | (19,871) | |||||||||||
Noncontrolling interest, Balance at Beginning of Period | $ 96 | 96 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (13) | $ (11) | (25) | $ (29) | |||||||||
Noncontrolling interest, Balance at End of Period | $ 106 | $ 106 | |||||||||||
Common Stock [Member] | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Common Stock, Shares Issued, Balance at Beginning of Period | 2,208 | 2,208 | 2,208 | 2,208 | 2,208 | 2,208 | 2,208 | 2,208 | |||||
Common Stock, Shares Issued, Balance at End of Period | 2,208 | 2,208 | 2,208 | 2,208 | 2,208 | 2,208 | 2,208 | 2,208 | |||||
Common Stock, Value, Issued, Balance at Beginning of Period | $ 221 | $ 221 | $ 221 | $ 221 | $ 221 | $ 221 | $ 221 | $ 221 | |||||
Common Stock, Value, Issued, Balance at End of Period | 221 | 221 | 221 | 221 | 221 | 221 | 221 | 221 | |||||
Capital in Excess of Par Value of Stock [Member] | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Capital in Excess of Par Value of Stock, Balance at Beginning of Period | 2,150 | 2,103 | 2,081 | 1,966 | 1,916 | 1,898 | 2,081 | 1,898 | |||||
Stockholders' Equity, Other | 56 | 47 | 22 | 63 | 50 | 18 | |||||||
Capital in Excess of Par Value of Stock, Balance at End of Period | 2,206 | 2,150 | 2,103 | 2,029 | 1,966 | 1,916 | 2,206 | 2,029 | |||||
Accumulated Other Comprehensive Loss | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | (2,621) | (2,644) | (2,762) | (2,334) | (2,234) | (2,289) | (2,762) | (2,289) | |||||
Cumulative effect of an accounting change on retained earnings | $ (34) | ||||||||||||
Retained Earnings, Adjusted balance at Beginning of Period | $ (2,762) | $ (2,323) | |||||||||||
Other Comprehensive Income/(Loss) | 1,158 | 23 | 118 | 8 | (100) | 89 | |||||||
Accumulated Other Comprehensive Loss, Balance at End of Period | (1,463) | (2,621) | (2,644) | (2,326) | (2,334) | (2,234) | (1,463) | (2,326) | |||||
Retained Earnings [Member] | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Cumulative effect of an accounting change on retained earnings | $ 5 | $ 332 | |||||||||||
Retained Earnings, Adjusted balance at Beginning of Period | $ 34,070 | $ 31,492 | |||||||||||
Retained Earnings, Balance at Beginning of Period | 35,870 | 35,109 | 34,065 | 32,044 | 32,323 | 31,160 | 34,065 | 31,160 | |||||
Net Earnings Attributable to BMS | 1,353 | 1,432 | 1,710 | 1,901 | 373 | 1,486 | |||||||
Cash dividends declared | (668) | (671) | (671) | (653) | (652) | (655) | |||||||
Retained Earnings, Balance at End of Period | $ 36,555 | $ 35,870 | $ 35,109 | $ 33,292 | $ 32,044 | $ 32,323 | $ 36,555 | $ 33,292 | |||||
Treasury Stock [Member] | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Treasury Stock, Shares, Acquired | 7 | 2 | 3 | ||||||||||
Treasury Stock, Shares, Balance at Beginning of Period | 572 | 572 | 576 | 576 | 574 | 575 | 576 | 575 | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 0 | 0 | (4) | 0 | 0 | (4) | |||||||
Treasury Stock, Shares, Balance at End of Period | 579 | 572 | 572 | 576 | 576 | 574 | 579 | 576 | |||||
Cost of Treasury Stock, Balance at Beginning of Period | $ (19,571) | $ (19,571) | $ (19,574) | $ (19,580) | $ (19,433) | $ (19,249) | $ (19,574) | $ (19,249) | |||||
Stock repurchase program, Cost | (300) | (147) | (166) | ||||||||||
Employee stock compensation plans, Cost | 0 | 0 | 3 | 4 | 0 | (18) | |||||||
Cost of Treasury Stock, Balance at End of Period | (19,871) | (19,571) | (19,571) | (19,576) | (19,580) | (19,433) | (19,871) | (19,576) | |||||
Noncontrolling Interest [Member] | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Noncontrolling interest, Balance at Beginning of Period | 102 | 99 | 96 | 101 | 113 | 106 | 96 | 106 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 13 | 7 | 5 | 11 | 9 | 9 | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (9) | (4) | (2) | (2) | (21) | (2) | |||||||
Noncontrolling interest, Balance at End of Period | $ 106 | $ 102 | $ 99 | $ 110 | $ 101 | $ 113 | $ 106 | $ 110 | |||||
Forecast [Member] | |||||||||||||
Stock Repurchase Program, Authorized Amount | $ 7,000 |
EQUITY (Other Comprehensive Inc
EQUITY (Other Comprehensive Income/(Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), before Tax [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 63 | $ 18 | $ 102 | $ 63 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (20) | (13) | (76) | 20 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 43 | 5 | 26 | 83 | |
Pension and postretirement benefits - Actuarial gains/(losses), Pre-tax | (126) | (12) | (140) | 100 | |
Pension and postretirement benefits - Amortization, Pre-tax | 12 | 14 | 45 | 50 | |
Pension and postretirement benefits - Curtailments and settlements, Pre-Tax | 1,550 | 26 | 1,643 | 95 | |
Pension and postretirement benefits, Pre-tax | 1,436 | 28 | 1,548 | 245 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments and Tax | 42 | (36) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 3 | 0 | |||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | 6 | 4 | 45 | (36) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 10 | (21) | 39 | (232) | |
Other Comprehensive Income/(Loss), Pre-tax | 1,495 | 16 | 1,658 | 60 | |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (8) | (2) | (12) | (6) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 3 | 2 | 10 | (6) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | (5) | 0 | (2) | (12) | |
Pension and postretirement benefits - Actuarial gains/(losses), Tax | 27 | 3 | 30 | (21) | |
Pension and postretirement benefits - Amortization, Tax | (2) | (3) | (8) | (9) | |
Pension and postretirement benefits - Curtailments and settlements, Tax | (345) | (6) | (366) | (21) | |
Pension and postretirement benefits, Tax | (320) | (6) | (344) | (51) | |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | (2) | 5 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 0 | |||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | (2) | (2) | (2) | 5 | |
Foreign currency translation, Tax | (10) | 0 | (11) | (5) | |
Other comprehensive income/(loss), Tax | (337) | (8) | (359) | (63) | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 55 | 16 | 90 | 57 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (17) | (11) | (66) | 14 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 38 | 5 | 24 | 71 | |
Pension and postretirement benefits - Actuarial gains/(losses), After tax | (99) | (9) | (110) | 79 | |
Pension and postretirement benefits - Amortization, After tax | 10 | 11 | 37 | 41 | |
Pension and postretirement benefits - Curtailments and settlements, After tax | 1,205 | 20 | 1,277 | 74 | |
Pension and postretirement benefits, After tax | 1,116 | 22 | 1,204 | 194 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax | 40 | (31) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 3 | 0 | |||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 4 | 2 | 43 | (31) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | (21) | 28 | (237) | |
Other Comprehensive Income/(Loss) | 1,158 | $ 8 | 1,299 | $ (3) | |
Derivatives qualifying as cash flow hedges | 75 | 75 | $ 51 | ||
Pension and postretirement benefits | (898) | (898) | (2,102) | ||
Available-for-sale securities | 13 | 13 | (30) | ||
Foreign currency translation | (653) | (653) | (681) | ||
Accumulated other comprehensive loss | $ (1,463) | $ (1,463) | $ (2,762) |
PENSION AND POSTRETIREMENT BE_3
PENSION AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | ||||||
Payment for Pension Benefits | $ 1,300 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (1,500) | |||||
Net periodic benefit cost/(credit) | 1,537 | $ (10) | $ 1,607 | $ (40) | ||
Non-current pension liabilities | 426 | 426 | $ 427 | |||
Defined contribution plan expense | 50 | 50 | 140 | 130 | ||
Pension Benefits [Member] | ||||||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | ||||||
Service cost - benefits earned during the period | 6 | 6 | 18 | 20 | ||
Interest cost on projected benefit obligation | 20 | 50 | 101 | 146 | ||
Expected return on plan assets | (39) | (97) | (173) | (315) | ||
Amortization of prior service credits | (1) | (1) | (3) | (3) | ||
Amortization of net actuarial (gain)/loss | 14 | 17 | 49 | 57 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 1,550 | 26 | 1,643 | 95 | ||
Net periodic benefit cost/(credit) | 1,550 | $ 1 | 1,635 | $ 0 | ||
Bristol-Myers Squibb Retirement Income Plan [Member] | ||||||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | ||||||
Defined Benefit Plan, Benefit Obligation | $ 2,400 | $ 2,400 | ||||
Forecast [Member] | ||||||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | ||||||
Payment for Pension Benefits | $ 200 |
LEGAL PROCEEDINGS AND CONTING_2
LEGAL PROCEEDINGS AND CONTINGENCIES (Details) $ in Millions | Sep. 30, 2019USD ($)lawsuits |
Plavix Australia Intellectual Property [Member] | Australia, Dollars | |
Legal Proceedings And Contingencies [Line Items] | |
Loss contingency, Estimate of possible loss | $ | $ 449 |
Plavix Australia Intellectual Property [Member] | United States of America, Dollars | |
Legal Proceedings And Contingencies [Line Items] | |
Loss contingency, Estimate of possible loss | $ | $ 303 |
Byetta Product Liability Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 570 |
Abilify Product Liability [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2,000 |
Securities Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
Acquisition of Celgene Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 13 |
Cercla Matters [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss contingency, Estimate of possible loss | $ | $ 69.7 |
BMS [Member] | Acquisition of Celgene Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 5 |
PENDING CELGENE ACQUISITION P_2
PENDING CELGENE ACQUISITION PENDING CELGENE ACQUISITION (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Jan. 03, 2019 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Business Acquisition, Share Price | $ 50 | |||
Business Combination, Potential Payment Per Share Based Upon Future Events | $ 9 | |||
Forecast [Member] | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Business Combination, Consideration Transferred | $ 74,000 | |||
Stock Repurchase Program, Authorized Amount | $ 7,000 | |||
$19 Billion Senior Unsecured Notes [Member] | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Proceeds from Debt, Net of Issuance Costs | $ 18,800 | $ 18,790 |