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RESTRUCTURING | 9 Months Ended
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Sep. 30, 2024
Restructuring Charges [Abstract] |
RESTRUCTURING | RESTRUCTURING 2023 Restructuring Plan In 2023, BMS commenced a restructuring plan to accelerate the delivery of medicines to patients by evolving and streamlining its enterprise operating model in key areas, such as R&D, manufacturing, commercial and other functions, to ensure its operating model supports and is appropriately aligned with the Company’s strategy to invest in key priorities. These changes primarily include (i) transforming R&D operations to accelerate pipeline delivery, (ii) enhancing our commercial operating model, and (iii) establishing a more responsive manufacturing network and expanding our cell therapy manufacturing capabilities. Consistent with our prioritization and efficiency goals communicated earlier this year, BMS continues to execute on strategic productivity initiatives through portfolio prioritization and management of our operating costs. Total expected restructuring costs under the 2023 Restructuring Plan to be incurred through 2026 are approximately $1.5 billion. These costs consist primarily of employee termination costs, and to a lesser extent, site exit costs, including impairment and accelerated depreciation of property, plant and equipment. Celgene and Other Acquisition Plans Restructuring and integration plans were initiated to realize expected cost synergies resulting from cost savings and avoidance from the acquisitions of Celgene (2019), Turning Point (2022), Mirati (2024), RayzeBio (2024) and Karuna (2024). For these plans, the remaining charges of approximately $350 million consist primarily of employee termination costs, IT system integration costs, and to a lesser extent, site exit costs, including impairment and accelerated depreciation of property, plant and equipment. The following provides the charges related to restructuring initiatives by type of cost:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Dollars in millions | 2024 |  | 2023 |  | 2024 |  | 2023
2023 Restructuring Plan | $ | 180 |  |  | $ | 149 |  |  | $ | 512 |  |  | $ | 380 |
Celgene and Other Acquisition Plans | 83 |  |  | 131 |  |  | 420 |  |  | 269 |
Total charges | $ | 263 |  |  | $ | 280 |  |  | $ | 932 |  |  | $ | 649 |
Employee termination costs | $ | 77 |  |  | $ | 135 |  |  | $ | 554 |  |  | $ | 309 |
Other termination costs | 1 |  |  | 6 |  |  | 4 |  |  | 12 |
Provision for restructuring | 78 |  |  | 141 |  |  | 558 |  |  | 321 |
Integration expenses | 69 |  |  | 54 |  |  | 214 |  |  | 180 |
Accelerated depreciation | 22 |  |  | 15 |  |  | 56 |  |  | 28 |
Asset impairments (a) | 93 |  |  | 70 |  |  | 95 |  |  | 120 |
Other shutdown costs | 1 |  |  | — |  |  | 9 |  |  | — |
Total charges | $ | 263 |  |  | $ | 280 |  |  | $ | 932 |  |  | $ | 649 |
Cost of products sold | $ | 88 |  |  | $ | 16 |  |  | $ | 105 |  |  | $ | 53 |
Marketing, selling and administrative | 7 |  |  | 65 |  |  | 19 |  |  | 85 |
Research and development | 21 |  |  | 4 |  |  | 36 |  |  | 10 |
Other (income)/expense, net | 147 |  |  | 195 |  |  | 772 |  |  | 501 |
Total charges | $ | 263 |  |  | $ | 280 |  |  | $ | 932 |  |  | $ | 649 |
(a) Includes $87 million for a site impairment incurred during the three months ended September 30, 2024 and a $65 million impairment charge for a facility lease during the three months ended September 30, 2023. The following summarizes the charges and spending related to restructuring plan activities:
| Nine Months Ended September 30,
Dollars in millions | 2024 |  | 2023
Beginning balance | $ | 188 |  |  | $ | 47 |
Provision for restructuring | 558 |  |  | 321 |
Foreign currency translation and other | — |  |  | (3) |
Payments | (432) |  |  | (142) |
Ending balance | $ | 314 |  |  | $ | 223 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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