Question

In its 2012 annual report, which included a statement of comprehensive income, Bristol-Myers Squibb reported the following items (dollars in millions):
Impairment charge............$ (1,830)
Research and development......... (3,904)
Foreign currency translation ........... (7)
Net gain on disposal of business ....... 53
Provision for restructuring .......... (174)
Unrealized gain-AFS securities ........ 12
Cost of products sold.............. (4,610)
Litigation recoveries ............. 45
Equity in net income of affiliates ....... 183

REQUIRED:
a. Explain the nature of each item, describe where they would be disclosed on the income statement (including comprehensive income), and state whether or not they would be reported net of taxes.
b. Discuss each item in terms of its persistence.



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  • CreatedAugust 19, 2014
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