| Summary of Assets and Liabilities Held For Sale |
| | | | | | The amounts associated with the Consumer Healthcare business, as well as other assets classified as held for sale consisted of the following: | (MILLIONS OF DOLLARS) | | December 31,
2018 |
| Assets Held for Sale | | | Cash and cash equivalents | | $ | 32 |
| Trade accounts receivable, less allowance for doubtful accounts | | 532 |
| Inventories | | 538 |
| Other current assets | | 56 |
| PP&E | | 675 |
| Identifiable intangible assets, less accumulated amortization | | 5,763 |
| Goodwill | | 1,972 |
| Noncurrent deferred tax assets and other noncurrent tax assets | | 54 |
| Other noncurrent assets | | 57 |
| Total Consumer Healthcare assets held for sale | | 9,678 |
| Other assets held for sale(a) | | 46 |
| Assets held for sale | | $ | 9,725 |
| | | | Liabilities Held for Sale | | | | | | Trade accounts payable | | $ | 406 |
| Income taxes payable | | 39 |
| Accrued compensation and related items | | 93 |
| Other current liabilities | | 353 |
| Pension benefit obligations, net | | 39 |
| Postretirement benefit obligations, net | | 33 |
| Noncurrent deferred tax liabilities | | 870 |
| Other noncurrent liabilities | | 56 |
| Total Consumer Healthcare liabilities held for sale | | $ | 1,890 |
|
(a) Other assets held for sale consist of PP&E.
|
| Summarized Financial Information of Equity Method Investments |
| | | | | | | | | | Summarized financial information for our equity method investee, ViiV, as of December 31, 2019 and 2018 and for the years ending December 31, 2019, 2018, and 2017 is as follows: | | | As of December 31, | (MILLIONS OF DOLLARS) | | 2019 |
| | 2018 |
| Current assets | | $ | 3,839 |
| | $ | 3,381 |
| Noncurrent assets | | 3,437 |
| | 3,664 |
| Total assets | | 7,276 |
| | 7,045 |
| | | | | | Current liabilities | | 2,904 |
| | 2,725 |
| Noncurrent liabilities | | 5,860 |
| | 6,636 |
| Total liabilities | | 8,765 |
| | 9,361 |
| | | | | | Total net equity/(deficit) attributable to shareholders | | $ | (1,489 | ) | | $ | (2,316 | ) |
| | | | | | | | | | | | | | | | Year Ended December 31, | (MILLIONS OF DOLLARS) | | 2019 |
| | 2018 |
| | 2017 |
| Net Sales | | $ | 6,139 |
| | $ | 6,219 |
| | $ | 5,504 |
| Cost of sales | | (516 | ) | | (462 | ) | | (381 | ) | Gross profit | | $ | 5,623 |
| | $ | 5,757 |
| | $ | 5,123 |
| Income from continuing operations | | 3,398 |
| | 2,154 |
| | 1,867 |
| Net income | | 3,398 |
| | 2,154 |
| | 1,867 |
| Income attributable to shareholders | | 3,398 |
| | 2,154 |
| | 1,867 |
|
| | | | | | Summarized financial information for our equity method investee, GSK Consumer Healthcare, as of and for the two months ending September 30, 2019, the most recent period available, is as follows: | (MILLIONS OF DOLLARS) | | September 30,
2019 |
| Current assets | | $ | 7,505 |
| Noncurrent assets | | 38,575 |
| Total assets | | $ | 46,081 |
| | | | Current liabilities | | $ | 5,241 |
| Noncurrent liabilities | | 5,536 |
| Total liabilities | | $ | 10,776 |
| | | | Equity attributable to shareholders | | $ | 35,199 |
| Equity attributable to noncontrolling interests | | 105 |
| Total net equity | | $ | 35,304 |
|
| | | | | | (MILLIONS OF DOLLARS) | | For the Two Months Ending September 30, 2019 |
| Net Sales | | $ | 2,161 |
| Cost of sales | | (803 | ) | Gross profit | | $ | 1,358 |
| Income from continuing operations | | 152 |
| Net income | | 152 |
| Income attributable to shareholders | | 148 |
|
|
| Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions |
| | | | | | | | | | | | | | The following table provides the amounts and classification of payments (income/(expense)) between us and our collaboration partners: | | | Year Ended December 31, | (MILLIONS OF DOLLARS) | | 2019 |
| | 2018 |
| | 2017 |
| Revenues—Revenues(a) | | $ | 664 |
| | $ | 571 |
| | $ | 606 |
| Revenues—Alliance revenues(b) | | 4,648 |
| | 3,838 |
| | 2,927 |
| Total revenues from collaborative arrangements | | $ | 5,313 |
| | $ | 4,409 |
| | $ | 3,533 |
| Cost of sales(c) | | $ | (351 | ) | | $ | (296 | ) | | $ | (329 | ) | Selling, informational and administrative expenses(d) | | (173 | ) | | (90 | ) | | (54 | ) | Research and development expenses(e) | | 99 |
| | 162 |
| | 222 |
| Other income/(deductions)—net(f) | | 362 |
| | 281 |
| | 249 |
|
| | (a) | Represents sales to our partners of products manufactured by us. |
| | (b) | Substantially all relates to amounts earned from our partners under co-promotion agreements. The increases in each of the periods presented reflect increases in alliance revenues from Eliquis and Xtandi. |
| | (c) | Primarily relates to amounts paid to collaboration partners for their share of net sales or profits earned in collaboration arrangements where we are the principal in the transaction, and cost of sales associated with inventory purchased from our partners. |
| | (d) | Represents net reimbursements to our partners for selling, informational and administrative expenses incurred. |
| | (e) | Primarily relates to upfront payments and pre-approval milestone payments earned by our partners as well as net reimbursements. The upfront and milestone payments were as follows: $50 million in 2018 and $15 million in 2017. There were no upfront and milestone payments in 2019. Our collaboration with Lilly (see below) also includes reimbursements of $67 million in 2019, $98 million in 2018 and $147 million in 2017. |
(f) Primarily relates to royalties from our collaboration partners.
|