BECTON DICKINSON AND : CONDENSED CONSOLIDATED INCOME STATEMENTS - Form 8-K
April 14, 2022 at 05:19 pm
Share
BECTON DICKINSON AND COMPANY
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
Fiscal Year 2019
Three Months Ended December 31, 2021
Three Months Ended December 31, 2020
Three Months Ended March 31, 2021
Three Months Ended June 30, 2021
Three Months Ended September 30, 2021
Twelve Months Ended September 30, 2021
Twelve Months Ended September 30, 2020
Twelve Months Ended September 30, 2019
REVENUES
$
4,718
$
5,041
$
4,634
$
4,607
$
4,849
$
19,131
$
16,074
$
16,218
Cost of products sold
2,498
2,505
2,584
2,649
2,763
10,500
9,276
8,720
Selling and administrative expense
1,185
1,119
1,115
1,200
1,285
4,719
4,185
4,185
Research and development expense
314
278
304
330
368
1,279
1,039
1,004
Acquisitions and other restructurings
34
50
47
24
58
179
299
480
Other operating (income) expense, net
(4)
-
296
(88)
(5)
203
363
654
TOTAL OPERATING COSTS AND EXPENSES
4,027
3,953
4,345
4,114
4,469
16,881
15,161
15,043
OPERATING INCOME
692
1,088
289
492
380
2,250
912
1,175
Interest expense
(98)
(118)
(124)
(115)
(111)
(469)
(528)
(639)
Interest income
2
2
2
2
2
9
7
12
Other income (expense), net
4
33
(10)
(1)
(120)
(99)
23
43
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
600
1,005
158
378
151
1,692
414
591
Income tax provision (benefit)
32
135
(15)
(28)
(4)
88
62
(141)
NET INCOME FROM CONTINUING OPERATIONS
568
870
173
407
154
1,604
352
733
Income from discontinued operations, net of tax
109
133
127
118
110
488
522
500
NET INCOME
677
1,003
299
525
265
2,092
874
1,233
Preferred stock dividends
(23)
(23)
(23)
(23)
(23)
(90)
(107)
(152)
NET INCOME APPLICABLE TO COMMON SHAREHOLDERS
$
655
$
981
$
277
$
502
$
242
$
2,002
$
767
$
1,082
BASIC EARNINGS PER SHARE
Income from Continuing Operations
$
1.92
$
2.92
$
0.52
$
1.33
$
0.46
$
5.23
$
0.88
$
2.15
Income from Discontinued Operations
0.38
0.46
0.43
0.41
0.39
1.69
1.87
1.85
Basic Earnings per Share
$
2.30
$
3.38
$
0.95
$
1.73
$
0.85
$
6.92
$
2.75
$
4.01
DILUTED EARNINGS PER SHARE
Income from Continuing Operations
$
1.90
$
2.89
$
0.51
$
1.32
$
0.46
$
5.18
$
0.87
$
2.11
Income from Discontinued Operations
0.38
0.45
0.43
0.40
0.38
1.67
1.85
1.82
Diluted Earnings per Share
$
2.28
$
3.35
$
0.94
$
1.72
$
0.84
$
6.85
$
2.71
$
3.94
AVERAGE SHARES OUTSTANDING (in thousands)
Basic
284,685
290,590
291,095
289,522
285,985
289,288
278,971
269,943
Diluted
286,723
293,112
293,547
291,897
288,598
292,089
282,402
274,775
Page 1
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
(Unaudited; Amounts in millions, except per share data)
Three Months Ended December 31, 2021
Reported (GAAP)
Purchase accounting adjustments (A)
Integration costs (B)
Restructuring costs (B)
Transaction gain/loss, product and other litigation-related matters (C)
European regulatory initiative-related costs (D)
Investment gains/losses and asset impairments (E)
Income tax benefit of special items
Adjusted (Non-GAAP)
See Footnotes on Page 10
REVENUES
$
4,718
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
4,718
Gross margin
2,221
358
-
-
-
10
-
-
2,588
Selling and administrative expense
1,185
(7)
-
-
-
(1)
-
-
1,177
Research and development expense
314
-
-
-
-
(21)
-
-
293
OPERATING INCOME
692
365
17
17
-
31
-
-
1,122
Net interest expense
(96)
(1)
-
-
-
-
-
-
(97)
Other income (expense), net
4
-
-
-
5
-
17
-
26
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
600
364
17
17
5
31
17
-
1,050
Income tax provision
32
-
-
-
-
-
-
86
118
NET INCOME FROM CONTINUING OPERATIONS
$
568
$
364
$
17
$
17
$
5
$
31
$
17
$
(86)
$
933
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
$
1.90
$
1.27
$
0.06
$
0.06
$
0.02
$
0.11
$
0.06
$
(0.30)
$
3.17
Page 2
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
(Unaudited; Amounts in millions, except per share data)
Twelve Months Ended September 30, 2021
Reported (GAAP)
Purchase accounting adjustments (A)
Integration costs (B)
Restructuring costs (B)
Transaction gain/loss, product and other litigation-related matters (C)
European regulatory initiative-related costs (D)
Investment gains/losses and asset impairments (E)
Impacts of debt extinguishment (F)
Income tax benefit of special items
Adjusted
(Non-GAAP)
See Footnotes on Page 10
REVENUES
$
19,131
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
19,131
Gross margin
8,630
1,398
-
-
63
41
-
-
-
10,132
Selling and administrative expense
4,719
(11)
-
-
-
(1)
-
-
-
4,707
Research and development expense
1,279
(7)
-
-
-
(92)
-
-
-
1,181
OPERATING INCOME
2,250
1,416
135
44
266
134
-
-
-
4,244
Net interest expense
(460)
(7)
-
-
-
-
-
6
-
(460)
Other (expense) income, net
(99)
(5)
-
-
6
-
(46)
178
-
36
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
1,692
1,405
135
44
272
134
(46)
185
-
3,820
Income tax provision
88
-
-
-
-
-
-
-
348
435
NET INCOME FROM CONTINUING OPERATIONS
$
1,604
$
1,405
$
135
$
44
$
272
$
134
$
(46)
$
185
$
(348)
$
3,384
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
$
5.18
$
4.81
$
0.46
$
0.15
$
0.93
$
0.46
$
(0.16)
$
0.63
$
(1.19)
$
11.28
Page 3
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
(Unaudited; Amounts in millions, except per share data)
Three Months Ended December 31, 2020
Reported (GAAP)
Purchase accounting adjustments (A)
Integration costs (B)
Restructuring costs (B)
Transaction gain/loss, product and other litigation-related matters (C)
European regulatory initiative-related costs (D)
Impacts of debt extinguishment (F)
Dilutive impact (H)
Income tax benefit of special items
Adjusted
(Non-GAAP)
See Footnotes on Page 10
REVENUES
$
5,041
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
5,041
Gross margin
2,536
347
-
-
8
9
-
-
-
2,899
Selling and administrative expense
1,119
(2)
-
-
-
-
-
-
-
1,117
Research and development expense
278
(5)
-
-
-
(18)
-
-
-
255
OPERATING INCOME
1,088
355
33
17
8
26
-
-
-
1,527
Net interest expense
(116)
(2)
-
-
-
-
-
-
-
(118)
Other income (expense), net
33
-
-
-
(12)
-
10
-
-
31
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
1,005
352
33
17
(5)
26
11
-
-
1,440
Income tax provision
135
-
-
-
-
-
-
-
79
213
NET INCOME FROM CONTINUING OPERATIONS
$
870
$
352
$
33
$
17
$
(5)
$
26
$
11
$
-
$
(79)
$
1,227
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
$
2.89
$
1.20
$
0.11
$
0.06
$
(0.02)
$
0.09
$
0.04
$
(0.01)
$
(0.27)
$
4.10
Page 4
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
(Unaudited; Amounts in millions, except per share data)
Three Months Ended March 31, 2021
Reported (GAAP)
Purchase accounting adjustments (A)
Integration costs (B)
Restructuring costs (B)
Transaction gain/loss, product and other litigation-related matters (C)
European regulatory initiative-related costs (D)
Impacts of debt extinguishment (F)
Income tax benefit of special items
Adjusted
(Non-GAAP)
See Footnotes on Page 10
REVENUES
$
4,634
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
4,634
Gross margin
2,050
348
-
-
37
11
-
-
2,446
Selling and administrative expense
1,115
(1)
-
-
-
-
-
-
1,113
Research and development expense
304
-
-
-
-
(21)
-
-
282
OPERATING INCOME
289
349
33
14
333
32
-
-
1,050
Net interest expense
(122)
(1)
-
-
-
-
4
-
(119)
Other (expense) income, net
(10)
-
-
-
-
-
15
-
6
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
158
348
33
14
333
32
20
-
937
Income tax provision
(15)
-
-
-
-
-
-
124
110
NET INCOME FROM CONTINUING OPERATIONS
$
173
$
348
$
33
$
14
$
333
$
32
$
20
$
(124)
$
827
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
$
0.51
$
1.18
$
0.11
$
0.05
$
1.13
$
0.11
$
0.07
$
(0.42)
$
2.74
Page 5
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
(Unaudited; Amounts in millions, except per share data)
Three Months Ended June 30, 2021
Reported (GAAP)
Purchase accounting adjustments (A)
Integration costs (B)
Restructuring costs (B)
Transaction gain/loss, product and other litigation-related matters (C)
European regulatory initiative-related costs (D)
Income tax benefit of special items
Adjusted
(Non-GAAP)
See Footnotes on Page 10
REVENUES
$
4,607
$
-
$
-
$
-
$
-
$
-
$
-
$
4,607
Gross margin
1,958
349
-
-
-
10
-
2,317
Selling and administrative expense
1,200
(6)
-
-
-
-
-
1,194
Research and development expense
330
(1)
-
-
-
(22)
-
306
OPERATING INCOME
492
357
27
(4)
(88)
32
-
817
Net interest expense
(113)
(1)
-
-
-
-
-
(115)
Other (expense) income, net
(1)
-
-
-
18
-
-
17
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
378
355
27
(4)
(70)
32
-
719
Income tax (benefit) provision
(28)
-
-
-
-
-
59
31
NET INCOME FROM CONTINUING OPERATIONS
$
407
$
355
$
27
$
(4)
$
(70)
$
32
$
(59)
$
688
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
$
1.32
$
1.22
$
0.09
$
(0.01)
$
(0.24)
$
0.11
$
(0.20)
$
2.28
Page 6
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
(Unaudited; Amounts in millions, except per share data)
Three Months Ended September 30, 2021
Reported (GAAP)
Purchase accounting adjustments (A)
Integration costs (B)
Restructuring costs (B)
Transaction gain/loss, product and other litigation-related matters (C)
European regulatory initiative-related costs (D)
Investment gains/losses and asset impairments (E)
Impacts of debt extinguishment (F)
Income tax benefit of special items
Adjusted
(Non-GAAP)
See Footnotes on Page 10
REVENUES
$
4,849
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
4,849
Gross margin
2,086
354
-
-
18
12
-
-
-
2,470
Selling and administrative expense
1,285
(1)
-
-
-
-
-
-
-
1,283
Research and development expense
368
-
-
-
-
(31)
-
-
-
337
OPERATING INCOME
380
356
41
17
13
43
-
-
-
850
Net interest expense
(109)
(1)
-
-
-
-
-
2
-
(109)
Other (expense) income, net
(120)
(5)
-
-
-
-
(46)
153
-
(18)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
151
350
41
17
13
43
(46)
154
-
724
Income tax provision
(4)
-
-
-
-
-
-
-
85
82
NET INCOME FROM CONTINUING OPERATIONS
$
154
$
350
$
41
$
17
$
13
$
43
$
(46)
$
154
$
(85)
$
642
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
$
0.46
$
1.21
$
0.14
$
0.06
$
0.05
$
0.15
$
(0.16)
$
0.53
$
(0.30)
$
2.15
Page 7
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
(Unaudited; Amounts in millions, except per share data)
Twelve Months Ended September 30, 2020
Reported (GAAP)
Purchase accounting adjustments (A)
Integration costs (B)
Restructuring costs (B)
Transaction gain/loss, product and other litigation-related matters (C)
European regulatory initiative-related costs (D)
Investment gains/losses and asset impairments (E)
Impacts of debt extinguishment (F)
Income tax benefit of special items
Adjusted (Non-GAAP)
See Footnotes on Page 10
REVENUES
$
16,074
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
16,074
Gross margin
6,798
1,377
-
-
244
31
98
-
-
8,548
Selling and administrative expense
4,185
2
-
-
-
(1)
-
-
-
4,186
Research and development expense
1,039
-
-
-
-
(74)
-
-
-
965
OPERATING INCOME
912
1,361
214
84
622
105
98
-
-
3,397
Net interest expense
(521)
(5)
-
-
-
-
-
-
-
(527)
Other income (expense), net
23
-
-
-
9
-
1
8
-
41
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
414
1,355
214
84
631
105
100
8
-
2,911
Income tax provision
62
-
-
-
-
-
-
-
392
454
NET INCOME FROM CONTINUING OPERATIONS
$
352
$
1,355
$
214
$
84
$
631
$
105
$
100
$
8
$
(392)
$
2,457
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
$
0.87
$
4.80
$
0.76
$
0.30
$
2.24
$
0.37
$
0.35
$
0.03
$
(1.39)
$
8.32
Page 8
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
(Unaudited; Amounts in millions, except per share data)
Twelve Months Ended September 30, 2019
Reported (GAAP)
Purchase accounting adjustments (A)
Integration costs (B)
Restructuring costs (B)
Transaction gain/loss, product and other litigation-related matters (C)
European regulatory initiative-related costs (D)
Investment gains/losses and asset impairments (E)
Impacts of debt extinguishment (F)
Hurricane-related insurance proceeds (G)
Income tax benefit of special items
Adjusted (Non-GAAP)
See Footnotes on Page 10
REVENUES
$
16,218
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
16,218
Gross margin
7,498
1,374
25
-
-
15
-
-
-
-
8,912
Selling and administrative expense
4,185
(8)
-
-
11
(4)
-
-
-
-
4,184
Research and development expense
1,004
-
-
-
-
(32)
(30)
-
-
-
942
OPERATING INCOME
1,175
1,382
323
180
643
50
30
-
-
-
3,785
Net interest expense
(627)
(5)
-
-
-
-
-
(5)
-
-
(637)
Other income (expense), net
43
122
-
-
3
-
(13)
59
(24)
-
190
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
591
1,499
323
180
646
50
17
54
(24)
-
3,339
Income tax provision
(141)
-
-
-
-
-
-
-
-
622
481
NET INCOME FROM CONTINUING OPERATIONS
$
733
$
1,499
$
323
$
180
$
646
$
50
$
17
$
54
$
(24)
$
(622)
$
2,858
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
$
2.11
$
5.45
$
1.18
$
0.66
$
2.35
$
0.18
$
0.06
$
0.20
$
(0.09)
$
(2.26)
$
9.85
Page 9
The reconciliations of reported results to adjusted results on the previous pages reflect the following adjustments that are considered by management to be outside of BD's underlying operational results or that affect period to period comparability:
(A)Purchase accounting adjustments-Includes amortization and other adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and the valuation of fixed assets and debt. BD's amortization expense is primarily recorded in Cost of products sold.
(B)Integration and restructuring costs-Includes amounts associated with integration and restructuring activities resulting from acquisitions, as well as simplification and other cost saving initiatives. These costs are recorded to Acquisitions and other restructurings.
(C)Transaction gain/loss, product and other litigation-related matters-Includes charges to record product liability reserves, including related legal defense costs, of $361 million, $378 million, and $914 million which were recorded to Other operating (income) expense, net in 2021, 2020 and 2019, respectively, as well as Alaris pump-related remediation costs of $56 million and $244 million recorded to Cost of Products Sold in 2021 and 2020, respectively. Other amounts, which were recorded to Other operating (income) expense, net, include gains of $158 million recognized on sale-leaseback transactions in 2021, a $336 million gain recognized on the sale of a business in 2019 and a $75 million charge to record the estimated cost of a product recall in the Medical segment in 2019.
(D)European regulatory initiative-related costs-Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense, include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs.
(E)Investment gains/losses and asset impairments-Includes investment gains/losses recorded to Other income (expense), net, as well as asset impairment charges.
(F)Impacts of debt extinguishment-Represents the impacts, which are recorded in Other income (expense), net and Interest expense, of our extinguishment of certain long-term senior notes.
(G)Hurricane-related insurance proceeds-Represents insurance proceeds relating to hurricane-related claims. These proceeds were recorded within Other income (expense), net.
(H)Dilutive impact-Represents the impact of transactions which affect the comparability of period-over-period calculations of diluted earnings per share.
Page 10
Attachments
Original Link
Original Document
Permalink
Disclaimer
BD - Becton, Dickinson and Company published this content on 14 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2022 21:18:39 UTC.
Becton, Dickinson and Company specializes in the development, manufacturing and marketing of medical and diagnostic equipment and materials. Net sales break down by family of products as follows:
- medical equipment (73.5%): surgical instruments, urological care products, pharmaceutical systems, etc.;
- diagnostic materials (18.7%): automated systems for blood testing, mycobacteria detection, and molecular biology, medical biology devices, etc.;
- clinical research and development tools (7.8%): tools for discovering drugs and vaccines, studying genes, culturing cells, and manipulating liquids, instruments for sorting and analyzing cells, monoclonal antibodies, etc.
Net sales are distributed geographically as follows: the United States (57.4%), Europe/Middle East/Africa (21.9%), Asia (15%) and other (5.7%).