QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
(Address of principal executive offices) (Zip Code) | (Registrant’s telephone number, including area code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Page Number | ||||||||
Part I. | FINANCIAL INFORMATION | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
June 30, 2021 | September 30, 2020 | ||||||||||
Assets | (Unaudited) | ||||||||||
Current Assets: | |||||||||||
Cash and equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Short-term investments | |||||||||||
Trade receivables, net | |||||||||||
Inventories: | |||||||||||
Materials | |||||||||||
Work in process | |||||||||||
Finished products | |||||||||||
Prepaid expenses and other | |||||||||||
Total Current Assets | |||||||||||
Property, Plant and Equipment | |||||||||||
Less allowances for depreciation and amortization | |||||||||||
Property, Plant and Equipment, Net | |||||||||||
Goodwill | |||||||||||
Developed Technology, Net | |||||||||||
Customer Relationships, Net | |||||||||||
Other Intangibles, Net | |||||||||||
Other Assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current Liabilities: | |||||||||||
Short-term debt | $ | $ | |||||||||
Payables, accrued expenses and other current liabilities | |||||||||||
Total Current Liabilities | |||||||||||
Long-Term Debt | |||||||||||
Long-Term Employee Benefit Obligations | |||||||||||
Deferred Income Taxes and Other Liabilities | |||||||||||
Commitments and Contingencies (See Note 5) | |||||||||||
Shareholders’ Equity | |||||||||||
Preferred stock | |||||||||||
Common stock | |||||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Deferred compensation | |||||||||||
Common stock in treasury - at cost | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Shareholders’ Equity | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Cost of products sold | |||||||||||||||||||||||
Selling and administrative expense | |||||||||||||||||||||||
Research and development expense | |||||||||||||||||||||||
Acquisitions and other restructurings | |||||||||||||||||||||||
Other operating (income) expense, net | ( | ( | ( | ||||||||||||||||||||
Total Operating Costs and Expenses | |||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other (expense) income, net | ( | ||||||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Income tax (benefit) provision | ( | ( | |||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Preferred stock dividends | ( | ( | ( | ( | |||||||||||||||||||
Net income applicable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Basic Earnings per Share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings per Share | $ | $ | $ | $ | |||||||||||||||||||
Dividends per Common Share | $ | $ | $ | $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ||||||||||||||||||||||
Defined benefit pension and postretirement plans | |||||||||||||||||||||||
Cash flow hedges | ( | ( | |||||||||||||||||||||
Other Comprehensive (Loss) Income, Net of Tax | ( | ( | |||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
Nine Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to net income to derive net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Change in operating assets and liabilities | ( | ||||||||||
Pension obligation | |||||||||||
Product liability-related charge | |||||||||||
Other, net | ( | ( | |||||||||
Net Cash Provided by Operating Activities | |||||||||||
Investing Activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Net Cash Used for Investing Activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Change in credit facility borrowings | ( | ||||||||||
Proceeds from long-term debt and term loans | |||||||||||
Payments of debt and term loans | ( | ( | |||||||||
Proceeds from issuance of equity securities | |||||||||||
Repurchases of common stock | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Net Cash (Used for) Provided by Financing Activities | ( | ||||||||||
Effect of exchange rate changes on cash and equivalents and restricted cash | ( | ||||||||||
Net increase in cash and equivalents and restricted cash | |||||||||||
Opening Cash and Equivalents and Restricted Cash | |||||||||||
Closing Cash and Equivalents and Restricted Cash | $ | $ | |||||||||
Common Stock Issued at Par Value | Capital in Excess of Par Value | Retained Earnings | Deferred Compensation | Treasury Stock | |||||||||||||||||||||||||||||||
(Millions of dollars) | Shares (in thousands) | Amount | |||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common dividends ($ | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Preferred dividends | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Common stock issued for share-based compensation and other plans, net | — | ( | — | — | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common stock held in trusts, net (a) | — | — | — | — | ( | — | |||||||||||||||||||||||||||||
Effect of change in accounting principles (see Note 2) | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common dividends ($ | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Preferred dividends | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Common stock issued for share-based compensation and other plans, net | — | ( | — | — | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common stock held in trusts, net (a) | — | — | — | — | — | ||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common dividends ($ | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Preferred dividends | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Common stock issued for share-based compensation and other plans, net | — | ( | — | — | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common stock held in trusts, net (a) | — | — | — | — | — | ||||||||||||||||||||||||||||||
Repurchase of common stock | — | ( | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | ( | $ | ( |
Common Stock Issued at Par Value | Capital in Excess of Par Value | Retained Earnings | Deferred Compensation | Treasury Stock | |||||||||||||||||||||||||||||||
(Millions of dollars) | Shares (in thousands) | Amount | |||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common dividends ($ | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Preferred dividends | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Common stock issued for share-based compensation and other plans, net | — | ( | — | ( | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common stock held in trusts, net (a) | — | — | — | — | ( | — | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common dividends ($ | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Preferred dividends | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Common stock issued for share-based compensation and other plans, net | — | ( | — | ( | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common stock held in trusts, net (a) | — | — | — | — | — | ||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common dividends ($ | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Preferred dividends | — | — | ( | — | — | — | |||||||||||||||||||||||||||||
Common stock issued for: | |||||||||||||||||||||||||||||||||||
Preferred shares converted to common shares | ( | — | — | — | — | ||||||||||||||||||||||||||||||
Public equity offerings | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation and other plans, net | — | ( | — | — | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||
Common stock held in trusts, net (a) | — | — | — | — | — | ||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | ( |
(Millions of dollars) | Total | Foreign Currency Translation | Benefit Plans | Cash Flow Hedges | |||||||||||||||||||
Balance at September 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income before reclassifications, net of taxes | |||||||||||||||||||||||
Amounts reclassified into income, net of taxes | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss) before reclassifications, net of taxes | ( | ||||||||||||||||||||||
Amounts reclassified into income, net of taxes | |||||||||||||||||||||||
Balance at March 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||
Other comprehensive (loss) income before reclassifications, net of taxes | ( | ( | |||||||||||||||||||||
Amounts reclassified into income, net of taxes | |||||||||||||||||||||||
Balance at June 30, 2021 | $ | ( | $ | ( | $ | ( | $ | ( |
(Millions of dollars) | Total | Foreign Currency Translation | Benefit Plans | Cash Flow Hedges | |||||||||||||||||||
Balance at September 30, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income before reclassifications, net of taxes | |||||||||||||||||||||||
Amounts reclassified into income, net of taxes | |||||||||||||||||||||||
Balance at December 31, 2019 | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||
Other comprehensive loss before reclassifications, net of taxes | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified into income, net of taxes | |||||||||||||||||||||||
Balance at March 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income before reclassifications, net of taxes | |||||||||||||||||||||||
Amounts reclassified into income, net of taxes | |||||||||||||||||||||||
Balance at June 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Average common shares outstanding | |||||||||||||||||||||||
Dilutive share equivalents from share-based plans | |||||||||||||||||||||||
Average common and common equivalent shares outstanding – assuming dilution | |||||||||||||||||||||||
Share equivalents excluded from the diluted shares outstanding calculation because the result would have been antidilutive: | |||||||||||||||||||||||
Mandatory convertible preferred stock | |||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | |||||||||||||||||||||||||||||||||
United States | International | Total | United States | International | Total | ||||||||||||||||||||||||||||||
Medical | |||||||||||||||||||||||||||||||||||
Medication Delivery Solutions | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Medication Management Solutions | |||||||||||||||||||||||||||||||||||
Diabetes Care | |||||||||||||||||||||||||||||||||||
Pharmaceutical Systems | |||||||||||||||||||||||||||||||||||
Total segment revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Life Sciences | |||||||||||||||||||||||||||||||||||
Integrated Diagnostic Solutions | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Biosciences | |||||||||||||||||||||||||||||||||||
Total segment revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interventional | |||||||||||||||||||||||||||||||||||
Surgery | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Peripheral Intervention | |||||||||||||||||||||||||||||||||||
Urology and Critical Care | |||||||||||||||||||||||||||||||||||
Total segment revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total Company revenues | $ | $ | $ | $ | $ | $ |
Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | |||||||||||||||||||||||||||||||||
United States | International | Total | United States | International | Total | ||||||||||||||||||||||||||||||
Medical | |||||||||||||||||||||||||||||||||||
Medication Delivery Solutions | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Medication Management Solutions | |||||||||||||||||||||||||||||||||||
Diabetes Care | |||||||||||||||||||||||||||||||||||
Pharmaceutical Systems | |||||||||||||||||||||||||||||||||||
Total segment revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Life Sciences | |||||||||||||||||||||||||||||||||||
Integrated Diagnostic Solutions | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Biosciences | |||||||||||||||||||||||||||||||||||
Total segment revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interventional | |||||||||||||||||||||||||||||||||||
Surgery | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Peripheral Intervention | |||||||||||||||||||||||||||||||||||
Urology and Critical Care | |||||||||||||||||||||||||||||||||||
Total segment revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total Company revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Medical (a) | $ | $ | $ | $ | |||||||||||||||||||
Life Sciences (b) | |||||||||||||||||||||||
Interventional | |||||||||||||||||||||||
Total Segment Operating Income | |||||||||||||||||||||||
Acquisitions and other restructurings | ( | ( | ( | ( | |||||||||||||||||||
Other operating income (expense), net (c) | ( | ||||||||||||||||||||||
Net interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other unallocated items (d) | ( | ( | ( | ( | |||||||||||||||||||
Total Income Before Income Taxes | $ | $ | $ | $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of prior service credit | ( | ( | ( | ( | |||||||||||||||||||
Amortization of loss | |||||||||||||||||||||||
Curtailment loss/settlements | |||||||||||||||||||||||
Net pension cost | $ | $ | $ | $ |
(Millions of dollars) | Employee Termination | Other | Total | ||||||||||||||||||||||||||||||||
Bard | Other Initiatives | Bard | Other Initiatives | Bard | Other Initiatives | ||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charged to expense | |||||||||||||||||||||||||||||||||||
Cash payments | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Non-cash settlements | ( | ( | |||||||||||||||||||||||||||||||||
Other adjustments | ( | ( | |||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | $ | $ |
June 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
(Millions of dollars) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||
Amortized intangible assets | |||||||||||||||||||||||
Developed technology | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||
Product rights | ( | ( | |||||||||||||||||||||
Trademarks | ( | ( | |||||||||||||||||||||
Patents and other | ( | ( | |||||||||||||||||||||
Amortized intangible assets | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Unamortized intangible assets | |||||||||||||||||||||||
Acquired in-process research and development | $ | $ | |||||||||||||||||||||
Trademarks | |||||||||||||||||||||||
Unamortized intangible assets | $ | $ |
(Millions of dollars) | Medical | Life Sciences | Interventional | Total | |||||||||||||||||||
Goodwill as of September 30, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Acquisitions (a) | |||||||||||||||||||||||
Purchase price allocation adjustments | |||||||||||||||||||||||
Currency translation | |||||||||||||||||||||||
Goodwill as of June 30, 2021 | $ | $ | $ | $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Foreign currency-denominated debt | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Cross-currency swaps | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||
(Millions of dollars) | June 30, 2021 | September 30, 2020 | |||||||||
Cash and equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Cash and equivalents and restricted cash | $ | $ |
Three months ended June 30, | |||||||||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | Total Change | Estimated FX Impact | FXN Change | ||||||||||||||||||||||||
Medication Delivery Solutions | $ | 1,007 | $ | 781 | 28.9 | % | 5.0 | % | 23.9 | % | |||||||||||||||||||
Medication Management Solutions | 597 | 677 | (11.8) | % | 2.2 | % | (14.0) | % | |||||||||||||||||||||
Diabetes Care | 294 | 260 | 13.4 | % | 4.5 | % | 8.9 | % | |||||||||||||||||||||
Pharmaceutical Systems | 476 | 403 | 17.9 | % | 6.0 | % | 11.9 | % | |||||||||||||||||||||
Total Medical Revenues | $ | 2,375 | $ | 2,122 | 11.9 | % | 4.2 | % | 7.7 | % |
Nine months ended June 30, | |||||||||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | Total Change | Estimated FX Impact | FXN Change | ||||||||||||||||||||||||
Total Medical Revenues | $ | 6,947 | $ | 6,362 | 9.2 | % | 2.8 | % | 6.4 | % | |||||||||||||||||||
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Medical segment income | $ | 636 | $ | 646 | $ | 1,936 | $ | 1,653 | |||||||||||||||
Segment income as % of Medical revenues | 26.8 | % | 30.4 | % | 27.9 | % | 26.0 | % |
Three months ended June 30, | |||||||||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | Total Change | Estimated FX Impact | FXN Change | ||||||||||||||||||||||||
Integrated Diagnostic Solutions | $ | 1,117 | $ | 714 | 56.4 | % | 7.7 | % | 48.7 | % | |||||||||||||||||||
Biosciences | 316 | 237 | 33.3 | % | 6.0 | % | 27.3 | % | |||||||||||||||||||||
Total Life Sciences Revenues | $ | 1,433 | $ | 951 | 50.7 | % | 7.3 | % | 43.4 | % |
Nine months ended June 30, | |||||||||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | Total Change | Estimated FX Impact | FXN Change | ||||||||||||||||||||||||
Total Life Sciences Revenues | $ | 4,998 | $ | 3,187 | 56.8 | % | 4.6 | % | 52.2 | % | |||||||||||||||||||
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Life Sciences segment income | $ | 432 | $ | 214 | $ | 1,953 | $ | 860 | |||||||||||||||
Segment income as % of Life Sciences revenues | 30.1 | % | 22.5 | % | 39.1 | % | 27.0 | % |
Three months ended June 30, | |||||||||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | Total Change | Estimated FX Impact | FXN Change | ||||||||||||||||||||||||
Surgery | $ | 336 | $ | 197 | 70.9 | % | 3.2 | % | 67.7 | % | |||||||||||||||||||
Peripheral Intervention | 436 | 318 | 37.2 | % | 5.4 | % | 31.8 | % | |||||||||||||||||||||
Urology and Critical Care | 310 | 268 | 16.0 | % | 2.5 | % | 13.5 | % | |||||||||||||||||||||
Total Interventional Revenues | $ | 1,082 | $ | 782 | 38.4 | % | 3.8 | % | 34.6 | % |
Nine months ended June 30, | |||||||||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | Total Change | Estimated FX Impact | FXN Change | ||||||||||||||||||||||||
Total Interventional Revenues | $ | 3,168 | $ | 2,784 | 13.8 | % | 2.3 | % | 11.5 | % | |||||||||||||||||||
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interventional segment income | $ | 214 | $ | 100 | $ | 725 | $ | 556 | |||||||||||||||
Segment income as % of Interventional revenues | 19.8 | % | 12.8 | % | 22.9 | % | 20.0 | % |
Three months ended June 30, | |||||||||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | Total Change | Estimated FX Impact | FXN Change | ||||||||||||||||||||||||
United States | $ | 2,574 | $ | 2,119 | 21.5 | % | — | % | 21.5 | % | |||||||||||||||||||
International | 2,316 | 1,735 | 33.5 | % | 10.9 | % | 22.6 | % | |||||||||||||||||||||
Total Revenues | $ | 4,890 | $ | 3,855 | 26.9 | % | 4.9 | % | 22.0 | % |
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Integration costs (a) | $ | 27 | $ | 46 | $ | 94 | $ | 165 | |||||||||||||||
Restructuring costs (a) | (3) | 28 | 33 | 69 | |||||||||||||||||||
Separation and related costs (b) | 16 | — | 16 | — | |||||||||||||||||||
Purchase accounting adjustments (c) | 355 | 325 | 1,056 | 1,012 | |||||||||||||||||||
Transaction gain/loss, product and other litigation-related matters (d) | (70) | (10) | 258 | 248 | |||||||||||||||||||
European regulatory initiative-related costs (e) | 32 | 33 | 92 | 77 | |||||||||||||||||||
Investment gains/losses and asset impairments (f) | — | — | — | 41 | |||||||||||||||||||
Impacts of debt extinguishment | — | 6 | 30 | 6 | |||||||||||||||||||
Total specified items | 358 | 428 | 1,578 | 1,619 | |||||||||||||||||||
Less: tax impact of specified items | 61 | 72 | 265 | 218 | |||||||||||||||||||
After-tax impact of specified items | $ | 296 | $ | 356 | $ | 1,313 | $ | 1,401 |
Three-month period | Nine-month period | ||||||||||
June 30, 2020 gross profit margin % | 43.1 | % | 43.6 | % | |||||||
Impact of purchase accounting adjustments and other specified items | 1.0 | % | 3.2 | % | |||||||
Operating performance | 1.1 | % | 1.1 | % | |||||||
Foreign currency translation | (1.0) | % | (0.7) | % | |||||||
June 30, 2021 gross profit margin % | 44.2 | % | 47.2 | % |
Three months ended June 30, | Increase (decrease) in basis points | Nine months ended June 30, | Increase (decrease) in basis points | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | 1,237 | $ | 980 | $ | 3,535 | $ | 3,126 | |||||||||||||||||||||||||||
% of revenues | 25.3 | % | 25.4 | % | (10) | 23.4 | % | 25.3 | % | (190) | |||||||||||||||||||||||||
Research and development expense | $ | 344 | $ | 262 | $ | 952 | $ | 797 | |||||||||||||||||||||||||||
% of revenues | 7.0 | % | 6.8 | % | 20 | 6.3 | % | 6.5 | % | (20) | |||||||||||||||||||||||||
Acquisitions and other restructurings | $ | 24 | $ | 74 | $ | 126 | $ | 235 | |||||||||||||||||||||||||||
Other operating (income) expense, net | $ | (72) | $ | (15) | $ | 224 | $ | (15) |
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interest expense | $ | (115) | $ | (135) | $ | (358) | $ | (405) | |||||||||||||||
Interest income | 2 | 2 | 7 | 5 | |||||||||||||||||||
Net interest expense | $ | (113) | $ | (133) | $ | (351) | $ | (400) |
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Effective income tax rate | (2.1) | % | (15.4) | % | 7.5 | % | 11.4 | % | |||||||||||||||
Impact, in basis points, from specified items | (790) | (2,040) | (410) | (140) |
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income (Millions of dollars) | $ | 525 | $ | 286 | $ | 1,827 | $ | 746 | |||||||||||||||
Diluted Earnings per Share | $ | 1.72 | $ | 0.97 | $ | 6.00 | $ | 2.38 | |||||||||||||||
Unfavorable impact-specified items | $ | (1.01) | $ | (1.25) | $ | (4.48) | $ | (5.03) | |||||||||||||||
Dilutive impact (a) | $ | — | $ | 0.02 | $ | — | $ | — | |||||||||||||||
Unfavorable impact-foreign currency translation | $ | (0.04) | $ | (0.03) |
Nine months ended June 30, | |||||||||||
(Millions of dollars) | 2021 | 2020 | |||||||||
Net cash provided by (used for) | |||||||||||
Operating activities | $ | 3,696 | $ | 2,058 | |||||||
Investing activities | $ | (1,186) | $ | (905) | |||||||
Financing activities | $ | (2,164) | $ | 1,230 |
Nine months ended June 30, | |||||||||||
(Millions of dollars) | 2021 | 2020 | |||||||||
Cash inflow (outflow) | |||||||||||
Change in credit facility borrowings | $ | — | $ | (485) | |||||||
Proceeds from long-term debt and term loans | $ | 1,715 | $ | 3,389 | |||||||
Payments of debt and term loans | $ | (1,999) | $ | (3,711) | |||||||
Proceeds from issuance of equity securities | $ | — | $ | 2,917 | |||||||
Repurchases of common stock | $ | (1,000) | $ | — | |||||||
Dividends paid | $ | (789) | $ | (773) |
(Millions of dollars) | June 30, 2021 | September 30, 2020 | |||||||||
Total debt | $ | 17,733 | $ | 17,931 | |||||||
Short-term debt as a percentage of total debt | 11.5 | % | 3.9 | % | |||||||
Weighted average cost of total debt | 2.8 | % | 2.8 | % | |||||||
Total debt as a percentage of total capital* | 40.7 | % | 41.3 | % |
For the three months ended June 30, 2021 | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||||
April 1 – 30, 2021 | 1,262 | $ | 243.40 | — | 7,857,742 | |||||||||||||||||||||
May 1 – 31, 2021 | 3,030,158 | 242.04 | 3,030,051 | 4,827,691 | ||||||||||||||||||||||
June 1 – 30, 2021 | 694,038 | 240.26 | 694,038 | 4,133,653 | ||||||||||||||||||||||
Total | 3,725,458 | $ | 241.71 | 3,724,089 | 4,133,653 |
Subsidiary Issuer of Guaranteed Securities | ||||||||
Certifications of Chief Executive Officer and Chief Financial Officer, pursuant to SEC Rule 13a - 14(a). | ||||||||
Certifications of Chief Executive Officer and Chief Financial Officer, pursuant to Rule 13a - 14(b) and Section 1350 of Chapter 63 of Title 18 of the U.S. Code. | ||||||||
101 | The following materials from this report, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Becton, Dickinson and Company | |||||
(Registrant) |
/s/ Christopher Reidy | |||||
Christopher Reidy | |||||
Executive Vice President, Chief Financial Officer and Chief Administrative Officer | |||||
(Principal Financial Officer) | |||||
/s/ Thomas J. Spoerel | |||||
Thomas J. Spoerel | |||||
Senior Vice President, Controller and Chief Accounting Officer | |||||
(Principal Accounting Officer) |
/s/ Thomas E. Polen | |||||
Thomas E. Polen | |||||
Chairman, Chief Executive Officer and President |
/s/ Christopher R. Reidy | |||||
Christopher R. Reidy | |||||
Executive Vice President, Chief Financial Officer and Chief Administrative Officer |
/s/ Thomas E. Polen | |||||
Name: Thomas E. Polen | |||||
Chief Executive Officer |
/s/ Christopher R. Reidy | |||||
Name: Christopher R. Reidy | |||||
Chief Financial Officer |
Condensed Consolidated Statements of Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Statement [Abstract] | ||||
Revenues | $ 4,890 | $ 3,855 | $ 15,113 | $ 12,333 |
Cost of products sold | 2,729 | 2,195 | 7,973 | 6,962 |
Selling and administrative expense | 1,237 | 980 | 3,535 | 3,126 |
Research and development expense | 344 | 262 | 952 | 797 |
Acquisitions and other restructurings | 24 | 74 | 126 | 235 |
Other operating (income) expense, net | (72) | (15) | 224 | (15) |
Total Operating Costs and Expenses | 4,262 | 3,497 | 12,809 | 11,104 |
Operating Income | 628 | 358 | 2,304 | 1,229 |
Interest expense | (115) | (135) | (358) | (405) |
Interest income | 2 | 2 | 7 | 5 |
Other (expense) income, net | (1) | 23 | 23 | 12 |
Income Before Income Taxes | 514 | 248 | 1,976 | 842 |
Income tax (benefit) provision | (11) | (38) | 149 | 96 |
Net Income | 525 | 286 | 1,827 | 746 |
Preferred stock dividends | (23) | (9) | (68) | (84) |
Net income applicable to common shareholders | $ 502 | $ 277 | $ 1,760 | $ 662 |
Basic Earnings per Share (USD per share) | $ 1.73 | $ 0.98 | $ 6.06 | $ 2.41 |
Diluted Earnings per Share (USD per share) | 1.72 | 0.97 | 6.00 | 2.38 |
Dividends per Common Share (USD per share) | $ 0.83 | $ 0.79 | $ 2.49 | $ 2.37 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 525 | $ 286 | $ 1,827 | $ 746 |
Other Comprehensive Income (Loss), Net of Tax | ||||
Foreign currency translation adjustments | 19 | 34 | 68 | (66) |
Defined benefit pension and postretirement plans | 14 | 17 | 72 | 50 |
Cash flow hedges | (34) | 2 | 78 | (68) |
Other Comprehensive (Loss) Income, Net of Tax | (1) | 53 | 218 | (83) |
Comprehensive Income | $ 524 | $ 338 | $ 2,045 | $ 663 |
Basis of Presentation |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of the management of Becton, Dickinson and Company (the "Company" or "BD"), include all adjustments which are of a normal recurring nature, necessary for a fair presentation of the financial position and the results of operations and cash flows for the periods presented. However, the financial statements do not include all information and accompanying notes required for a presentation in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s 2020 Annual Report on Form 10-K. Within the financial statements and tables presented, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes. Percentages and earnings per share amounts presented are calculated from the underlying amounts. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. BD’s Intention to Spin Off Diabetes Care On May 6, 2021, the Company announced its intention to spin off its Diabetes Care business as a separate publicly traded company to BD’s shareholders. The proposed spin-off is intended to be a tax-free transaction for U.S. federal income tax purposes and is expected to be completed in the first half of calendar year 2022, subject to the satisfaction of customary conditions, including final approval from BD’s Board of Directors and the effectiveness of a registration statement on Form 10.
|
Accounting Changes |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | Accounting ChangesNew Accounting Principle AdoptedIn June 2016, the Financial Accounting Standards Board issued a new accounting standard which requires earlier recognition of credit losses on loans and other financial instruments held by entities, including trade receivables. The new standard requires entities to measure all expected credit losses for financial assets held at each reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company’s adoption of this accounting standard on October 1, 2020, using the modified retrospective method, did not have a material impact on the Company's condensed consolidated financial statements. |
Shareholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders' Equity Changes in certain components of shareholders' equity for the first three quarters of fiscal years 2021 and 2020 were as follows:
(a)Common stock held in trusts represents rabbi trusts in connection with deferred compensation under the Company’s employee salary and bonus deferral plan and directors’ deferral plan. Share Repurchases In the third quarter of fiscal year 2021, the Company executed an accelerated share repurchase agreement to repurchase an aggregate $500 million of its common stock. The Company accounted for this agreement as two transactions upon prepayment of the $500 million: (1) the initial delivery of approximately 1.658 million shares was recorded as a $400 million increase to Common stock in treasury to recognize the acquisition of common stock acquired in a treasury stock transaction, and (2) the remaining amount of $100 million was recorded as a decrease to Capital in excess of par value to recognize a net share-settled forward sale contract indexed to the Company's own common stock. Upon final settlement of the repurchase agreement and the forward sale contract in July 2021, the Company’s receipt of approximately 403 thousand additional shares was recorded as a $100 million increase to Common stock in treasury and an offsetting increase to Capital in excess of par value. The Company also repurchased approximately 2.066 million shares of its common stock during the third quarter of fiscal year 2021 through open market repurchases. The shares repurchased during the third quarter of fiscal year 2021 were recorded as a $500 million increase to Common stock in treasury. The share repurchases discussed above were made pursuant to the repurchase program authorized by the Board of Directors on September 24, 2013 for 10 million shares, for which there is no expiration date. The components and changes of Accumulated other comprehensive income (loss) for the first three quarters of fiscal years 2021 and 2020 were as follows:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The weighted average common shares used in the computations of basic and diluted earnings per share (shares in thousands) were as follows:
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Contingencies |
9 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Given the uncertain nature of litigation generally, the Company is not able, in all cases, to estimate the amount or range of loss that could result from an unfavorable outcome of the litigation in which the Company is a party. In accordance with U.S. GAAP, the Company establishes accruals to the extent probable future losses are estimable (and in the case of environmental matters, without considering possible third-party recoveries). With respect to putative class action lawsuits in the United States and certain of the Canadian lawsuits described below relating to product liability matters, the Company is unable to estimate a range of reasonably possible losses for the following reasons: (i) all or certain of the proceedings are in early stages; (ii) the Company has not received and reviewed complete information regarding all or certain of the plaintiffs and their medical conditions; and/or (iii) there are significant factual issues to be resolved. In addition, there is uncertainty as to the likelihood of a class being certified or the ultimate size of any class. With respect to the civil investigative demand (“CID”) served by the Department of Justice, discussed below, the Company is unable to estimate a range of reasonably possible losses for the following reasons: (i) all or certain of the proceedings are in early stages; and/or (ii) there are significant factual and legal issues to be resolved. In view of the uncertainties discussed below, the Company could incur charges in excess of any currently established accruals and, to the extent available, liability insurance. In the opinion of management, any such future charges, individually or in the aggregate, could have a material adverse effect on the Company’s consolidated results of operations and consolidated cash flows. Product Liability Matters The Company believes that certain settlements and judgments, as well as legal defense costs, may be covered under indemnification obligations from other parties, which if disputed, the Company intends to vigorously contest. Amounts recovered under the Company’s product liability indemnification arrangements may be less than otherwise expected and may not be adequate to cover damages and/or costs relating to claims. In addition, there is no guarantee that other parties will pay claims or that indemnity will be otherwise available. Hernia Product Claims As of June 30, 2021, the Company is defending approximately 23,590 product liability claims involving the Company’s line of hernia repair devices (collectively, the “Hernia Product Claims”). The majority of those claims are currently pending in a coordinated proceeding in Rhode Island State Court and in a federal multi-district litigation (“MDL”) established in the Southern District of Ohio, but claims are also pending in other state and/or federal court jurisdictions. In addition, those claims include multiple putative class actions in Canada. Generally, the Hernia Product Claims seek damages for personal injury allegedly resulting from use of the products. From time to time, the Company engages in resolution discussions with plaintiffs’ law firms regarding certain of the Hernia Product Claims, but the Company also intends to vigorously defend Hernia Product Claims that do not settle, including through litigation. Trials are scheduled into fiscal year 2022 in various state and/or federal courts, including one currently scheduled for August 2021 in the MDL and another trial currently scheduled for November 2021 in the Rhode Island State Court. The Company expects additional trials of Hernia Product Claims to take place over the next 12 months. The Company cannot give any assurances that the resolution of the Hernia Product Claims that have not settled, including asserted and unasserted claims and the putative class action lawsuits, will not have a material adverse effect on the Company’s business, results of operations, financial condition and/or liquidity. Women’s Health Product Claims As of June 30, 2021, the Company is defending approximately 405 product liability claims involving the Company’s line of pelvic mesh devices. The majority of those claims are currently pending in various federal court jurisdictions, and a coordinated proceeding in New Jersey State Court, but claims are also pending in other state court jurisdictions. In addition, those claims include putative class actions filed in the United States. Not included in the figures above are approximately 835 filed and unfiled claims that have been asserted or threatened against the Company but lack sufficient information to determine whether a pelvic mesh device of the Company is actually at issue. The claims identified above also include products manufactured by both the Company and two subsidiaries of Medtronic plc (as successor in interest to Covidien plc) (“Medtronic”), each a supplier of the Company. Medtronic has an obligation to defend and indemnify the Company with respect to any product defect liability relating to products its subsidiaries had manufactured. In July 2015, the Company reached an agreement with Medtronic in which Medtronic agreed to take responsibility for pursuing settlement of certain of the Women’s Health Product Claims that relate to products distributed by the Company under supply agreements with Medtronic. In June 2017, the Company amended the agreement with Medtronic to transfer responsibility for settlement of additional Women’s Health Product Claims to Medtronic on terms similar to the July 2015 agreement, including with respect to the obligation to make payments to Medtronic toward these potential settlements. As of June 30, 2021, the Company has paid Medtronic $160 million toward these potential settlements. The Company also may, in its sole discretion, transfer responsibility for settlement of additional Women’s Health Product Claims to Medtronic on similar terms. The agreements do not resolve the dispute between the Company and Medtronic with respect to Women’s Health Product Claims that do not settle, if any. The foregoing lawsuits, unfiled claims, putative class actions, and other claims, together with claims that have settled or are the subject of agreements or agreements in principle to settle, are referred to collectively as the “Women’s Health Product Claims.” The Women’s Health Product Claims generally seek damages for personal injury allegedly resulting from use of the products. As of June 30, 2021, the Company has reached agreements or agreements in principle with various plaintiffs’ law firms to settle their respective inventories of cases totaling approximately 15,285 of the Women’s Health Product Claims. The Company believes that these Women’s Health Product Claims are not the subject of Medtronic’s indemnification obligation. These settlement agreements and agreements in principle include unfiled and previously unknown claims held by various plaintiffs’ law firms, which are not included in the approximate number of lawsuits set forth in the first paragraph of this section. Each agreement is subject to certain conditions, including requirements for participation in the proposed settlements by a certain minimum number of plaintiffs. The Company continues to engage in discussions with other plaintiffs’ law firms regarding potential resolution of unsettled Women’s Health Product Claims, which may include additional inventory settlements. A trial in the New Jersey coordinated proceeding began in March 2018, and in April 2018 a jury entered a verdict against the Company in the total amount of $68 million ($33 million compensatory; $35 million punitive). In March 2021, the Appellate Division of the New Jersey Superior Court vacated the verdict and ordered a new trial. Plaintiffs have sought appeal of the reversal to the New Jersey Supreme Court and the Company has cross-appealed on a separate issue; the court has not yet advised if it will consider the appeal. Additional trials of Women’s Health Product Claims may take place over the next 12 months, which could potentially include consolidated trials. During the course of engaging in settlement discussions with plaintiffs’ law firms, the Company has learned, and may in future periods learn, additional information regarding these and other unfiled claims, or other lawsuits, which could materially impact the Company’s estimate of the number of claims or lawsuits against the Company. Filter Product Claims As of June 30, 2021, the Company is defending approximately 360 product liability claims involving the Company’s line of inferior vena cava filters (collectively, the “Filter Product Claims”). The majority of those claims were previously pending in an MDL in the United States District Court for the District of Arizona, but those MDL claims either have been, or are in the process of being, remanded to various federal jurisdictions. Filter Product Claims are also pending in various state court jurisdictions, including a coordinated proceeding in Arizona State Court. In addition, those claims include putative class actions filed in the United States and Canada. The Filter Product Claims generally seek damages for personal injury allegedly resulting from use of the products. The Company has limited information regarding the nature and quantity of certain of the Filter Product Claims. The Company continues to receive claims and lawsuits and may in future periods learn additional information regarding other unfiled or unknown claims, or other lawsuits, which could materially impact the Company’s estimate of the number of claims or lawsuits against the Company. On May 31, 2019, the MDL Court ceased accepting direct filings or transfers into the Filter Product Claims MDL and, as noted above, remands for non-settled cases have begun and are expected to continue over the next three months. Federal and state court trials are scheduled and expected to take place over the next 12 months. As of June 30, 2021, the Company entered into settlement agreements and/or settlement agreements in principle for approximately 9,450 cases. In most product liability litigations (like those described above), plaintiffs allege a wide variety of claims, ranging from allegations of serious injury caused by the products to efforts to obtain compensation notwithstanding the absence of any injury. In many of these cases, the Company has not yet received and reviewed complete information regarding the plaintiffs and their medical conditions and, consequently, is unable to fully evaluate the claims. The Company expects that it will receive and review additional information regarding any remaining unsettled product liability matters. Other Legal Matters The Company is a potentially responsible party to a number of federal administrative proceedings in the United States brought under the Comprehensive Environment Response, Compensation and Liability Act, also known as “Superfund,” and similar state laws. The affected sites are in varying stages of development. In some instances, the remedy has been completed, while in others, environmental studies are underway or commencing. For several sites, there are other potentially responsible parties that may be jointly or severally liable to pay all or part of cleanup costs. While it is not feasible to predict the outcome of these proceedings, based upon the Company’s experience, current information and applicable law, the Company does not expect these proceedings to have a material adverse effect on its financial condition and/or liquidity. On February 27, 2020, a putative class action captioned Kabak v. Becton, Dickinson and Company, et al., Civ. No. 2:20-cv-02155 (SRC) (CLW), now captioned Industriens Pensionsforsikring v. Becton, Dickinson and Company, et al., was filed in the U.S. District Court for the District of New Jersey against the Company and certain of its officers. The complaint, which purports to be brought on behalf of all persons (other than defendants) who purchased or otherwise acquired the Company's common stock from November 5, 2019 through February 5, 2020, asserts claims for purported violations of Sections 10 and 20 of the Securities Exchange Act of 1934 and Securities and Exchange Commission (“SEC”) Rule 10b-5 promulgated thereunder, and seeks, among other things, damages and costs. The complaint alleges that defendants concealed material information regarding AlarisTM infusion pumps, including that (1) certain pumps exhibited software errors, (2) the Company was investing in remediation efforts as opposed to other enhancements and (3) the Company was thus reasonably likely to recall certain pumps and/or experience regulatory delays. These alleged omissions, the complaint asserts, rendered certain public statements about the Company’s business, operations and prospects false or misleading, causing investors to purchase stock at an inflated price. The plaintiff filed a second amended complaint to add certain additional factual allegations on February 3, 2021, which the company moved to dismiss on March 19, 2021. Briefing on the Company’s motion to dismiss was concluded in June 2021. The Company believes the claims are without merit and intends to vigorously defend this action. On November 2, 2020, a civil action captioned Jankowski v. Forlenza, et al., Civ. No. 2:20-cv-15474, was filed in the U.S. District Court for the District of New Jersey by a shareholder, Ronald Jankowski, derivatively on behalf of the Company, against its individual directors and certain of its officers. The complaint seeks recovery for breach of fiduciary duties by directors and various officers; violations of the Securities Exchange Act of 1934; and insider trading. In general, the complaint alleges, among other things, that various directors and/or officers (1) caused the Company to issue purportedly misleading statements and SEC filings regarding AlarisTM infusion pumps, (2) issued a misleading proxy statement, (3) engaged in improper insider trading and (4) caused or contributed to various violations of the Securities Exchange Act of 1934, including sections 10(b), 14(a) and 21D. The complaint seeks damages, including restitution and disgorgement of profits, and an injunction requiring the Company to undertake remedial measures with respect to certain corporate governance and internal procedures. A second derivative action, Schranz v. Polen, et al., Civ. No 2:21-cv-01081, was filed on January 24, 2021 in the U.S. District Court for the District of New Jersey and the two actions were consolidated. In March 2021, the Company received letters from two additional shareholders which, in general, mirrored the allegations in the Jankowski and Schranz consolidated actions, and demanded, among other things, that the Board of Directors pursue civil action against members of management for claimed breaches of fiduciary duties. Consistent with New Jersey law, the Board appointed a special committee to review the allegations and demands in the derivative actions and demand letters. Following an investigation, the special committee determined that no action was warranted, and rejected the shareholders’ demands. The special committee’s determination has been communicated to counsel for the shareholders. Should the shareholders continue to pursue their claims in court, the Company will take appropriate steps to seek dismissal of the complaints. In February 2021, the Company received a subpoena from the Enforcement Division of the SEC requesting information from the Company relating to, among other things, AlarisTM infusion pumps. The Company is cooperating with the SEC and responding to these requests. The Company cannot anticipate the timing, scope, outcome or possible impact of the investigation, financial or otherwise. In April 2019, the Department of Justice served the Company and CareFusion with CIDs seeking information regarding certain of CareFusion’s contracts with the Department of Veteran’s Affairs for certain products, including AlarisTM and PyxisTM devices, in connection with a civil investigation of possible violations of the False Claims Act, and the government recently expanded the investigation to include several additional contracts. The government has made several requests for documents and interviews or depositions of Company personnel. The Company is cooperating with the government and responding to these requests. The Company cannot predict the outcome of these matters, nor can it predict whether any outcome will have a material adverse effect on the Company’s business, results of operations, financial condition and/or liquidity. Accordingly, the Company has made no provisions for these other legal matters in its consolidated results of operations. In July 2021, the Company became aware of approximately 150 lawsuits that had been filed against it in state court in Gwinnett County, Georgia. The suits were filed by plaintiffs who reside near Company facilities in Covington, GA, where ethylene oxide (EtO) sterilization activities take place. The claims allege a variety of injuries, including but not limited to multiple types of cancer, allegedly attributable to exposure to EtO in the ambient air. The Company has meritorious defenses and intends to defend itself vigorously. The Company is also involved both as a plaintiff and a defendant in other legal proceedings and claims that arise in the ordinary course of business. The Company believes that it has meritorious defenses to these suits pending against the Company and is engaged in a vigorous defense of each of these matters. Litigation Accruals The Company regularly monitors and evaluates the status of product liability and other legal matters, and may, from time-to-time, engage in settlement and mediation discussions taking into consideration developments in the matters and the risks and uncertainties surrounding litigation. These discussions could result in settlements of one or more of these claims at any time. In the second quarter of fiscal 2021, the Company recorded a pre-tax charge of approximately $296 million to Other operating (income) expense, net related to certain of the product liability matters discussed above under the heading “Product Liability Matters,” including the related legal defense costs. The Company recorded this charge based on additional information obtained during the quarter, including but not limited to: the nature and quantity of unfiled and filed claims and the continued rate of claims being filed in certain product liability matters; the status of certain settlement discussions with plaintiffs’ counsel; the allegations and documentation supporting or refuting such allegations; and the stage of litigation. Accruals for the Company's product liability claims which are discussed above, as well as the related legal defense costs, amounted to approximately $2.5 billion at June 30, 2021 and September 30, 2020. These accruals, which are generally long-term in nature, are largely recorded within Deferred Income Taxes and Other Liabilities on the Company's condensed consolidated balance sheets. As of June 30, 2021 and September 30, 2020, the Company had $128 million and $92 million, respectively, in qualified settlement funds (“QSFs”), subject to certain settlement conditions, for certain product liability matters. Payments to QSFs are recorded as a component of Restricted cash. The Company's expected recoveries related to product liability claims and related legal defense costs were approximately $92 million and $139 million at June 30, 2021 and September 30, 2020, respectively. The expected recoveries at June 30, 2021 related entirely to the Company’s agreements with Medtronic related to certain Women’s Health Product Claims. A substantial amount of the expected recoveries at September 30, 2020 related to the Company’s agreements with Medtronic related to certain Women’s Health Product Claims. The expected recoveries at June 30, 2021 related to the indemnification obligation are not in dispute with respect to claims that Medtronic settles pursuant to the agreements.
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Revenues |
9 Months Ended |
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Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenues The Company’s policies for recognizing sales have not changed from those described in the Company’s 2020 Annual Report on Form 10-K. The Company sells a broad range of medical supplies, devices, laboratory equipment and diagnostic products which are distributed through independent distribution channels and directly by BD through sales representatives. End-users of the Company's products include healthcare institutions, physicians, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. Measurement of Revenues The Company’s allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of its trade receivables. Such estimated credit losses are determined based on historical loss experiences, customer-specific credit risk, and reasonable and supportable forward-looking information, such as country or regional risks that are not captured in the historical loss information. The allowance for doubtful accounts for trade receivables is not material to the Company's consolidated financial results. The Company's gross revenues are subject to a variety of deductions which are recorded in the same period that the underlying revenues are recognized. Such variable consideration includes rebates, sales discounts and sales returns. The impact of other forms of variable consideration, including sales discounts and sales returns, is not material to the Company's revenues. Effects of Revenue Arrangements on Consolidated Balance Sheets Capitalized contract costs associated with the costs to fulfill contracts for certain products in the Medication Management Solutions organizational unit are immaterial to the Company's condensed consolidated balance sheets. Commissions relating to revenues recognized over a period longer than one year are recorded as assets which are amortized over the period over which the revenues underlying the commissions are recognized. Capitalized contract costs related to such commissions are immaterial to the Company's condensed consolidated balance sheets. Contract liabilities for unearned revenue that is allocable to performance obligations, such as extended warranty and software maintenance contracts, which are performed over time are immaterial to the Company's consolidated financial results. The Company's liability for product warranties provided under its agreements with customers is not material to its condensed consolidated balance sheets. Remaining Performance Obligations The Company's obligations relative to service contracts and pending installations of equipment, primarily in the Company's Medication Management Solutions unit, represent unsatisfied performance obligations of the Company. The revenues under existing contracts with original expected durations of more than one year, which are attributable to products and/or services that have not yet been installed or provided are estimated to be approximately $1.9 billion at June 30, 2021. The Company expects to recognize the majority of this revenue over the next three years. Within the Company's Medication Management Solutions, Medication Delivery Solutions, Integrated Diagnostic Solutions, and Biosciences units, some contracts also contain minimum purchase commitments of reagents or other consumables and the future sales of these consumables represent additional unsatisfied performance obligations of the Company. The revenue attributable to the unsatisfied minimum purchase commitment-related performance obligations, for contracts with original expected durations of more than one year, is estimated to be approximately $2.8 billion at June 30, 2021. This revenue will be recognized over the customer relationship periods. Disaggregation of Revenues A disaggregation of the Company's revenues by segment, organizational unit and geographic region is provided in Note 7.
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Segment Data |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Data | Segment Data The Company's organizational structure is based upon three worldwide business segments: BD Medical (“Medical”), BD Life Sciences (“Life Sciences”) and BD Interventional ("Interventional"). The Company's segments are strategic businesses that are managed separately because each one develops, manufactures and markets distinct products and services. Segment disclosures are on a performance basis consistent with internal management reporting. The Company evaluates performance of its business segments and allocates resources to them primarily based upon segment operating income, which represents revenues reduced by product costs and operating expenses. Revenues by segment, organizational unit and geographical areas for the three and nine-month periods are detailed below. The Company has no material intersegment revenues.
Segment income for the three and nine-month periods was as follows:
(a)The amount for the nine months ended June 30, 2021 includes charges of $37 million, and the amounts for the three and nine months ended June 30, 2020 include an adjustment and charges of $(18) million and $240 million, respectively, recorded to Cost of products sold, related to the estimate of costs associated with remediation efforts for AlarisTM infusion pumps in the Medication Management Solutions unit. Additionally, amounts for the three and nine months ended June 30, 2020 included costs related to another product matter of $8 million which were recorded in Other (expense) income, net. (b)The amount for the nine-month period ended June 30, 2020 included a charge of $39 million recorded to Cost of products sold to write down the carrying value of certain intangible assets in the Biosciences unit. (c)The amounts for the three and nine-months ended June 30, 2021 include a gain on a sale-leaseback transaction of $88 million, which is further discussed in Note 14, and $16 million of costs incurred for consulting, legal, tax and other advisory services associated with the planned spin-off of BD's Diabetes Care business. The amount for the nine-month period in 2021 also includes pre-tax charges of $296 million related to certain product liability matters, which is further discussed in Note 5. (d)Primarily comprised of foreign exchange, certain general and administrative expenses and share-based compensation expense.
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Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit Plans The Company has defined benefit pension plans covering certain employees in the United States and certain international locations. The measurement date used for these plans is September 30. Net pension cost included the following components for the three and nine-month periods:
The amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in Accumulated other comprehensive income (loss) in prior periods. All components of the Company’s net periodic pension cost, aside from service cost, are recorded to Other (expense) income, net on its condensed consolidated statements of income.
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Business Restructuring Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Restructuring Charges | Business Restructuring Charges The Company incurred restructuring costs during the nine months ended June 30, 2021, primarily in connection with the Company's simplification and other cost saving initiatives, which were largely recorded within Acquisitions and other restructurings. These simplification and other costs saving initiatives are focused on reducing complexity, enhancing product quality, refining customer experience, and improving cost efficiency across all of the Company’s segments. Restructuring liability activity for the nine months ended June 30, 2021 was as follows:
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Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets Intangible assets consisted of:
Intangible amortization expense for the three months ended June 30, 2021 and 2020 was $351 million and $345 million, respectively. Intangible amortization expense for the nine months ended June 30, 2021 and 2020 was $1.049 billion and $1.037 billion, respectively. The following is a reconciliation of goodwill by business segment:
(a)Represents goodwill recognized relative to certain acquisitions which were not material individually or in the aggregate.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company uses derivative instruments to mitigate certain exposures. The Company does not enter into derivative financial instruments for trading or speculative purposes. The effects these derivative instruments and hedged items have on the Company’s financial position, financial performance, and cash flows are provided below. Foreign Currency Risks and Related Strategies The Company has foreign currency exposures throughout Europe, Greater Asia, Canada and Latin America. Transactional currency exposures that arise from entering into transactions, generally on an intercompany basis, in non-hyperinflationary countries that are denominated in currencies other than the functional currency are mitigated primarily through the use of forward contracts. In order to mitigate foreign currency exposure relating to its investments in certain foreign subsidiaries, the Company has hedged the currency risk associated with those investments with instruments, such as foreign currency-denominated debt, cross-currency swaps and currency exchange contracts, which are designated as net investment hedges. Hedges of the transactional foreign exchange exposures resulting primarily from intercompany payables and receivables are undesignated hedges. As such, the gains or losses on these instruments are recognized immediately in income. These gains and losses are largely offset by gains and losses on the underlying hedged items, as well as the hedging costs associated with the derivative instruments. The net amounts recognized in Other (expense) income, net, during the three and nine months ended June 30, 2021 and 2020 were immaterial to the Company's consolidated financial results. The total notional amounts of the Company’s outstanding foreign exchange contracts as of June 30, 2021 and September 30, 2020 were $1.6 billion and $2.5 billion, respectively. Certain of the Company's foreign currency-denominated long-term notes outstanding, which had a total carrying value of $1.5 billion as of June 30, 2021 and September 30, 2020, were designated as, and were effective as, economic hedges of net investments in certain of the Company's foreign subsidiaries. The Company has entered into cross-currency swaps, all of which are designated and effective as economic hedges of net investments in certain of the Company's foreign subsidiaries. The notional amount of the cross-currency swaps was $3.0 billion as of June 30, 2021 and September 30, 2020. Net gains or losses relating to the net investment hedges, which are attributable to changes in the foreign currencies to U.S. dollar spot exchange rates, are recorded as accumulated foreign currency translation in Other comprehensive income (loss). Upon the termination of a net investment hedge, any net gain or loss included in Accumulated other comprehensive income (loss) relative to the investment hedge remains until the foreign subsidiary investment is disposed of or is substantially liquidated. Net (losses) gains recorded to Accumulated other comprehensive income (loss) relating to the Company's net investment hedges for the three and nine-month periods were as follows:
Interest Rate Risks and Related Strategies The Company’s policy is to manage interest rate exposure using a mix of fixed and variable rate debt. The Company periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Company exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps are designated as either fair value or cash flow hedges. For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates. The total notional amount of outstanding interest rate swaps designated as fair value hedges was $375 million at September 30, 2020. The swaps represented fixed-to-floating interest rate swap agreements the Company entered into to convert the interest payments on certain long-term notes from the fixed rate to a floating interest rate based on LIBOR. These interest rate swaps designated as fair value hedges were terminated at an immaterial net gain, concurrent with the redemption of the 3.125% notes due November 8, 2021 in the second quarter of fiscal 2021. Additional disclosures regarding the Company's debt transactions are provided in Note 13. There were no outstanding interest rate swaps designated as fair value hedges at June 30, 2021. Changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt. The amounts recorded during the nine months ended June 30, 2021 and the three and nine months ended 2020 for changes in the fair value of these hedges were immaterial to the Company's consolidated financial results. Changes in the fair value of the interest rate swaps designated as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk) are recorded in Other comprehensive income (loss). If interest rate derivatives designated as cash flow hedges are terminated, the balance in Accumulated other comprehensive income (loss) attributable to those derivatives is reclassified into earnings over the remaining life of the hedged debt. The net realized loss related to terminated interest rate swaps expected to be reclassified and recorded in Interest expense within the next 12 months is $2 million, net of tax. The total notional amount of the Company's outstanding forward starting interest rate swaps was $1.0 billion and $1.5 billion at June 30, 2021 and September 30, 2020, respectively. The Company entered into these contracts to mitigate its exposure to interest rate risk. The Company recorded net after-tax (losses) gains of $(34) million and $71 million during the three and nine months ended June 30, 2021, respectively, and net after-tax (losses) of $(74) million during the nine months ended June 30, 2020 in Other comprehensive income (loss) relating to these interest rate hedges. Net after-tax gains during the three months ended June 30, 2020 were not material to the Company's consolidated financial results. During the second quarter of fiscal year 2021, the notional amount of $500 million of the Company's outstanding forward starting interest rate swaps were terminated at an immaterial net loss, concurrent with the issuance of senior unsecured U.S. notes in the second quarter. This net loss will be reclassified into earnings within Interest expense over the remaining life of the U.S. notes issued. Additional disclosures regarding the Company's debt transactions are provided in Note 13. Financial Statement Effects The fair values of derivative instruments outstanding at June 30, 2021 and September 30, 2020 were not material to the Company's consolidated balance sheets. The amounts reclassified from accumulated other comprehensive income relating to cash flow hedges during the nine months ended June 30, 2021 and 2020 were not material to the Company's consolidated financial results.
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Financial Instruments and Fair Value Measurements |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements The following reconciles cash and equivalents and restricted cash reported within the Company's consolidated balance sheets at June 30, 2021 and September 30, 2020 to the total of these amounts shown on the Company's consolidated statements of cash flows:
Cash equivalents consist of all highly liquid investments with a maturity of three months or less at time of purchase. Restricted cash consists of cash restricted from withdrawal and usage except for certain product liability matters. The Company’s cash and equivalents include institutional money market accounts, which permit daily redemption, and an ultra-short bond fund. The fair values of these investments are based upon the quoted prices in active markets provided by the holding financial institutions, which are considered Level 1 inputs in the fair value hierarchy. The fair values of these accounts were $800 million and $1.549 billion at June 30, 2021 and September 30, 2020, respectively. The Company’s remaining cash and equivalents, excluding restricted cash, were $2.4 billion and $1.3 billion at June 30, 2021 and September 30, 2020, respectively. Short-term investments are held to their maturities and are carried at cost, which approximates fair value. The short-term investments consist of instruments with maturities greater than three months and less than one year. Long-term debt is recorded at amortized cost. The fair value of long-term debt is measured based upon quoted prices in active markets for similar instruments, which are considered Level 2 inputs in the fair value hierarchy. The fair value of long-term debt was $17.3 billion and $19.0 billion at June 30, 2021 and September 30, 2020, respectively. The fair value of the current portion of long-term debt was $2.073 billion and $702 million at June 30, 2021 and September 30, 2020, respectively. All other instruments measured by the Company at fair value, including derivatives and contingent consideration liabilities, are immaterial to the Company's consolidated balance sheets. Nonrecurring Fair Value Measurements In the first quarter of fiscal year 2021, the Company recorded charges to Cost of products sold of $34 million to write down the carrying value of certain fixed assets. In the second quarter of fiscal year 2020, the Company recorded a charge to Cost of products sold of $39 million to write down the carrying value of certain intangible assets in the Biosciences unit. The amounts recognized were recorded to adjust the carrying amount of assets to the assets' fair values, which were estimated, based upon a market participant's perspective, using Level 3 inputs, including values estimated using the income approach. Transfers of trade receivables Over the normal course of its business activities, the Company transfers certain trade receivable assets to third parties under factoring agreements. Per the terms of these agreements, the Company surrenders control over its trade receivables upon transfer. Accordingly, the Company accounts for the transfers as sales of trade receivables by recognizing an increase to Cash and equivalents and a decrease to Trade receivables, net when proceeds from the transactions are received. During the three months ended June 30, 2021 and 2020, the Company transferred $317 million and $526 million, respectively, of its trade receivables to third parties under factoring arrangements. During the nine months ended June 30, 2021 and 2020, the Company transferred $1.173 billion and $1.842 billion, respectively, of its trade receivables to third parties under factoring arrangements. The portion of these receivables which were yet to be remitted to the third parties at June 30, 2021 and September 30, 2020 were $316 million and $256 million, respectively. The costs incurred by the Company in connection with factoring activities were not material to its consolidated financial results.
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Debt |
3 Months Ended |
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Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt In February 2021, the Company issued $1.0 billion of 1.957% notes due February 11, 2031. The Company used the net proceeds from this long-term debt offering, together with cash on hand, to repay the entire $1.0 billion aggregate principal amount outstanding on the 3.125% notes due November 8, 2021, as well as accrued interest, related premiums, fees and expenses related to this repaid amount. The Company redeemed this long-term debt at an aggregate market price of $1.019 billion. The carrying value of the long-term notes was $1.005 billion, and the Company recognized a loss on this debt extinguishment of $14 million, which was recorded in the second quarter of fiscal year 2021 within Other (expense) income, net, on the Company’s condensed consolidated statements of income. Also in February 2021, Becton Dickinson Euro Finance S.à r.l., a private limited liability company (société à responsabilité limitée), which is an indirect, wholly-owned finance subsidiary of the Company, issued Euro-denominated debt consisting of 600 million Euros ($728 million) of 1.213% notes due February 12, 2036. The notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company. No other of the Company's subsidiaries provide any guarantees with respect to these notes. The indenture covenants included a limitation on liens and a restriction on sale and leasebacks, change of control and consolidation, merger and sale of assets covenants. These covenants are subject to a number of exceptions, limitations and qualifications. The indenture does not restrict the Company, Becton Dickinson Euro Finance S.à r.l., or any other of the Company's subsidiaries from incurring additional debt or other liabilities, including additional senior debt. Additionally, the indenture does not restrict Becton Dickinson Euro Finance S.à r.l. and the Company from granting security interests over its assets. The Company used the net proceeds from this long-term debt offering, together with cash on hand, to repay the entire 600 million Euros ($728 million) of aggregate principal amount outstanding on the 0.174% notes due June 4, 2021, as well as accrued interest, related premiums, fees and expenses related to this repaid amount. The Company redeemed this long-term debt at an aggregate market price of $730 million. The carrying value of the long-term notes was $728 million, and the Company recognized a loss on this debt extinguishment of $1 million, which was recorded in the second quarter of fiscal year 2021 within Other (expense) income, net, on the Company’s condensed consolidated statements of income. In December 2020, the Company redeemed $265 million of the aggregate principal amount outstanding on the 2.894% notes due June 6, 2022, as well as accrued interest, related premiums, fees and expenses related to this redeemed amount. Based upon the aggregate $265 million carrying value of the notes redeemed and the $275 million the Company paid to redeem the aggregate principal amount of the notes, the Company recorded a loss on this debt extinguishment transaction in the first quarter of fiscal year 2021 of $10 million within Other (expense) income, net, on its condensed consolidated statements of income.
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Leases |
9 Months Ended |
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Jun. 30, 2021 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LeasesDuring the third quarter of fiscal year 2021, the Company completed the sale of one of its properties for gross proceeds of $91 million. Concurrently with the sale, the Company entered into an operating lease arrangement with an initial lease term of two years. The lease agreement includes the option for the Company to extend the lease for up to two additional six-month periods. The sale agreement and corresponding lease agreement met the requirements for sale-leaseback accounting and as such, the Company recognized a gain within Other operating (income) expense, net related to the sale transaction of $88 million in the third quarter of fiscal year 2021. |
Accounting Changes (Policies) |
9 Months Ended |
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Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Principles Adopted | New Accounting Principle AdoptedIn June 2016, the Financial Accounting Standards Board issued a new accounting standard which requires earlier recognition of credit losses on loans and other financial instruments held by entities, including trade receivables. The new standard requires entities to measure all expected credit losses for financial assets held at each reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company’s adoption of this accounting standard on October 1, 2020, using the modified retrospective method, did not have a material impact on the Company's condensed consolidated financial statements. |
Commitments and Contingencies | Given the uncertain nature of litigation generally, the Company is not able, in all cases, to estimate the amount or range of loss that could result from an unfavorable outcome of the litigation in which the Company is a party. In accordance with U.S. GAAP, the Company establishes accruals to the extent probable future losses are estimable (and in the case of environmental matters, without considering possible third-party recoveries). With respect to putative class action lawsuits in the United States and certain of the Canadian lawsuits described below relating to product liability matters, the Company is unable to estimate a range of reasonably possible losses for the following reasons: (i) all or certain of the proceedings are in early stages; (ii) the Company has not received and reviewed complete information regarding all or certain of the plaintiffs and their medical conditions; and/or (iii) there are significant factual issues to be resolved. In addition, there is uncertainty as to the likelihood of a class being certified or the ultimate size of any class. With respect to the civil investigative demand (“CID”) served by the Department of Justice, discussed below, the Company is unable to estimate a range of reasonably possible losses for the following reasons: (i) all or certain of the proceedings are in early stages; and/or (ii) there are significant factual and legal issues to be resolved. In view of the uncertainties discussed below, the Company could incur charges in excess of any currently established accruals and, to the extent available, liability insurance. In the opinion of management, any such future charges, individually or in the aggregate, could have a material adverse effect on the Company’s consolidated results of operations and consolidated cash flows.
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Revenue | Measurement of Revenues The Company’s allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of its trade receivables. Such estimated credit losses are determined based on historical loss experiences, customer-specific credit risk, and reasonable and supportable forward-looking information, such as country or regional risks that are not captured in the historical loss information. The allowance for doubtful accounts for trade receivables is not material to the Company's consolidated financial results. The Company's gross revenues are subject to a variety of deductions which are recorded in the same period that the underlying revenues are recognized. Such variable consideration includes rebates, sales discounts and sales returns. The impact of other forms of variable consideration, including sales discounts and sales returns, is not material to the Company's revenues.
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Derivatives | The Company uses derivative instruments to mitigate certain exposures. The Company does not enter into derivative financial instruments for trading or speculative purposes. The effects these derivative instruments and hedged items have on the Company’s financial position, financial performance, and cash flows are provided below.Hedges of the transactional foreign exchange exposures resulting primarily from intercompany payables and receivables are undesignated hedges. The Company’s policy is to manage interest rate exposure using a mix of fixed and variable rate debt. The Company periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Company exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps are designated as either fair value or cash flow hedges. For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates. The total notional amount of outstanding interest rate swaps designated as fair value hedges was $375 million at September 30, 2020. The swaps represented fixed-to-floating interest rate swap agreements the Company entered into to convert the interest payments on certain long-term notes from the fixed rate to a floating interest rate based on LIBOR. These interest rate swaps designated as fair value hedges were terminated at an immaterial net gain, concurrent with the redemption of the 3.125% notes due November 8, 2021 in the second quarter of fiscal 2021. Additional disclosures regarding the Company's debt transactions are provided in Note 13. There were no outstanding interest rate swaps designated as fair value hedges at June 30, 2021. Changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt. The amounts recorded during the nine months ended June 30, 2021 and the three and nine months ended 2020 for changes in the fair value of these hedges were immaterial to the Company's consolidated financial results. Changes in the fair value of the interest rate swaps designated as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk) are recorded in Other comprehensive income (loss). If interest rate derivatives designated as cash flow hedges are terminated, the balance in Accumulated other comprehensive income (loss) attributable to those derivatives is reclassified into earnings over the remaining life of the hedged debt.
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Fair Value of Financial Instruments | The Company’s cash and equivalents include institutional money market accounts, which permit daily redemption, and an ultra-short bond fund. The fair values of these investments are based upon the quoted prices in active markets provided by the holding financial institutions, which are considered Level 1 inputs in the fair value hierarchy. The fair values of these accounts were $800 million and $1.549 billion at June 30, 2021 and September 30, 2020, respectively. The Company’s remaining cash and equivalents, excluding restricted cash, were $2.4 billion and $1.3 billion at June 30, 2021 and September 30, 2020, respectively. Short-term investments are held to their maturities and are carried at cost, which approximates fair value. The short-term investments consist of instruments with maturities greater than three months and less than one year. Long-term debt is recorded at amortized cost. The fair value of long-term debt is measured based upon quoted prices in active markets for similar instruments, which are considered Level 2 inputs in the fair value hierarchy. The fair value of long-term debt was $17.3 billion and $19.0 billion at June 30, 2021 and September 30, 2020, respectively. The fair value of the current portion of long-term debt was $2.073 billion and $702 million at June 30, 2021 and September 30, 2020, respectively. All other instruments measured by the Company at fair value, including derivatives and contingent consideration liabilities, are immaterial to the Company's consolidated balance sheets.
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Shareholders' Equity (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Shareholders Equity | Changes in certain components of shareholders' equity for the first three quarters of fiscal years 2021 and 2020 were as follows:
(a)Common stock held in trusts represents rabbi trusts in connection with deferred compensation under the Company’s employee salary and bonus deferral plan and directors’ deferral plan.
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Schedule of Accumulated Other Comprehensive Income (Loss) | The components and changes of Accumulated other comprehensive income (loss) for the first three quarters of fiscal years 2021 and 2020 were as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Common Shares Used in Computations of Basic and Diluted Earnings Per Share | The weighted average common shares used in the computations of basic and diluted earnings per share (shares in thousands) were as follows:
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Segment Data (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Geographic Area | Revenues by segment, organizational unit and geographical areas for the three and nine-month periods are detailed below. The Company has no material intersegment revenues.
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Financial Information for Company's Segments | Segment income for the three and nine-month periods was as follows:
(a)The amount for the nine months ended June 30, 2021 includes charges of $37 million, and the amounts for the three and nine months ended June 30, 2020 include an adjustment and charges of $(18) million and $240 million, respectively, recorded to Cost of products sold, related to the estimate of costs associated with remediation efforts for AlarisTM infusion pumps in the Medication Management Solutions unit. Additionally, amounts for the three and nine months ended June 30, 2020 included costs related to another product matter of $8 million which were recorded in Other (expense) income, net. (b)The amount for the nine-month period ended June 30, 2020 included a charge of $39 million recorded to Cost of products sold to write down the carrying value of certain intangible assets in the Biosciences unit. (c)The amounts for the three and nine-months ended June 30, 2021 include a gain on a sale-leaseback transaction of $88 million, which is further discussed in Note 14, and $16 million of costs incurred for consulting, legal, tax and other advisory services associated with the planned spin-off of BD's Diabetes Care business. The amount for the nine-month period in 2021 also includes pre-tax charges of $296 million related to certain product liability matters, which is further discussed in Note 5. (d)Primarily comprised of foreign exchange, certain general and administrative expenses and share-based compensation expense.
|
Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Pension and Postretirement Cost | Net pension cost included the following components for the three and nine-month periods:
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Business Restructuring Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restructuring Accrual Activity | Restructuring liability activity for the nine months ended June 30, 2021 was as follows:
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Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Intangible Assets | Intangible assets consisted of:
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Reconciliation of Goodwill by Business Segment | The following is a reconciliation of goodwill by business segment:
(a)Represents goodwill recognized relative to certain acquisitions which were not material individually or in the aggregate.
|
Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | Net (losses) gains recorded to Accumulated other comprehensive income (loss) relating to the Company's net investment hedges for the three and nine-month periods were as follows:
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Financial Instruments and Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | The following reconciles cash and equivalents and restricted cash reported within the Company's consolidated balance sheets at June 30, 2021 and September 30, 2020 to the total of these amounts shown on the Company's consolidated statements of cash flows:
|
Shareholders' Equity - Changes in Certain Components of Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Beginning balance | $ 23,765 | $ 23,765 | ||||||
Net income | $ 525 | $ 286 | 1,827 | $ 746 | ||||
Ending balance | $ 24,135 | $ 24,135 | ||||||
Dividends per Common Share (USD per share) | $ 0.83 | $ 0.83 | $ 0.83 | $ 0.79 | $ 0.79 | $ 0.79 | $ 2.49 | $ 2.37 |
Common Stock Issued at Par Value | ||||||||
Beginning balance | $ 365 | $ 365 | $ 365 | $ 347 | $ 347 | $ 347 | $ 365 | $ 347 |
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | 12 | |||||||
Stock Issued During Period, Value, New Issues | 6 | |||||||
Ending balance | 365 | 365 | 365 | 365 | 347 | 347 | 365 | 365 |
Capital in Excess of Par Value | ||||||||
Beginning balance | 19,341 | 19,301 | 19,270 | 16,288 | 16,320 | 16,270 | 19,270 | 16,270 |
Common stock issued for share-based compensation and other plans, net | (9) | (15) | (53) | (12) | (91) | (32) | ||
Share-based compensation | 50 | 55 | 83 | 52 | 58 | 82 | ||
Treasury Stock, Value, Acquired, Cost Method | (100) | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | (9) | |||||||
Stock Issued During Period, Value, New Issues | 2,909 | |||||||
Ending balance | 19,282 | 19,341 | 19,301 | 19,228 | 16,288 | 16,320 | 19,282 | 19,228 |
Retained Earnings | ||||||||
Beginning balance | 13,557 | 13,522 | 12,791 | 12,868 | 12,938 | 12,913 | 12,791 | 12,913 |
Net income | 525 | 299 | 1,003 | 286 | 183 | 278 | ||
Common dividends | (239) | (242) | (242) | (229) | (215) | (215) | ||
Preferred dividends | (23) | (23) | (23) | (9) | (38) | (38) | ||
Ending balance | 13,821 | 13,557 | 13,522 | 12,916 | 12,868 | 12,938 | 13,821 | 12,916 |
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Stockholders' Equity, Other | (9) | |||||||
Deferred Compensation | ||||||||
Beginning balance | 23 | 23 | 23 | 23 | 24 | 23 | 23 | 23 |
Common stock issued for share-based compensation and other plans, net | (1) | 1 | ||||||
Ending balance | 23 | 23 | 23 | 23 | 23 | 24 | 23 | 23 |
Treasury Stock | ||||||||
Beginning balance | $ (6,132) | $ (6,136) | $ (6,138) | $ (6,158) | $ (6,228) | $ (6,190) | $ (6,138) | $ (6,190) |
Beginning balance (shares) | (73,821) | (74,080) | (74,623) | (74,911) | (75,514) | (76,260) | (74,623) | (76,260) |
Common stock issued for share-based compensation and other plans, net | $ 5 | $ 4 | $ 2 | $ 13 | $ 70 | $ (38) | ||
Common stock issued for share-based compensation and other plans, net (in shares) | 87 | 234 | 549 | 127 | 573 | 758 | ||
Common stock held in trusts, net (in shares) | 8 | 23 | (7) | 13 | 30 | (12) | ||
Treasury Stock, Shares, Acquired | (3,724) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (900) | |||||||
Ending balance | $ (7,027) | $ (6,132) | $ (6,136) | $ (6,145) | $ (6,158) | $ (6,228) | $ (7,027) | $ (6,145) |
Ending balance (shares) | (77,450) | (73,821) | (74,080) | (74,771) | (74,911) | (75,514) | (77,450) | (74,771) |
Earnings Per Share - Weighted Average Common Shares Used in Computations of Basic and Diluted Earnings per Share (Detail) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Average common shares outstanding (shares) | 289,522 | 282,385 | 290,401 | 275,152 |
Dilutive share equivalents from share-based plans (shares) | 2,375 | 2,763 | 2,693 | 3,411 |
Average common and common equivalent shares outstanding - assuming dilution (shares) | 291,897 | 285,148 | 293,094 | 278,563 |
Convertible Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded (in shares) | 6,168 | 6,328 | 6,168 | 9,918 |
Revenues - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 $ in Billions |
Jun. 30, 2021
USD ($)
|
---|---|
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction | 3 years |
Products and/or Services | |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, amount | $ 1.9 |
Consumables | |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, amount | $ 2.8 |
Segment Data - Additional Information (Detail) |
9 Months Ended |
---|---|
Jun. 30, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of principal business segments (segment) | 3 |
Benefit Plans - Net Pension and Postretirement Cost (Detail) - Pension Plans - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 35 | $ 37 | $ 113 | $ 116 |
Interest cost | 16 | 21 | 53 | 64 |
Expected return on plan assets | (40) | (46) | (129) | (143) |
Amortization of prior service credit | (3) | (3) | (10) | (10) |
Amortization of loss | 22 | 24 | 73 | 74 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 6 | 2 | 6 | 2 |
Net pension cost | $ 36 | $ 35 | $ 106 | $ 103 |
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible amortization expense | $ 351 | $ 345 | $ 1,049 | $ 1,037 |
Intangible Assets - Reconciliation of Goodwill by Business Segment (Detail) $ in Millions |
9 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill as of September 30, 2020 | $ 23,620 |
Goodwill, Acquired During Period | 135 |
Goodwill, Purchase Accounting Adjustments | 4 |
Currency translation | 55 |
Goodwill as of June 30, 2021 | 23,814 |
Medical | |
Goodwill [Roll Forward] | |
Goodwill as of September 30, 2020 | 10,044 |
Goodwill, Acquired During Period | 135 |
Goodwill, Purchase Accounting Adjustments | 2 |
Currency translation | 31 |
Goodwill as of June 30, 2021 | 10,212 |
Life Sciences | |
Goodwill [Roll Forward] | |
Goodwill as of September 30, 2020 | 837 |
Goodwill, Acquired During Period | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Currency translation | 2 |
Goodwill as of June 30, 2021 | 839 |
Interventional | |
Goodwill [Roll Forward] | |
Goodwill as of September 30, 2020 | 12,739 |
Goodwill, Acquired During Period | 0 |
Goodwill, Purchase Accounting Adjustments | 1 |
Currency translation | 22 |
Goodwill as of June 30, 2021 | $ 12,762 |
Derivative Instruments and Hedging Activities Disclosure - Gains (Losses) on Net Investment Hedges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Foreign Currency-Denominated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | $ (4) | $ (56) | $ (25) | $ (46) |
Currency Swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | $ (16) | $ (122) | $ (100) | $ 19 |
Financial Instruments and Fair Value Measurements - Cash and Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
---|---|---|---|---|
Fair Value Disclosures [Abstract] | ||||
Cash and equivalents | $ 3,153 | $ 2,825 | ||
Restricted cash | 128 | 92 | ||
Cash and equivalents and restricted cash | $ 3,282 | $ 2,917 | $ 2,964 | $ 590 |
Leases - Additional Information (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Jun. 30, 2021
USD ($)
period
|
Jun. 30, 2021
USD ($)
period
|
|
Lessee, Lease, Description [Line Items] | ||
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 91 | |
Lessee, Operating Lease, Term of Contract | 2 years | 2 years |
Number Of Renewal Periods | period | 2 | 2 |
Lessee, Operating Lease, Renewal Term | 6 months | 6 months |
Other Operating Income (Expense) | ||
Lessee, Lease, Description [Line Items] | ||
Sale and Leaseback Transaction, Gain (Loss), Net | $ 88 | $ 88 |
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