• | As reported, revenues of $4.350 billion increased 1.7 percent. |
• | On a comparable, currency-neutral basis, revenues increased 5.7 percent. |
• | As reported, diluted earnings per share of $1.51 decreased 25.6 percent. |
• | As adjusted, diluted earnings per share of $3.08 increased 5.8 percent, or 14.8 percent on a currency-neutral basis. |
• | The company reaffirms its full fiscal year 2019 revenue and adjusted diluted earnings per share guidance. |
Three Months Ended June 30, | |||||||||||
2019 | 2018 | % Change | |||||||||
REVENUES | $ | 4,350 | $ | 4,278 | 1.7 | ||||||
Cost of products sold | 2,276 | 2,262 | 0.6 | ||||||||
Selling and administrative expense | 1,076 | 1,086 | (0.9 | ) | |||||||
Research and development expense | 282 | 277 | 2.1 | ||||||||
Acquisitions and other restructurings | 90 | 142 | (37.1 | ) | |||||||
TOTAL OPERATING COSTS AND EXPENSES | 3,725 | 3,767 | (1.1 | ) | |||||||
OPERATING INCOME | 626 | 512 | 22.2 | ||||||||
Interest expense | (156 | ) | (182 | ) | (14.2 | ) | |||||
Interest income | 2 | 8 | (73.8 | ) | |||||||
Other (expense) income, net | (11 | ) | 310 | (103.7 | ) | ||||||
INCOME BEFORE INCOME TAXES | 460 | 647 | (28.9 | ) | |||||||
Income tax provision | 9 | 53 | (82.7 | ) | |||||||
NET INCOME | 451 | 594 | (24.1 | ) | |||||||
Preferred stock dividends | (38 | ) | (38 | ) | — | ||||||
NET INCOME APPLICABLE TO COMMON SHAREHOLDERS | $ | 413 | $ | 556 | (25.7 | ) | |||||
EARNINGS PER SHARE | |||||||||||
Basic Earnings per Share | $ | 1.53 | $ | 2.08 | (26.4 | ) | |||||
Diluted Earnings per Share | $ | 1.51 | $ | 2.03 | (25.6 | ) | |||||
AVERAGE SHARES OUTSTANDING (in thousands) | |||||||||||
Basic | 270,249 | 267,836 | |||||||||
Diluted | 274,336 | 273,925 |
Nine Months Ended June 30, | |||||||||||
2019 | 2018 | % Change | |||||||||
REVENUES | $ | 12,706 | $ | 11,581 | 9.7 | ||||||
Cost of products sold | 6,684 | 6,405 | 4.4 | ||||||||
Selling and administrative expense | 3,238 | 2,915 | 11.1 | ||||||||
Research and development expense | 792 | 727 | 8.9 | ||||||||
Acquisitions and other restructurings | 281 | 600 | (53.2 | ) | |||||||
Other operating expense, net | 61 | — | 100.0 | ||||||||
TOTAL OPERATING COSTS AND EXPENSES | 11,056 | 10,647 | 3.8 | ||||||||
OPERATING INCOME | 1,649 | 933 | 76.7 | ||||||||
Interest expense | (498 | ) | (525 | ) | (5.1 | ) | |||||
Interest income | 8 | 55 | (86.0 | ) | |||||||
Other income, net | 19 | 295 | (93.7 | ) | |||||||
INCOME BEFORE INCOME TAXES | 1,178 | 759 | 55.3 | ||||||||
Income tax provision | 107 | 313 | (65.7 | ) | |||||||
NET INCOME | 1,071 | 446 | 140.2 | ||||||||
Preferred stock dividends | (114 | ) | (114 | ) | — | ||||||
NET INCOME APPLICABLE TO COMMON SHAREHOLDERS | $ | 957 | $ | 332 | 188.2 | ||||||
EARNINGS PER SHARE | |||||||||||
Basic Earnings per Share | $ | 3.55 | $ | 1.30 | 173.1 | ||||||
Diluted Earnings per Share | $ | 3.49 | $ | 1.27 | 174.8 | ||||||
AVERAGE SHARES OUTSTANDING (in thousands) | |||||||||||
Basic | 269,719 | 254,934 | |||||||||
Diluted | 274,510 | 260,860 |
June 30, 2019 | September 30, 2018 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and equivalents | $ | 523 | $ | 1,140 | ||||
Restricted cash | 71 | 96 | ||||||
Short-term investments | 12 | 17 | ||||||
Trade receivables, net | 2,220 | 2,319 | ||||||
Inventories | 2,629 | 2,451 | ||||||
Assets held for sale | — | 137 | ||||||
Prepaid expenses and other | 1,326 | 1,251 | ||||||
TOTAL CURRENT ASSETS | 6,781 | 7,411 | ||||||
Property, plant and equipment, net | 5,550 | 5,375 | ||||||
Goodwill and other intangibles, net | 38,840 | 40,041 | ||||||
Other Assets | 1,063 | 1,078 | ||||||
TOTAL ASSETS | $ | 52,233 | $ | 53,904 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Short-term debt | $ | 2,168 | $ | 2,601 | ||||
Other current liabilities | 4,069 | 4,615 | ||||||
Long-term debt | 18,016 | 18,894 | ||||||
Long-term employee benefit obligations | 862 | 1,056 | ||||||
Deferred income taxes and other | 5,621 | 5,743 | ||||||
Shareholders’ equity | 21,497 | 20,994 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 52,233 | $ | 53,904 |
Nine Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 1,071 | $ | 446 | ||||
Depreciation and amortization | 1,700 | 1,412 | ||||||
Change in operating assets and liabilities and other, net | (812 | ) | (299 | ) | ||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,959 | 1,559 | ||||||
INVESTING ACTIVITIES | ||||||||
Capital expenditures | (599 | ) | (588 | ) | ||||
Acquisitions of businesses, net of cash acquired | — | (14,998 | ) | |||||
Proceeds from divestitures, net | 477 | 534 | ||||||
Other, net | (178 | ) | (120 | ) | ||||
NET CASH USED FOR INVESTING ACTIVITIES | (300 | ) | (15,173 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Change in credit facility borrowings | 300 | 200 | ||||||
Proceeds from long-term debt and term loans | 2,224 | 4,335 | ||||||
Payments of debt and term loans | (3,882 | ) | (2,723 | ) | ||||
Dividends paid | (737 | ) | (687 | ) | ||||
Other, net | (204 | ) | (176 | ) | ||||
NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (2,300 | ) | 949 | |||||
Effect of exchange rate changes on cash and equivalents and restricted cash | (1 | ) | (5 | ) | ||||
NET DECREASE IN CASH AND EQUIVALENTS AND RESTRICTED CASH | (642 | ) | (12,670 | ) | ||||
OPENING CASH AND EQUIVALENTS AND RESTRICTED CASH | 1,236 | 14,179 | ||||||
CLOSING CASH AND EQUIVALENTS AND RESTRICTED CASH | $ | 594 | $ | 1,509 |
A | B | C=(A-B)/B | |||||||||
2019 | 2018 | % Change | |||||||||
BD MEDICAL | |||||||||||
Medication Delivery Solutions | $ | 524 | $ | 505 | 3.7 | ||||||
Medication Management Solutions | 528 | 483 | 9.3 | ||||||||
Diabetes Care | 139 | 138 | 0.7 | ||||||||
Pharmaceutical Systems | 108 | 103 | 4.6 | ||||||||
TOTAL | $ | 1,299 | $ | 1,230 | 5.7 | ||||||
BD LIFE SCIENCES | |||||||||||
Preanalytical Systems | $ | 203 | $ | 199 | 1.9 | ||||||
Diagnostic Systems | 155 | 151 | 3.0 | ||||||||
Biosciences | 117 | 126 | (7.2 | ) | |||||||
TOTAL | $ | 475 | $ | 476 | (0.2 | ) | |||||
BD INTERVENTIONAL | |||||||||||
Surgery | $ | 273 | $ | 259 | 5.7 | ||||||
Peripheral Intervention | 195 | 195 | (0.2 | ) | |||||||
Urology and Critical Care | 198 | 178 | 10.9 | ||||||||
TOTAL | $ | 666 | $ | 632 | 5.3 | ||||||
TOTAL UNITED STATES | $ | 2,440 | $ | 2,338 | 4.4 |
D=(A-B)/B | E=(A-B-C)/B | |||||||||||||||||
A | B | C | % Change | |||||||||||||||
2019 | 2018 | FX Impact | Reported | FXN | ||||||||||||||
BD MEDICAL | ||||||||||||||||||
Medication Delivery Solutions | $ | 460 | $ | 471 | $ | (33 | ) | (2.4 | ) | 4.5 | ||||||||
Medication Management Solutions | 129 | 127 | (9 | ) | 1.7 | 8.8 | ||||||||||||
Diabetes Care | 136 | 138 | (9 | ) | (1.5 | ) | 5.0 | |||||||||||
Pharmaceutical Systems | 286 | 279 | (18 | ) | 2.5 | 9.0 | ||||||||||||
TOTAL | $ | 1,011 | $ | 1,016 | $ | (69 | ) | (0.4 | ) | 6.4 | ||||||||
BD LIFE SCIENCES | ||||||||||||||||||
Preanalytical Systems | $ | 204 | $ | 205 | $ | (16 | ) | (0.4 | ) | 7.5 | ||||||||
Diagnostic Systems | 212 | 211 | (14 | ) | 0.7 | 7.5 | ||||||||||||
Biosciences | 167 | 188 | (9 | ) | (11.1 | ) | (6.3 | ) | ||||||||||
TOTAL | $ | 583 | $ | 603 | $ | (40 | ) | (3.4 | ) | 3.2 | ||||||||
BD INTERVENTIONAL | ||||||||||||||||||
Surgery | $ | 76 | $ | 77 | $ | (5 | ) | (2.0 | ) | 4.7 | ||||||||
Peripheral Intervention | 155 | 157 | (11 | ) | (1.5 | ) | 5.5 | |||||||||||
Urology and Critical Care | 85 | 87 | (5 | ) | (2.4 | ) | 3.6 | |||||||||||
TOTAL | $ | 316 | $ | 322 | $ | (21 | ) | (1.9 | ) | 4.8 | ||||||||
TOTAL INTERNATIONAL | $ | 1,910 | $ | 1,941 | $ | (130 | ) | (1.6 | ) | 5.1 |
D=(A-B)/B | E=(A-B-C)/B | |||||||||||||||||
A | B | C | % Change | |||||||||||||||
2019 | 2018 | FX Impact | Reported | FXN | ||||||||||||||
BD MEDICAL | ||||||||||||||||||
Medication Delivery Solutions | $ | 984 | $ | 977 | $ | (33 | ) | 0.8 | 4.1 | |||||||||
Medication Management Solutions | 658 | 610 | (9 | ) | 7.7 | 9.2 | ||||||||||||
Diabetes Care | 275 | 276 | (9 | ) | (0.4 | ) | 2.9 | |||||||||||
Pharmaceutical Systems | 394 | 383 | (18 | ) | 3.1 | 7.8 | ||||||||||||
TOTAL | $ | 2,311 | $ | 2,246 | $ | (69 | ) | 2.9 | 6.0 | |||||||||
BD LIFE SCIENCES | ||||||||||||||||||
Preanalytical Systems | $ | 407 | $ | 404 | $ | (16 | ) | 0.7 | 4.7 | |||||||||
Diagnostic Systems | 368 | 362 | (14 | ) | 1.7 | 5.6 | ||||||||||||
Biosciences | 284 | 314 | (9 | ) | (9.6 | ) | (6.7 | ) | ||||||||||
TOTAL | $ | 1,058 | $ | 1,079 | $ | (40 | ) | (2.0 | ) | 1.7 | ||||||||
BD INTERVENTIONAL | ||||||||||||||||||
Surgery | $ | 349 | $ | 336 | $ | (5 | ) | 3.9 | 5.4 | |||||||||
Peripheral Intervention | 350 | 353 | (11 | ) | (0.8 | ) | 2.3 | |||||||||||
Urology and Critical Care | 283 | 265 | (5 | ) | 6.5 | 8.5 | ||||||||||||
TOTAL | $ | 981 | $ | 954 | $ | (21 | ) | 2.9 | 5.2 | |||||||||
TOTAL REVENUES | $ | 4,350 | $ | 4,278 | $ | (130 | ) | 1.7 | 4.7 |
A | B | C=(A-B)/B | |||||||||
2019 | 2018 | % Change | |||||||||
BD MEDICAL | |||||||||||
Medication Delivery Solutions | $ | 1,528 | $ | 1,379 | 10.8 | ||||||
Medication Management Solutions | 1,531 | 1,415 | 8.3 | ||||||||
Diabetes Care | 421 | 415 | 1.6 | ||||||||
Pharmaceutical Systems | 269 | 239 | 12.4 | ||||||||
TOTAL | $ | 3,750 | $ | 3,448 | 8.7 | ||||||
BD LIFE SCIENCES | |||||||||||
Preanalytical Systems | $ | 574 | $ | 565 | 1.7 | ||||||
Diagnostic Systems | 510 | 518 | (1.5 | ) | |||||||
Biosciences | 345 | 350 | (1.4 | ) | |||||||
TOTAL | $ | 1,430 | $ | 1,433 | (0.2 | ) | |||||
BD INTERVENTIONAL | |||||||||||
Surgery | $ | 819 | $ | 687 | 19.2 | ||||||
Peripheral Intervention | 580 | 393 | 47.5 | ||||||||
Urology and Critical Care | 590 | 358 | 65.0 | ||||||||
TOTAL | $ | 1,989 | $ | 1,438 | 38.3 | ||||||
TOTAL UNITED STATES | $ | 7,168 | $ | 6,319 | 13.4 |
D=(A-B)/B | E=(A-B-C)/B | |||||||||||||||||
A | B | C | % Change | |||||||||||||||
2019 | 2018 | FX Impact | Reported | FXN | ||||||||||||||
BD MEDICAL | ||||||||||||||||||
Medication Delivery Solutions | $ | 1,344 | $ | 1,298 | $ | (83 | ) | 3.5 | 10.0 | |||||||||
Medication Management Solutions | 365 | 364 | (20 | ) | 0.3 | 5.9 | ||||||||||||
Diabetes Care | 397 | 405 | (23 | ) | (2.0 | ) | 3.7 | |||||||||||
Pharmaceutical Systems | 771 | 755 | (37 | ) | 2.1 | 7.0 | ||||||||||||
TOTAL | $ | 2,877 | $ | 2,822 | $ | (163 | ) | 2.0 | 7.7 | |||||||||
BD LIFE SCIENCES | ||||||||||||||||||
Preanalytical Systems | $ | 591 | $ | 595 | $ | (40 | ) | (0.7 | ) | 5.9 | ||||||||
Diagnostic Systems | 628 | 634 | (34 | ) | (0.9 | ) | 4.4 | |||||||||||
Biosciences | 517 | 559 | (23 | ) | (7.6 | ) | (3.4 | ) | ||||||||||
TOTAL | $ | 1,736 | $ | 1,789 | $ | (97 | ) | (2.9 | ) | 2.5 | ||||||||
BD INTERVENTIONAL | ||||||||||||||||||
Surgery | $ | 223 | $ | 177 | $ | (11 | ) | 26.5 | 33.0 | |||||||||
Peripheral Intervention | 449 | 303 | (25 | ) | 47.9 | 56.2 | ||||||||||||
Urology and Critical Care | 253 | 171 | (11 | ) | 47.7 | 54.2 | ||||||||||||
TOTAL | $ | 925 | $ | 651 | $ | (47 | ) | 42.1 | 49.4 | |||||||||
TOTAL INTERNATIONAL | $ | 5,538 | $ | 5,261 | $ | (307 | ) | 5.3 | 11.1 |
D=(A-B)/B | E=(A-B-C)/B | |||||||||||||||||
A | B | C | % Change | |||||||||||||||
2019 | 2018 | FX Impact | Reported | FXN | ||||||||||||||
BD MEDICAL | ||||||||||||||||||
Medication Delivery Solutions | $ | 2,871 | $ | 2,677 | $ | (83 | ) | 7.3 | 10.4 | |||||||||
Medication Management Solutions | 1,896 | 1,778 | (20 | ) | 6.6 | 7.8 | ||||||||||||
Diabetes Care | 819 | 820 | (23 | ) | (0.2 | ) | 2.6 | |||||||||||
Pharmaceutical Systems | 1,040 | 994 | (37 | ) | 4.6 | 8.3 | ||||||||||||
TOTAL | $ | 6,626 | $ | 6,270 | $ | (163 | ) | 5.7 | 8.3 | |||||||||
BD LIFE SCIENCES | ||||||||||||||||||
Preanalytical Systems | $ | 1,165 | $ | 1,160 | $ | (40 | ) | 0.4 | 3.9 | |||||||||
Diagnostic Systems | 1,138 | 1,152 | (34 | ) | (1.2 | ) | 1.7 | |||||||||||
Biosciences | 862 | 910 | (23 | ) | (5.2 | ) | (2.7 | ) | ||||||||||
TOTAL | $ | 3,166 | $ | 3,222 | $ | (97 | ) | (1.7 | ) | 1.3 | ||||||||
BD INTERVENTIONAL | ||||||||||||||||||
Surgery | $ | 1,042 | $ | 864 | $ | (11 | ) | 20.7 | 22.0 | |||||||||
Peripheral Intervention | 1,029 | 697 | (25 | ) | 47.7 | 51.3 | ||||||||||||
Urology and Critical Care | 843 | 529 | (11 | ) | 59.4 | 61.5 | ||||||||||||
TOTAL | $ | 2,914 | $ | 2,089 | $ | (47 | ) | 39.5 | 41.7 | |||||||||
TOTAL REVENUES | $ | 12,706 | $ | 11,581 | $ | (307 | ) | 9.7 | 12.4 |
A | B | C | D=B+C | E=(A-D)/D | |||||||||||||||||
BD Reported | BD Reported | Divestiture and Other Adjustments (a) | Comparable | Comparable % Change | |||||||||||||||||
2019 | 2018 | 2018 | |||||||||||||||||||
BD MEDICAL | |||||||||||||||||||||
Medication Delivery Solutions | $ | 524 | $ | 505 | $ | — | $ | 505 | 3.7 | ||||||||||||
Medication Management Solutions | 528 | 483 | — | 483 | 9.3 | ||||||||||||||||
Diabetes Care | 139 | 138 | — | 138 | 0.7 | ||||||||||||||||
Pharmaceutical Systems | 108 | 103 | — | 103 | 4.6 | ||||||||||||||||
TOTAL | $ | 1,299 | $ | 1,230 | $ | — | $ | 1,230 | 5.7 | ||||||||||||
BD LIFE SCIENCES | |||||||||||||||||||||
Preanalytical Systems | $ | 203 | $ | 199 | $ | — | $ | 199 | 1.9 | ||||||||||||
Diagnostic Systems | 155 | 151 | — | 151 | 3.0 | ||||||||||||||||
Biosciences | 117 | 126 | (14 | ) | 112 | 4.7 | |||||||||||||||
TOTAL | $ | 475 | $ | 476 | $ | (14 | ) | $ | 462 | 2.9 | |||||||||||
BD INTERVENTIONAL | |||||||||||||||||||||
Surgery | $ | 273 | $ | 259 | $ | — | $ | 259 | 5.7 | ||||||||||||
Peripheral Intervention | 195 | 195 | — | 195 | (0.2 | ) | |||||||||||||||
Urology and Critical Care | 198 | 178 | — | 178 | 10.9 | ||||||||||||||||
TOTAL | $ | 666 | $ | 632 | $ | — | $ | 632 | 5.3 | ||||||||||||
TOTAL UNITED STATES | $ | 2,440 | $ | 2,338 | $ | (14 | ) | $ | 2,323 | 5.0 |
(a) | Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business. |
A | B | C | D=B+C | E | F=(A-D-E)/D | ||||||||||||||||||||
BD Reported | BD Reported | Divestiture Adjustments (a) | Comparable | FX Impact (b) | FXN % Change | ||||||||||||||||||||
2019 | 2018 | 2018 | |||||||||||||||||||||||
BD MEDICAL | |||||||||||||||||||||||||
Medication Delivery Solutions | $ | 460 | $ | 471 | $ | — | $ | 471 | $ | (33 | ) | 4.7 | |||||||||||||
Medication Management Solutions | 129 | 127 | — | 127 | (9 | ) | 8.8 | ||||||||||||||||||
Diabetes Care | 136 | 138 | — | 138 | (9 | ) | 5.3 | ||||||||||||||||||
Pharmaceutical Systems | 286 | 279 | — | 279 | (18 | ) | 9.0 | ||||||||||||||||||
TOTAL | $ | 1,011 | $ | 1,016 | $ | — | $ | 1,016 | $ | (70 | ) | 6.5 | |||||||||||||
BD LIFE SCIENCES | |||||||||||||||||||||||||
Preanalytical Systems | $ | 204 | $ | 205 | $ | — | $ | 205 | $ | (18 | ) | 8.1 | |||||||||||||
Diagnostic Systems | 212 | 211 | — | 211 | (16 | ) | 8.2 | ||||||||||||||||||
Biosciences | 167 | 188 | (20 | ) | 167 | (10 | ) | 5.3 | |||||||||||||||||
TOTAL | $ | 583 | $ | 603 | $ | (20 | ) | $ | 583 | $ | (43 | ) | 7.4 | ||||||||||||
BD INTERVENTIONAL | |||||||||||||||||||||||||
Surgery | $ | 76 | $ | 77 | $ | — | $ | 77 | $ | (5 | ) | 4.7 | |||||||||||||
Peripheral Intervention | 155 | 157 | — | 157 | (11 | ) | 5.5 | ||||||||||||||||||
Urology and Critical Care | 85 | 87 | — | 87 | (5 | ) | 3.6 | ||||||||||||||||||
TOTAL | $ | 316 | $ | 322 | $ | — | $ | 322 | $ | (21 | ) | 4.8 | |||||||||||||
TOTAL INTERNATIONAL | $ | 1,910 | $ | 1,941 | $ | (20 | ) | $ | 1,920 | $ | (135 | ) | 6.5 |
(a) | Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business. |
(b) | Under U.S. generally accepted accounting principles and as a result of Argentina’s highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the quarter ended June 30, 2019. The total foreign currency translation impact above includes $5 million that was calculated by comparing local currency revenues in Argentina for the quarter ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period. |
A | B | C | D=B+C | E | F=(A-D-E)/D | ||||||||||||||||||||
BD Reported | BD Reported | Divestiture and Other Adjustments (a) | Comparable | FX Impact (b) | FXN % Change | ||||||||||||||||||||
2019 | 2018 | 2018 | |||||||||||||||||||||||
BD MEDICAL | |||||||||||||||||||||||||
Medication Delivery Solutions | $ | 984 | $ | 977 | $ | — | $ | 977 | $ | (33 | ) | 4.2 | |||||||||||||
Medication Management Solutions | 658 | 610 | — | 610 | (9 | ) | 9.2 | ||||||||||||||||||
Diabetes Care | 275 | 276 | — | 276 | (9 | ) | 3.0 | ||||||||||||||||||
Pharmaceutical Systems | 394 | 383 | — | 383 | (18 | ) | 7.8 | ||||||||||||||||||
TOTAL | $ | 2,311 | $ | 2,246 | $ | — | $ | 2,246 | $ | (70 | ) | 6.0 | |||||||||||||
BD LIFE SCIENCES | |||||||||||||||||||||||||
Preanalytical Systems | $ | 407 | $ | 404 | $ | — | $ | 404 | $ | (18 | ) | 5.0 | |||||||||||||
Diagnostic Systems | 368 | 362 | — | 362 | (16 | ) | 6.0 | ||||||||||||||||||
Biosciences | 284 | 314 | (35 | ) | 279 | (10 | ) | 5.1 | |||||||||||||||||
TOTAL | $ | 1,058 | $ | 1,079 | $ | (35 | ) | $ | 1,045 | $ | (43 | ) | 5.4 | ||||||||||||
BD INTERVENTIONAL | |||||||||||||||||||||||||
Surgery | $ | 349 | $ | 336 | $ | — | $ | 336 | $ | (5 | ) | 5.4 | |||||||||||||
Peripheral Intervention | 350 | 353 | — | 353 | (11 | ) | 2.3 | ||||||||||||||||||
Urology and Critical Care | 283 | 265 | — | 265 | (5 | ) | 8.5 | ||||||||||||||||||
TOTAL | $ | 981 | $ | 954 | $ | — | $ | 954 | $ | (21 | ) | 5.2 | |||||||||||||
TOTAL REVENUES | $ | 4,350 | $ | 4,278 | $ | (35 | ) | $ | 4,244 | $ | (135 | ) | 5.7 |
(a) | Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business. |
(b) | Under U.S. generally accepted accounting principles and as a result of Argentina’s highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the quarter ended June 30, 2019. The total foreign currency translation impact above includes $5 million that was calculated by comparing local currency revenues in Argentina for the quarter ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period. |
A | B | C=A+B | D | E | F | G | H=D+E+F+G | I=(C-H)/H | |||||||||||||||||||||||||||||
BD Reported | Divestiture Adjustments (a) | Comparable | BD Reported | Bard Q1 (b) | Intercompany Adjustment (c) | Divestiture and Other Adjustments (a) | Comparable | Comparable % Change | |||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2018 | 2018 | |||||||||||||||||||||||||||||||||
BD MEDICAL | |||||||||||||||||||||||||||||||||||||
Medication Delivery Solutions | $ | 1,528 | $ | — | $ | 1,528 | $ | 1,379 | $ | 145 | $ | (3 | ) | $ | (9 | ) | $ | 1,512 | 1.0 | ||||||||||||||||||
Medication Management Solutions | 1,531 | — | 1,531 | 1,415 | — | — | — | 1,415 | 8.3 | ||||||||||||||||||||||||||||
Diabetes Care | 421 | — | 421 | 415 | — | — | — | 415 | 1.6 | ||||||||||||||||||||||||||||
Pharmaceutical Systems | 269 | — | 269 | 239 | — | — | — | 239 | 12.4 | ||||||||||||||||||||||||||||
TOTAL | $ | 3,750 | $ | — | $ | 3,750 | $ | 3,448 | $ | 145 | $ | (3 | ) | $ | (9 | ) | $ | 3,581 | 4.7 | ||||||||||||||||||
BD LIFE SCIENCES | |||||||||||||||||||||||||||||||||||||
Preanalytical Systems | $ | 574 | $ | — | $ | 574 | $ | 565 | $ | — | $ | — | $ | (12 | ) | $ | 553 | 3.9 | |||||||||||||||||||
Diagnostic Systems | 510 | — | 510 | 518 | — | — | — | 518 | (1.5 | ) | |||||||||||||||||||||||||||
Biosciences | 345 | (4 | ) | 342 | 350 | — | — | (34 | ) | 317 | 7.9 | ||||||||||||||||||||||||||
TOTAL | $ | 1,430 | $ | (4 | ) | $ | 1,426 | $ | 1,433 | $ | — | $ | — | $ | (46 | ) | $ | 1,388 | 2.8 | ||||||||||||||||||
BD INTERVENTIONAL | |||||||||||||||||||||||||||||||||||||
Surgery | $ | 819 | $ | — | $ | 819 | $ | 687 | $ | 105 | $ | — | $ | (15 | ) | $ | 777 | 5.4 | |||||||||||||||||||
Peripheral Intervention | 580 | — | 580 | 393 | 188 | — | — | 581 | (0.3 | ) | |||||||||||||||||||||||||||
Urology and Critical Care | 590 | — | 590 | 358 | 177 | — | — | 535 | 10.4 | ||||||||||||||||||||||||||||
TOTAL | $ | 1,989 | $ | — | $ | 1,989 | $ | 1,438 | $ | 470 | $ | — | $ | (15 | ) | $ | 1,893 | 5.0 | |||||||||||||||||||
TOTAL UNITED STATES | $ | 7,168 | $ | (4 | ) | $ | 7,164 | $ | 6,319 | $ | 614 | $ | (3 | ) | $ | (69 | ) | $ | 6,862 | 4.4 |
(a) | The amounts for the nine months ended June 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business. The amounts for the nine months ended June 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line. Additionally, Medication Delivery Solutions and Preanalytical Systems results for the nine months ended June 30, 2019 included a total of $21 million in cumulative customer rebate and incentive fees relating to fiscal year 2018. Accordingly, to ensure comparability of revenue growth, the results for the nine months ended June 30, 2018 have been adjusted to reflect these cumulative fees. The Company records rebate and customer incentive fees as a reduction to revenue. |
(b) | Amounts represent revenues for the quarter ended December 31, 2017. BD reported a Gore royalty amount, which was previously reported as revenues by Bard, as non-operating income in the current-year period. |
(c) | Represents the elimination of revenues from the Medication Delivery Solutions unit which BD previously recognized from Bard as third-party revenues and that would be treated as intercompany revenues in the current-year period. |
A | B | C=A+B | D | E | F | G=D+E+F | H | I=(C-G-H)/G | |||||||||||||||||||||||||||||
BD Reported | Divestiture Adjustments (a) | Comparable | BD Reported | Bard Q1 (b) | Divestiture Adjustments (a) | Comparable | FX Impact (c) | FXN % Change | |||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2018 | 2018 | |||||||||||||||||||||||||||||||||
BD MEDICAL | |||||||||||||||||||||||||||||||||||||
Medication Delivery Solutions | $ | 1,344 | $ | — | $ | 1,344 | $ | 1,298 | $ | 68 | $ | — | $ | 1,366 | $ | (87 | ) | 4.7 | |||||||||||||||||||
Medication Management Solutions | 365 | — | 365 | 364 | — | — | 364 | (20 | ) | 5.9 | |||||||||||||||||||||||||||
Diabetes Care | 397 | — | 397 | 405 | — | — | 405 | (24 | ) | 4.0 | |||||||||||||||||||||||||||
Pharmaceutical Systems | 771 | — | 771 | 755 | — | — | 755 | (37 | ) | 7.0 | |||||||||||||||||||||||||||
TOTAL | $ | 2,877 | $ | — | $ | 2,877 | $ | 2,822 | $ | 68 | $ | — | $ | 2,890 | $ | (168 | ) | 5.4 | |||||||||||||||||||
BD LIFE SCIENCES | |||||||||||||||||||||||||||||||||||||
Preanalytical Systems | $ | 591 | $ | — | $ | 591 | $ | 595 | $ | — | $ | — | $ | 595 | $ | (45 | ) | 6.8 | |||||||||||||||||||
Diagnostic Systems | 628 | — | 628 | 634 | — | — | 634 | (39 | ) | 5.3 | |||||||||||||||||||||||||||
Biosciences | 517 | (5 | ) | 512 | 559 | — | (43 | ) | 516 | (26 | ) | 4.2 | |||||||||||||||||||||||||
TOTAL | $ | 1,736 | $ | (5 | ) | $ | 1,731 | $ | 1,789 | $ | — | $ | (43 | ) | $ | 1,746 | $ | (110 | ) | 5.5 | |||||||||||||||||
BD INTERVENTIONAL | |||||||||||||||||||||||||||||||||||||
Surgery | $ | 223 | $ | — | $ | 223 | $ | 177 | $ | 49 | $ | (3 | ) | $ | 222 | $ | (11 | ) | 5.7 | ||||||||||||||||||
Peripheral Intervention | 449 | — | 449 | 303 | 146 | — | 449 | (25 | ) | 5.5 | |||||||||||||||||||||||||||
Urology and Critical Care | 253 | — | 253 | 171 | 90 | — | 261 | (11 | ) | 0.9 | |||||||||||||||||||||||||||
TOTAL | $ | 925 | $ | — | $ | 925 | $ | 651 | $ | 285 | $ | (3 | ) | $ | 933 | $ | (47 | ) | 4.2 | ||||||||||||||||||
TOTAL INTERNATIONAL | $ | 5,538 | $ | (5 | ) | $ | 5,533 | $ | 5,261 | $ | 353 | $ | (46 | ) | $ | 5,568 | $ | (325 | ) | 5.2 |
(a) | The amounts for the nine months ended June 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business. The amounts for the nine months ended June 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line. |
(b) | Amounts represent revenues for the quarter ended December 31, 2017. |
(c) | Under U.S. generally accepted accounting principles and as a result of Argentina’s highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the nine months ended June 30, 2019. The total foreign currency translation impact above includes $18 million that was calculated by comparing local currency revenues in Argentina for the nine months ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period. |
A | B | C=A+B | D | E | F | G | H=D+E+F+G | I | J=(C-H-I)/H | ||||||||||||||||||||||||||||||||
BD Reported | Divestiture Adjustments (a) | Comparable | BD Reported | Bard Q1 (b) | Intercompany Adjustment (c) | Divestiture and Other Adjustments (a) | Comparable | FX Impact (d) | FXN % Change | ||||||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2018 | 2018 | |||||||||||||||||||||||||||||||||||||
BD MEDICAL | |||||||||||||||||||||||||||||||||||||||||
Medication Delivery Solutions | $ | 2,871 | $ | — | $ | 2,871 | $ | 2,677 | $ | 213 | $ | (3 | ) | $ | (9 | ) | $ | 2,878 | $ | (87 | ) | 2.8 | |||||||||||||||||||
Medication Management Solutions | 1,896 | — | 1,896 | 1,778 | — | — | — | 1,778 | (20 | ) | 7.8 | ||||||||||||||||||||||||||||||
Diabetes Care | 819 | — | 819 | 820 | — | — | — | 820 | (24 | ) | 2.8 | ||||||||||||||||||||||||||||||
Pharmaceutical Systems | 1,040 | — | 1,040 | 994 | — | — | — | 994 | (37 | ) | 8.3 | ||||||||||||||||||||||||||||||
TOTAL | $ | 6,626 | $ | — | $ | 6,626 | $ | 6,270 | $ | 213 | $ | (3 | ) | $ | (9 | ) | $ | 6,471 | $ | (168 | ) | 5.0 | |||||||||||||||||||
BD LIFE SCIENCES | |||||||||||||||||||||||||||||||||||||||||
Preanalytical Systems | $ | 1,165 | $ | — | $ | 1,165 | $ | 1,160 | $ | — | $ | — | $ | (12 | ) | $ | 1,148 | $ | (45 | ) | 5.4 | ||||||||||||||||||||
Diagnostic Systems | 1,138 | — | 1,138 | 1,152 | — | — | — | 1,152 | (39 | ) | 2.2 | ||||||||||||||||||||||||||||||
Biosciences | 862 | (9 | ) | 854 | 910 | — | — | (77 | ) | 833 | (26 | ) | 5.6 | ||||||||||||||||||||||||||||
TOTAL | $ | 3,166 | $ | (9 | ) | $ | 3,157 | $ | 3,222 | $ | — | $ | — | $ | (89 | ) | $ | 3,133 | $ | (110 | ) | 4.3 | |||||||||||||||||||
BD INTERVENTIONAL | |||||||||||||||||||||||||||||||||||||||||
Surgery | $ | 1,042 | $ | — | $ | 1,042 | $ | 864 | $ | 153 | $ | — | $ | (18 | ) | $ | 999 | $ | (11 | ) | 5.4 | ||||||||||||||||||||
Peripheral Intervention | 1,029 | — | 1,029 | 697 | 334 | — | — | 1,030 | (25 | ) | 2.2 | ||||||||||||||||||||||||||||||
Urology and Critical Care | 843 | — | 843 | 529 | 267 | — | — | 796 | (11 | ) | 7.3 | ||||||||||||||||||||||||||||||
TOTAL | $ | 2,914 | $ | — | $ | 2,914 | $ | 2,089 | $ | 755 | $ | — | $ | (18 | ) | $ | 2,826 | $ | (47 | ) | 4.8 | ||||||||||||||||||||
TOTAL REVENUES | $ | 12,706 | $ | (9 | ) | $ | 12,697 | $ | 11,581 | $ | 968 | $ | (3 | ) | $ | (115 | ) | $ | 12,430 | $ | (325 | ) | 4.8 |
(a) | The amounts for the nine months ended June 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business. The amounts for the nine months ended June 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line. Additionally, Medication Delivery Solutions and Preanalytical Systems results for the nine months ended June 30, 2019 included a total of $21 million in cumulative customer rebate and incentive fees relating to fiscal year 2018. Accordingly, to ensure comparability of revenue growth, the results for the nine months ended June 30, 2018 have been adjusted to reflect these cumulative fees. The Company records rebate and customer incentive fees as a reduction to revenue. |
(b) | Amounts represent revenues for the quarter ended December 31, 2017. BD reported a Gore royalty amount, which was previously reported as revenues by Bard, as non-operating income in the current-year period. |
(c) | Represents the elimination of revenues from the Medication Delivery Solutions unit which BD previously recognized from Bard as third-party revenues and that would be treated as intercompany revenues in the current-year period. |
(d) | Under U.S. generally accepted accounting principles and as a result of Argentina’s highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the nine months ended June 30, 2019. The total foreign currency translation impact above includes $18 million that was calculated by comparing local currency revenues in Argentina for the nine months ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period. |
Three Months Ended June 30, | ||||||||||||||||||||||||||
2019 | 2018 | Growth | Foreign Currency Translation | Foreign Currency Neutral Growth | Growth % | Foreign Currency Neutral Growth % | ||||||||||||||||||||
Reported Diluted Earnings per Share | $ | 1.51 | $ | 2.03 | $ | (0.52 | ) | $ | (0.25 | ) | $ | (0.27 | ) | (25.6 | )% | (13.3 | )% | |||||||||
Purchase accounting adjustments ($378 million and $433 million pre-tax, respectively) (1) | 1.38 | 1.58 | (0.01 | ) | ||||||||||||||||||||||
Restructuring costs ($27 million and $33 million pre-tax, respectively) (2) | 0.10 | 0.12 | — | |||||||||||||||||||||||
Integration costs ($63 million and $103 million pre-tax, respectively) (2) | 0.23 | 0.37 | — | |||||||||||||||||||||||
Impacts of debt extinguishment ($52 million and $3 million pre-tax, respectively) (3) | 0.19 | 0.01 | — | |||||||||||||||||||||||
Net impact of gain on sale of investment and asset impairments ($30 million and $(214) million pre-tax, respectively) (4) | 0.11 | (0.78 | ) | — | ||||||||||||||||||||||
European regulatory initiative-related costs ($14 million pre-tax) (5) | 0.05 | — | — | |||||||||||||||||||||||
Hurricane-related (insurance proceeds) recovery costs ($(10) million and $3 million pre-tax, respectively) | (0.04 | ) | 0.01 | — | ||||||||||||||||||||||
Transaction costs ($11 million pre-tax) (2) | — | 0.04 | — | |||||||||||||||||||||||
Income tax benefit of special items and impact of tax reform ($120 million and $130 million, respectively) | (0.44 | ) | (0.48 | ) | — | |||||||||||||||||||||
Adjusted Diluted Earnings per Share | $ | 3.08 | $ | 2.91 | $ | 0.17 | $ | (0.26 | ) | $ | 0.43 | 5.8 | % | 14.8 | % |
(1) | Includes adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt. The amount in 2018 also included a fair value step-up adjustment of $56 million recorded relative to Bard's inventory on the acquisition date. |
(2) | Represents restructuring, integration and transaction costs associated with acquisitions. |
(3) | Represents the impacts recognized upon the extinguishment of certain long-term senior notes. |
(4) | The amount in 2019 represented a charge recorded to write down the carrying value of certain intangible assets in the Surgery unit. The amount in 2018 included the net amount recognized in the period related to BD's sale of its non-controlling interest in Vyaire Medical, partially offset by $81 million of charges recorded to write down the carrying value of certain intangible and other assets in the Biosciences unit. |
(5) | Represents initial costs required to develop processes and systems to comply with emerging regulations such as the European Union Medical Device Regulation ("EUMDR") and General Data Protection Regulation ("GDPR"). |
Nine Months Ended June 30, | ||||||||||||||||||||||||||
2019 | 2018 | Growth | Foreign Currency Translation | Foreign Currency Neutral Growth | Growth % | Foreign Currency Neutral Growth % | ||||||||||||||||||||
Reported Diluted Earnings per Share | $ | 3.49 | $ | 1.27 | $ | 2.22 | $ | (0.64 | ) | $ | 2.86 | 174.8 | % | 225.2 | % | |||||||||||
Purchase accounting adjustments ($1.135 billion and $1.358 billion pre-tax, respectively) (1) | 4.14 | 5.21 | (0.01 | ) | ||||||||||||||||||||||
Restructuring costs ($99 million and $288 million pre-tax, respectively) (2) | 0.36 | 1.10 | — | |||||||||||||||||||||||
Integration costs ($206 million and $255 million pre-tax, respectively) (2) | 0.75 | 0.98 | — | |||||||||||||||||||||||
Transaction gain/loss and product-related matters ($61 million pre-tax) (3) | 0.22 | — | — | |||||||||||||||||||||||
Impacts of debt extinguishment ($53 million and $16 million pre-tax, respectively) (4) | 0.19 | 0.06 | — | |||||||||||||||||||||||
Net impact of gain on sale of investment and asset impairments ($30 million and $(214) million pre-tax, respectively) (5) | 0.11 | (0.82 | ) | — | ||||||||||||||||||||||
European regulatory initiative-related costs ($29 million pre-tax) (6) | 0.11 | — | — | |||||||||||||||||||||||
Hurricane-related (insurance proceeds) recovery costs ($(10) million and $15 million pre-tax, respectively) | (0.04 | ) | 0.06 | — | ||||||||||||||||||||||
Transaction costs ($1 million and $61 million pre-tax, respectively) (2) | — | 0.23 | — | |||||||||||||||||||||||
Financing impacts ($49 million pre-tax) (7) | — | 0.19 | — | |||||||||||||||||||||||
Dilutive Impact (8) | — | 0.31 | — | |||||||||||||||||||||||
Income tax benefit of special items and impact of tax reform ($263 million and $133 million, respectively) (9) | (0.96 | ) | (0.51 | ) | — | |||||||||||||||||||||
Adjusted Diluted Earnings per Share | $ | 8.37 | $ | 8.08 | $ | 0.29 | $ | (0.65 | ) | $ | 0.94 | 3.6 | % | 11.6 | % |
(1) | Includes adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt. The amount in 2018 also included a fair value step-up adjustment of $478 million recorded relative to Bard's inventory on the acquisition date. |
(2) | Represents restructuring, integration and transaction costs associated with acquisitions. |
(3) | Includes amounts recorded to Other operating expense, net to record product liability reserves of $331 million and the estimated cumulative costs of a product recall of $65 million. Also includes the pre-tax gain of $336 million recognized in Other operating expense, net related to BD's sale of its Advanced Bioprocessing business. |
(4) | Represents the impacts recognized upon the extinguishment of certain long-term senior notes. |
(5) | The amount in 2019 represented a charge recorded to write down the carrying value of certain intangible assets in the Surgery unit. The amount in 2018 included the net amount recognized in the period related to BD's sale of its non-controlling interest in Vyaire Medical, partially offset by $81 million of charges recorded to write down the carrying value of certain intangible and other assets in the Biosciences unit. |
(6) | Represents initial costs required to develop processes and systems to comply with emerging regulations such as the EUMDR and GDPR. |
(7) | Represents financing impacts associated with the Bard acquisition. |
(8) | Represents the dilutive impact of BD shares issued in May 2017, in anticipation of the Bard acquisition and BD shares issued as consideration transferred to acquire Bard. The adjusted diluted average shares outstanding (in thousands) was 255,697. |
(9) | The amounts for the nine months ended June 30, 2019 and 2018 included additional tax (benefit) expense, net, of $(54) million and $275 million, respectively, relating to new U.S. tax legislation. |
FY2018 | FY2019 Outlook | ||||||||||
Revenues | % Change | FX Impact | % Change FXN | ||||||||
BDX Revenue | $ | 15,983 | 8.0% to 9.0% | ~2.5% | 10.5% to 11.5% | ||||||
Comparable Revenue Growth | |||||||||||
BD Including Bard | |||||||||||
FY2018 | FY2019 Outlook | ||||||||||
Revenues | % Change FXN Comparable | ||||||||||
BDX As Reported Revenue | $ | 15,983 | |||||||||
Bard Q1 | 968 | ||||||||||
Intercompany Adjustment | (3 | ) | |||||||||
Rebate Adjustment | (21 | ) | |||||||||
Divestiture Adjustment (1)(2) | (124 | ) | |||||||||
BDX NewCo Comparable Revenue | $ | 16,803 | 5.0% to 6.0% | ||||||||
FXN - Foreign Currency Neutral | |||||||||||
BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION FY 2019 OUTLOOK RECONCILIATION (continued) | |||||||||||
FY2018 | FY2019 Outlook | ||||||||||
Revenues | % Change FXN Comparable | ||||||||||
BD Medical As Reported Revenue | $ | 8,616 | |||||||||
Bard Q1 | 213 | ||||||||||
Intercompany Adjustment | (3 | ) | |||||||||
Rebate Adjustment | (9 | ) | |||||||||
BD Medical Comparable Revenue | 8,817 | 5.0% to 6.0% | |||||||||
BD Life Sciences As Reported Revenue | $ | 4,330 | |||||||||
Rebate Adjustment | (12 | ) | |||||||||
Divestiture Adjustment (1) | (106 | ) | |||||||||
BD Life Sciences Comparable Revenue | $ | 4,212 | 4.0% to 5.0% | ||||||||
BD Interventional as Reported Revenue | $ | 3,037 | |||||||||
Bard Q1 | 755 | ||||||||||
Divestiture Adjustment (2) | (18 | ) | |||||||||
BD Interventional Comparable Revenue | $ | 3,774 | 4.5% to 5.5% | ||||||||
FXN - Foreign Currency Neutral | |||||||||||
(1) Excludes the impact from the divestiture of BD's Advanced Bioprocessing business. | |||||||||||
(2) Excludes the impact from the divestitures of BD's soft tissue core needle biopsy product line and Bard's Aspira product line of tunneled home drainage catheters and | |||||||||||
accessories. | |||||||||||
BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION FY 2019 OUTLOOK RECONCILIATION (continued) | |||||||||||
FY2019 Outlook | |||||||||||
Full Year FY2018 | Full Year FY2019 Outlook | % Increase | |||||||||
Reported Fully Diluted Earnings per Share | $ | 0.60 | |||||||||
Purchase accounting adjustments ($1.733 billion pre-tax) (1) | 6.55 | ||||||||||
Restructuring costs ($344 million pre-tax) (2) | 1.30 | ||||||||||
Integration costs ($344 million pre-tax) (2) | 1.30 | ||||||||||
Transaction costs ($56 million pre-tax) (3) | 0.21 | ||||||||||
Financing impacts ($49 million pre-tax) (4) | 0.19 | ||||||||||
Hurricane recovery costs ($17 million pre-tax) | 0.07 | ||||||||||
Losses on debt extinguishment ($16 million pre-tax) (5) | 0.06 | ||||||||||
Net impact of gain on sale of investment and asset impairments ($(151) million pre-tax) (6) | (0.57 | ) | |||||||||
Dilutive Impact (7) | 0.30 | ||||||||||
Impact of tax reform and income tax benefit of special items ($265 million) (8) | 1.00 | ||||||||||
Adjusted Fully Diluted Earnings per Share | $ | 11.01 | $11.65 to 11.75 | 6.0% to 7.0% | |||||||
Estimated FX Impact | ~5.5% | ||||||||||
Adjusted FXN Growth | ~12.0% |