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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2020
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 001-4802
Becton, Dickinson and Company
(Exact name of registrant as specified in its charter)
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New Jersey |
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22-0760120 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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1 Becton Drive, |
Franklin Lakes, |
New Jersey |
07417-1880 |
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(201) |
847-6800 |
(Address of principal executive offices) (Zip Code) |
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(Registrant’s telephone number, including area code) |
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Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
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Trading Symbol |
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Name of Each Exchange on Which Registered |
Common stock, par value $1.00 |
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BDX |
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New York Stock Exchange |
Depositary Shares, each representing a 1/20th interest in a share of 6.00% Mandatory Convertible Preferred Stock, Series B |
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BDXB |
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New York Stock Exchange |
1.000% Notes due December 15, 2022 |
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BDX22A |
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New York Stock Exchange |
1.900% Notes due December 15, 2026 |
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BDX26 |
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New York Stock Exchange |
1.401% Notes due May 24, 2023 |
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BDX23A |
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New York Stock Exchange |
3.020% Notes due May 24, 2025 |
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BDX25 |
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New York Stock Exchange |
0.174% Notes due June 4, 2021 |
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BDX/21 |
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New York Stock Exchange |
0.632% Notes due June 4, 2023 |
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BDX/23A |
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New York Stock Exchange |
1.208% Notes due June 4, 2026 |
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BDX/26A |
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New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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. |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
There were 289,868,551 shares of Common Stock, $1.00 par value, outstanding at June 30, 2020.
BECTON, DICKINSON AND COMPANY
FORM 10-Q
For the quarterly period ended June 30, 2020
TABLE OF CONTENTS
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Page
Number
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Part I. |
FINANCIAL INFORMATION |
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Item 1. |
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Item 2. |
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Item 3. |
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Item 4. |
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Part II. |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
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ITEM 1. FINANCIAL STATEMENTS
BECTON, DICKINSON AND COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions of dollars
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June 30, 2020 |
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September 30, 2019 |
Assets |
(Unaudited) |
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Current Assets: |
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Cash and equivalents |
$ |
2,882 |
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$ |
536 |
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Restricted cash |
82 |
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54 |
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Short-term investments |
22 |
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30 |
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Trade receivables, net |
1,993 |
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2,345 |
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Inventories: |
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Materials |
627 |
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544 |
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Work in process |
336 |
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318 |
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Finished products |
1,983 |
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1,717 |
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2,945 |
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2,579 |
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Prepaid expenses and other |
903 |
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1,119 |
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Total Current Assets |
8,827 |
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6,664 |
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Property, Plant and Equipment |
11,660 |
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11,128 |
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Less allowances for depreciation and amortization |
5,819 |
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5,469 |
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Property, Plant and Equipment, Net |
5,841 |
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5,659 |
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Goodwill |
23,549 |
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23,376 |
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Developed Technology, Net |
10,356 |
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11,054 |
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Customer Relationships, Net |
3,186 |
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3,424 |
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Other Intangibles, Net |
567 |
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500 |
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Other Assets |
1,632 |
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1,088 |
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Total Assets |
$ |
53,959 |
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$ |
51,765 |
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Liabilities and Shareholders’ Equity |
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Current Liabilities: |
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Short-term debt |
$ |
1,630 |
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$ |
1,309 |
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Payables, accrued expenses and other current liabilities |
4,437 |
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4,345 |
|
|
|
|
|
Total Current Liabilities |
6,067 |
|
|
5,655 |
|
Long-Term Debt |
17,090 |
|
|
18,081 |
|
Long-Term Employee Benefit Obligations |
1,297 |
|
|
1,272 |
|
Deferred Income Taxes and Other Liabilities |
5,483 |
|
|
5,676 |
|
Commitments and Contingencies (See Note 5) |
|
|
|
Shareholders’ Equity |
|
|
|
Preferred stock |
2 |
|
|
2 |
|
Common stock |
365 |
|
|
347 |
|
Capital in excess of par value |
19,228 |
|
|
16,270 |
|
Retained earnings |
12,916 |
|
|
12,913 |
|
Deferred compensation |
23 |
|
|
23 |
|
Common stock in treasury - at cost |
(6,145) |
|
|
(6,190) |
|
Accumulated other comprehensive loss |
(2,367) |
|
|
(2,283) |
|
Total Shareholders’ Equity |
24,022 |
|
|
21,081 |
|
Total Liabilities and Shareholders’ Equity |
$ |
53,959 |
|
|
$ |
51,765 |
|
Amounts may not add due to rounding.
See notes to condensed consolidated financial statements
BECTON, DICKINSON AND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Millions of dollars, except per share data
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
Nine Months Ended June 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues |
$ |
3,855 |
|
|
$ |
4,350 |
|
|
$ |
12,333 |
|
|
$ |
12,706 |
|
Cost of products sold |
2,195 |
|
|
2,276 |
|
|
6,962 |
|
|
6,684 |
|
Selling and administrative expense |
980 |
|
|
1,076 |
|
|
3,126 |
|
|
3,238 |
|
Research and development expense |
262 |
|
|
282 |
|
|
797 |
|
|
792 |
|
Acquisitions and other restructurings |
74 |
|
|
90 |
|
|
235 |
|
|
281 |
|
Other operating (income) expense, net |
(15) |
|
|
— |
|
|
(15) |
|
|
61 |
|
Total Operating Costs and Expenses |
3,497 |
|
|
3,725 |
|
|
11,104 |
|
|
11,056 |
|
Operating Income |
358 |
|
|
626 |
|
|
1,229 |
|
|
1,649 |
|
Interest expense |
(135) |
|
|
(156) |
|
|
(405) |
|
|
(498) |
|
Interest income |
2 |
|
|
2 |
|
|
5 |
|
|
8 |
|
Other income (expense), net |
23 |
|
|
(11) |
|
|
12 |
|
|
19 |
|
Income Before Income Taxes |
248 |
|
|
460 |
|
|
842 |
|
|
1,178 |
|
Income tax (benefit) provision |
(38) |
|
|
9 |
|
|
96 |
|
|
107 |
|
Net Income |
286 |
|
|
451 |
|
|
746 |
|
|
1,071 |
|
Preferred stock dividends |
(9) |
|
|
(38) |
|
|
(84) |
|
|
(114) |
|
Net income applicable to common shareholders |
$ |
277 |
|
|
$ |
413 |
|
|
$ |
662 |
|
|
$ |
957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share |
$ |
0.98 |
|
|
$ |
1.53 |
|
|
$ |
2.41 |
|
|
$ |
3.55 |
|
Diluted Earnings per Share |
$ |
0.97 |
|
|
$ |
1.51 |
|
|
$ |
2.38 |
|
|
$ |
3.49 |
|
Dividends per Common Share |
$ |
0.79 |
|
|
$ |
0.77 |
|
|
$ |
2.37 |
|
|
$ |
2.31 |
|
Amounts may not add due to rounding.
See notes to condensed consolidated financial statements
BECTON, DICKINSON AND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Millions of dollars
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
Nine Months Ended June 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net Income |
$ |
286 |
|
|
$ |
451 |
|
|
$ |
746 |
|
|
$ |
1,071 |
|
Other Comprehensive Income (Loss), Net of Tax |
|
|
|
|
|
|
|
Foreign currency translation adjustments |
34 |
|
|
(68) |
|
|
(66) |
|
|
(27) |
|
Defined benefit pension and postretirement plans |
17 |
|
|
12 |
|
|
50 |
|
|
40 |
|
Cash flow hedges |
2 |
|
|
(3) |
|
|
(68) |
|
|
(2) |
|
Other Comprehensive Income (Loss), Net of Tax |
53 |
|
|
(58) |
|
|
(83) |
|
|
12 |
|
Comprehensive Income |
$ |
338 |
|
|
$ |
393 |
|
|
$ |
663 |
|
|
$ |
1,082 |
|
Amounts may not add due to rounding.
See notes to condensed consolidated financial statements
BECTON, DICKINSON AND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Millions of dollars
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended June 30, |
|
|
|
2020 |
|
2019 |
Operating Activities |
|
|
|
Net income |
$ |
746 |
|
|
$ |
1,071 |
|
Adjustments to net income to derive net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
1,601 |
|
|
1,700 |
|
Share-based compensation |
193 |
|
|
208 |
|
Deferred income taxes |
(203) |
|
|
(172) |
|
Change in operating assets and liabilities |
(248) |
|
|
(661) |
|
Pension obligation |
77 |
|
|
(150) |
|
|
|
|
|
Gain on sale of business |
— |
|
|
(336) |
|
Product liability-related charge |
— |
|
|
331 |
|
Other, net |
(107) |
|
|
(32) |
|
Net Cash Provided by Operating Activities |
2,058 |
|
|
1,959 |
|
Investing Activities |
|
|
|
Capital expenditures |
(597) |
|
|
(599) |
|
|
|
|
|
|
|
|
|
Acquisitions of businesses, net of cash acquired |
(139) |
|
|
— |
|
Proceeds from divestitures, net |
— |
|
|
477 |
|
Other, net |
(169) |
|
|
(178) |
|
Net Cash Used for Investing Activities |
(905) |
|
|
(300) |
|
Financing Activities |
|
|
|
Change in credit facility borrowings |
(485) |
|
|
300 |
|
Proceeds from long-term debt and term loans |
3,389 |
|
|
2,224 |
|
Payments of debt and term loans |
(3,711) |
|
|
(3,882) |
|
Proceeds from issuance of equity securities |
2,917 |
|
|
— |
|
|
|
|
|
Dividends paid |
(773) |
|
|
(737) |
|
Other, net |
(106) |
|
|
(204) |
|
Net Cash Provided by (Used for) Financing Activities |
1,230 |
|
|
(2,300) |
|
Effect of exchange rate changes on cash and equivalents and restricted cash |
(9) |
|
|
(1) |
|
Net increase (decrease) in cash and equivalents and restricted cash |
2,374 |
|
|
(642) |
|
Opening Cash and Equivalents and Restricted Cash |
590 |
|
|
1,236 |
|
Closing Cash and Equivalents and Restricted Cash |
$ |
2,964 |
|
|
$ |
594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add due to rounding.
See notes to condensed consolidated financial statements
BECTON, DICKINSON AND COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
Note 1 – 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 2019 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.
Note 2 – Accounting Changes
New Accounting Principles Adopted
In February 2016, the Financial Accounting Standards Board ("FASB") issued a new lease accounting standard which requires lessees to recognize lease assets and lease liabilities on the balance sheet, as well as requires expanded disclosures regarding leasing arrangements. The Company adopted this standard on October 1, 2019 and elected certain practical expedients permitted under the transition guidance, including a transition method which allows application of the new standard at its adoption date, rather than at the earliest comparative period presented in the financial statements. The Company also elected not to perform any reassessments relative to its expired and existing leases upon its adoption of the new requirements. The Company's adoption of this standard did not materially impact its condensed consolidated financial statements. Additional disclosures regarding the Company’s lease arrangements are provided in Note 15.
In August 2018, the FASB issued a new accounting standard to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The Company early adopted this standard as of April 1, 2020 on a prospective basis. The adoption of this standard did not materially impact the Company's condensed consolidated financial statements.
New Accounting Principle Not Yet Adopted
In June 2016, the FASB 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 is currently evaluating the impact that this new accounting standard will have on its consolidated financial statements upon its adoption on October 1, 2020.
Note 3 – Shareholders' Equity
Changes in certain components of shareholders' equity for the first three quarters of fiscal years 2020 and 2019 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
347 |
|
|
$ |
16,270 |
|
|
$ |
12,913 |
|
|
$ |
23 |
|
|
(76,260) |
|
|
$ |
(6,190) |
|
Net income |
— |
|
|
— |
|
|
278 |
|
|
— |
|
|
— |
|
|
— |
|
Common dividends ($0.79 per share) |
— |
|
|
— |
|
|
(215) |
|
|
— |
|
|
— |
|
|
— |
|
Preferred dividends |
— |
|
|
— |
|
|
(38) |
|
|
— |
|
|
— |
|
|
— |
|
Common stock issued for share-based compensation and other plans, net |
— |
|
|
(32) |
|
|
— |
|
|
1 |
|
|
758 |
|
|
(38) |
|
Share-based compensation |
— |
|
|
82 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common stock held in trusts, net (a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(12) |
|
|
— |
|
Balance at December 31, 2019 |
$ |
347 |
|
|
$ |
16,320 |
|
|
$ |
12,938 |
|
|
$ |
24 |
|
|
(75,514) |
|
|
$ |
(6,228) |
|
Net income |
— |
|
|
— |
|
|
183 |
|
|
— |
|
|
— |
|
|
— |
|
Common dividends ($0.79 per share) |
— |
|
|
— |
|
|
(215) |
|
|
— |
|
|
— |
|
|
— |
|
Preferred dividends |
— |
|
|
— |
|
|
(38) |
|
|
— |
|
|
— |
|
|
— |
|
Common stock issued for share-based compensation and other plans, net |
— |
|
|
(91) |
|
|
— |
|
|
(1) |
|
|
573 |
|
|
70 |
|
Share-based compensation |
— |
|
|
58 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common stock held in trusts, net (a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
30 |
|
|
— |
|
Balance at March 31, 2020 |
$ |
347 |
|
|
$ |
16,288 |
|
|
$ |
12,868 |
|
|
$ |
23 |
|
|
(74,911) |
|
|
$ |
(6,158) |
|
Net income |
— |
|
|
— |
|
|
286 |
|
|
— |
|
|
— |
|
|
— |
|
Common dividends ($0.79 per share) |
— |
|
|
— |
|
|
(229) |
|
|
— |
|
|
— |
|
|
— |
|
Preferred dividends |
— |
|
|
— |
|
|
(9) |
|
|
— |
|
|
— |
|
|
— |
|
Common stock issued for: |
|
|
|
|
|
|
|
|
|
|
|
Preferred shares converted to common shares |
12 |
|
|
(9) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Public equity offerings |
6 |
|
|
2,909 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Share-based compensation and other plans, net |
— |
|
|
(12) |
|
|
— |
|
|
— |
|
|
127 |
|
|
13 |
|
Share-based compensation |
— |
|
|
52 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common stock held in trusts, net (a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13 |
|
|
— |
|
Balance at June 30, 2020 |
$ |
365 |
|
|
$ |
19,228 |
|
|
$ |
12,916 |
|
|
$ |
23 |
|
|
(74,771) |
|
|
$ |
(6,145) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2018 |
$ |
347 |
|
|
$ |
16,179 |
|
|
$ |
12,596 |
|
|
$ |
22 |
|
|
(78,463) |
|
|
$ |
(6,243) |
|
Net income |
— |
|
|
— |
|
|
599 |
|
|
— |
|
|
— |
|
|
— |
|
Common dividends ($0.77 per share) |
— |
|
|
— |
|
|
(207) |
|
|
— |
|
|
— |
|
|
— |
|
Preferred dividends |
— |
|
|
— |
|
|
(38) |
|
|
— |
|
|
— |
|
|
— |
|
Common stock issued for share-based compensation and other plans, net |
— |
|
|
(97) |
|
|
— |
|
|
2 |
|
|
851 |
|
|
9 |
|
Share-based compensation |
— |
|
|
92 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common stock held in trusts, net (a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(12) |
|
|
— |
|
Effect of change in accounting principles |
— |
|
|
— |
|
|
68 |
|
|
— |
|
|
— |
|
|
— |
|
Balance at December 31, 2018 |
$ |
347 |
|
|
$ |
16,174 |
|
|
$ |
13,018 |
|
|
$ |
24 |
|
|
(77,624) |
|
|
$ |
(6,235) |
|
Net income |
— |
|
|
— |
|
|
20 |
|
|
— |
|
|
— |
|
|
— |
|
Common dividends ($0.77 per share) |
— |
|
|
— |
|
|
(208) |
|
|
— |
|
|
— |
|
|
— |
|
Preferred dividends |
— |
|
|
— |
|
|
(38) |
|
|
— |
|
|
— |
|
|
— |
|
Common stock issued for share-based compensation and other plans, net |
— |
|
|
(57) |
|
|
(1) |
|
|
(1) |
|
|
618 |
|
|
42 |
|
Share-based compensation |
— |
|
|
60 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common stock held in trusts, net (a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
50 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019 |
$ |
347 |
|
|
$ |
16,177 |
|
|
$ |
12,792 |
|
|
$ |
23 |
|
|
(76,955) |
|
|
$ |
(6,192) |
|
Net income |
— |
|
|
— |
|
|
451 |
|
|
— |
|
|
— |
|
|
— |
|
Common dividends ($0.77 per share) |
— |
|
|
— |
|
|
(208) |
|
|
— |
|
|
— |
|
|
— |
|
Preferred dividends |
— |
|
|
— |
|
|
(38) |
|
|
— |
|
|
— |
|
|
— |
|
Common stock issued for share-based compensation and other plans, net |
— |
|
|
(6) |
|
|
— |
|
|
— |
|
|
219 |
|
|
(8) |
|
Share-based compensation |
— |
|
|
56 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common stock held in trusts, net (a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4 |
|
|
— |
|
Balance at June 30, 2019 |
$ |
347 |
|
|
$ |
16,227 |
|
|
$ |
12,997 |
|
|
$ |
23 |
|
|
(76,733) |
|
|
$ |
(6,201) |
|
(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.
Common and Preferred Stock Conversions and Offerings
In accordance with their terms, the Company's 2.475 million mandatory convertible preferred shares that were issued in May 2017 in connection with the Company's acquisition of C.R. Bard, Inc. ("Bard") were converted into 11.703 million shares of BD common stock on the mandatory conversion date of May 1, 2020.
Also, in May 2020, the Company completed registered public offerings of equity securities including:
•6.250 million shares of the Company's common stock for net proceeds of $1.459 billion (gross proceeds of $1.500 billion).
•1.500 million shares of the Company's mandatory convertible preferred stock (ownership is held in the form of depositary shares, each representing a 1/20th interest in a share of preferred stock) for net proceeds of $1.459 billion (gross proceeds of $1.500 billion). If and when declared, dividends on the mandatory convertible preferred stock will be payable on a cumulative basis at an annual rate of 6.00% on the liquidation preference of $1,000 per preferred share ($50 per depositary share). The shares of preferred stock are convertible to a minimum of 5.2 million and up to a maximum of 6.2 million shares of Company common stock at an exchange ratio, based on the market price of the Company’s common stock at the date of conversion, and no later than the mandatory conversion date of June 1, 2023.
The Company will use the net proceeds from these offerings for general corporate purposes, which may include funding for the Company's growth strategy through organic investments and acquisitions, working capital, capital expenditures and repayment of outstanding indebtedness.
The components and changes of Accumulated other comprehensive income (loss) for the first three quarters of fiscal years 2020 and 2019 were as follows:
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