Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 6, 2020

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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
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)
New Jersey   22-0760120
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)
1 Becton Drive,
Franklin Lakes,
New Jersey
07417-1880
(201) 847-6800
(Address of principal executive offices) (Zip Code) (Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common stock, par value $1.00 BDX New York Stock Exchange
Depositary Shares, each representing a 1/20th interest in a share of 6.00% Mandatory Convertible Preferred Stock, Series B BDXB New York Stock Exchange
1.000% Notes due December 15, 2022 BDX22A New York Stock Exchange
1.900% Notes due December 15, 2026 BDX26 New York Stock Exchange
1.401% Notes due May 24, 2023 BDX23A New York Stock Exchange
3.020% Notes due May 24, 2025 BDX25 New York Stock Exchange
0.174% Notes due June 4, 2021 BDX/21 New York Stock Exchange
0.632% Notes due June 4, 2023 BDX/23A New York Stock Exchange
1.208% Notes due June 4, 2026 BDX/26A 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.
Large accelerated filer  
   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.
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
   
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.
2


ITEM 1. FINANCIAL STATEMENTS
BECTON, DICKINSON AND COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions of dollars
June 30,
2020
September 30,
2019
Assets (Unaudited)
Current Assets:
Cash and equivalents $ 2,882    $ 536   
Restricted cash 82    54   
Short-term investments 22    30   
Trade receivables, net 1,993    2,345   
Inventories:
Materials 627    544   
Work in process 336    318   
Finished products 1,983    1,717   
2,945    2,579   
Prepaid expenses and other 903    1,119   
Total Current Assets 8,827    6,664   
Property, Plant and Equipment 11,660    11,128   
Less allowances for depreciation and amortization 5,819    5,469   
Property, Plant and Equipment, Net 5,841    5,659   
Goodwill 23,549    23,376   
Developed Technology, Net 10,356    11,054   
Customer Relationships, Net 3,186    3,424   
Other Intangibles, Net 567    500   
Other Assets 1,632    1,088   
Total Assets $ 53,959    $ 51,765   
Liabilities and Shareholders’ Equity
Current Liabilities:
Short-term debt $ 1,630    $ 1,309   
Payables, accrued expenses and other current liabilities 4,437    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
3


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
4


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
5


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
6


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.
7


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)  
8


  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.
9


The components and changes of Accumulated other comprehensive income (loss) for the first three quarters of fiscal years 2020 and 2019 were as follows:
(Millions of dollars) Total Foreign Currency
Translation
Benefit Plans