February 3, 2016 - EX-99.1 - 8-K: Current report filing | Becton, Dickinson and Company (BDX)

Exhibit 99.1

1 Becton Drive

Franklin Lakes, NJ 07417

www.bd.com


News Release

Contact:

Monique N. Dolecki, Investor Relations 201-847-5453

Kristen Cardillo, Corporate Communications 858-617-2317

BD ANNOUNCES RESULTS FOR 2016 FIRST FISCAL QUARTER

Announces adjusted revenues of $2.992 billion, an increase of 45.9 percent, or 53.8 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted revenues grew 1.8 percent. As reported, revenues increased 45.6 percent to $2.986 billion.

Adjusted diluted earnings per share of $1.96 increased 28.1 percent, or 45.8 percent on a currency-neutral basis. As reported, diluted earnings per share were $1.06.

Raises fiscal year 2016 adjusted diluted earnings per share guidance to $9.01 to $9.08 on a currency-neutral basis. Including the unfavorable impact from foreign currency, the Company continues to expect adjusted diluted earnings per share to be between $8.37 and $8.44.

Franklin Lakes, NJ (February 3, 2016) BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly adjusted revenues of $2.992 billion for the first fiscal quarter ended December 31, 2015, an increase of 45.9 percent over the prior-year period as reported, or 53.8 percent on a currency-neutral basis. On a comparable, currency-neutral basis, first quarter adjusted revenues grew 1.8 percent. As reported, first quarter revenues were $2.986 billion.

We are pleased with our solid start and outlook for fiscal year 2016, said Vincent A. Forlenza, Chairman, CEO and President. Both segments contributed to growth and we expanded our operating margins as we continued to make investments to support our innovation strategy.

All comparable basis revenue growth rates presented throughout this release include the results of CareFusion in the current and prior-year periods. For reconciliations of these revenue amounts and growth rates to the most directly comparable GAAP measures, please refer to the tables at the end of this release.

First Quarter Fiscal 2016 Operating Results

Adjusted diluted earnings per share were $1.96, compared with $1.53 in the prior-year period. This represents an increase of 28.1 percent, or 45.8 percent on a currency-neutral basis. On a reported basis, diluted earnings per share for the first quarter were $1.06 compared with $1.20 in the prior-year period.

Current and prior-year adjusted results exclude the impact of the non-cash amortization of intangible assets and other certain specified items. These specified items are detailed in the accompanying reconciliation of reported diluted earnings per share to adjusted diluted earnings per share.

Segment Results

In the BD Medical segment, worldwide adjusted revenues for the quarter were $2.060 billion, an increase of 92.1 percent over the prior-year period as reported, or 101.4 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted Medical revenues grew 1.9 percent. The segments revenue growth reflects solid performance across the Medication Management Solutions, Medication and Procedural Solutions, Pharmaceutical Systems, and Diabetes Care units, partially offset by a decline in the Respiratory Solutions unit. The segments results were also impacted by unfavorable comparisons to the prior year, as expected. On a reported basis, Medical revenues were $2.054 billion.

In the BD Life Sciences segment, worldwide revenues for the quarter were $933 million, a decrease of 4.8 percent from the prior-year period, or an increase of 1.7 percent on a currency-neutral basis. The segments results reflect solid growth in the Preanalytical Systems unit and the Biosciences unit. Revenues in the Diagnostic Systems unit declined slightly as growth in both microbiology and molecular were offset by a weaker-than-expected flu season.

Geographic Results

First quarter adjusted revenues in the U.S. of $1.697 billion represent an increase of 92.6 percent over the prior-year period as reported. On a comparable basis, adjusted U.S. revenues increased 1.5 percent. Within the BD Medical segment, growth was driven by strong sales in the Diabetes Care unit. Results across the other units in the segment were impacted by unfavorable comparisons to the prior year. Growth in the BD Life Sciences segment was driven by strong performance in the Biosciences unit and solid growth in the Preanalytical Systems unit. The decline in the Diagnostic Systems unit was driven by the aforementioned weaker-than-expected flu season. On a reported basis, U.S. revenues were $1.691 billion.

Revenues outside of the U.S. were $1.295 billion, representing an increase of 10.7 percent over the prior-year period, or an increase of 24.6 percent on a currency-neutral basis. On a comparable, currency-neutral basis, international revenues grew 2.2 percent. This reflects continued strength in Europe and sales of safety-engineered products. This was partially offset by timing of tenders and capital installations, and slower growth in China, as well as unfavorable comparisons to the prior year in emerging markets.

Fiscal 2016 Outlook for Full Year

The Company continues to estimate that currency-neutral adjusted revenues for the full fiscal year 2016, including the accretion from the acquisition of CareFusion, will increase 24.5 to 25.0 percent.

Including the impact of foreign currency, as adjusted and as reported, revenues are now expected to increase 20.0 to 20.5 percent. This is a decrease from previously issued guidance of 23.0 to 23.5 percent growth. On a comparable, currency-neutral basis, the Company continues to estimate organic adjusted revenues will increase 4.5 to 5.0 percent.

The Company continues to expect adjusted diluted earnings per share to be between $8.37 and $8.44 for the full fiscal year 2016 including the estimated unfavorable impact from foreign currency. This represents growth of approximately 17.0 to 18.0 percent. On a currency-neutral basis, the Company now expects full-year fiscal 2016 adjusted diluted earnings per share to be between $9.01 and $9.08, which represents growth of approximately 26.0 to 27.0 percent over 2015 adjusted diluted earnings per share of $7.16. This is an increase from previously issued currency-neutral guidance of $8.73 to $8.80 which represented approximately 22.0 to 23.0 percent growth. Adjusted diluted earnings per share exclude, among other specified items, the non-cash amortization of intangible assets, and include approximately 22.0 percentage points of accretion from the CareFusion acquisition. As reported, the Company expects full fiscal year diluted earnings per share to be between $6.23 and $6.30.

Conference Call Information

A conference call regarding BDs first quarter results will be broadcast live on BDs website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Wednesday, February 3, 2016. The conference call will be available for replay on BDs website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Wednesday, February 10, 2016, confirmation number 20775429.

Non-GAAP Financial Measures/Financial Tables

This news release contains certain non-GAAP financial measures. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

About BD

BD is a global medical technology company that is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. BD leads in patient and health care worker safety and the technologies that enable medical research and clinical laboratories. The company provides innovative solutions that help advance medical research and genomics, enhance the diagnosis of infectious disease and cancer, improve medication management, promote infection prevention, equip surgical and interventional procedures, optimize respiratory care and support the management of diabetes. The company partners with organizations around the world to address some of the most challenging global health issues. BD has more than 45,000 associates across 50 countries who work in close collaboration with customers and partners to help enhance outcomes, lower health care delivery costs, increase efficiencies, improve health care safety and expand access to health. For more information on BD, please visit www.bd.com.

***

This press release, including the section entitled Fiscal 2016 Outlook for Full Year, contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BDs performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially. These factors include, but are not limited to: risks relating to the integration of CareFusions operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; potential cuts in governmental healthcare spending, which could result in reduced demand for our product or downward pricing pressure; measures to contain healthcare costs; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers ability to provide products needed for our operations; changes in interest or foreign currency exchange rates; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems; competitive factors including technological advances and new products introduced by competitors; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; increases in energy costs and their effect on, among other things, the cost of producing BDs products; efficacy or safety concerns relating to product recalls; fluctuations in costs and availability of raw materials and in BDs ability to maintain favorable supplier arrangements and relationships; new or changing laws and regulations impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BDs filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; and issuance of new or revised accounting standards, as well as other factors discussed in BDs filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in millions, except share and per share data)


	Three Months Ended December 31,
	2015			2014			% Change
REVENUES	$	2,986		$	2,051			45.6

Cost of products sold		1,578			1,006			56.9
Selling and administrative expense		748			544			37.6
Research and development expense		187			129			45.1
Acquisition-related costs		121			23			NM

TOTAL OPERATING COSTS AND EXPENSES		2,635			1,702			54.8

OPERATING INCOME		352			349			0.8
Interest expense		(97	)		(76	)		27.5
Interest income		6			10			(41.9	)
Other income, net		6			2			NM

INCOME BEFORE INCOME TAXES		266			285			(6.7	)
Income tax provision		37			50			(24.9	)

NET INCOME	$	229		$	236			(2.9	)

EARNINGS PER SHARE
Basic Earnings per Share	$	1.08		$	1.22			(11.5	)
Diluted Earnings per Share	$	1.06		$	1.20			(11.7	)

AVERAGE SHARES OUTSTANDING (in thousands)
Basic		211,689			192,844
Diluted		216,294			197,000

NM - Not Meaningful

Page 1

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

Three Months Ended December 31,

(Unaudited; Amounts in millions)


	A			B		C		D=(A-B)/B			E=(C-B)/B
	As Reported					Adjusted 2015		% Change
	2015			2014		Adjusted 2015		Reported			Adjusted
BD MEDICAL
Medication and Procedural Solutions	$	491		$	268	$	491		83.2			83.2
Medication Management Solutions		444					444		NM			NM
Diabetes Care		134			123		134		9.2			9.2
Pharmaceutical Systems		63			66		63		(4.9	)		(4.9	)
Respiratory Solutions		139					139		NM			NM
Deferred Revenue Adjustment *		(6	)						NM

TOTAL	$	1,266		$	457	$	1,272		176.8			178.1

BD LIFE SCIENCES
Preanalytical Systems	$	178		$	172	$	178		3.4			3.4
Diagnostic Systems		149			159		149		(6.3	)		(6.3	)
Biosciences		98			93		98		6.1			6.1

TOTAL	$	425		$	424	$	425		0.3			0.3

TOTAL UNITED STATES	$	1,691		$	881	$	1,697		92.0			92.6

In accordance with U.S. GAAP business combination accounting rules, CareFusions deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.

NM - Not Meaningful

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BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

Three Months Ended December 31, (continued)

(Unaudited; Amounts in millions)


	A		B		C			D=(A-B)/B			E=(A-B-C)/B
	As Reported				FX Impact			% Change
	2015		2014		FX Impact			Reported			FXN
BD MEDICAL
Medication and Procedural Solutions	$	357	$	333	$	(46	)		7.4			21.3
Medication Management Solutions		106				(12	)		NM			NM
Diabetes Care		121		141		(18	)		(13.7	)		(0.7	)
Pharmaceutical Systems		133		141		(17	)		(5.6	)		6.2
Respiratory Solutions		69				(6	)		NM			NM

TOTAL	$	788	$	615	$	(100	)		28.2			44.4

BD LIFE SCIENCES
Preanalytical Systems	$	166	$	182	$	(25	)		(8.6	)		5.3
Diagnostic Systems		164		179		(22	)		(7.9	)		4.2
Biosciences		177		196		(16	)		(9.4	)		(1.1	)

TOTAL	$	508	$	556	$	(63	)		(8.6	)		2.7

TOTAL INTERNATIONAL	$	1,295	$	1,170	$	(162	)		10.7			24.6

NM - Not Meaningful

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BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

Three Months Ended December 31, (continued)

(Unaudited; Amounts in millions)


	A			B		C		D			E=(A-B)/B			F=(A-B-D)/B			G=(C-B)/B			H=(C-B-D)/B
	As Reported					Adjusted 2015		FX Impact			% Change
	2015			2014		Adjusted 2015		FX Impact			Reported			FXN			Adjusted			Adjusted FXN
BD MEDICAL
Medication and Procedural Solutions	$	848		$	601	$	848	$	(46	)		41.2			48.9			41.2			48.9
Medication Management Solutions		550					550		(12	)		NM			NM			NM			NM
Diabetes Care		256			263		256		(18	)		(3.0	)		3.9			(3.0	)		3.9
Pharmaceutical Systems		197			208		197		(17	)		(5.4	)		2.6			(5.4	)		2.6
Respiratory Solutions		209					209		(6	)		NM			NM			NM			NM
Deferred Revenue Adjustment *		(6	)									NM			NM

TOTAL	$	2,054		$	1,072	$	2,060	$	(100	)		91.6			100.9			92.1			101.4

BD LIFE SCIENCES
Preanalytical Systems	$	344		$	353	$	344	$	(25	)		(2.7	)		4.4			(2.7	)		4.4
Diagnostic Systems		313			338		313		(22	)		(7.2	)		(0.8	)		(7.2	)		(0.8	)
Biosciences		276			288		276		(16	)		(4.4	)		1.2			(4.4	)		1.2

TOTAL	$	933		$	979	$	933	$	(63	)		(4.8	)		1.7			(4.8	)		1.7

TOTAL REVENUES	$	2,986		$	2,051	$	2,992	$	(162	)		45.6			53.5			45.9			53.8

NM - Not Meaningful

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BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED REVENUE CHANGE - UNITED STATES

Three Months Ended December 31,

(Unaudited; Amounts in millions)


	A			B		C=A+B		D		E		F			G=D+E+F		H=(C-G)/G
	Reported 2015			Deferred Revenue Adjustment		Adjusted 2015		BD Reported 2014		CFN Reported 2014		Respiratory Adjustment ** 2014			Comparable Historical 2014		Comparable Adjusted % Change
BD MEDICAL
Medication and Procedural Solutions	$	491		$		$	491	$	268	$	215	$			$	483		1.6
Medication Management Solutions		444					444				426					426		4.3
Diabetes Care		134					134		123							123		9.2
Pharmaceutical Systems		63					63		66							66		(4.9	)
Respiratory Solutions		139					139				172		(23	)		149		(6.6	)
Deferred Revenue Adjustment *		(6	)		6

TOTAL	$	1,266		$	6	$	1,272	$	457	$	813	$	(23	)	$	1,248		1.9

BD LIFE SCIENCES
Preanalytical Systems	$	178		$		$	178	$	172	$		$			$	172		3.4
Diagnostic Systems		149					149		159							159		(6.3	)
Biosciences		98					98		93							93		6.1

TOTAL	$	425		$		$	425	$	424	$		$			$	424		0.3

TOTAL UNITED STATES	$	1,691		$	6	$	1,697	$	881	$	813	$	(23	)	$	1,671		1.5

**	To reflect the impact of a distribution agreement change in the Respiratory Solutions unit that occurred toward the end of fiscal 2015, as if it had occurred as of October 1, 2014.

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BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE - INTERNATIONAL

Three Months Ended December 31, (continued)

(Unaudited; Amounts in millions)


	A		B		C		D=B+C		E			F=(A-D-E)/D
	Reported 2015		BD Reported 2014		CFN Reported 2014		Comparable Historical 2014		Comparable FX Impact			Comparable FXN % Change
BD MEDICAL
Medication and Procedural Solutions	$	357	$	333	$	61	$	394	$	(46	)		2.5
Medication Management Solutions		106				114		114		(12	)		4.1
Diabetes Care		121		141				141		(18	)		(0.7	)
Pharmaceutical Systems		133		141				141		(17	)		6.2
Respiratory Solutions		69				81		81		(6	)		(7.2	)

TOTAL	$	788	$	615	$	256	$	871	$	(100	)		1.9

BD LIFE SCIENCES
Preanalytical Systems	$	166	$	182	$		$	182	$	(25	)		5.3
Diagnostic Systems		164		179				179		(22	)		4.2
Biosciences		177		196				196		(16	)		(1.1	)

TOTAL	$	508	$	556	$		$	556	$	(63	)		2.7

TOTAL INTERNATIONAL	$	1,295	$	1,170	$	256	$	1,426	$	(162	)		2.2

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BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED FXN REVENUE CHANGE - TOTAL

Three Months Ended December 31, (continued)

(Unaudited; Amounts in millions)


	A			B		C=A+B		D		E		F			G=D+E+F		H			I=(C-G-H)/G
	Reported 2015			Deferred Revenue Adjustment		Adjusted 2015		BD Reported 2014		CFN Reported 2014		Respiratory Adjustment ** 2014			Comparable Historical 2014		Comparable FX Impact			Comparable Adjusted FXN % Change
BD MEDICAL
Medication and Procedural Solutions	$	848		$		$	848	$	601	$	276	$			$	877	$	(46	)		2.0
Medication Management Solutions		550					550				539					539		(12	)		4.3
Diabetes Care		256					256		263							263		(18	)		3.9
Pharmaceutical Systems		197					197		208							208		(17	)		2.6
Respiratory Solutions		209					209				254		(23	)		231		(6	)		(6.8	)
Deferred Revenue Adjustment *		(6	)		6

TOTAL	$	2,054		$	6	$	2,060	$	1,072	$	1,069	$	(23	)	$	2,118	$	(100	)		1.9

BD LIFE SCIENCES
Preanalytical Systems	$	344		$		$	344	$	353	$		$			$	353	$	(25	)		4.4
Diagnostic Systems		313					313		338							338		(22	)		(0.8	)
Biosciences		276					276		288							288		(16	)		1.2

TOTAL	$	933		$		$	933	$	979	$		$			$	979	$	(63	)		1.7

TOTAL REVENUES	$	2,986		$	6	$	2,992	$	2,051	$	1,069	$	(23	)	$	3,098	$	(162	)		1.8

**	To reflect the impact of a distribution agreement change in the Respiratory Solutions unit that occurred toward the end of fiscal 2015, as if it had occurred as of October 1, 2014.

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BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

SAFETY REVENUES

(Unaudited; Amounts in millions)


	Three Months Ended December 31,
	A		B		C			D=(A-B)/B			E=(A-B-C)/B
	As Reported				FX Impact			% Change
	2015		2014		FX Impact			Reported			FXN
TOTAL SAFETY REVENUES
United States	$	447	$	309	$				44.9			44.9
International		290		265		(38	)		9.5			24.1

TOTAL	$	737	$	573	$	(38	)		28.6			35.3

BY SEGMENT
BD Medical	$	467	$	296	$	(20	)		57.9			64.5
BD Life Sciences		270		278		(19	)		(2.7	)		4.1

TOTAL	$	737	$	573	$	(38	)		28.6			35.3

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BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF SAFETY REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE

(Unaudited; Amounts in millions)


	Three Months Ended December 31,
	A		B		C		D=B+C		E			F=(A-D-E)/D
	BD Reported 2015		BD Reported 2014		CFN Reported 2014		Comparable Historical 2014		Comparable FX Impact			Comparable FXN % Change
TOTAL SAFETY REVENUES
United States	$	447	$	309	$	122	$	431	$				3.8
International		290		265		44		308		(38	)		6.5

TOTAL	$	737	$	573	$	166	$	739	$	(38	)		4.9

BY SEGMENT
BD Medical	$	467	$	296	$	166	$	461	$	(20	)		5.4
BD Life Sciences		270		278				278		(19	)		4.1

TOTAL	$	737	$	573	$	166	$	739	$	(38	)		4.9

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BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

(Unaudited)


	Three Months Ended December 31,
	2015			2014			Growth			Foreign Currency Translation			Foreign Currency Neutral Growth		Growth %			Foreign Currency Neutral Growth %
Reported Diluted Earnings per Share	$	1.06		$	1.20		$	(0.14	)	$	(0.26	)	$	0.12		(11.7	%)		10.0	%

Purchase Accounting Adjustments ($153 million or $120 million after-tax and $18 million or $12 million after-tax, respectively)		0.55	⁽¹⁾		0.06	⁽²⁾
Restructuring Costs ($85 million or $53 million after-tax) ⁽³⁾		0.25
Integration Costs ($35 million or $22 million after-tax and $13 million or $9 million after-tax, respectively) ⁽³⁾		0.10			0.04
Transaction Costs ($10 million or $10 million after-tax) ⁽³⁾					0.05
Financing Costs ($44 million or $28 million after-tax) ⁽³⁾					0.14
Litigation-related Charge ($12 million or $7 million after-tax) ⁽⁴⁾					0.04

Adjusted Diluted Earnings per Share	$	1.96		$	1.53		$	0.43		$	(0.27	)	$	0.70		28.1	%		45.8	%

⁽¹⁾

Represents non-cash amortization expense of $150 million pre-tax associated with acquisition related identifiable intangible assets, including CareFusion, as well as the net amortization of purchase accounting adjustments of $3 million pre-tax to reflect CareFusions fixed assets, debt and deferred revenue balances at fair value as of the acquisition date.

⁽²⁾	Represents non-cash amortization expense associated with acquisition related identifiable intangible assets.

⁽³⁾	Represents restructuring, integration, transaction and financing costs associated with the CareFusion acquisition and portfolio rationalization.

⁽⁴⁾	Represents a charge for plaintiffs attorneys fees associated with the unfavorable verdict in the antitrust and false advertising lawsuit filed against BD by RTI.

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BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY2016 OUTLOOK RECONCILIATION


	FY2016 Outlook
	Revenues			FX Impact			FXN Basis
Full Year FY2016 Estimated Growth on a Reported Basis		20.0% - 20.5%			~(4.5%)			24.5% - 25.0%
Deferred Revenue Adjustment		NM			NM			NM
Adjusted Full Year FY2016 Estimated Growth		20.0% - 20.5%			~(4.5%)			24.5% - 25.0%

	Full Year FY2016			Full Year FY2015			% Increase
	(estimated)
Reported Fully Diluted Earnings per Share	$	6.23 - 6.30		$	3.35			NM
Purchase Accounting Adjustments		1.79			2.17
Restructuring Costs		0.25	⁽¹⁾		0.80
Integration Costs		0.10	⁽¹⁾		0.29
Transaction Costs					0.19
Financing Costs					0.31
Litigation-related Charge					0.04
Employee Termination Cost-related Amounts					(0.01	)
Dilutive Share Impact					0.02

Adjusted Fully Diluted Earnings per Share	$	8.37 - 8.44		$	7.16			17.0% - 18.0%

FX Impact	$	(0.64	)					(9.0%)

Adjusted Fully Diluted Earnings per Share, FXN	$	9.01 - 9.08						26.0% - 27.0%

NMNot Meaningful

FXNForeign Currency Neutral

⁽¹⁾	FY2016 restructuring and integration costs reflect year-to-date realized costs.

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Form: 8-K

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