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SEC Filings / Section 16 Reports

DEF 14A
BECTON DICKINSON & CO filed this Form DEF 14A on 12/03/2018
Entire Document
 

2018 Adjusted Earnings Per Share
 
 
Twelve Months Ended September 30,
 
 
2018
 
2017
 
Growth
 
Foreign
Currency
Translation
 
Foreign
Currency
Neutral
Growth
 
Growth %
 
Foreign
Currency
Neutral
Growth %
Reported Diluted Earnings per Share
 
$
0.60
 
$
4.60
 
$
(4.00)
 
$
0.32
 
$
(4.32)
 
(87.0)%
 
(93.9)%
Purchase accounting adjustments ($1.733 billion and $491 million pre-tax, respectively) (1)
 
6.55
 
2.20
 
 
 
0.01
 
 
 
 
 
 
Restructuring costs ($344 million and $85 million pre-tax, respectively) (2)
 
1.30
 
0.38
 
 
 
0.01
 
 
 
 
 
 
Integration costs ($344 million and $237 million pre-tax, respectively) (2)
 
1.30
 
1.06
 
 
 
0.01
 
 
 
 
 
 
Transaction costs ($56 million and $39 million pre-tax, respectively) (3)
 
0.21
 
0.17
 
 
 
0
 
 
 
 
 
 
Financing impacts ($49 million and $131 million pre-tax, respectively) (4)
 
0.19
 
0.58
 
 
 
0
 
 
 
 
 
 
Hurricane recovery costs ($17 million pre-tax)
 
0.07
 
0
 
 
 
0
 
 
 
 
 
 
Losses on debt extinguishment ($16 million and $73 million pre-tax, respectively) (5)
 
0.06
 
0.33
 
 
 
0
 
 
 
 
 
 
Net impact of gain on sale of investment and asset impairments ($(151) million pre-tax) (6)
 
(0.57)
 
0
 
 
 
0.01
 
 
 
 
 
 
Lease contract modification-related charge ($748 million pre-tax) (7)
 
0
 
3.34
 
 
 
0
 
 
 
 
 
 
Litigation-related item ($(337) million pre-tax) (8)
 
0
 
(1.51)
 
 
 
0
 
 
 
 
 
 
Dilutive Impact (9)
 
0.30
 
0.54
 
 
 
0
 
 
 
 
 
 
Impact of tax reform and income tax benefit of special items ($265 million and $(495) million, respectively) (10)
 
1.00
 
(2.21)
 
 
 
(0.01)
 
 
 
 
 
 
Adjusted Diluted Earnings per Share
 
$
11.01
 
$
9.48
 
$
1.53
 
$
0.36
 
$
1.17
 
16.1%
 
12.3%
________________________
(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 and integration costs associated with the Bard and CareFusion acquisitions, as well as restructuring costs associated with other portfolio rationalization initiatives.
(3)
Represents transaction costs primarily associated with the Bard acquisition.
(4)
Represents financing impacts associated with the Bard acquisition.
(5)
Represents losses recognized upon the extinguishment of certain long-term senior notes.
(6)
Represents 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 as well as $58 million of charges to write down the value of fixed assets primarily in the Diabetes Care unit.
(7)
Represents a non-cash charge resulting from a modification to our dispensing equipment lease contracts with customers.
(8)
Represents the reversal of certain reserves related to an appellate court decision which, among other things, reversed an unfavorable antitrust judgment in the RTI case.
(9)
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 260,758.
(10)
Includes additional tax expense, net, of $640 million relating to new U.S. tax legislation.



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