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As Of Filer Filing For·On·As Docs:Size 5/11/20 DENTSPLY SIRONA Inc. 10-Q 3/31/20 79:10M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.10M 2: EX-10.1 Material Contract HTML 63K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 29K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 29K 5: EX-32 Certification -- §906 - SOA'02 HTML 26K 48: R1 Cover Page HTML 76K 22: R2 Consolidated Statements of Operations HTML 92K 31: R3 Consolidated Statements of Comprehensive Income HTML 53K (Loss) 76: R4 Consolidated Balance Sheets HTML 123K 50: R5 Consolidated Balance Sheets (Parenthetical) HTML 42K 24: R6 Consolidated Statements of Changes in Equity HTML 67K 33: R7 Consolidated Statements of Changes in Equity HTML 25K (Parenthetical) 74: R8 Consolidated Statements of Cash Flows HTML 130K 52: R9 Significant Accounting Policies HTML 43K 67: R10 Stock Compensation HTML 40K 57: R11 Comprehensive Income (Loss) HTML 145K 11: R12 Earnings Per Common Share HTML 56K 39: R13 Segment Information HTML 71K 68: R14 Inventories HTML 37K 58: R15 Restructuring and Other Costs HTML 109K 12: R16 Financial Instruments and Derivatives HTML 345K 40: R17 Fair Value Measurement HTML 129K 66: R18 Income Taxes HTML 28K 59: R19 Financing Arrangements HTML 33K 27: R20 Goodwill and Intangible Assets HTML 130K 37: R21 Commitments and Contingencies HTML 49K 78: R22 Significant Accounting Policies (Policies) HTML 47K 53: R23 Stock Compensation (Tables) HTML 39K 28: R24 Comprehensive Income (Loss) (Tables) HTML 148K 38: R25 Earnings Per Common Share (Tables) HTML 54K 79: R26 Segment Information (Tables) HTML 69K 54: R27 Inventories (Tables) HTML 37K 29: R28 Restructuring and Other Costs (Tables) HTML 111K 36: R29 Financial Instruments and Derivatives (Tables) HTML 345K 42: R30 Fair Value Measurement (Tables) HTML 105K 16: R31 Goodwill and Intangible Assets (Tables) HTML 120K 56: R32 Significant Accounting Policies - Additional HTML 51K Information (Details) 63: R33 Stock Compensation (Details) HTML 37K 41: R34 Comprehensive Income (Loss) - Summary of HTML 31K Comprehensive Income, Net of Tax (Details) 15: R35 Comprehensive Income (Loss) - Additional HTML 37K Information (Details) 55: R36 Comprehensive Income (Loss) - Balances Included in HTML 64K Aoci, Net of Tax, in the Consolidated Balance Sheets (Details) 62: R37 Comprehensive Income (Loss) - Reclassification Out HTML 60K of Accumulated Other Comprehensive Income (Loss) (Details) 43: R38 Earnings Per Common Share - Earnings Per Share HTML 50K Computation (Details) 13: R39 Earnings Per Common Share - Additional Information HTML 43K (Details) 32: R40 Segment Information - Additional Information HTML 28K (Details) 23: R41 Segment Information - Third Party Net Sales HTML 30K (Details) 51: R42 Segment Information - Segment Adjusted Operating HTML 62K Income (Details) 77: R43 Inventories - Additional Information (Details) HTML 30K 30: R44 Inventories - Summary of Inventory (Details) HTML 35K 21: R45 Restructuring and Other Costs - Additional HTML 38K Information (Details) 49: R46 Restructuring and Other Costs - Restructuring HTML 61K Accurals (Details) 75: R47 Restructuring and Other Costs - Provisions and HTML 49K Adjustments and Amounts Applied for All Plans by Segment (Details) 34: R48 Financial Instruments and Derivatives - Cash Flow HTML 33K Hedges (Details) 20: R49 Financial Instruments and Derivatives - Additional HTML 35K Information (Details) 17: R50 Financial Instruments and Derivatives - Gain HTML 53K (Loss) on Aoci (Details) 45: R51 Financial Instruments and Derivatives - Net HTML 41K Investment Hedges (Details) 69: R52 Financial Instruments and Derivatives - Hedges Not HTML 30K Designated (Details) 60: R53 Consolidated Balance Sheets Location of Derivative HTML 73K Fair Values (Details) 18: R54 Financial Instruments and Derivatives - Balance HTML 81K Sheet Offsetting (Details) 46: R55 Fair Value Measurement - Additional Information HTML 38K (Details) 70: R56 Fair Value Measurement - Assets and Liabilities, HTML 60K Recurring (Details) 61: R57 Fair Value Measurement - Assets, Non-Recurring HTML 52K (Details) 19: R58 Income Taxes - Additional Information (Details) HTML 27K 44: R59 Financing Arrangements (Details) HTML 61K 72: R60 Goodwill and Intangible Assets - Narrative HTML 52K (Details) 47: R61 Goodwill and Intangible Assets - Reconciliation of HTML 36K Changes in Goodwill (Details) 25: R62 Goodwill and Intangible Assets - Goodwill Carrying HTML 36K Amount (Details) 35: R63 Goodwill and Intangible Assets - Identifiable HTML 52K Definite-Lived and Indefinite-Lived Intangible Assets (Details) 73: R64 Commitments and Contingencies (Details) HTML 49K 14: XML IDEA XML File -- Filing Summary XML 142K 71: XML XBRL Instance -- xray-20200331_htm XML 3.18M 26: EXCEL IDEA Workbook of Financial Reports XLSX 83K 7: EX-101.CAL XBRL Calculations -- xray-20200331_cal XML 239K 8: EX-101.DEF XBRL Definitions -- xray-20200331_def XML 737K 9: EX-101.LAB XBRL Labels -- xray-20200331_lab XML 1.38M 10: EX-101.PRE XBRL Presentations -- xray-20200331_pre XML 1.00M 6: EX-101.SCH XBRL Schema -- xray-20200331 XSD 137K 65: JSON XBRL Instance as JSON Data -- MetaLinks 329± 498K 64: ZIP XBRL Zipped Folder -- 0000818479-20-000023-xbrl Zip 311K
xray-20200331 |
i Delaware | i 39-1434669 | |||||||
(State
or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) | |||||||
i 13320 Ballantyne Corporate Place, i Charlotte,
i North Carolina | i 28277-3607 | |||||||
(Address of principal executive offices) | (Zip
Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
i Common Stock, par value $.01 per share | i XRAY | i The Nasdaq Stock Market LLC |
i Large
accelerated filer x | Accelerated filer ☐ | ||||
Non-accelerated filer ☐ | Smaller reporting company i ☐ | ||||
Emerging
growth company i ☐ |
Page | ||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Net sales | $ | i 874.3 | $ | i 946.2 | |||||||||||||||||||||||||
Cost of products sold | i 406.5 | i 446.5 | |||||||||||||||||||||||||||
Gross profit | i 467.8 | i 499.7 | |||||||||||||||||||||||||||
Selling, general, and administrative expenses | i 393.5 | i 431.9 | |||||||||||||||||||||||||||
Goodwill impairment | i 156.6 | i — | |||||||||||||||||||||||||||
Restructuring and other costs | i 42.5 | i 20.5 | |||||||||||||||||||||||||||
Operating (loss) income | ( i 124.8) | i 47.3 | |||||||||||||||||||||||||||
Other income and expenses: | |||||||||||||||||||||||||||||
Interest expense | i 6.7 | i 8.4 | |||||||||||||||||||||||||||
Interest income | ( i 0.4) | ( i 1.1) | |||||||||||||||||||||||||||
Other expense (income), net | ( i 1.4) | ( i 13.8) | |||||||||||||||||||||||||||
(Loss) income before income taxes | ( i 129.7) | i 53.8 | |||||||||||||||||||||||||||
Provision for income taxes | i 10.2 | i 14.6 | |||||||||||||||||||||||||||
Net (loss) income | ( i 139.9) | i 39.2 | |||||||||||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | i — | i — | |||||||||||||||||||||||||||
Net (loss) income attributable to Dentsply Sirona | $ | ( i 139.9) | $ | i 39.2 | |||||||||||||||||||||||||
Net (loss) income per common share attributable to Dentsply Sirona: | |||||||||||||||||||||||||||||
Basic | $ | ( i 0.63) | $ | i 0.18 | |||||||||||||||||||||||||
Diluted | $ | ( i 0.63) | $ | i 0.17 | |||||||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
Basic | i 220.9 | i 223.3 | |||||||||||||||||||||||||||
Diluted | i 220.9 | i 225.0 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Net (loss) income | $ | ( i 139.9) | $ | i 39.2 | |||||||||||||||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||||||||||||||||
Foreign currency translation loss | ( i 118.4) | ( i 61.0) | |||||||||||||||||||||||||||
Net gain on derivative financial instruments | i 4.6 | i 1.7 | |||||||||||||||||||||||||||
Pension liability gain | i 1.6 | i 0.9 | |||||||||||||||||||||||||||
Total other comprehensive loss, net of tax | ( i 112.2) | ( i 58.4) | |||||||||||||||||||||||||||
Total comprehensive loss | ( i 252.1) | ( i 19.2) | |||||||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | i 0.3 | i 0.3 | |||||||||||||||||||||||||||
Total comprehensive loss attributable to Dentsply Sirona | $ | ( i 252.4) | $ | ( i 19.5) | |||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | i 235.9 | $ | i 404.9 | |||||||
Accounts and notes receivables-trade, net | i 709.1 | i 782.0 | |||||||||
Inventories, net | i 590.5 | i 561.7 | |||||||||
Prepaid expenses and other current assets, net | i 269.7 | i 251.3 | |||||||||
Total Current Assets | i 1,805.2 | i 1,999.9 | |||||||||
Property, plant and equipment, net | i 776.6 | i 802.4 | |||||||||
Operating lease right-of-use assets, net | i 146.9 | i 159.3 | |||||||||
Identifiable intangible assets, net | i 2,045.4 | i 2,176.3 | |||||||||
Goodwill, net | i 3,191.8 | i 3,396.5 | |||||||||
Other noncurrent assets, net | i 92.5 | i 68.5 | |||||||||
Total Assets | $ | i 8,058.4 | $ | i 8,602.9 | |||||||
Liabilities and Equity | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | i 271.1 | $ | i 307.9 | |||||||
Accrued liabilities | i 522.9 | i 629.2 | |||||||||
Income taxes payable | i 64.5 | i 56.1 | |||||||||
Notes payable and current portion of long-term debt | i 33.0 | i 2.3 | |||||||||
Total Current Liabilities | i 891.5 | i 995.5 | |||||||||
Long-term debt | i 1,421.2 | i 1,433.1 | |||||||||
Operating lease liabilities | i 108.3 | i 119.5 | |||||||||
Deferred income taxes | i 464.7 | i 479.6 | |||||||||
Other noncurrent liabilities | i 482.5 | i 480.3 | |||||||||
Total Liabilities | i 3,368.2 | i 3,508.0 | |||||||||
Commitments and contingencies | i — | i — | |||||||||
Equity: | |||||||||||
Preferred
stock, $ i i 1.00 / par value;
i i 0.25 / million shares authorized; i i no /
shares issued | i — | i — | |||||||||
Common
stock, $ i i 0.01 / par value; | i 2.6 | i 2.6 | |||||||||
i i 400.0 /
million shares authorized, and i i 264.5 / million shares issued at March 31, 2020 and
December 31, 2019 | |||||||||||
i 219.1 million and i 221.3
million shares outstanding at March 31, 2020 and December 31, 2019, respectively | |||||||||||
Capital in excess of par value | i 6,553.9 | i 6,586.7 | |||||||||
Retained earnings | i 1,242.2 | i 1,404.2 | |||||||||
Accumulated other comprehensive loss | ( i 712.2) | ( i 599.7) | |||||||||
Treasury
stock, at cost, i 45.4 million and i 43.2 million shares at March 31, 2020 and December 31, 2019, respectively | ( i 2,399.0) | ( i 2,301.3) | |||||||||
Total Dentsply Sirona Equity | i 4,687.5 | i 5,092.5 | |||||||||
Noncontrolling interests | i 2.7 | i 2.4 | |||||||||
Total Equity | i 4,690.2 | i 5,094.9 | |||||||||
Total Liabilities and Equity | $ | i 8,058.4 | $ | i 8,602.9 |
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total
Dentsply Sirona Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | i 2.6 | $ | i 6,586.7 | $ | i 1,404.2 | $ | ( i 599.7) | $ | ( i 2,301.3) | $ | i 5,092.5 | $ | i 2.4 | $ | i 5,094.9 | |||||||||||||||||||||||||||||||
Net loss | — | — | ( i 139.9) | — | — | ( i 139.9) | — | ( i 139.9) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | ( i 112.5) | — | ( i 112.5) | i 0.3 | ( i 112.2) | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | ( i 0.5) | — | — | i 4.3 | i 3.8 | — | i 3.8 | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | i 9.4 | — | — | — | i 9.4 | — | i 9.4 | |||||||||||||||||||||||||||||||||||||||
Funding of Employee Stock Purchase Plan | — | i 0.8 | — | — | i 1.3 | i 2.1 | — | i 2.1 | |||||||||||||||||||||||||||||||||||||||
Treasury shares purchased | — | ( i 28.0) | — | — | ( i 112.0) | ( i 140.0) | — | ( i 140.0) | |||||||||||||||||||||||||||||||||||||||
Restricted Stock Unit distributions | — | ( i 14.8) | — | — | i 8.7 | ( i 6.1) | — | ( i 6.1) | |||||||||||||||||||||||||||||||||||||||
Restricted Stock Unit dividends | — | i 0.3 | ( i 0.3) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash
dividends ($ i 0.1000 per share) | — | — | ( i 21.8) | — | — | ( i 21.8) | — | ( i 21.8) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | i 2.6 | $ | i 6,553.9 | $ | i 1,242.2 | $ | ( i 712.2) | $ | ( i 2,399.0) | $ | i 4,687.5 | $ | i 2.7 | $ | i 4,690.2 | |||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total
Dentsply Sirona Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | i 2.6 | $ | i 6,522.3 | $ | i 1,225.9 | $ | ( i 478.7) | $ | ( i 2,151.0) | $ | i 5,121.1 | $ | i 11.9 | $ | i 5,133.0 | |||||||||||||||||||||||||||||||
Net income | — | — | i 39.2 | — | — | i 39.2 | i — | i 39.2 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | ( i 58.7) | — | ( i 58.7) | i 0.3 | ( i 58.4) | |||||||||||||||||||||||||||||||||||||||
Divestiture of noncontrolling interest | — | — | — | — | — | — | ( i 10.4) | ( i 10.4) | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | i 1.5 | — | — | i 18.2 | i 19.7 | — | i 19.7 | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | i 9.1 | — | — | — | i 9.1 | — | i 9.1 | |||||||||||||||||||||||||||||||||||||||
Funding of Employee Stock Purchase Plan | — | i 0.1 | i 1.9 | i 2.0 | — | i 2.0 | |||||||||||||||||||||||||||||||||||||||||
Restricted Stock Unit distributions | — | ( i 12.8) | i 8.0 | ( i 4.8) | — | ( i 4.8) | |||||||||||||||||||||||||||||||||||||||||
Restricted Stock Unit dividends | — | i 0.2 | ( i 0.2) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash
dividends ($ i 0.0875 per share) | — | — | ( i 19.9) | — | — | ( i 19.9) | — | ( i 19.9) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | i 2.6 | $ | i 6,520.4 | $ | i 1,245.0 | $ | ( i 537.4) | $ | ( i 2,122.9) | $ | i 5,107.7 | $ | i 1.8 | $ | i 5,109.5 | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net (loss) income | $ | ( i 139.9) | $ | i 39.2 | |||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||||||||
Depreciation | i 32.2 | i 34.9 | |||||||||||||||
Amortization of intangible assets | i 47.2 | i 48.2 | |||||||||||||||
Amortization of deferred financing costs | i 0.7 | i 0.7 | |||||||||||||||
Goodwill impairment | i 156.6 | i — | |||||||||||||||
Indefinite-lived intangible asset impairment | i 38.7 | i 5.3 | |||||||||||||||
Deferred income taxes | ( i 8.1) | ( i 6.0) | |||||||||||||||
Stock based compensation expense | i 9.5 | i 9.2 | |||||||||||||||
Restructuring and other costs - non-cash | i 1.9 | i 9.7 | |||||||||||||||
Other non-cash expense (income) | i 8.1 | ( i 7.8) | |||||||||||||||
Loss (gain) on disposal of property, plant and equipment | i 0.2 | ( i 0.1) | |||||||||||||||
Gain on divestiture of noncontrolling interest | i — | ( i 8.7) | |||||||||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||||||||
Accounts and notes receivable-trade, net | i 53.3 | i 36.5 | |||||||||||||||
Inventories, net | ( i 57.3) | ( i 31.5) | |||||||||||||||
Prepaid expenses and other current assets, net | ( i 27.2) | ( i 16.3) | |||||||||||||||
Other noncurrent assets, net | ( i 6.8) | i 4.8 | |||||||||||||||
Accounts payable | ( i 28.9) | ( i 11.3) | |||||||||||||||
Accrued liabilities | ( i 95.1) | ( i 90.1) | |||||||||||||||
Income taxes | i 7.0 | i 12.3 | |||||||||||||||
Other noncurrent liabilities | ( i 2.8) | i 0.3 | |||||||||||||||
Net cash (used in) provided by operating activities | ( i 10.7) | i 29.3 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | ( i 25.6) | ( i 33.9) | |||||||||||||||
Cash paid on sale of non-strategic businesses or product lines | i — | ( i 1.0) | |||||||||||||||
Cash received on derivatives contracts | i 9.4 | i 22.7 | |||||||||||||||
Purchase of short-term investments | i — | ( i 0.8) | |||||||||||||||
Proceeds from sale of property, plant, and equipment, net | i 0.7 | i 0.3 | |||||||||||||||
Net cash used in investing activities | ( i 15.5) | ( i 12.7) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds (repayments) on short-term borrowings, net | i 30.8 | ( i 67.9) | |||||||||||||||
Cash paid for treasury stock | ( i 140.0) | i — | |||||||||||||||
Cash dividends paid | ( i 22.1) | ( i 19.5) | |||||||||||||||
Proceeds from long-term borrowings, net of deferred financing costs | i — | i 0.9 | |||||||||||||||
Repayments on long-term borrowings | ( i 0.8) | ( i 1.9) | |||||||||||||||
Proceeds from exercised stock options | i 3.8 | i 19.8 | |||||||||||||||
Cash paid for contingent consideration on prior acquisitions | ( i 1.6) | ( i 30.6) | |||||||||||||||
Net cash used in financing activities | ( i 129.9) | ( i 99.2) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( i 12.9) | ( i 1.6) | |||||||||||||||
Net decrease in cash and cash equivalents | ( i 169.0) | ( i 84.2) | |||||||||||||||
Cash and cash equivalents at beginning of period | i 404.9 | i 309.6 | |||||||||||||||
Cash and cash equivalents at end of period | $ | i 235.9 | $ | i 225.4 | |||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||||||||||||||||||||
Stock option expense | $ | i 1.6 | $ | i 2.2 | ||||||||||||||||||||||||||||
RSU expense | i 7.6 | i 6.7 | ||||||||||||||||||||||||||||||
Total stock based compensation expense | $ | i 9.2 | $ | i 8.9 | ||||||||||||||||||||||||||||
Related deferred income tax benefit | $ | i 1.0 | $ | i 1.4 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||||||||||||||||||||
Foreign currency translation losses | $ | ( i 123.0) | $ | ( i 71.9) | ||||||||||||||||||||||||||||
Foreign currency translation gain on hedges of net investments | i 4.3 | i 10.6 |
(in millions) | Foreign Currency Translation Gain (Loss) | Gain (Loss) on Cash Flow Hedges | Gain (Loss) on Net Investment Hedges | Pension Liability Gain (Loss) | Total | |||||||||||||||||||||||||||||||||
Balance, net of tax, at December 31, 2019 | $ | ( i 368.3) | $ | ( i 10.6) | $ | ( i 100.7) | $ | ( i 120.1) | $ | ( i 599.7) | ||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications and tax impact | ( i 116.7) | ( i 15.7) | i 24.7 | i — | ( i 107.7) | |||||||||||||||||||||||||||||||||
Tax (expense) benefit | ( i 2.0) | i 4.0 | ( i 8.1) | i — | ( i 6.1) | |||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax, before reclassifications | ( i 118.7) | ( i 11.7) | i 16.6 | i — | ( i 113.8) | |||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | i — | ( i 0.3) | i — | i 1.6 | i 1.3 | |||||||||||||||||||||||||||||||||
Net (decrease) increase in other comprehensive loss | ( i 118.7) | ( i 12.0) | i 16.6 | i 1.6 | ( i 112.5) | |||||||||||||||||||||||||||||||||
Balance, net of tax, at March 31, 2020 | $ | ( i 487.0) | $ | ( i 22.6) | $ | ( i 84.1) | $ | ( i 118.5) | $ | ( i 712.2) |
(in millions) | Foreign Currency Translation Gain (Loss) | Gain (Loss) on Cash Flow Hedges | Gain (Loss) on Net Investment Hedges | Pension Liability Gain (Loss) | Total | |||||||||||||||||||||||||||||||||||||||
Balance, net of tax, at December 31, 2018 | $ | ( i 284.7) | $ | i 0.6 | $ | ( i 111.4) | $ | ( i 83.2) | $ | ( i 478.7) | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications and tax impact | ( i 59.9) | ( i 7.7) | i 18.6 | i — | ( i 49.0) | |||||||||||||||||||||||||||||||||||||||
Tax (expense) benefit | ( i 1.4) | i 2.4 | ( i 11.8) | i — | ( i 10.8) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax, before reclassifications | ( i 61.3) | ( i 5.3) | i 6.8 | i — | ( i 59.8) | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | i — | i 0.2 | i — | i 0.9 | i 1.1 | |||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in other comprehensive loss | ( i 61.3) | ( i 5.1) | i 6.8 | i 0.9 | ( i 58.7) | |||||||||||||||||||||||||||||||||||||||
Balance, net of tax, at March 31, 2019 | $ | ( i 346.0) | $ | ( i 4.5) | $ | ( i 104.6) | $ | ( i 82.3) | $ | ( i 537.4) |
Details about AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | ( i 0.5) | $ | ( i 0.6) | Interest expense | |||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | i 0.8 | i 0.4 | Cost of products sold | |||||||||||||||||||||||||||||||||||
Net gain (loss) after tax | $ | i 0.3 | $ | ( i 0.2) | ||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension and other postemployment benefit items: | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service benefits | $ | i 0.1 | $ | i 0.1 | (a) | |||||||||||||||||||||||||||||||||
Amortization of net actuarial losses | ( i 2.2) | ( i 1.4) | (a) | |||||||||||||||||||||||||||||||||||
Net loss before tax | ( i 2.1) | ( i 1.3) | ||||||||||||||||||||||||||||||||||||
Tax impact | i 0.5 | i 0.4 | Provision for income taxes | |||||||||||||||||||||||||||||||||||
Net loss after tax | $ | ( i 1.6) | $ | ( i 0.9) | ||||||||||||||||||||||||||||||||||
Total reclassifications for the period | $ | ( i 1.3) | $ | ( i 1.1) |
Basic Earnings Per Common Share Computation | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
(in millions, except per share amounts) | 2020 | 2019 | ||||||||||||||||||||||||||||||
Net (loss) income attributable to Dentsply Sirona | $ | ( i 139.9) | $ | i 39.2 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding | i 220.9 | i 223.3 | ||||||||||||||||||||||||||||||
(Loss) earnings per common share - basic | $ | ( i 0.63) | $ | i 0.18 | ||||||||||||||||||||||||||||
Diluted Earnings Per Common Share Computation | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
(in millions, except per share amounts) | 2020 | 2019 | ||||||||||||||||||||||||||||||
Net (loss) income attributable to Dentsply Sirona | $ | ( i 139.9) | $ | i 39.2 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding | i 220.9 | i 223.3 | ||||||||||||||||||||||||||||||
Incremental weighted average shares from assumed exercise of dilutive options from stock-based compensation awards | i — | i 1.7 | ||||||||||||||||||||||||||||||
Total weighted average diluted shares outstanding | i 220.9 | i 225.0 | ||||||||||||||||||||||||||||||
(Loss) earnings per common share - diluted | $ | ( i 0.63) | $ | i 0.17 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||||||||||||||||||||
Technologies & Equipment | $ | i 520.3 | $ | i 520.8 | ||||||||||||||||||||||||||||
Consumables | i 354.0 | i 425.4 | ||||||||||||||||||||||||||||||
Total net sales | $ | i 874.3 | $ | i 946.2 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||||||||||||||||||||
Technologies & Equipment | $ | i 111.1 | $ | i 71.8 | ||||||||||||||||||||||||||||
Consumables | i 61.6 | i 105.7 | ||||||||||||||||||||||||||||||
Segment adjusted operating income | i 172.7 | i 177.5 | ||||||||||||||||||||||||||||||
Reconciling items expense (income): | ||||||||||||||||||||||||||||||||
All other (a) | i 49.7 | i 59.7 | ||||||||||||||||||||||||||||||
Goodwill impairment | i 156.6 | i — | ||||||||||||||||||||||||||||||
Restructuring and other costs | i 42.5 | i 20.5 | ||||||||||||||||||||||||||||||
Interest expense | i 6.7 | i 8.4 | ||||||||||||||||||||||||||||||
Interest income | ( i 0.4) | ( i 1.1) | ||||||||||||||||||||||||||||||
Other expense (income), net | ( i 1.4) | ( i 13.8) | ||||||||||||||||||||||||||||||
Amortization of intangible assets | i 47.2 | i 48.2 | ||||||||||||||||||||||||||||||
Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations | i 1.5 | i 1.8 | ||||||||||||||||||||||||||||||
(Loss) income before income taxes | $ | ( i 129.7) | $ | i 53.8 |
(in millions) | March 31, 2020 | December 31, 2019 | ||||||||||||
Finished goods | $ | i 368.4 | $ | i 356.4 | ||||||||||
Work-in-process | i 80.3 | i 82.5 | ||||||||||||
Raw materials and supplies | i 141.8 | i 122.8 | ||||||||||||
Inventories, net | $ | i 590.5 | $ | i 561.7 |
Severance | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2018
and Prior Plans | 2019 Plans | 2020 Plans | Total | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | i 7.2 | $ | i 19.8 | $ | i — | $ | i 27.0 | ||||||||||||||||||||||||||||||||||||
Provisions | i 0.2 | i 0.7 | i 1.4 | i 2.3 | ||||||||||||||||||||||||||||||||||||||||
Amounts applied | ( i 0.8) | ( i 3.0) | i — | ( i 3.8) | ||||||||||||||||||||||||||||||||||||||||
Change in estimates | ( i 0.1) | ( i 0.2) | i — | ( i 0.3) | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | i 6.5 | $ | i 17.3 | $ | i 1.4 | $ | i 25.2 |
Lease/Contract Terminations | ||||||||||||||||||||||||||||||||
(in millions) | 2018
and Prior Plans | Total | ||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | i 0.5 | $ | i 0.5 | ||||||||||||||||||||||||||||
Provisions | i 0.1 | i 0.1 | ||||||||||||||||||||||||||||||
Amounts applied | ( i 0.1) | ( i 0.1) | ||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | i 0.5 | $ | i 0.5 |
Other Restructuring Costs | ||||||||||||||||||||||||||||||||||||||
(in millions) | 2018
and Prior Plans | 2019 Plans | Total | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | i 2.2 | $ | i 0.3 | $ | i 2.5 | ||||||||||||||||||||||||||||||||
Provisions | i — | i 0.3 | i 0.3 | |||||||||||||||||||||||||||||||||||
Amounts applied | i — | ( i 0.3) | ( i 0.3) | |||||||||||||||||||||||||||||||||||
Change in estimate | i — | ( i 0.1) | ( i 0.1) | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | i 2.2 | $ | i 0.2 | $ | i 2.4 |
(in millions) | December 31, 2019 | Provisions | Amounts Applied | Change in Estimates | March 31, 2020 | |||||||||||||||||||||||||||
Technologies & Equipment | $ | i 19.1 | $ | i 1.5 | $ | ( i 2.7) | $ | ( i 0.3) | $ | i 17.6 | ||||||||||||||||||||||
Consumables | i 11.4 | i 0.8 | ( i 1.0) | ( i 0.1) | i 11.1 | |||||||||||||||||||||||||||
All Other | ( i 0.5) | i 0.4 | ( i 0.5) | i — | ( i 0.6) | |||||||||||||||||||||||||||
Total | $ | i 30.0 | $ | i 2.7 | $ | ( i 4.2) | $ | ( i 0.4) | $ | i 28.1 |
(in millions) | Aggregate Notional Amount | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||
Foreign exchange forward contracts | $ | i 331.2 | $ | i 250.4 | ||||||||||
Interest rate swaps | i 150.0 | i — | ||||||||||||
Total derivative instruments designated as cash flow hedges | $ | i 481.2 | $ | i 250.4 |
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Effective Portion Reclassified from AOCI into Income (Expense) | Ineffective Portion Recognized in Income (Expense) | |||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Effective Portion: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | ( i 17.9) | Interest expense | $ | ( i 0.5) | $ | — | |||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | i 2.2 | Cost of products sold | i 0.8 | — | ||||||||||||||||||||||||||||||||||||||||
Ineffective Portion: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | — | Cost of products sold | — | i 0.7 | ||||||||||||||||||||||||||||||||||||||||
Total in cash flow hedging | $ | ( i 15.7) | $ | i 0.3 | $ | i 0.7 |
(in millions) | Aggregate Notional Amount | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||
Foreign exchange forward contracts - Euro | $ | i 363.2 | $ | i 363.2 | ||||||||||
Foreign exchange forward contracts - Swiss franc | i 342.4 | i 342.4 | ||||||||||||
Cross currency basis swaps | i 289.9 | i — | ||||||||||||
Total for instruments designated as hedges of net investment | $ | i 995.5 | $ | i 705.6 |
March 31, 2020 | ||||||||||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Recognized in Income (Expense) | ||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Effective Portion: | ||||||||||||||||||||||||||||||||
Cross currency basis swaps | $ | i 8.8 | Interest expense | $ | i 2.2 | |||||||||||||||||||||||||||
Foreign exchange forward contracts | i 15.9 | Other expense (income), net | i 5.8 | |||||||||||||||||||||||||||||
Total for net investment hedging | $ | i 24.7 | $ | i 8.0 |
March 31, 2019 | ||||||||||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Recognized in Income (Expense) | ||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Effective Portion: | ||||||||||||||||||||||||||||||||
Cross currency basis swaps | $ | i 3.1 | Interest expense | $ | i 2.0 | |||||||||||||||||||||||||||
Foreign exchange forward contracts | i 15.5 | Other expense (income), net | i 3.5 | |||||||||||||||||||||||||||||
Total for net investment hedging | $ | i 18.6 | $ | i 5.5 |
(in millions) | Aggregate Notional Amount | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||
Foreign exchange forward contracts | $ | i 79.6 | $ | i 36.2 | ||||||||||
Total derivative instruments as fair value hedges | $ | i 79.6 | $ | i 36.2 |
(in millions) | Aggregate Notional Amount | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||
Foreign exchange forward contracts | $ | i 221.1 | $ | i 221.1 | ||||||||||
Total for instruments not designated as hedges | $ | i 221.1 | $ | i 221.1 |
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Prepaid Expenses and Other Current Assets, Net | Other Noncurrent Assets, Net | Accrued Liabilities | Other Noncurrent Liabilities | ||||||||||||||||||||||||||||||||||||||||
Designated as Hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | i 51.9 | $ | i 7.3 | $ | i 3.9 | $ | i 0.8 | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | i — | i — | i — | i 28.4 | ||||||||||||||||||||||||||||||||||||||||
Cross currency basis swaps | i — | i 15.6 | i — | i — | ||||||||||||||||||||||||||||||||||||||||
Total | $ | i 51.9 | $ | i 22.9 | $ | i 3.9 | $ | i 29.2 |
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Prepaid Expenses and Other Current Assets, Net | Other Noncurrent Assets, Net | Accrued Liabilities | Other Noncurrent Liabilities | ||||||||||||||||||||||||||||||||||||||||
Not Designated as Hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | i 4.8 | $ | i — | $ | i 1.6 | $ | i — | ||||||||||||||||||||||||||||||||||||
Total | $ | i 4.8 | $ | i — | $ | i 1.6 | $ | i — |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Prepaid Expenses and Other Current Assets, Net | Other Noncurrent Assets, Net | Accrued Liabilities | Other Noncurrent Liabilities | ||||||||||||||||||||||||||||||||||||||||
Designated as Hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | i 26.9 | $ | i 11.3 | $ | i 1.3 | $ | i 1.8 | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | i — | i — | i — | i 10.8 | ||||||||||||||||||||||||||||||||||||||||
Cross currency basis swaps | i — | i 6.9 | i — | i — | ||||||||||||||||||||||||||||||||||||||||
Total | $ | i 26.9 | $ | i 18.2 | $ | i 1.3 | $ | i 12.6 |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Prepaid Expenses and Other Current Assets, Net | Other Noncurrent Assets, Net | Accrued Liabilities | Other Noncurrent Liabilities | ||||||||||||||||||||||||||||||||||||||||
Not Designated as Hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | i 2.0 | $ | i — | $ | i 1.5 | $ | i — | ||||||||||||||||||||||||||||||||||||
Total | $ | i 2.0 | $ | i — | $ | i 1.5 | $ | i — |
Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | i 63.3 | $ | i — | $ | i 63.3 | $ | ( i 12.2) | $ | i — | $ | i 51.1 | ||||||||||||||||||||||||||||||||
Cross currency basis swaps | i 15.6 | i — | i 15.6 | ( i 3.3) | i — | i 12.3 | ||||||||||||||||||||||||||||||||||||||
Total Assets | $ | i 78.9 | $ | i — | $ | i 78.9 | $ | ( i 15.5) | $ | i — | $ | i 63.4 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | i 5.6 | $ | i — | $ | i 5.6 | $ | ( i 5.6) | $ | i — | $ | i — | ||||||||||||||||||||||||||||||||
Interest rate swaps | i 28.4 | i — | i 28.4 | ( i 9.9) | i — | i 18.5 | ||||||||||||||||||||||||||||||||||||||
Total Assets | $ | i 34.0 | $ | i — | $ | i 34.0 | $ | ( i 15.5) | $ | i — | $ | i 18.5 |
Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | i 38.8 | $ | i — | $ | i 38.8 | $ | ( i 7.8) | $ | i — | $ | i 31.0 | ||||||||||||||||||||||||||||||||
Cross currency basis swaps | i 6.9 | i — | i 6.9 | ( i 0.9) | i — | i 6.0 | ||||||||||||||||||||||||||||||||||||||
Total Assets | $ | i 45.7 | $ | i — | $ | i 45.7 | $ | ( i 8.7) | $ | i — | $ | i 37.0 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | i 3.2 | $ | i — | $ | i 3.2 | $ | ( i 3.0) | $ | i — | $ | i 0.2 | ||||||||||||||||||||||||||||||||
Interest rate swaps | i 10.8 | i — | i 10.8 | ( i 5.7) | i — | i 5.1 | ||||||||||||||||||||||||||||||||||||||
Total Assets | $ | i 14.0 | $ | i — | $ | i 14.0 | $ | ( i 8.7) | $ | i — | $ | i 5.3 |
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cross currency basis swaps | $ | i 15.6 | $ | i — | $ | i 15.6 | $ | i — | ||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | i 64.0 | i — | i 64.0 | i — | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | i 79.6 | $ | i — | $ | i 79.6 | $ | i — | ||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | i 28.4 | $ | i — | $ | i 28.4 | $ | i — | ||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | i 6.3 | i — | i 6.3 | i — | ||||||||||||||||||||||||||||||||||||||||
Contingent considerations on acquisitions | i 6.9 | i — | i — | i 6.9 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | i 41.6 | $ | i — | $ | i 34.7 | $ | i 6.9 |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cross currency basis swaps | $ | i 6.9 | $ | i — | $ | i 6.9 | $ | i — | ||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | i 40.2 | i — | i 40.2 | i — | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | i 47.1 | $ | i — | $ | i 47.1 | $ | i — | ||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | i 10.8 | $ | i — | $ | i 10.8 | $ | i — | ||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | i 4.6 | i — | i 4.6 | i — | ||||||||||||||||||||||||||||||||||||||||
Contingent considerations on acquisitions | i 8.7 | i — | i — | i 8.7 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | i 24.1 | $ | i — | $ | i 15.4 | $ | i 8.7 | ||||||||||||||||||||||||||||||||||||
i | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Identifiable intangible assets, net | $ | i 75.0 | $ | i — | $ | i — | $ | i 75.0 | ||||||||||||||||||||||||||||||||||||
Goodwill, net | i 290.4 | i — | i — | i 290.4 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | i 365.4 | $ | i — | $ | i — | $ | i 365.4 |
(in millions) | Technologies & Equipment | Consumables | Total | |||||||||||||||||
Balance at December 31, 2019 | $ | i 2,515.7 | $ | i 880.8 | $ | i 3,396.5 | ||||||||||||||
Impairment | ( i 156.6) | i — | ( i 156.6) | |||||||||||||||||
Effects of exchange rate changes | ( i 32.3) | ( i 15.8) | ( i 48.1) | |||||||||||||||||
Balance at March 31, 2020 | $ | i 2,326.8 | $ | i 865.0 | $ | i 3,191.8 |
March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Cumulative Impairment | Net Carrying Amount | Gross Carrying Amount | Cumulative Impairment | Net Carrying Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Technologies & Equipment | $ | i 5,220.0 | $ | ( i 2,893.2) | $ | i 2,326.8 | $ | i 5,252.3 | $ | ( i 2,736.6) | $ | i 2,515.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumables | i 865.0 | i — | i 865.0 | i 880.8 | i — | i 880.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total effect of cumulative impairment | $ | i 6,085.0 | $ | ( i 2,893.2) | $ | i 3,191.8 | $ | i 6,133.1 | $ | ( i 2,736.6) | $ | i 3,396.5 |
March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Patents | $ | i 1,328.4 | $ | ( i 536.7) | $ | i 791.7 | $ | i 1,351.3 | $ | ( i 517.9) | $ | i 833.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tradenames and trademarks | i 76.4 | ( i 62.6) | i 13.8 | i 79.0 | ( i 63.4) | i 15.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Licensing agreements | i 36.0 | ( i 28.3) | i 7.7 | i 36.0 | ( i 27.9) | i 8.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | i 1,046.6 | ( i 407.4) | i 639.2 | i 1,070.5 | ( i 399.2) | i 671.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total definite-lived | $ | i 2,487.4 | $ | ( i 1,035.0) | $ | i 1,452.4 | $ | i 2,536.8 | $ | ( i 1,008.4) | $ | i 1,528.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Indefinite-lived tradenames and trademarks | $ | i 593.0 | $ | — | $ | i 593.0 | $ | i 647.9 | $ | — | $ | i 647.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total identifiable intangible assets | $ | i 3,080.4 | $ | ( i 1,035.0) | $ | i 2,045.4 | $ | i 3,184.7 | $ | ( i 1,008.4) | $ | i 2,176.3 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 874.3 | $ | 946.2 | $ | (71.9) | (7.6 | %) | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
United States | $ | 300.5 | $ | 313.4 | $ | (12.9) | (4.1 | %) | ||||||||||||||||||||||||||||||||||||
Europe | 373.1 | 395.8 | (22.7) | (5.7 | %) | |||||||||||||||||||||||||||||||||||||||
Rest of World | 200.7 | 237.0 | (36.3) | (15.3 | %) |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Gross profit | $ | 467.8 | $ | 499.7 | $ | (31.9) | (6.4 | %) | ||||||||||||||||||||||||||||||||||||
Gross profit as a percentage of net sales | 53.5 | % | 52.8 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | $ | 393.5 | $ | 431.9 | $ | (38.4) | (8.9 | %) | ||||||||||||||||||||||||||||||||||||
Goodwill impairment | 156.6 | — | 156.6 | NM | ||||||||||||||||||||||||||||||||||||||||
Restructuring and other costs | 42.5 | 20.5 | 22.0 | 107.3 | % | |||||||||||||||||||||||||||||||||||||||
SG&A as a percentage of net sales | 45.0 | % | 45.6 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | |||||||||||||||||||||||||||||
Net interest expense | $ | 6.3 | $ | 7.3 | $ | (1.0) | ||||||||||||||||||||||||||
Other expense (income), net | (1.4) | (13.8) | 12.4 | |||||||||||||||||||||||||||||
Net interest and other expense (income) | $ | 4.9 | $ | (6.5) | $ | 11.4 | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(in millions, except per share data and percentages) | 2020 | 2019 | $ Change | |||||||||||||||||||||||||||||
Provision for income taxes | $ | 10.2 | $ | 14.6 | $ | (4.4) | ||||||||||||||||||||||||||
Effective income tax rate | NM | 27.1 | % | |||||||||||||||||||||||||||||
Net (loss) income attributable to Dentsply Sirona | $ | (139.9) | $ | 39.2 | $ | (179.1) | ||||||||||||||||||||||||||
Net (loss) income per common share - diluted | $ | (0.63) | $ | 0.17 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Technologies & Equipment | $ | 520.3 | $ | 520.8 | $ | (0.5) | (0.1 | %) | ||||||||||||||||||||||||||||||||||||
Consumables | 354.0 | 425.4 | (71.4) | (16.8 | %) |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Technologies & Equipment | $ | 111.1 | $ | 71.8 | $ | 39.3 | 54.7 | % | ||||||||||||||||||||||||||||||||||||
Consumables | 61.6 | 105.7 | (44.1) | (41.7 | %) |
(in millions, except per share amounts) | Total Number of Shares Purchased (a) | Average Price Paid Per Share | Total Cost of Shares Purchased | Dollar Value of Shares that May be Purchased Under the Stock Repurchase Program | ||||||||||||||||||||||
Period | ||||||||||||||||||||||||||
January 1, 2020 to January 31, 2020 | — | $ | — | $ | — | $ | 489.8 | |||||||||||||||||||
February 1, 2020 to February 29, 2020 | — | — | — | 489.8 | ||||||||||||||||||||||
March 1, 2020 to March 31, 2020 | 2.7 | 42.12 | 112.0 | 377.8 | ||||||||||||||||||||||
2.7 | $ | 42.12 | $ | 112.0 |
Exhibit Number | Description | |||||||||||||
Section 302 Certification Statement Chief Executive Officer | ||||||||||||||
Section 302 Certification Statement Chief Financial Officer | ||||||||||||||
Section 906 Certification Statements | ||||||||||||||
Employment Agreement, dated October 28, 2019, between Dentsply Sirona Deutschland GmbH and Walter Petersohn* | ||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||
101.LAB | XBRL Extension Labels Linkbase Document | |||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||||||||
*Management contract
or compensatory plan |
/s/ | Donald M. Casey, Jr. | May 11, 2020 | |||||||||
Donald M. Casey, Jr. | Date | ||||||||||
Chief Executive Officer |
/s/ | Jorge M. Gomez | May 11, 2020 | |||||||||
Jorge M. Gomez | Date | ||||||||||
Executive Vice President and | |||||||||||
Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
7/28/24 | ||||
4/30/21 | ||||
4/8/21 | ||||
12/31/20 | ||||
12/15/20 | ||||
Filed on: | 5/11/20 | 4 | ||
5/8/20 | 8-K | |||
5/5/20 | 4 | |||
5/4/20 | 4 | |||
4/22/20 | 8-K | |||
4/17/20 | 8-K | |||
4/9/20 | 8-K | |||
4/7/20 | DEF 14A, DEFA14A | |||
For Period end: | 3/31/20 | |||
3/30/20 | ||||
3/23/20 | ||||
3/9/20 | ||||
3/5/20 | ||||
3/2/20 | 10-K, 8-K | |||
3/1/20 | ||||
2/29/20 | ||||
2/27/20 | ||||
2/4/20 | ||||
2/1/20 | ||||
1/31/20 | ||||
1/1/20 | 4 | |||
12/31/19 | 10-K, SD | |||
11/5/19 | ||||
11/4/19 | ||||
10/28/19 | 3, 4 | |||
10/25/19 | 4 | |||
10/21/19 | ||||
10/9/19 | ||||
9/30/19 | 10-Q | |||
9/26/19 | ||||
9/20/19 | ||||
8/21/19 | ||||
8/15/19 | ||||
8/2/19 | 10-Q, 4, 8-K, 8-K/A | |||
4/30/19 | ||||
4/29/19 | ||||
4/5/19 | ||||
3/31/19 | 10-Q | |||
2/11/19 | SC 13G/A | |||
2/5/19 | ||||
12/31/18 | 10-K, NT 10-K | |||
12/19/18 | ||||
11/5/18 | ||||
8/9/18 | 4, 4/A | |||
8/7/18 | 10-Q, 8-K | |||
6/7/18 | ||||
4/4/18 | ||||
1/25/18 | ||||
1/11/18 | ||||
8/7/17 | ||||
7/5/17 | 4 | |||
12/4/15 | CORRESP, S-4/A | |||
2/20/14 | 10-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/07/22 DENTSPLY SIRONA Inc. 10-K/A 12/31/21 158:30M Broadridge Fin’l So… Inc 3/01/22 DENTSPLY SIRONA Inc. 10-K 12/31/21 151:22M 3/01/21 DENTSPLY SIRONA Inc. 10-K 12/31/20 146:22M |