Company Quick10K Filing
Quick10K
Becton Dickinson
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$249.16 270 $67,206
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-10-28 Other Events, Exhibits
8-K 2019-09-27 Officers
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-06-04 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-05-21 Other Events, Exhibits
8-K 2019-05-20 Other Events, Exhibits
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2019-01-24 Shareholder Vote
8-K 2019-01-24 Shareholder Vote
8-K 2019-01-17 Earnings, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-10-03 Officers
8-K 2018-09-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-16 Officers
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-05-24 Off-BS Arrangement, Exhibits
8-K 2018-05-17 Other Events, Exhibits
8-K 2018-04-26 Other Events, Exhibits
8-K 2018-04-25 Officers, Amend Bylaw
8-K 2018-03-01 Other Events, Exhibits
8-K 2018-02-27 Off-BS Arrangement, Other Events, Exhibits
8-K 2018-02-16 Off-BS Arrangement, Other Events, Exhibits
8-K 2018-02-02 Earnings, Exhibits
8-K 2018-01-24 Shareholder Vote
XRAY Dentsply Sirona 12,064
ABMD Abiomed 8,576
NVRO Nevro 2,559
IRTC iRhythm Technologies 1,810
ARAY Accuray 231
VLRX Valeritas Holdings 227
SPNE Seaspine Holdings 218
HAIR Restoration Robotics 27
DRIO Dariohealth 24
CYTX Cytori Therapeutics 6
BDX 2019-06-30
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Accounting Changes
Note 3 - Shareholders' Equity
Note 4 - Earnings per Share
Note 5 - Contingencies
Note 6 - Revenues
Note 7 - Segment Data
Note 8 - Benefit Plans
Note 9 - Acquisition
Note 10 - Divestiture
Note 11 - Business Restructuring Charges
Note 12 - Intangible Assets
Note 13 - Derivative Instruments and Hedging Activities
Note 14 - Financial Instruments and Fair Value Measurements
Note 15 - Debt
Note 16 - Income Taxes
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31 ex3106302019.htm
EX-32 ex3206302019.htm

Becton Dickinson Earnings 2019-06-30

BDX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents
 

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, 2019
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 1/20th of a share of 6.125% Cumulative Preferred Stock Series A
 
BDXA
 
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 269,954,141 shares of Common Stock, $1.00 par value, outstanding at June 30, 2019.

 



BECTON, DICKINSON AND COMPANY
FORM 10-Q
For the quarterly period ended June 30, 2019
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,
2019
 
September 30,
2018
Assets
(Unaudited)
 
 
Current Assets:
 
 
 
Cash and equivalents
$
523

 
$
1,140

Restricted cash
71

 
96

Short-term investments
12

 
17

Trade receivables, net
2,220

 
2,319

Inventories:
 
 
 
Materials
569

 
510

Work in process
317

 
297

Finished products
1,743

 
1,644

 
2,629

 
2,451

Assets held for sale

 
137

Prepaid expenses and other
1,326

 
1,251

Total Current Assets
6,781

 
7,411

Property, Plant and Equipment
11,040

 
10,485

Less allowances for depreciation and amortization
5,491

 
5,111

Property, Plant and Equipment, Net
5,550

 
5,375

Goodwill
23,498

 
23,600

Developed Technology, Net
11,334

 
12,184

Customer Relationships, Net
3,507

 
3,723

Other Intangibles, Net
500

 
534

Other Assets
1,063

 
1,078

Total Assets
$
52,233

 
$
53,904

Liabilities and Shareholders’ Equity
 
 
 
Current Liabilities:
 
 
 
Short-term debt
$
2,168

 
$
2,601

Payables and accrued expenses
4,069

 
4,615

Total Current Liabilities
6,237

 
7,216

Long-Term Debt
18,016

 
18,894

Long-Term Employee Benefit Obligations
862

 
1,056

Deferred Income Taxes and Other
5,621

 
5,743

Commitments and Contingencies (See Note 5)


 


Shareholders’ Equity
 
 
 
Preferred stock
2

 
2

Common stock
347

 
347

Capital in excess of par value
16,227

 
16,179

Retained earnings
12,997

 
12,596

Deferred compensation
23

 
22

Common stock in treasury - at cost
(6,201
)
 
(6,243
)
Accumulated other comprehensive loss
(1,897
)
 
(1,909
)
Total Shareholders’ Equity
21,497

 
20,994

Total Liabilities and Shareholders’ Equity
$
52,233

 
$
53,904

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,
 
2019
 
2018
 
2019
 
2018
Revenues
$
4,350

 
$
4,278

 
$
12,706

 
$
11,581

Cost of products sold
2,276

 
2,262

 
6,684

 
6,405

Selling and administrative expense
1,076

 
1,086

 
3,238

 
2,915

Research and development expense
282

 
277

 
792

 
727

Acquisitions and other restructurings
90

 
142

 
281

 
600

Other operating expense, net

 

 
61

 

Total Operating Costs and Expenses
3,725

 
3,767

 
11,056

 
10,647

Operating Income
626

 
512

 
1,649

 
933

Interest expense
(156
)
 
(182
)
 
(498
)
 
(525
)
Interest income
2

 
8

 
8

 
55

Other (expense) income, net
(11
)
 
310

 
19

 
295

Income Before Income Taxes
460

 
647

 
1,178

 
759

Income tax provision
9

 
53

 
107

 
313

Net Income
451

 
594

 
1,071

 
446

Preferred stock dividends
(38
)
 
(38
)
 
(114
)
 
(114
)
Net income applicable to common shareholders
$
413

 
$
556

 
$
957

 
$
332

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic Earnings per Share
$
1.53

 
$
2.08

 
$
3.55

 
$
1.30

Diluted Earnings per Share
$
1.51

 
$
2.03

 
$
3.49

 
$
1.27

Dividends per Common Share
$
0.77

 
$
0.75

 
$
2.31

 
$
2.25

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,
 
2019
 
2018
 
2019
 
2018
Net Income
$
451

 
$
594

 
$
1,071

 
$
446

Other Comprehensive (Loss) Income, Net of Tax
 
 
 
 
 
 
 
Foreign currency translation adjustments
(68
)
 
(214
)
 
(27
)
 
(122
)
Defined benefit pension and postretirement plans
12

 
16

 
40

 
(57
)
Cash flow hedges
(3
)
 
1

 
(2
)
 

Other Comprehensive (Loss) Income, Net of Tax
(58
)
 
(197
)
 
12

 
(179
)
Comprehensive Income
$
393

 
$
397

 
$
1,082

 
$
267

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,
 
2019
 
2018
Operating Activities
 
 
 
Net income
$
1,071

 
$
446

Adjustments to net income to derive net cash provided by operating activities:
 
 
 
Depreciation and amortization
1,700

 
1,412

Share-based compensation
208

 
261

Deferred income taxes
(172
)
 
(472
)
Change in operating assets and liabilities
(661
)
 
430

Pension obligation
(150
)
 
(228
)
Excess tax benefits from payments under share-based compensation plans
45

 
63

Gain on sale of Vyaire interest

 
(308
)
Gain on sale of business
(336
)
 

Product liability-related charge
331

 

Other, net
(77
)
 
(45
)
Net Cash Provided by Operating Activities
1,959

 
1,559

Investing Activities
 
 
 
Capital expenditures
(599
)
 
(588
)
Proceeds from sale of investments, net
4

 
13

Acquisitions of businesses, net of cash acquired

 
(14,998
)
Proceeds from divestitures, net
477

 
534

Other, net
(182
)
 
(133
)
Net Cash Used for Investing Activities
(300
)
 
(15,173
)
Financing Activities
 
 
 
Change in credit facility borrowings
300

 
200

Proceeds from long-term debt and term loans
2,224

 
4,335

Payments of debt and term loans
(3,882
)
 
(2,723
)
Dividends paid
(737
)
 
(687
)
Other, net
(204
)
 
(176
)
Net Cash (Used for) Provided by Financing Activities
(2,300
)
 
949

Effect of exchange rate changes on cash and equivalents and restricted cash
(1
)
 
(5
)
Net decrease in cash and equivalents and restricted cash
(642
)
 
(12,670
)
Opening Cash and Equivalents and Restricted Cash
1,236

 
14,179

Closing Cash and Equivalents and Restricted Cash
$
594

 
$
1,509

 
 
 
 
Non-Cash Investing Activities
 
 
 
Fair value of shares issued as acquisition consideration
$

 
$
8,004

Fair value of equity awards issued as acquisition consideration
$

 
$
613

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, 2019
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 2018 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 2Accounting Changes
New Accounting Principles Adopted
On October 1, 2018, the Company adopted Accounting Standards Codification Topic 606, "Revenue from Contracts with Customers" ("ASC 606") using the modified retrospective method. Under ASC 606, revenue is recognized upon the transfer of control of goods or services to customers and reflects the amount of consideration to which a reporting entity expects to be entitled in exchange for those goods or services. The Company assessed the impact of this new standard on its consolidated financial statements based upon a review of contracts that were not completed as of October 1, 2018. Amounts presented in the Company's financial statements for the prior-year periods have not been revised and are reflective of the revenue recognition requirements which were in effect for those periods. This accounting standard adoption, which is further discussed in Note 6, did not materially impact any line items of the Company's consolidated income statements and balance sheet.
On October 1, 2018, the Company retrospectively adopted an accounting standard update which requires all components of net periodic pension and postretirement benefit costs to be disaggregated from the service cost component and to be presented on the income statement outside a subtotal of income from operations, if one is presented. Upon the Company's adoption of the accounting standard update, which did not have a material impact on its consolidated financial statements, all components of the Company’s net periodic pension and postretirement benefit costs, aside from service cost, are recorded to Other income (expense), net on its consolidated income statements for all periods presented. Revisions of prior-year period amounts were estimated based upon previously disclosed amounts.
On October 1, 2018, the Company adopted an accounting standard update which requires that the income tax effects of intercompany sales or transfers of assets, except those involving inventory, be recognized in the income statement as income tax expense (or benefit) in the period that the sale or transfer occurs. The Company adopted this accounting standard update, which did not have a material impact on its consolidated financial statements, using the modified retrospective method.
New Accounting Principle Not Yet Adopted
In February 2016, the FASB issued a new lease accounting standard which requires lessees to recognize lease assets and lease liabilities on the balance sheet.  The new standard also requires expanded disclosures regarding leasing arrangements.  The Company is in the process of evaluating the impact on its consolidated financial statements and anticipates most of its current operating leases will result in the recognition of right-of-use assets and corresponding lease liabilities on its consolidated balance sheet. The new standard is not expected to materially impact the Company's results of operations. The Company will adopt the standard on October 1, 2019 and will elect the transition method that allows application of the new standard at its adoption date, rather than at the earliest comparative period presented in the financial statements.

7



Note 3Shareholders' Equity
Changes in certain components of shareholders' equity for the first three quarters of fiscal years 2019 and 2018 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, 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 changes in accounting principles (see Note 2)

 

 
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
)


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, 2017
$
347

 
$
9,619

 
$
13,111

 
$
19

 
(118,745
)
 
$
(8,427
)
Net loss

 

 
(136
)
 

 

 

Common dividends ($0.75 per share)

 

 
(172
)
 

 

 

Preferred dividends

 

 
(38
)
 

 

 

Common stock issued for acquisition

 
6,487

 

 

 
37,306

 
2,121

Common stock issued for share-based compensation and other plans, net

 
(51
)
 

 

 
1,021

 
(37
)
Share-based compensation

 
142

 

 

 

 

Common stock held in trusts, net (a)

 

 

 

 
(27
)
 

Balance at December 31, 2017
$
347

 
$
16,197

 
$
12,765

 
$
19

 
(80,445
)
 
$
(6,343
)
Net loss

 

 
(12
)
 

 

 

Common dividends ($0.75 per share)

 

 
(201
)
 

 

 

Preferred dividends

 

 
(38
)
 

 

 

Common stock issued for acquisition

 
(9
)
 

 

 

 

Common stock issued for share-based compensation and other plans, net

 
(94
)
 
(1
)
 
2

 
943

 
44

Share-based compensation

 
76

 

 

 

 

Common stock held in trusts, net (a)

 

 

 

 
17

 

Effect of changes in accounting principles

 

 
103

 

 

 

Balance at March 31, 2018
$
347

 
$
16,170

 
$
12,616

 
$
21

 
(79,485
)
 
$
(6,300
)
Net income

 

 
594

 

 

 

Common dividends ($0.75 per share)

 

 
(201
)
 

 

 

Preferred dividends

 

 
(38
)
 

 

 

Common stock issued for share-based compensation and other plans, net

 
(25
)
 
(1
)
 
1

 
364

 
24

Share-based compensation

 
48

 

 

 

 

Common stock held in trusts, net (a)

 

 

 

 
(2
)
 

Balance at June 30, 2018
$
347

 
$
16,193

 
$
12,971

 
$
22

 
(79,124
)
 
$
(6,275
)
(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.

9



The components and changes of Accumulated other comprehensive income (loss) for the first three quarters of fiscal years 2019 and 2018 were as follows:
(Millions of dollars)
Total
 
Foreign Currency
Translation
 
Benefit Plans
 

Cash Flow Hedges
Balance at September 30, 2018
$
(1,909
)
 
$
(1,162
)
 
$
(729
)
 
$
(17
)
Other comprehensive (loss) income before reclassifications, net of taxes
(32
)
 
(35
)
 
3

 
(1
)
Amounts reclassified into income, net of taxes
14

 

 
13

 
1

Balance at December 31, 2018
$
(1,927
)
 
$
(1,197
)
 
$
(714
)
 
$
(16
)
Other comprehensive income (loss) before reclassifications, net of taxes
74

 
76

 

 
(2
)
Amounts reclassified into income, net of taxes
14

 

 
13

 
1

Balance at March 31, 2019
$
(1,839
)
 
$
(1,121
)
 
$
(701
)
 
$
(17
)
Other comprehensive loss before reclassifications, net of taxes
(68
)
 
(68
)
 

 

Amounts reclassified into income, net of taxes
10

 

 
12

 
(2
)
Balance at June 30, 2019
$
(1,897
)
 
$
(1,189
)
 
$
(689
)
 
$
(19
)

(Millions of dollars)
Total
 
Foreign Currency
Translation
 
Benefit Plans
 

Cash Flow Hedges
Balance at September 30, 2017
$
(1,723
)
 
$
(1,001
)
 
$
(703
)
 
$
(18
)
Other comprehensive loss before reclassifications, net of taxes
(36
)
 
(36
)
 

 

Amounts reclassified into income, net of taxes
18

 

 
17

 
1

Balance at December 31, 2017
$
(1,740
)
 
$
(1,037
)
 
$
(686
)
 
$
(17
)
Other comprehensive income before reclassifications, net of taxes
128

 
128

 

 

Amounts reclassified into income, net of taxes
11

 

 
9

 
2

Tax effects reclassified into retained earnings
(103
)
 

 
(99
)
 
(4
)
Balance at March 31, 2018
$
(1,704
)
 
$
(909
)
 
$
(776
)
 
$
(20
)
Other comprehensive (loss) income before reclassifications, net of taxes
(210
)
 
(214
)
 
4

 

Amounts reclassified into income, net of taxes
13