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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
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 ClassTrading SymbolName of Each Exchange on Which Registered
Common stock, par value $1.00BDXNew York Stock Exchange
Depositary Shares, each representing a 1/20th interest in a share of 6.00% Mandatory Convertible Preferred Stock, Series BBDXBNew York Stock Exchange
1.000% Notes due December 15, 2022BDX22ANew York Stock Exchange
1.900% Notes due December 15, 2026BDX26New York Stock Exchange
1.401% Notes due May 24, 2023BDX23ANew York Stock Exchange
3.020% Notes due May 24, 2025BDX25New York Stock Exchange
0.632% Notes due June 4, 2023BDX/23ANew York Stock Exchange
1.208% Notes due June 4, 2026BDX/26ANew York Stock Exchange
1.213% Notes due February 12, 2036BDX/36New York Stock Exchange
0.000% Notes due August 13, 2023BDX23BNew York Stock Exchange
0.034% Notes due August 13, 2025BDX25ANew 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 every Interactive Data File required to be submitted 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 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 285,195,112 shares of Common Stock, $1.00 par value, outstanding at June 30, 2022.


BECTON, DICKINSON AND COMPANY
FORM 10-Q
For the quarterly period ended June 30, 2022
TABLE OF CONTENTS
2


ITEM 1. FINANCIAL STATEMENTS
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,
 2022202120222021
Revenues$4,641 $4,607 $14,109 $14,282 
Cost of products sold2,574 2,649 7,709 7,738 
Selling and administrative expense1,149 1,200 3,527 3,434 
Research and development expense315 330 956 911 
Acquisition-related integration and restructuring expense55 24 118 121 
Other operating expense (income), net11 (88)7 208 
Total Operating Costs and Expenses4,104 4,114 12,316 12,412 
Operating Income537 492 1,793 1,870 
Interest expense(99)(115)(294)(358)
Interest income5 2 9 7 
Other (expense) income, net(21)(1)(45)22 
Income from Continuing Operations Before Income Taxes421 378 1,463 1,541 
Income tax provision (benefit)31 (28)115 92 
Net Income from Continuing Operations390 407 1,348 1,450 
(Loss) Income from Discontinued Operations, Net of Tax(30)118 144 378 
Net Income360 525 1,491 1,827 
Preferred stock dividends(23)(23)(68)(68)
Net income applicable to common shareholders$338 $502 $1,424 $1,760 
Basic Earnings per Share
Income from Continuing Operations$1.29 $1.33 $4.49 $4.76 
(Loss) Income from Discontinued Operations(0.10)0.41 0.50 1.30 
Basic Earnings per Share$1.18 $1.73 $4.99 $6.06 
Diluted Earnings per Share
Income from Continuing Operations$1.28 $1.32 $4.45 $4.72 
(Loss) Income from Discontinued Operations(0.10)0.40 0.50 1.29 
Diluted Earnings per Share$1.18 $1.72 $4.95 $6.00 
Dividends per Common Share$0.87 $0.83 $2.61 $2.49 
Amounts may not add due to rounding.
See notes to condensed consolidated financial statements
3


BECTON, DICKINSON AND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Millions of dollars
(Unaudited)
 Three Months Ended
June 30,
Nine Months Ended
June 30,
 2022202120222021
Net Income$360 $525 $1,491 $1,827 
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustments203 19 322 68 
Defined benefit pension and postretirement plans11 14 32 72 
Cash flow hedges37 (34)74 78 
Other Comprehensive Income (Loss), Net of Tax250 (1)428 218 
Comprehensive Income$610 $524 $1,919 $2,045 
Amounts may not add due to rounding.
See notes to condensed consolidated financial statements
4


BECTON, DICKINSON AND COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions of dollars
(Unaudited)
June 30,
2022
September 30,
2021
Assets
Current Assets:
Cash and equivalents$2,558 $2,283 
Restricted cash202 109 
Short-term investments14 12 
Trade receivables, net2,218 2,350 
Inventories:
Materials726 628 
Work in process407 381 
Finished products2,030 1,734 
3,163 2,743 
Prepaid expenses and other1,392 1,048 
Current assets of discontinued operations 293 
Total Current Assets9,547 8,838 
Property, Plant and Equipment12,405 12,093 
Less allowances for depreciation and amortization6,399 6,090 
Property, Plant and Equipment, Net6,005 6,003 
Goodwill23,968 23,886 
Developed Technology, Net8,764 9,417 
Customer Relationships, Net2,592 2,815 
Other Intangibles, Net531 541 
Other Assets1,793 1,945 
Noncurrent Assets of Discontinued Operations 423 
Total Assets$53,199 $53,866 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt obligations$1,682 $500 
Payables, accrued expenses and other current liabilities5,398 5,969 
Current liabilities of discontinued operations 157 
Total Current Liabilities7,080 6,626 
Long-Term Debt14,683 17,110 
Long-Term Employee Benefit Obligations1,009 1,228 
Deferred Income Taxes and Other Liabilities4,934 5,209 
Noncurrent Liabilities of Discontinued Operations 17 
Commitments and Contingencies (See Note 5)
Shareholders’ Equity
Preferred stock2 2 
Common stock365 365 
Capital in excess of par value19,511 19,272 
Retained earnings15,088 13,826 
Deferred compensation24 23 
Treasury stock(7,836)(7,723)
Accumulated other comprehensive loss(1,660)(2,088)
Total Shareholders’ Equity25,493 23,677 
Total Liabilities and Shareholders’ Equity$53,199 $53,866 
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,
 20222021
Operating Activities
Net income $1,491 $1,827 
Less: Income from discontinued operations, net of tax144 378 
Income from continuing operations, net of tax1,348 1,450 
Adjustments to net income from continuing operations to derive net cash provided by continuing operating activities:
Depreciation and amortization1,648 1,648 
Share-based compensation184 182 
Deferred income taxes(99)(95)
Change in operating assets and liabilities(1,445)173 
Pension obligation(126)52 
Product liability-related charge 296 
Other, net(11)(421)
Net Cash Provided by Continuing Operating Activities1,498 3,285 
Investing Activities
Capital expenditures(658)(742)
Acquisitions, net of cash acquired(450)(283)
Other, net(107)(137)
Net Cash Used for Continuing Investing Activities(1,215)(1,162)
Financing Activities
Proceeds from long-term debt 1,715 
Distribution from Embecta Corp. (see Note 2)1,266  
Net transfer of cash to Embecta upon spin-off(265) 
Payments of debt(305)(1,999)
Repurchases of common stock (1,000)
Dividends paid(812)(789)
Other, net(70)(91)
Net Cash Used for Continuing Financing Activities(187)(2,164)
Discontinued Operations
Net cash provided by operating activities163 411 
Net cash used for investing activities(11)(24)
Net cash provided by financing activities145  
Net Cash Provided by Discontinued Operations298 387 
Effect of exchange rate changes on cash and equivalents and restricted cash(26)18 
Net increase in cash and equivalents and restricted cash368 365 
Opening Cash and Equivalents and Restricted Cash2,392 2,917 
Closing Cash and Equivalents and Restricted Cash$2,759 $3,282 
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, 2022
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 2021 Annual Report on Form 10-K.
On April 1, 2022, the Company completed the spin-off of its Diabetes Care business as a separate publicly traded company and the historical results of the Diabetes Care business that was contributed in the spin-off have been reflected as discontinued operations in the Company’s condensed consolidated financial statements for all periods prior to the spin-off date. Additional disclosures regarding the spin-off are provided in Note 2.
Within the financial statements and tables presented, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes. Percentages and earnings per share amounts presented are calculated from the underlying amounts. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.
Note 2 – Spin-Off of Embecta Corp.
On April 1, 2022, the Company completed the spin-off of its Diabetes Care business as a separate publicly traded company named Embecta Corp. (“Embecta”) through a distribution of Embecta’s publicly traded common stock (listed on NASDAQ under the ticker symbol “EMBC”) to BD’s shareholders of record as of the close of business on March 22, 2022 (the “record date”). The Company distributed one share of Embecta common stock for every five common shares of BD outstanding as of the record date and shareholders received cash in lieu of fractional shares of Embecta common stock. BD retained no ownership interest in Embecta subsequent to the spin-off. The distribution is expected to qualify and has been treated as tax-free to the Company and its shareholders for U.S. federal income tax purposes.
Embecta’s distributions on March 31, 2022 to the Company in connection with the spin-off included the issuance of $200 million of senior unsecured notes to the Company and a cash distribution of approximately $1.266 billion. Additional disclosures regarding the various financing transactions entered into by Embecta and related to the spin-off are provided in Note 13.
The Company and Embecta entered into various agreements to effect the spin-off and provide a framework for the relationship between the Company and Embecta after the spin-off. Such agreements include the separation and distribution agreement, as well as the following ongoing agreements: a cannula supply agreement, an intellectual property matters agreement, a transition services agreement, manufacturing and supply agreements, a lease agreement, a distribution agreement to support commercial operations, a logistics services agreement and other agreements including an employee matters agreement and a tax matters agreement. Under these agreements, the Company will continue to provide certain products and services to Embecta following the spin-off. The agreements do not provide the Company with the ability to influence the operating or financial policies of Embecta subsequent to the spin-off date. Amounts included in the Company’s condensed consolidated statements of income during the three months ended June 30, 2022 as a result of these agreements were immaterial.
The historical results of the Diabetes Care business (previously included in BD’s Medical segment) that was contributed to Embecta in the spin-off, as well as interest expense related to indebtedness incurred by Embecta prior to the spin-off date, have been reflected as discontinued operations in the Company’s condensed consolidated financial statements for all periods prior to the spin-off date of April 1, 2022.

7


Details of Income from Discontinued Operations, Net of Tax are as follows:
Three Months Ended
June 30,
Nine Months Ended
June 30,
Millions of dollars202120222021
Revenues$284 $538 $831 
Cost of products sold80 143 235 
Selling and administrative expense37 78 101 
Research and development expense15 32 41 
Acquisition-related integration and restructuring expense  6 
Other operating expense, net16 95 16 
Total Operating Costs and Expenses148 348 398 
Operating Income136 190 434 
Interest expense (4) 
Other income, net  2 
Income from Discontinued Operations Before Income Taxes136 186 435 
Income tax provision18 42 57 
Income from Discontinued Operations, Net of Tax$118 $144 $378 
    
During the three months ended June 30, 2022, the Company incurred $30 million of expense which included costs to execute the spin-off and other costs for related residual activities. These costs are recorded within (Loss) Income from Discontinued Operations, Net of Tax for the three and nine months ended June 30, 2022. Separation costs incurred by the Company prior to the spin-off date, including those for consulting, legal, tax and other advisory services associated with the spin-off, were previously recorded within Other operating expense (income), net and are now included as a component of (Loss) Income from Discontinued Operations, Net of Tax.
The Company’s Revenues and Cost of products sold from continuing operations were recast to reflect previously eliminated intercompany transactions that occurred between BD and Embecta and that resulted in a third-party sale in the same period. The impacts of these transactions to Embecta are also reflected as a component of (Loss) Income from Discontinued Operations, Net of Tax.

8


The following amounts associated with the Diabetes Care business are classified as assets and liabilities of discontinued operations in the Company’s condensed consolidated balance sheet at September 30, 2021:
Millions of dollarsSeptember 30,
2021
Assets
Trade receivables, net$147 
Inventories123 
Prepaid expenses and other23 
Current Assets of Discontinued Operations293 
Property, Plant and Equipment, Net390 
Goodwill and Other Intangibles, Net27 
Other Assets6 
Noncurrent Assets of Discontinued Operations$423 
Liabilities
Accounts payable$54 
Accrued expenses75 
Salaries, wages and related items28 
Current Liabilities of Discontinued Operations157 
Deferred Income Taxes and Other Liabilities16 
Noncurrent Liabilities of Discontinued Operations$17 
The Company recorded its distribution of net liabilities to Embecta as an increase in Retained earnings. The amount recorded reflected the carrying amounts, as of April 1, 2022, of the net liabilities distributed and included $1.650 billion of debt issued by Embecta, as further discussed above and in Note 13, as well as $265 million of cash. The Company also recorded a net decrease to Accumulated other comprehensive loss of $251 million to derecognize foreign currency translation losses which were attributable to Embecta.
In connection with the spin-off of Embecta, all outstanding (vested and unvested) BD share-based awards which had been granted to Embecta employees were converted into Embecta awards. These awards preserved the same intrinsic value, as well as general terms and conditions, of the original BD awards, as required by the terms of the BD awards. The Company also adjusted share-based awards which had been granted to BD employees so that the intrinsic value of these awards after the spin-off equaled the awards’ intrinsic value prior to the spin-off. These conversions and adjustments did not materially impact the number of BD share-based awards outstanding.
9



Note 3 – Shareholders' Equity
Changes in certain components of shareholders' equity for the first three quarters of fiscal years 2022 and 2021 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, 2021$365 $19,272 $13,826 $23 (80,164)$(7,723)
Net income— — 677 — — — 
Common dividends ($0.87 per share)
— — (248)— — — 
Preferred dividends— — (23)— — — 
Common stock issued for share-based compensation and other plans, net— (71)— — 762 19 
Share-based compensation— 83 — — — — 
Common stock held in trusts, net (a)— — — — (5)— 
Repurchase of common stock (b)— 150 — — (462)(150)
Balance at December 31, 2021$365 $19,435 $14,233 $24 (79,869)$(7,855)
Net income— — 454 — — — 
Common dividends ($0.87 per share)
— — (248)— — — 
Preferred dividends— — (23)— — — 
Common stock issued for share-based compensation and other plans, net— (21)— 1 284 14 
Share-based compensation— 56 — — — — 
Common stock held in trusts, net (a)— 24 — — 9 (24)
Balance at March 31, 2022$365 $19,495 $14,416 $24 (79,575)$(7,866)
Net income— — 360 — — — 
Common dividends ($0.87 per share)
— — (248)— — — 
Preferred dividends— — (23)— — — 
Common stock issued for share-based compensation and other plans, net— (9)— — 122 5 
Share-based compensation— 50 — — — — 
Common stock held in trusts, net (a)— (24)— — 9 24 
Spin-off of Embecta (See Note 2)— — 583 — — — 
Balance at June 30, 2022$365 $19,511 $15,088 $24 (79,445)$(7,836)
10


 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, 2020$365 $19,270 $12,791 $23 (74,623)$(6,138)
Net income— — 1,003 — — — 
Common dividends ($0.83 per share)
— — (242)— — — 
Preferred dividends— — (23)— — — 
Common stock issued for share-based compensation and other plans, net— (53)— — 549 2 
Share-based compensation— 83 — — — — 
Common stock held in trusts, net (a)— — — — (7)— 
Effect of change in accounting principles— — (9)— — — 
Balance at December 31, 2020$365 $19,301 $13,522 $23 (74,080)$(6,136)
Net income— — 299 — — — 
Common dividends ($0.83 per share)
— — (242)— — — 
Preferred dividends— — (23)— — — 
Common stock issued for share-based compensation and other plans, net— (15)— — 234 4 
Share-based compensation— 55 — — — — 
Common stock held in trusts, net (a)— — — — 23 — 
Balance at March 31, 2021$365 $19,341 $13,557 $23 (73,821)$(6,132)
Net income— — 525 — — — 
Common dividends ($0.83 per share)
— — (239)— — — 
Preferred dividends— — (23)— — — 
Common stock issued for share-based compensation and other plans, net— (9)— — 87 5 
Share-based compensation— 50 — — — — 
Common stock held in trusts, net (a)— — — — 8 — 
Repurchase of common stock— (100)— — (3,724)(900)
Balance at June 30, 2021$365 $19,282 $13,821 $23 (77,450)$(7,027)
(a)Common stock held in trusts consists of the Company’s shares held in rabbi trusts in connection with deferred compensation under the Company’s employee salary and bonus deferral plan and directors’ deferral plan. During the second quarter of fiscal year 2022, the common stock held in trusts was temporarily replaced with the Company’s Series C preferred shares to adhere to trust requirements until the Company’s spin-off of its Diabetes Care business was completed on April 1, 2022.
(b)Represents shares received upon final settlement of an accelerated share repurchase agreement, and the related forward sale contract, entered into during the fourth quarter of fiscal year 2021. The share repurchases were made pursuant to the repurchase program authorized by the Board of Directors on September 24, 2013 for 10 million shares, for which there is no expiration date. In November 2021, the Board of Directors authorized the Company to repurchase up to an additional 10 million shares of BD common stock, for which there is also no expiration date.

11


The components and changes of Accumulated other comprehensive income (loss) for the first three quarters of fiscal years 2022 and 2021 were as follows:
(Millions of dollars)TotalForeign Currency
Translation
Benefit Plans
Cash Flow Hedges
Balance at September 30, 2021$(2,088)$(1,292)$(784)$(10)
Other comprehensive income (loss) before reclassifications, net of taxes34 41  (7)
Amounts reclassified into income, net of taxes11  11  
Balance at December 31, 2021$(2,043)$(1,251)$(774)$(17)
Other comprehensive income before reclassifications, net of taxes122 78  44 
Amounts reclassified into income, net of taxes11  11  
Balance at March 31, 2022$(1,910)$(1,173)$(763)$28 
Other comprehensive (loss) income before reclassifications, net of taxes(13)(48) 35 
Amounts reclassified into income, net of taxes12  11 2 
Spin-off of Embecta (see Note 2)251 251   
Balance at June 30, 2022$(1,660)$(970)$(752)$64 
(Millions of dollars)TotalForeign Currency
Translation
Benefit Plans
Cash Flow Hedges
Balance at September 30, 2020$(2,548)$(1,416)$(1,040)$(91)
Other comprehensive income before reclassifications, net of taxes115 64 24 27 
Amounts reclassified into income, net of taxes19  18 2 
Balance at December 31, 2020$(2,414)$(1,352)$(998)$(62)
Other comprehensive income (loss) before reclassifications, net of taxes64 (15) 78 
Amounts reclassified into income, net of taxes21  16 5 
Balance at March 31, 2021$(2,329)$(1,367)$(982)$21 
Other comprehensive (loss) income before reclassifications, net of taxes(16)19  (34)
Amounts reclassified into income, net of taxes15  14 1 
Balance at June 30, 2021$(2,330)$(1,348)$(967)$(13)
The amounts of foreign currency translation recognized in other comprehensive income during the three and nine months ended June 30, 2022 and 2021 included net gains (losses) relating to net investment hedges. Other comprehensive income relating to benefit plans during the three months ended December 31, 2020 represented a net gain recognized as a result of the Company’s remeasurement, as of October 31, 2020, of the legacy Bard U.S. defined pension benefit plan upon its merger with the BD defined benefit cash balance pension plan in the first quarter of fiscal year 2021. The amounts recognized in other comprehensive income relating to cash flow hedges during the three and nine months ended June 30, 2022 and 2021 are primarily related to forward starting interest rate swaps. Additional disclosures regarding amounts the Company recognized in other comprehensive income relating to cash flow hedges during the three and nine months ended June 30, 2022 and 2021 are provided in Note 11.