Company Quick10K Filing
Becton Dickinson
Price250.54 EPS4
Shares275 P/E56
MCap68,842 P/FCF21
Net Debt17,491 EBIT1,815
TEV86,333 TEV/EBIT48
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-Q 2019-12-31 Filed 2020-02-06
10-K 2019-09-30 Filed 2019-11-27
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-09
10-Q 2018-12-31 Filed 2019-02-05
10-K 2018-09-30 Filed 2018-11-21
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-Q 2017-12-31 Filed 2018-02-06
10-K 2017-09-30 Filed 2017-11-22
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-02
10-Q 2016-12-31 Filed 2017-02-02
10-K 2016-09-30 Filed 2016-11-23
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-06
10-Q 2015-12-31 Filed 2016-02-05
10-K 2015-09-30 Filed 2015-11-25
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-08
10-Q 2014-12-31 Filed 2015-02-06
10-K 2014-09-30 Filed 2014-11-26
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-05
10-Q 2013-12-31 Filed 2014-02-10
10-K 2013-09-30 Filed 2013-11-27
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-09
10-Q 2012-12-31 Filed 2013-02-07
10-K 2012-09-30 Filed 2012-11-21
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-03
10-Q 2011-12-31 Filed 2012-02-07
10-K 2011-09-30 Filed 2011-11-23
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-04
10-Q 2010-12-31 Filed 2011-02-08
10-K 2010-09-30 Filed 2010-11-24
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-06
10-Q 2009-12-31 Filed 2010-02-08
8-K 2020-05-11 Other Events, Exhibits
8-K 2020-05-07 Earnings, Exhibits
8-K 2020-04-30 Regulation FD
8-K 2020-04-14 Regulation FD, Exhibits
8-K 2020-03-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-03-20 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-02-06 Earnings, Exhibits
8-K 2020-01-28 Officers, Shareholder Vote
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-10-28 Other Events, Exhibits
8-K 2019-10-23 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 2019-01-17 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 2018-05-03 Earnings, 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 2018-02-06 Earnings, Exhibits
8-K 2018-02-02 Earnings, Exhibits
8-K 2018-01-24 Shareholder Vote

BDX 10Q Quarterly Report

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 - Divestiture
Note 10 - Business Restructuring Charges
Note 11 - Intangible Assets
Note 12 - Derivative Instruments and Hedging Activities
Note 13 - Financial Instruments and Fair Value Measurements
Note 14 - Debt
Note 15 - Leases
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 ex3103312020.htm
EX-32 ex3203312020.htm

Becton Dickinson Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
604836241202012201420172020
Assets, Equity
4.63.62.71.70.8-0.22012201420172020
Rev, G Profit, Net Income
1581-6-13-202012201420172020
Ops, Inv, Fin

Document
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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 March 31, 2020
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
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 271,776,378 shares of Common Stock, $1.00 par value, outstanding at March 31, 2020.

 



BECTON, DICKINSON AND COMPANY
FORM 10-Q
For the quarterly period ended March 31, 2020
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
 
March 31,
2020
 
September 30,
2019
Assets
(Unaudited)
 
 
Current Assets:
 
 
 
Cash and equivalents
$
2,351

 
$
536

Restricted cash
88

 
54

Short-term investments
6

 
30

Trade receivables, net
2,160

 
2,345

Inventories:
 
 
 
Materials
601

 
544

Work in process
357

 
318

Finished products
1,836

 
1,717

 
2,793

 
2,579

Prepaid expenses and other
1,156

 
1,119

Total Current Assets
8,555

 
6,664

Property, Plant and Equipment
11,262

 
11,128

Less allowances for depreciation and amortization
5,598

 
5,469

Property, Plant and Equipment, Net
5,664

 
5,659

Goodwill
23,415

 
23,376

Developed Technology, Net
10,545

 
11,054

Customer Relationships, Net
3,261

 
3,424

Other Intangibles, Net
567

 
500

Other Assets
1,509

 
1,088

Total Assets
$
53,516

 
$
51,765

Liabilities and Shareholders’ Equity
 
 
 
Current Liabilities:
 
 
 
Short-term debt
$
4,357

 
$
1,309

Payables, accrued expenses and other current liabilities
4,398

 
4,345

Total Current Liabilities
8,755

 
5,655

Long-Term Debt
16,809

 
18,081

Long-Term Employee Benefit Obligations
1,253

 
1,272

Deferred Income Taxes and Other Liabilities
5,747

 
5,676

Commitments and Contingencies (See Note 5)


 


Shareholders’ Equity
 
 
 
Preferred stock
2

 
2

Common stock
347

 
347

Capital in excess of par value
16,288

 
16,270

Retained earnings
12,868

 
12,913

Deferred compensation
23

 
23

Common stock in treasury - at cost
(6,158
)
 
(6,190
)
Accumulated other comprehensive loss
(2,419
)
 
(2,283
)
Total Shareholders’ Equity
20,951

 
21,081

Total Liabilities and Shareholders’ Equity
$
53,516

 
$
51,765

Amounts may not add due to rounding.
See notes to condensed consolidated financial statements

3



BECTON, DICKINSON AND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Millions of dollars, except per share data
(Unaudited)
 
Three Months Ended
March 31,
 
Six Months Ended
March 31,
 
2020
 
2019
 
2020
 
2019
Revenues
$
4,253

 
$
4,195

 
$
8,479

 
$
8,355

Cost of products sold
2,520

 
2,221

 
4,766

 
4,408

Selling and administrative expense
1,025

 
1,089

 
2,146

 
2,161

Research and development expense
264

 
252

 
535

 
510

Acquisitions and other restructurings
75

 
101

 
161

 
191

Other operating expense, net

 
396

 

 
61

Total Operating Costs and Expenses
3,884

 
4,059

 
7,607

 
7,332

Operating Income
370

 
136

 
871

 
1,024

Interest expense
(134
)
 
(171
)
 
(270
)
 
(342
)
Interest income
2

 
18

 
3

 
6

Other (expense) income, net
(38
)
 
20

 
(11
)
 
30

Income Before Income Taxes
200

 
3

 
594

 
718

Income tax provision (benefit)
17

 
(17
)
 
134

 
98

Net Income
183

 
20

 
461

 
619

Preferred stock dividends
(38
)
 
(38
)
 
(76
)
 
(76
)
Net income (loss) applicable to common shareholders
$
145

 
$
(18
)
 
$
385

 
$
544

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic Earnings (Loss) per Share
$
0.53

 
$
(0.07
)
 
$
1.42

 
$
2.02

Diluted Earnings (Loss) per Share
$
0.53

 
$
(0.07
)
 
$
1.40

 
$
1.98

Dividends per Common Share
$
0.79

 
$
0.77

 
$
1.58

 
$
1.54

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 (LOSS)
Millions of dollars
(Unaudited)
 
Three Months Ended
March 31,
 
Six Months Ended
March 31,
 
2020
 
2019
 
2020
 
2019
Net Income
$
183

 
$
20

 
$
461

 
$
619

Other Comprehensive (Loss) Income, Net of Tax
 
 
 
 
 
 
 
Foreign currency translation adjustments
(125
)
 
76

 
(99
)
 
42

Defined benefit pension and postretirement plans
17

 
13

 
33

 
28

Cash flow hedges
(109
)
 
(1
)
 
(70
)
 

Other Comprehensive (Loss) Income, Net of Tax
(218
)
 
88

 
(136
)
 
70

Comprehensive (Loss) Income
$
(35
)
 
$
108

 
$
325

 
$
689

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)
 
Six Months Ended
March 31,
 
2020
 
2019
Operating Activities
 
 
 
Net income
$
461

 
$
619

Adjustments to net income to derive net cash provided by operating activities:
 
 
 
Depreciation and amortization
1,067

 
1,126

Share-based compensation
141

 
152

Deferred income taxes
(136
)
 
(109
)
Change in operating assets and liabilities
(258
)
 
(531
)
Pension obligation
49

 
(202
)
Gain on sale of business

 
(335
)
Product liability-related charge

 
331

Other, net
(128
)
 
(25
)
Net Cash Provided by Operating Activities
1,196

 
1,027

Investing Activities
 
 
 
Capital expenditures
(395
)
 
(362
)
Proceeds from divestitures, net

 
477

Other, net
(147
)
 
(85
)
Net Cash (Used for) Provided by Investing Activities
(542
)
 
30

Financing Activities
 
 
 
Change in credit facility borrowings
210

 

Proceeds from long-term debt and term loans
1,900

 

Payments of debt and term loans
(305
)
 
(905
)
Dividends paid
(505
)
 
(491
)
Other, net
(90
)
 
(135
)
Net Cash Provided by (Used for) Financing Activities
1,210

 
(1,532
)
Effect of exchange rate changes on cash and equivalents and restricted cash
(15
)
 
5

Net increase (decrease) in cash and equivalents and restricted cash
1,849

 
(469
)
Opening Cash and Equivalents and Restricted Cash
590

 
1,236

Closing Cash and Equivalents and Restricted Cash
$
2,439

 
$
767

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
March 31, 2020
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 2019 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 Principle Adopted
In February 2016, the Financial Accounting Standards Board ("FASB") issued a new lease accounting standard which requires lessees to recognize lease assets and lease liabilities on the balance sheet, as well as requires expanded disclosures regarding leasing arrangements. The Company adopted this standard on October 1, 2019 and elected certain practical expedients permitted under the transition guidance, including a transition method which allows application of the new standard at its adoption date, rather than at the earliest comparative period presented in the financial statements. The Company also elected not to perform any reassessments relative to its expired and existing leases upon its adoption of the new requirements. The Company's adoption of this standard did not materially impact its condensed consolidated financial statements. Additional disclosures regarding the Company’s lease arrangements are provided in Note 15.
New Accounting Principles Not Yet Adopted
In June 2016, the FASB issued a new accounting standard which requires earlier recognition of credit losses on loans and other financial instruments held by entities, including trade receivables. The new standard requires entities to measure all expected credit losses for financial assets held at each reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company is currently evaluating the impact that this new accounting standard will have on its consolidated financial statements upon its adoption on October 1, 2020.
In August 2018, the FASB issued a new accounting standard to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The standard is effective for the Company on October 1, 2020, but early adoption is permitted, including adoption in any interim period. The Company is currently evaluating the impact that this new accounting standard will have on its consolidated financial statements upon its adoption.

7



Note 3Shareholders' Equity
Changes in certain components of shareholders' equity for the first two quarters of fiscal years 2020 and 2019 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, 2019
$
347

 
$
16,270

 
$
12,913

 
$
23

 
(76,260
)
 
$
(6,190
)
Net income

 

 
278

 

 

 

Common dividends ($0.79 per share)

 

 
(215
)
 

 

 

Preferred dividends

 

 
(38
)
 

 

 

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

 
(32
)
 

 
1

 
758

 
(38
)
Share-based compensation

 
82

 

 

 

 

Common stock held in trusts, net (a)

 

 

 

 
(12
)
 

Balance at December 31, 2019
$
347

 
$
16,320

 
$
12,938

 
$
24

 
(75,514
)
 
$
(6,228
)
Net income

 

 
183

 

 

 

Common dividends ($0.79 per share)

 

 
(215
)
 

 

 

Preferred dividends

 

 
(38
)
 

 

 

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

 
(91
)
 

 
(1
)
 
573

 
70

Share-based compensation

 
58

 

 

 

 

Common stock held in trusts, net (a)

 

 

 

 
30

 

Balance at March 31, 2020
$
347

 
$
16,288

 
$
12,868

 
$
23

 
(74,911
)
 
$
(6,158
)
 
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 change in accounting principles

 

 
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
)
(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.

8



The components and changes of Accumulated other comprehensive income (loss) for the first two quarters of fiscal years 2020 and 2019 were as follows:
(Millions of dollars)
Total
 
Foreign Currency
Translation
 
Benefit Plans
 

Cash Flow Hedges
Balance at September 30, 2019
$
(2,283
)
 
$
(1,256
)
 
$
(1,005
)
 
$
(23
)
Other comprehensive income before reclassifications, net of taxes
63

 
26

 

 
37

Amounts reclassified into income, net of taxes
19

 

 
17

 
2

Balance at December 31, 2019
$
(2,202
)
 
$
(1,230
)
 
$
(988
)
 
$
16

Other comprehensive loss before reclassifications, net of taxes
(237
)
 
(125
)
 

 
(111
)
Amounts reclassified into income, net of taxes
19

 

 
17

 
2

Balance at March 31, 2020
$
(2,419
)
 
$
(1,355
)
 
$
(971
)
 
$
(93
)
(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
)
The amounts of foreign currency translation recognized in other comprehensive income during the three and six months ended March 31, 2020 and 2019 included net gains (losses) relating to net investment hedges. The amounts recognized in other comprehensive income relating to cash flow hedges during the three and six months ended March 31, 2020 related to forward starting interest rate swaps. Additional disclosures regarding the Company's derivatives are provided in Note 12.
 
 
 
 
 
 
 
 

Note 4 – Earnings per Share
The weighted average common shares used in the computations of basic and diluted earnings per share (shares in thousands) were as follows:
 
Three Months Ended
March 31,
 
Six Months Ended
March 31,
 
2020
 
2019
 
2020
 
2019
Average common shares outstanding
272,014

 
269,882

 
271,555

 
269,454

Dilutive share equivalents from share-based plans
3,023

 

 
3,618

 
4,975

Average common and common equivalent shares outstanding – assuming dilution
275,037

 
269,882

 
275,173

 
274,429

 
 
 
 
 
 
 
 
Share equivalents excluded from the diluted shares outstanding calculation because the result would have been antidilutive: