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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DENTSPLY SIRONA Inc | NASDAQ:XRAY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.38 | 28.00 | 29.68 | 0 | 13:30:02 |
Delaware
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39-1434669
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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221 West Philadelphia Street, York, PA
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17401-2991
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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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.
o
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Page
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Three Months Ended September 30,
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Nine Months Ended September 30,
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||||||||||||
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2017
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2016
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2017
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2016
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||||||||
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||||||||
Net sales
|
$
|
1,009.2
|
|
|
$
|
954.2
|
|
|
$
|
2,902.4
|
|
|
$
|
2,748.8
|
|
Cost of products sold
|
450.2
|
|
|
440.6
|
|
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1,307.2
|
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1,289.4
|
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||||
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||||||||
Gross profit
|
559.0
|
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|
513.6
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|
1,595.2
|
|
|
1,459.4
|
|
||||
Selling, general and administrative expenses
|
430.5
|
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|
379.1
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1,252.8
|
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|
1,123.3
|
|
||||
Goodwill impairment
|
—
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|
—
|
|
|
1,092.9
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|
—
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|
||||
Restructuring and other costs
|
20.6
|
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|
7.9
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|
105.4
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|
15.6
|
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||||
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||||||||
Operating income (loss)
|
107.9
|
|
|
126.6
|
|
|
(855.9
|
)
|
|
320.5
|
|
||||
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||||||||
Other income and expenses:
|
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||||
Interest expense
|
9.8
|
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|
8.4
|
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|
28.7
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|
26.9
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|
||||
Interest income
|
(0.4
|
)
|
|
(0.5
|
)
|
|
(1.7
|
)
|
|
(1.4
|
)
|
||||
Other expense (income), net
|
0.9
|
|
|
1.6
|
|
|
7.7
|
|
|
(13.3
|
)
|
||||
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||||||||
Income (loss) before income taxes
|
97.6
|
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|
117.1
|
|
|
(890.6
|
)
|
|
308.3
|
|
||||
Provision (benefit) for income taxes
|
7.1
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|
|
24.8
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|
9.5
|
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(15.2
|
)
|
||||
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||||||||
Net income (loss)
|
90.5
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92.3
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(900.1
|
)
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|
323.5
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||||
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||||||||
Less: Net (loss) income attributable to noncontrolling interests
|
(0.1
|
)
|
|
(0.2
|
)
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|
(0.5
|
)
|
|
0.6
|
|
||||
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|
||||||||
Net income (loss) attributable to Dentsply Sirona
|
$
|
90.6
|
|
|
$
|
92.5
|
|
|
$
|
(899.6
|
)
|
|
$
|
322.9
|
|
|
|
|
|
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|
||||||||
Net income (loss) per common share attributable to Dentsply Sirona:
|
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||||
Basic
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$
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0.39
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$
|
0.40
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$
|
(3.92
|
)
|
|
$
|
1.51
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|
Diluted
|
$
|
0.39
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|
$
|
0.39
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$
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(3.92
|
)
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$
|
1.48
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||||||||
Weighted average common shares outstanding:
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Basic
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229.5
|
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232.6
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229.6
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213.8
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||||
Diluted
|
233.1
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236.3
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229.6
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217.4
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Dividends declared per common share:
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$
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0.0875
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$
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0.0775
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$
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0.2625
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$
|
0.2325
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
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2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
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|
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|
||||||||
Net income (loss)
|
$
|
90.5
|
|
|
$
|
92.3
|
|
|
$
|
(900.1
|
)
|
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$
|
323.5
|
|
|
|
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|
||||||||
Other comprehensive income (loss), net of tax:
|
|
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|
|
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|
||||||||
Foreign currency translation gain
|
122.0
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38.8
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393.7
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132.8
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|
||||
Net loss on derivative financial instruments
|
(3.5
|
)
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(4.2
|
)
|
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(9.3
|
)
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(20.5
|
)
|
||||
Pension liability gain
|
1.3
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|
1.3
|
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|
3.6
|
|
|
3.1
|
|
||||
Total other comprehensive income (loss), net of tax
|
119.8
|
|
|
35.9
|
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|
388.0
|
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|
115.4
|
|
||||
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|
||||||||
Total comprehensive income (loss)
|
210.3
|
|
|
128.2
|
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(512.1
|
)
|
|
438.9
|
|
||||
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||||||||
Less: Comprehensive income attributable
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|
||||||
to noncontrolling interests
|
0.3
|
|
|
0.5
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|
|
0.4
|
|
|
1.4
|
|
||||
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|
||||||||
Comprehensive income (loss) attributable to Dentsply Sirona
|
$
|
210.0
|
|
|
$
|
127.7
|
|
|
$
|
(512.5
|
)
|
|
$
|
437.5
|
|
|
|
|
|
|
|
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|
|
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|
September 30, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
370.0
|
|
|
$
|
383.9
|
|
Accounts and notes receivables-trade, net
|
734.4
|
|
|
636.0
|
|
||
Inventories, net
|
624.4
|
|
|
517.1
|
|
||
Prepaid expenses and other current assets, net
|
243.6
|
|
|
206.5
|
|
||
|
|
|
|
||||
Total Current Assets
|
1,972.4
|
|
|
1,743.5
|
|
||
|
|
|
|
||||
Property, plant and equipment, net
|
859.9
|
|
|
799.8
|
|
||
Identifiable intangible assets, net
|
3,109.2
|
|
|
2,957.6
|
|
||
Goodwill, net
|
5,074.9
|
|
|
5,952.0
|
|
||
Other noncurrent assets, net
|
182.6
|
|
|
102.9
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
11,199.0
|
|
|
$
|
11,555.8
|
|
|
|
|
|
||||
Liabilities and Equity
|
|
|
|
|
|
||
Current Liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
249.0
|
|
|
$
|
223.0
|
|
Accrued liabilities
|
538.3
|
|
|
462.7
|
|
||
Income taxes payable
|
39.7
|
|
|
60.8
|
|
||
Notes payable and current portion of long-term debt
|
21.4
|
|
|
21.1
|
|
||
|
|
|
|
||||
Total Current Liabilities
|
848.4
|
|
|
767.6
|
|
||
|
|
|
|
||||
Long-term debt
|
1,600.7
|
|
|
1,511.1
|
|
||
Deferred income taxes
|
818.2
|
|
|
751.7
|
|
||
Other noncurrent liabilities
|
441.9
|
|
|
399.5
|
|
||
|
|
|
|
||||
Total Liabilities
|
3,709.2
|
|
|
3,429.9
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
—
|
|
|
—
|
|
||
|
|
|
|
||||
Equity:
|
|
|
|
|
|
||
Preferred stock, $1.00 par value; 0.25 million shares authorized; no shares issued
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value;
|
2.6
|
|
|
2.6
|
|
||
400.0 million shares authorized at September 30, 2017 and December 31, 2016, respectively
|
|
|
|
||||
264.5 million shares issued at September 30, 2017 and December 31, 2016, respectively
|
|
|
|
||||
229.6 million and 230.1 million shares outstanding at September 30, 2017 and December 31, 2016, respectively
|
|
|
|
||||
Capital in excess of par value
|
6,544.9
|
|
|
6,516.7
|
|
||
Retained earnings
|
2,986.0
|
|
|
3,948.0
|
|
||
Accumulated other comprehensive loss
|
(318.6
|
)
|
|
(705.7
|
)
|
||
Treasury stock, at cost, 34.9 million and 34.4 million shares at September 30, 2017 and December 31, 2016, respectively
|
(1,737.1
|
)
|
|
(1,647.3
|
)
|
||
Total Dentsply Sirona Equity
|
7,477.8
|
|
|
8,114.3
|
|
||
|
|
|
|
||||
Noncontrolling interests
|
12.0
|
|
|
11.6
|
|
||
|
|
|
|
||||
Total Equity
|
7,489.8
|
|
|
8,125.9
|
|
||
|
|
|
|
||||
Total Liabilities and Equity
|
$
|
11,199.0
|
|
|
$
|
11,555.8
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(900.1
|
)
|
|
$
|
323.5
|
|
|
|
|
|
||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation
|
93.9
|
|
|
87.0
|
|
||
Amortization of intangible assets
|
140.5
|
|
|
109.9
|
|
||
Amortization of deferred financing costs
|
1.9
|
|
|
3.6
|
|
||
Goodwill impairment
|
1,092.9
|
|
|
—
|
|
||
Indefinite-lived intangible asset impairment
|
79.8
|
|
|
—
|
|
||
Deferred income taxes
|
(46.3
|
)
|
|
(102.0
|
)
|
||
Stock based compensation expense
|
40.8
|
|
|
29.4
|
|
||
Restructuring and other costs - non-cash
|
11.6
|
|
|
4.2
|
|
||
Stock option income tax benefit
|
—
|
|
|
(11.3
|
)
|
||
Other non-cash income
|
(1.6
|
)
|
|
(41.4
|
)
|
||
Loss on disposal of property, plant and equipment
|
2.3
|
|
|
1.8
|
|
||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
||
Accounts and notes receivable-trade, net
|
(57.6
|
)
|
|
(92.9
|
)
|
||
Inventories, net
|
(67.3
|
)
|
|
40.9
|
|
||
Prepaid expenses and other current assets, net
|
(60.2
|
)
|
|
(22.7
|
)
|
||
Other noncurrent assets, net
|
4.3
|
|
|
4.9
|
|
||
Accounts payable
|
9.1
|
|
|
(1.4
|
)
|
||
Accrued liabilities
|
46.8
|
|
|
2.5
|
|
||
Income taxes
|
(24.1
|
)
|
|
(8.7
|
)
|
||
Other noncurrent liabilities
|
6.3
|
|
|
13.7
|
|
||
|
|
|
|
||||
Net cash provided by operating activities
|
373.0
|
|
|
341.0
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
|
|
|
|
||||
Capital expenditures
|
(98.6
|
)
|
|
(79.0
|
)
|
||
Cash assumed in Merger
|
—
|
|
|
522.3
|
|
||
Cash and deposits paid for acquisitions of businesses and equity investments, net of cash acquired
|
(135.9
|
)
|
|
(341.8
|
)
|
||
Cash received from sale of business or product line
|
—
|
|
|
6.0
|
|
||
Cash received on derivatives contracts
|
6.5
|
|
|
12.7
|
|
||
Cash paid on derivatives contracts
|
—
|
|
|
(15.7
|
)
|
||
Expenditures for identifiable intangible assets
|
(6.7
|
)
|
|
(1.1
|
)
|
||
Purchase of short-term investments
|
(2.3
|
)
|
|
—
|
|
||
Purchase of Company-owned life insurance policies
|
(0.9
|
)
|
|
(1.7
|
)
|
||
Proceeds from sale of property, plant and equipment, net
|
2.1
|
|
|
4.9
|
|
||
|
|
|
|
||||
Net cash (used in) provided by investing activities
|
(235.8
|
)
|
|
106.6
|
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
|
|
|
|
||||
Increase (decrease) in short-term borrowings
|
1.4
|
|
|
(47.7
|
)
|
||
Cash paid for treasury stock
|
(151.4
|
)
|
|
(694.7
|
)
|
||
Cash dividends paid
|
(58.2
|
)
|
|
(46.7
|
)
|
||
Proceeds from long-term borrowings
|
2.9
|
|
|
840.7
|
|
||
Repayments on long-term borrowings
|
(16.2
|
)
|
|
(503.2
|
)
|
||
Proceeds from exercised stock options
|
52.9
|
|
|
26.8
|
|
||
Excess tax benefits from stock based compensation
|
—
|
|
|
11.3
|
|
||
|
|
|
|
||||
Net cash used in financing activities
|
(168.6
|
)
|
|
(413.5
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
17.5
|
|
|
12.0
|
|
||
|
|
|
|
||||
Net (decrease) increase in cash and cash equivalents
|
(13.9
|
)
|
|
46.1
|
|
||
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
383.9
|
|
|
284.6
|
|
||
|
|
|
|
||||
Cash and cash equivalents at end of period
|
$
|
370.0
|
|
|
$
|
330.7
|
|
|
|
|
|
||||
Schedule of non-cash investing activities:
|
|
|
|
||||
Merger financed by common stock
|
$
|
—
|
|
|
$
|
6,256.2
|
|
|
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, 2015
|
$
|
1.6
|
|
|
$
|
237.8
|
|
|
$
|
3,591.0
|
|
|
$
|
(594.0
|
)
|
|
$
|
(898.4
|
)
|
|
$
|
2,338.0
|
|
|
$
|
1.4
|
|
|
$
|
2,339.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
322.9
|
|
|
—
|
|
|
—
|
|
|
322.9
|
|
|
0.6
|
|
|
323.5
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
114.6
|
|
|
—
|
|
|
114.6
|
|
|
0.8
|
|
|
115.4
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock issuance related to Merger
|
1.0
|
|
|
6,255.2
|
|
|
|
|
|
|
|
|
6,256.2
|
|
|
10.2
|
|
|
6,266.4
|
|
|||||||||||
Exercise of stock options
|
—
|
|
|
(9.0
|
)
|
|
—
|
|
|
—
|
|
|
35.6
|
|
|
26.6
|
|
|
—
|
|
|
26.6
|
|
||||||||
Tax benefit from stock options exercised
|
—
|
|
|
11.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.3
|
|
|
—
|
|
|
11.3
|
|
||||||||
Stock based compensation expense
|
—
|
|
|
29.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29.4
|
|
|
—
|
|
|
29.4
|
|
||||||||
Funding of Employee Stock Ownership Plan
|
—
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
4.2
|
|
|
6.3
|
|
|
—
|
|
|
6.3
|
|
||||||||
Treasury shares purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(699.6
|
)
|
|
(699.6
|
)
|
|
—
|
|
|
(699.6
|
)
|
||||||||
RSU distributions
|
—
|
|
|
(18.0
|
)
|
|
—
|
|
|
—
|
|
|
10.8
|
|
|
(7.2
|
)
|
|
—
|
|
|
(7.2
|
)
|
||||||||
RSU dividends
|
—
|
|
|
0.5
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Cash dividends
|
—
|
|
|
—
|
|
|
(54.4
|
)
|
|
—
|
|
|
—
|
|
|
(54.4
|
)
|
|
—
|
|
|
(54.4
|
)
|
||||||||
Balance at September 30, 2016
|
$
|
2.6
|
|
|
$
|
6,509.3
|
|
|
$
|
3,859.0
|
|
|
$
|
(479.4
|
)
|
|
$
|
(1,547.4
|
)
|
|
$
|
8,344.1
|
|
|
$
|
13.0
|
|
|
$
|
8,357.1
|
|
|
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, 2016
|
$
|
2.6
|
|
|
$
|
6,516.7
|
|
|
$
|
3,948.0
|
|
|
$
|
(705.7
|
)
|
|
$
|
(1,647.3
|
)
|
|
$
|
8,114.3
|
|
|
$
|
11.6
|
|
|
$
|
8,125.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
(899.6
|
)
|
|
—
|
|
|
—
|
|
|
(899.6
|
)
|
|
(0.5
|
)
|
|
(900.1
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
387.1
|
|
|
—
|
|
|
387.1
|
|
|
0.9
|
|
|
388.0
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Exercise of stock options
|
—
|
|
|
6.4
|
|
|
—
|
|
|
—
|
|
|
46.5
|
|
|
52.9
|
|
|
—
|
|
|
52.9
|
|
||||||||
Stock based compensation expense
|
—
|
|
|
40.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40.8
|
|
|
—
|
|
|
40.8
|
|
||||||||
Reclassification on adoption of ASU No. 2016-09 (see Note 1)
|
—
|
|
|
1.0
|
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
(0.5
|
)
|
||||||||
Funding of Employee Stock Ownership Plan
|
—
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
|
3.3
|
|
|
6.6
|
|
|
—
|
|
|
6.6
|
|
||||||||
Treasury shares purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(150.3
|
)
|
|
(150.3
|
)
|
|
—
|
|
|
(150.3
|
)
|
||||||||
RSU distributions
|
—
|
|
|
(23.8
|
)
|
|
—
|
|
|
—
|
|
|
10.7
|
|
|
(13.1
|
)
|
|
—
|
|
|
(13.1
|
)
|
||||||||
RSU dividends
|
—
|
|
|
0.5
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Cash dividends
|
—
|
|
|
—
|
|
|
(60.4
|
)
|
|
—
|
|
|
—
|
|
|
(60.4
|
)
|
|
—
|
|
|
(60.4
|
)
|
||||||||
Balance at September 30, 2017
|
$
|
2.6
|
|
|
$
|
6,544.9
|
|
|
$
|
2,986.0
|
|
|
$
|
(318.6
|
)
|
|
$
|
(1,737.1
|
)
|
|
$
|
7,477.8
|
|
|
$
|
12.0
|
|
|
$
|
7,489.8
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Stock option expense
|
|
$
|
7.5
|
|
|
$
|
2.7
|
|
|
$
|
12.7
|
|
|
$
|
7.7
|
|
RSU expense
|
|
11.4
|
|
|
9.1
|
|
|
27.1
|
|
|
20.7
|
|
||||
Total stock based compensation expense
|
|
$
|
18.9
|
|
|
$
|
11.8
|
|
|
$
|
39.8
|
|
|
$
|
28.4
|
|
|
|
|
|
|
|
|
|
|
||||||||
Related deferred income tax benefit
|
|
$
|
5.9
|
|
|
$
|
3.0
|
|
|
$
|
11.7
|
|
|
$
|
7.1
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation gains
|
|
$
|
129.0
|
|
|
$
|
42.2
|
|
|
$
|
433.7
|
|
|
$
|
149.4
|
|
Foreign currency translation loss on hedges of net investments
|
|
(7.2
|
)
|
|
(4.1
|
)
|
|
(40.9
|
)
|
|
(17.4
|
)
|
(in millions)
|
|
Foreign Currency Translation Gain (Loss)
|
|
Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges
|
|
Gain and (Loss) on Derivative Financial Instruments
|
|
Pension Liability Gain (Loss)
|
|
Total
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance, net of tax, at December 31, 2016
|
|
$
|
(490.5
|
)
|
|
$
|
(3.2
|
)
|
|
$
|
(116.8
|
)
|
|
$
|
(95.2
|
)
|
|
$
|
(705.7
|
)
|
Other comprehensive income (loss) before reclassifications and tax impact
|
|
363.0
|
|
|
(9.0
|
)
|
|
(3.8
|
)
|
|
—
|
|
|
350.2
|
|
|||||
Tax (expense) benefit
|
|
29.8
|
|
|
0.9
|
|
|
0.7
|
|
|
—
|
|
|
31.4
|
|
|||||
Other comprehensive income (loss), net of tax, before reclassifications
|
|
392.8
|
|
|
(8.1
|
)
|
|
(3.1
|
)
|
|
—
|
|
|
381.6
|
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
3.6
|
|
|
5.5
|
|
|||||
Net increase (decrease) in other comprehensive income
|
|
392.8
|
|
|
(6.2
|
)
|
|
(3.1
|
)
|
|
3.6
|
|
|
387.1
|
|
|||||
Balance, net of tax, at September 30, 2017
|
|
$
|
(97.7
|
)
|
|
$
|
(9.4
|
)
|
|
$
|
(119.9
|
)
|
|
$
|
(91.6
|
)
|
|
$
|
(318.6
|
)
|
(in millions)
|
|
Foreign Currency Translation Gain (Loss)
|
|
Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges
|
|
Gain and (Loss) on Derivative Financial Instruments
|
|
Pension Liability Gain (Loss)
|
|
Total
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance, net of tax, at December 31, 2015
|
|
$
|
(401.2
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
(110.2
|
)
|
|
$
|
(81.4
|
)
|
|
$
|
(594.0
|
)
|
Other comprehensive (loss) income before reclassifications and tax impact
|
|
119.9
|
|
|
(6.7
|
)
|
|
(21.6
|
)
|
|
0.6
|
|
|
92.2
|
|
|||||
Tax (expense) benefit
|
|
12.1
|
|
|
2.0
|
|
|
8.3
|
|
|
(0.2
|
)
|
|
22.2
|
|
|||||
Other comprehensive (loss) income, net of tax, before reclassifications
|
|
132.0
|
|
|
(4.7
|
)
|
|
(13.3
|
)
|
|
0.4
|
|
|
114.4
|
|
|||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax
|
|
—
|
|
|
(2.5
|
)
|
|
—
|
|
|
2.7
|
|
|
0.2
|
|
|||||
Net (decrease) increase in other comprehensive income
|
|
132.0
|
|
|
(7.2
|
)
|
|
(13.3
|
)
|
|
3.1
|
|
|
114.6
|
|
|||||
Balance, net of tax, at September 30, 2016
|
|
$
|
(269.2
|
)
|
|
$
|
(8.4
|
)
|
|
$
|
(123.5
|
)
|
|
$
|
(78.3
|
)
|
|
$
|
(479.4
|
)
|
Basic Earnings Per Common Share Computation
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions, except per share amounts)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Dentsply Sirona
|
|
$
|
90.6
|
|
|
$
|
92.5
|
|
|
$
|
(899.6
|
)
|
|
$
|
322.9
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
|
229.5
|
|
|
232.6
|
|
|
229.6
|
|
|
213.8
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per common share - basic
|
|
$
|
0.39
|
|
|
$
|
0.40
|
|
|
$
|
(3.92
|
)
|
|
$
|
1.51
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings Per Common Share Computation
|
|
|
|
|
|
|
|
|
|
|
||||||
(in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Dentsply Sirona
|
|
$
|
90.6
|
|
|
$
|
92.5
|
|
|
$
|
(899.6
|
)
|
|
$
|
322.9
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
|
229.5
|
|
|
232.6
|
|
|
229.6
|
|
|
213.8
|
|
||||
Incremental weighted average shares from assumed exercise of
dilutive options from stock-based compensation awards
|
|
3.6
|
|
|
3.7
|
|
|
—
|
|
|
3.6
|
|
||||
Total weighted average diluted shares outstanding
|
|
233.1
|
|
|
236.3
|
|
|
229.6
|
|
|
217.4
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per common share - diluted
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
$
|
(3.92
|
)
|
|
$
|
1.48
|
|
(in millions, except for useful life)
|
|
|
|
Weighted Average
|
||
|
|
|
|
Useful Life
|
||
|
|
Amount
|
|
(in years)
|
||
|
|
|
|
|
||
Customer relationships
|
|
$
|
495.0
|
|
|
14
|
Developed technology and patents
|
|
1,035.0
|
|
|
12
|
|
Trade names and trademarks
|
|
905.0
|
|
|
Indefinite
|
|
Total
|
|
$
|
2,435.0
|
|
|
|
|
|
Pro forma - unaudited
|
||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(in millions, except per share amount)
|
|
2016
|
|
2016
|
||||
|
|
|
|
|
||||
Net sales
|
|
$
|
955.8
|
|
|
$
|
2,917.9
|
|
Net income attributable to Dentsply Sirona
|
|
$
|
94.0
|
|
|
$
|
328.9
|
|
Diluted earnings per common share
|
|
$
|
0.40
|
|
|
$
|
1.39
|
|
(in millions, except for useful life)
|
|
|
|
Weighted Average
|
||
|
|
|
|
Useful Life
|
||
|
|
Amount
|
|
(in years)
|
||
|
|
|
|
|
||
Customer relationships
|
|
$
|
23.6
|
|
|
15
|
Developed technology and patents
|
|
23.6
|
|
|
15
|
|
Trade names and trademarks
|
|
9.0
|
|
|
Indefinite
|
|
Total
|
|
$
|
56.2
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
$
|
394.8
|
|
|
$
|
382.8
|
|
|
$
|
1,156.2
|
|
|
$
|
1,112.1
|
|
Chairside Consumables & Endodontics
|
|
412.6
|
|
|
383.5
|
|
|
1,213.4
|
|
|
1,151.1
|
|
||||
Imaging, Treatment Centers & Orthodontics
|
|
201.8
|
|
|
187.9
|
|
|
532.8
|
|
|
485.6
|
|
||||
Total net sales
|
|
$
|
1,009.2
|
|
|
$
|
954.2
|
|
|
$
|
2,902.4
|
|
|
$
|
2,748.8
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
$
|
385.4
|
|
|
$
|
367.8
|
|
|
$
|
1,126.0
|
|
|
$
|
1,061.7
|
|
Chairside Consumables & Endodontics
|
|
412.6
|
|
|
383.5
|
|
|
1,213.4
|
|
|
1,151.1
|
|
||||
Imaging, Treatment Centers & Orthodontics
|
|
201.8
|
|
|
187.9
|
|
|
532.8
|
|
|
485.6
|
|
||||
Total net sales, excluding precious metal content
|
|
999.8
|
|
|
939.2
|
|
|
2,872.2
|
|
|
2,698.4
|
|
||||
Precious metal content of sales
|
|
9.4
|
|
|
15.0
|
|
|
30.2
|
|
|
50.4
|
|
||||
Total net sales, including precious metal content
|
|
$
|
1,009.2
|
|
|
$
|
954.2
|
|
|
$
|
2,902.4
|
|
|
$
|
2,748.8
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
$
|
85.2
|
|
|
$
|
84.2
|
|
|
$
|
222.1
|
|
|
$
|
221.8
|
|
Chairside Consumables & Endodontics
|
|
126.9
|
|
|
110.8
|
|
|
367.7
|
|
|
302.6
|
|
||||
Imaging, Treatment Centers & Orthodontics
|
|
40.0
|
|
|
23.0
|
|
|
48.9
|
|
|
47.3
|
|
||||
Segment adjusted operating income before income taxes and interest
|
|
252.1
|
|
|
218.0
|
|
|
638.7
|
|
|
571.7
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Reconciling items expense (income):
|
|
|
|
|
|
|
|
|
|
|
||||||
All Other
(a)
|
|
73.3
|
|
|
37.7
|
|
|
151.4
|
|
|
122.2
|
|
||||
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
1,092.9
|
|
|
—
|
|
||||
Restructuring and other costs
|
|
20.6
|
|
|
7.9
|
|
|
105.4
|
|
|
15.6
|
|
||||
Interest expense
|
|
9.8
|
|
|
8.4
|
|
|
28.7
|
|
|
26.9
|
|
||||
Interest income
|
|
(0.4
|
)
|
|
(0.5
|
)
|
|
(1.7
|
)
|
|
(1.4
|
)
|
||||
Other expense (income), net
|
|
0.9
|
|
|
1.6
|
|
|
7.7
|
|
|
(13.3
|
)
|
||||
Amortization of intangible assets
|
|
48.7
|
|
|
44.4
|
|
|
140.5
|
|
|
109.9
|
|
||||
Depreciation resulting from the fair value step-up of property,
plant and equipment from business combinations
|
|
1.6
|
|
|
1.4
|
|
|
4.4
|
|
|
3.5
|
|
||||
Income (loss) before income taxes
|
|
$
|
97.6
|
|
|
$
|
117.1
|
|
|
$
|
(890.6
|
)
|
|
$
|
308.3
|
|
(in millions)
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
|
|
|
|
||||
Finished goods
|
|
$
|
387.7
|
|
|
$
|
311.3
|
|
Work-in-process
|
|
91.3
|
|
|
77.1
|
|
||
Raw materials and supplies
|
|
145.4
|
|
|
128.7
|
|
||
Inventories, net
|
|
$
|
624.4
|
|
|
$
|
517.1
|
|
Defined Benefit Plans
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
4.0
|
|
|
$
|
3.8
|
|
|
$
|
11.7
|
|
|
$
|
11.5
|
|
Interest cost
|
|
1.9
|
|
|
2.0
|
|
|
5.4
|
|
|
5.8
|
|
||||
Expected return on plan assets
|
|
(1.2
|
)
|
|
(1.2
|
)
|
|
(3.5
|
)
|
|
(3.6
|
)
|
||||
Amortization of prior service credit
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||
Amortization of net actuarial loss
|
|
1.8
|
|
|
1.3
|
|
|
5.1
|
|
|
3.8
|
|
||||
Curtailment and settlement loss
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
1.2
|
|
||||
Net periodic benefit cost
|
|
$
|
6.5
|
|
|
$
|
7.1
|
|
|
$
|
18.6
|
|
|
$
|
18.6
|
|
Other Postemployment Benefit Plans
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
0.2
|
|
Interest cost
|
|
0.2
|
|
|
0.1
|
|
|
0.4
|
|
|
0.4
|
|
||||
Amortization of net actuarial loss
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
||||
Net periodic benefit cost
|
|
$
|
0.3
|
|
|
$
|
0.2
|
|
|
$
|
0.8
|
|
|
$
|
0.8
|
|
(in millions)
|
|
Pension
Benefits
|
|
Other
Postemployment Benefits
|
||||
|
|
|
|
|
||||
Actual contributions through September 30, 2017
|
|
$
|
13.9
|
|
|
$
|
0.7
|
|
Expected contributions for the remainder of the year
|
|
4.3
|
|
|
0.3
|
|
||
Total actual and expected contributions
|
|
$
|
18.2
|
|
|
$
|
1.0
|
|
|
|
Severance
|
||||||||||||||
(in millions)
|
|
2015 and
Prior Plans
|
|
2016 Plans
|
|
2017 Plans
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2016
|
|
$
|
20.6
|
|
|
$
|
8.2
|
|
|
$
|
—
|
|
|
$
|
28.8
|
|
Provisions
|
|
0.5
|
|
|
(0.2
|
)
|
|
12.7
|
|
|
13.0
|
|
||||
Amounts applied
|
|
(8.7
|
)
|
|
(5.0
|
)
|
|
(1.9
|
)
|
|
(15.6
|
)
|
||||
Change in estimates
|
|
(0.7
|
)
|
|
(0.6
|
)
|
|
—
|
|
|
(1.3
|
)
|
||||
Balance at September 30, 2017
|
|
$
|
11.7
|
|
|
$
|
2.4
|
|
|
$
|
10.8
|
|
|
$
|
24.9
|
|
|
|
Lease/Contract Terminations
|
||||||||||||||
(in millions)
|
|
2015 and
Prior Plans |
|
2016 Plans
|
|
2017 Plans
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2016
|
|
$
|
2.7
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
3.0
|
|
Provisions
|
|
0.7
|
|
|
—
|
|
|
0.1
|
|
|
0.8
|
|
||||
Amounts applied
|
|
(1.8
|
)
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(2.1
|
)
|
||||
Change in estimates
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
||||
Balance at September 30, 2017
|
|
$
|
1.5
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
1.6
|
|
|
|
Other Restructuring Costs
|
||||||||||||||
(in millions)
|
|
2015 and
Prior Plans |
|
2016 Plans
|
|
2017 Plans
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2016
|
|
$
|
0.5
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
0.7
|
|
Provisions
|
|
0.9
|
|
|
1.8
|
|
|
0.9
|
|
|
3.6
|
|
||||
Amounts applied
|
|
(1.0
|
)
|
|
(1.8
|
)
|
|
(0.6
|
)
|
|
(3.4
|
)
|
||||
Change in estimate
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
||||
Balance at September 30, 2017
|
|
$
|
0.9
|
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
|
$
|
1.4
|
|
(in millions)
|
|
December 31, 2016
|
|
Provisions
|
|
Amounts
Applied
|
|
Change in Estimates
|
|
September 30, 2017
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
$
|
22.1
|
|
|
$
|
7.0
|
|
|
$
|
(13.7
|
)
|
|
$
|
(0.8
|
)
|
|
$
|
14.6
|
|
Chairside Consumables & Endodontics
|
|
9.3
|
|
|
9.0
|
|
|
(6.3
|
)
|
|
0.1
|
|
|
12.1
|
|
|||||
Imaging, Treatment Centers & Orthodontics
|
|
1.0
|
|
|
0.7
|
|
|
(0.4
|
)
|
|
—
|
|
|
1.3
|
|
|||||
All Other
|
|
0.1
|
|
|
0.7
|
|
|
(0.7
|
)
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|||||
Total
|
|
$
|
32.5
|
|
|
$
|
17.4
|
|
|
$
|
(21.1
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
27.9
|
|
|
|
Aggregate
Notional
Amount
|
|
Aggregate Notional Amount Maturing within 12 Months
|
||||
|
|
|
||||||
(in millions)
|
|
|
||||||
|
|
|
|
|
||||
Foreign exchange forward contracts
|
|
$
|
274.7
|
|
|
$
|
92.1
|
|
Interest rate swaps
|
|
111.6
|
|
|
—
|
|
||
Total derivative instruments designated as cash flow hedges
|
|
$
|
386.3
|
|
|
$
|
92.1
|
|
|
|
September 30, 2017
|
||||||||||||
|
|
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
|
|
$
|
(0.1
|
)
|
|
Interest expense
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
Foreign exchange forward contracts
|
|
(6.4
|
)
|
|
Cost of products sold
|
|
(1.6
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Ineffective Portion:
|
|
|
|
|
|
|
|
|
||||||
Foreign exchange forward contracts
|
|
—
|
|
|
Other expense (income), net
|
|
—
|
|
|
(0.3
|
)
|
|||
Total in cash flow hedging
|
|
$
|
(6.5
|
)
|
|
|
|
$
|
(2.2
|
)
|
|
$
|
(0.3
|
)
|
|
|
September 30, 2016
|
||||||||||||
|
|
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
|
|
$
|
0.6
|
|
|
Interest expense
|
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
Foreign exchange forward contracts
|
|
(2.6
|
)
|
|
Cost of products sold
|
|
—
|
|
|
—
|
|
|||
Commodity contracts
|
|
(0.1
|
)
|
|
Cost of products sold
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Ineffective Portion:
|
|
|
|
|
|
|
|
|
||||||
Foreign exchange forward contracts
|
|
—
|
|
|
Other expense (income), net
|
|
—
|
|
|
(0.5
|
)
|
|||
Total for cash flow hedging
|
|
$
|
(2.1
|
)
|
|
|
|
$
|
(0.4
|
)
|
|
$
|
(0.5
|
)
|
|
|
September 30, 2017
|
||||||||||||
|
|
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
|
|
$
|
(0.1
|
)
|
|
Interest expense
|
|
$
|
(1.7
|
)
|
|
$
|
—
|
|
Foreign exchange forward contracts
|
|
(9.0
|
)
|
|
Cost of products sold
|
|
(0.7
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Ineffective Portion:
|
|
|
|
|
|
|
|
|
||||||
Foreign exchange forward contracts
|
|
—
|
|
|
Other expense (income), net
|
|
—
|
|
|
(0.8
|
)
|
|||
Total in cash flow hedging
|
|
$
|
(9.1
|
)
|
|
|
|
$
|
(2.4
|
)
|
|
$
|
(0.8
|
)
|
|
|
September 30, 2016
|
||||||||||||
|
|
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
|
|
$
|
(0.9
|
)
|
|
Interest expense
|
|
$
|
(2.4
|
)
|
|
$
|
—
|
|
Foreign exchange forward contracts
|
|
(5.7
|
)
|
|
Cost of products sold
|
|
5.2
|
|
|
—
|
|
|||
Foreign exchange forward contracts
|
|
(0.2
|
)
|
|
SG&A expenses
|
|
0.1
|
|
|
—
|
|
|||
Commodity contracts
|
|
0.1
|
|
|
Cost of products sold
|
|
(0.1
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Ineffective Portion:
|
|
|
|
|
|
|
|
|
||||||
Foreign exchange forward contracts
|
|
—
|
|
|
Other expense (income), net
|
|
—
|
|
|
(0.3
|
)
|
|||
Total in cash flow hedging
|
|
$
|
(6.7
|
)
|
|
|
|
$
|
2.8
|
|
|
$
|
(0.3
|
)
|
|
|
September 30, 2017
|
||||||||
|
|
Gain (Loss) in AOCI
|
|
Consolidated Statements of Operations Location
|
|
Recognized in Income (Expense)
|
||||
|
|
|
|
|||||||
(in millions)
|
|
|
|
|||||||
|
|
|
|
|
|
|
||||
Effective Portion:
|
|
|
|
|
|
|
||||
Foreign exchange forward contracts
|
|
$
|
(0.4
|
)
|
|
Other expense (income), net
|
|
$
|
1.3
|
|
Total for net investment hedging
|
|
$
|
(0.4
|
)
|
|
|
|
$
|
1.3
|
|
|
|
September 30, 2016
|
||||||||
|
|
Gain (Loss) in AOCI
|
|
Consolidated Statements of Operations Location
|
|
Recognized in Income (Expense)
|
||||
|
|
|
|
|||||||
(in millions)
|
|
|
|
|||||||
|
|
|
|
|
|
|
||||
Effective Portion:
|
|
|
|
|
|
|
||||
Foreign exchange forward contracts
|
|
$
|
(4.4
|
)
|
|
Other expense (income), net
|
|
$
|
1.2
|
|
Total for net investment hedging
|
|
$
|
(4.4
|
)
|
|
|
|
$
|
1.2
|
|
|
|
September 30, 2017
|
||||||||
|
|
Gain (Loss) in AOCI
|
|
Consolidated Statements of Operations Location
|
|
Recognized in Income (Expense)
|
||||
|
|
|
|
|||||||
(in millions)
|
|
|
|
|||||||
|
|
|
|
|
|
|
||||
Effective Portion:
|
|
|
|
|
|
|
||||
Foreign exchange forward contracts
|
|
$
|
(3.8
|
)
|
|
Other expense (income), net
|
|
$
|
2.1
|
|
Total for net investment hedging
|
|
$
|
(3.8
|
)
|
|
|
|
$
|
2.1
|
|
|
|
September 30, 2016
|
||||||||
|
|
Gain (Loss) in AOCI
|
|
Consolidated Statements of Operations Location
|
|
Recognized in Income (Expense)
|
||||
|
|
|
|
|||||||
(in millions)
|
|
|
|
|||||||
|
|
|
|
|
|
|
||||
Effective Portion:
|
|
|
|
|
|
|
||||
Foreign exchange forward contracts
|
|
$
|
(21.6
|
)
|
|
Other expense (income), net
|
|
$
|
5.9
|
|
Total for net investment hedging
|
|
$
|
(21.6
|
)
|
|
|
|
$
|
5.9
|
|
|
|
Aggregate
Notional
Amount
|
|
Aggregate Notional Amount Maturing within 12 Months
|
||||
|
|
|
||||||
(in millions)
|
|
|
||||||
|
|
|
|
|
||||
Foreign exchange forward contracts
|
|
$
|
324.3
|
|
|
$
|
324.3
|
|
Interest rate swaps
|
|
0.4
|
|
|
0.4
|
|
||
Total for instruments not designated as hedges
|
|
$
|
324.7
|
|
|
$
|
324.7
|
|
|
|
Consolidated Statements of Operations Location
|
|
Gain (Loss) Recognized
|
||||||
|
|
|
Three Months Ended
|
|||||||
(in millions)
|
|
|
2017
|
|
2016
|
|||||
|
|
|
|
|
|
|
||||
Foreign exchange forward contracts (a)
|
|
Other expense (income), net
|
|
$
|
(1.7
|
)
|
|
$
|
(4.7
|
)
|
Total for instruments not designated as hedges
|
|
|
|
$
|
(1.7
|
)
|
|
$
|
(4.7
|
)
|
|
|
Consolidated Statements of Operations Location
|
|
Gain (Loss) Recognized
|
||||||
|
|
|
Nine Months Ended
|
|||||||
(in millions)
|
|
|
2017
|
|
2016
|
|||||
|
|
|
|
|
|
|
||||
Foreign exchange forward contracts (a)
|
|
Other expense (income), net
|
|
$
|
(6.8
|
)
|
|
$
|
(12.2
|
)
|
Total for instruments not designated as hedges
|
|
|
|
$
|
(6.8
|
)
|
|
$
|
(12.2
|
)
|
|
|
September 30, 2017
|
||||||||||||||
(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
|
|
$
|
2.0
|
|
|
$
|
0.1
|
|
|
$
|
6.6
|
|
|
$
|
1.4
|
|
Interest rate swaps
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.2
|
|
||||
Total
|
|
$
|
2.0
|
|
|
$
|
0.1
|
|
|
$
|
6.9
|
|
|
$
|
1.6
|
|
|
|
|
|
|
|
|
|
|
||||||||
Not Designated as Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange forward contracts
|
|
$
|
2.6
|
|
|
$
|
—
|
|
|
$
|
2.9
|
|
|
$
|
—
|
|
Total
|
|
$
|
2.6
|
|
|
$
|
—
|
|
|
$
|
2.9
|
|
|
$
|
—
|
|
|
|
December 31, 2016
|
||||||||||||||
(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
|
|
$
|
12.8
|
|
|
$
|
0.6
|
|
|
$
|
1.0
|
|
|
$
|
—
|
|
Interest rate swaps
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.3
|
|
||||
Total
|
|
$
|
12.8
|
|
|
$
|
0.6
|
|
|
$
|
1.2
|
|
|
$
|
0.3
|
|
|
|
|
|
|
|
|
|
|
||||||||
Not Designated as Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange forward contracts
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
1.5
|
|
|
$
|
—
|
|
Total
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
1.5
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
4.7
|
|
|
$
|
—
|
|
|
$
|
4.7
|
|
|
$
|
(4.0
|
)
|
|
$
|
—
|
|
|
$
|
0.7
|
|
Total Assets
|
|
$
|
4.7
|
|
|
$
|
—
|
|
|
$
|
4.7
|
|
|
$
|
(4.0
|
)
|
|
$
|
—
|
|
|
$
|
0.7
|
|
|
|
|
|
|
|
|
|
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
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign exchange forward contracts
|
|
$
|
10.9
|
|
|
$
|
—
|
|
|
$
|
10.9
|
|
|
$
|
(3.9
|
)
|
|
$
|
—
|
|
|
$
|
7.0
|
|
Interest rate swaps
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
(0.1
|
)
|
|
—
|
|
|
0.4
|
|
||||||
Total Liabilities
|
|
$
|
11.4
|
|
|
$
|
—
|
|
|
$
|
11.4
|
|
|
$
|
(4.0
|
)
|
|
$
|
—
|
|
|
$
|
7.4
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
14.7
|
|
|
$
|
—
|
|
|
$
|
14.7
|
|
|
$
|
(2.8
|
)
|
|
$
|
—
|
|
|
$
|
11.9
|
|
Total Assets
|
|
$
|
14.7
|
|
|
$
|
—
|
|
|
$
|
14.7
|
|
|
$
|
(2.8
|
)
|
|
$
|
—
|
|
|
$
|
11.9
|
|
|
|
|
|
|
|
|
|
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
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign exchange forward contracts
|
|
$
|
2.5
|
|
|
$
|
—
|
|
|
$
|
2.5
|
|
|
$
|
(2.5
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate swaps
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
(0.3
|
)
|
|
—
|
|
|
0.2
|
|
||||||
Total Liabilities
|
|
$
|
3.0
|
|
|
$
|
—
|
|
|
$
|
3.0
|
|
|
$
|
(2.8
|
)
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
|
September 30, 2017
|
||||||||||||||
(in millions)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange forward contracts
|
|
$
|
4.7
|
|
|
$
|
—
|
|
|
$
|
4.7
|
|
|
$
|
—
|
|
Total assets
|
|
$
|
4.7
|
|
|
$
|
—
|
|
|
$
|
4.7
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swaps
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
0.5
|
|
|
$
|
—
|
|
Foreign exchange forward contracts
|
|
10.9
|
|
|
—
|
|
|
10.9
|
|
|
—
|
|
||||
Contingent considerations on acquisitions
|
|
9.0
|
|
|
—
|
|
|
—
|
|
|
9.0
|
|
||||
Total liabilities
|
|
$
|
20.4
|
|
|
$
|
—
|
|
|
$
|
11.4
|
|
|
$
|
9.0
|
|
|
|
December 31, 2016
|
||||||||||||||
(in millions)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange forward contracts
|
|
$
|
14.7
|
|
|
$
|
—
|
|
|
$
|
14.7
|
|
|
$
|
—
|
|
Total assets
|
|
$
|
14.7
|
|
|
$
|
—
|
|
|
$
|
14.7
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swaps
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
0.5
|
|
|
$
|
—
|
|
Foreign exchange forward contracts
|
|
2.5
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
||||
Contingent considerations on acquisitions
|
|
7.6
|
|
|
—
|
|
|
—
|
|
|
7.6
|
|
||||
Total liabilities
|
|
$
|
10.6
|
|
|
$
|
—
|
|
|
$
|
3.0
|
|
|
$
|
7.6
|
|
|
|
Earn-out
|
||
(in millions)
|
|
Obligations
|
||
|
|
|
||
Balance at December 31, 2016
|
|
$
|
7.6
|
|
Fair value adjustment:
|
|
|
||
Reported in Other expense (income), net
|
|
0.6
|
|
|
Effect of exchange rate changes
|
|
0.8
|
|
|
Balance at September 30, 2017
|
|
$
|
9.0
|
|
(in millions)
|
|
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
Chairside Consumables & Endodontics
|
|
Imaging, Treatment Centers & Orthodontics
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2016
|
|
$
|
3,843.2
|
|
|
$
|
662.3
|
|
|
$
|
1,446.5
|
|
|
$
|
5,952.0
|
|
Acquisition related additions
|
|
—
|
|
|
85.4
|
|
|
—
|
|
|
85.4
|
|
||||
Measurement period adjustments on prior acquisitions
|
|
(1.0
|
)
|
|
—
|
|
|
(18.7
|
)
|
|
(19.7
|
)
|
||||
Impairment
|
|
(459.9
|
)
|
|
—
|
|
|
(633.0
|
)
|
|
(1,092.9
|
)
|
||||
Effects of exchange rate changes
|
|
90.6
|
|
|
55.9
|
|
|
3.6
|
|
|
150.1
|
|
||||
Balance at September 30, 2017
|
|
$
|
3,472.9
|
|
|
$
|
803.6
|
|
|
$
|
798.4
|
|
|
$
|
5,074.9
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(in millions)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Patents and developed technology
|
|
$
|
1,342.3
|
|
|
$
|
(273.6
|
)
|
|
$
|
1,068.7
|
|
|
$
|
1,189.5
|
|
|
$
|
(177.3
|
)
|
|
$
|
1,012.2
|
|
Trademarks
|
|
81.1
|
|
|
(45.2
|
)
|
|
35.9
|
|
|
65.3
|
|
|
(38.7
|
)
|
|
26.6
|
|
||||||
Licensing agreements
|
|
31.1
|
|
|
(24.5
|
)
|
|
6.6
|
|
|
33.5
|
|
|
(26.7
|
)
|
|
6.8
|
|
||||||
Customer relationships
|
|
1,104.6
|
|
|
(251.1
|
)
|
|
853.5
|
|
|
1,004.8
|
|
|
(181.2
|
)
|
|
823.6
|
|
||||||
Total definite-lived
|
|
$
|
2,559.1
|
|
|
$
|
(594.4
|
)
|
|
$
|
1,964.7
|
|
|
$
|
2,293.1
|
|
|
$
|
(423.9
|
)
|
|
$
|
1,869.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Indefinite-lived Trademarks and In-process R&D
|
|
$
|
1,144.5
|
|
|
$
|
—
|
|
|
$
|
1,144.5
|
|
|
$
|
1,088.4
|
|
|
$
|
—
|
|
|
$
|
1,088.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total identifiable intangible assets
|
|
$
|
3,703.6
|
|
|
$
|
(594.4
|
)
|
|
$
|
3,109.2
|
|
|
$
|
3,381.5
|
|
|
$
|
(423.9
|
)
|
|
$
|
2,957.6
|
|
•
|
For the three months ended September 30, 2017, the Company reported a sales increase of 5.8%, on a constant currency basis sales increased 4.3% and internal growth was 2.4%. Based on the Company’s estimate, both constant currency and internal sales growth were favorably impacted by approximately $8 million as a result of current quarter over prior year quarter net changes in equipment inventory levels at certain distributors in North America and Europe. Based on the Company’s estimate, inventory held by these distributors increased by approximately $28 million during the current three month period compared to an increase of approximately $20 million in the same three month period in 2016.
|
•
|
On a geographic basis, the Company generated constant currency sales growth of 8.4% in the United States and 4.0% in Europe while the Rest of World region generated a decline of 0.7% for the three month period ended September 30, 2017. U.S. sales growth benefited from the expansion of distribution of our equipment which commenced on September 1.
|
•
|
For the three months ended September 30, 2017 the Company generated earnings per diluted share of $0.39 matching the earnings per diluted share of $0.39 for the three months ended September 30, 2016. This largely reflects the impact of higher operating expense mostly offset by improved gross profit (including the impact of distribution channel transition) and a favorable effective tax rate. On an adjusted basis (a non-US GAAP measure as reconciled under Net income (loss) attributable to Dentsply Sirona below) for the three months ended September 30, 2017 earnings per diluted share was $0.70 as compared to $0.66 earnings per diluted share for the three months ended September 30, 2016.
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Net sales
|
|
$
|
1,009.2
|
|
|
$
|
954.2
|
|
|
$
|
55.0
|
|
|
5.8
|
%
|
Less: precious metal content of sales
|
|
9.4
|
|
|
15.0
|
|
|
(5.6
|
)
|
|
(37.3
|
%)
|
|||
Net sales, excluding precious metal content
|
|
$
|
999.8
|
|
|
$
|
939.2
|
|
|
$
|
60.6
|
|
|
6.5
|
%
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Net sales
|
|
$
|
1,009.2
|
|
|
$
|
954.2
|
|
|
$
|
55.0
|
|
|
5.8
|
%
|
Less: precious metal content of sales
|
|
9.4
|
|
|
15.0
|
|
|
(5.6
|
)
|
|
(37.3
|
%)
|
|||
Net sales, excluding precious metal content
|
|
999.8
|
|
|
939.2
|
|
|
60.6
|
|
|
6.5
|
%
|
|||
Merger related adjustments
(a)
|
|
1.0
|
|
|
1.6
|
|
|
(0.6
|
)
|
|
(37.5
|
%)
|
|||
Non-US GAAP net sales, excluding precious metal content
|
|
$
|
1,000.8
|
|
|
$
|
940.8
|
|
|
$
|
60.0
|
|
|
6.4
|
%
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|
|
|||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
United States
|
|
$
|
362.3
|
|
|
$
|
334.2
|
|
|
$
|
28.1
|
|
|
8.4
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Europe
|
|
379.6
|
|
|
348.3
|
|
|
31.3
|
|
|
9.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Rest of World
|
|
257.9
|
|
|
256.7
|
|
|
1.2
|
|
|
0.5
|
%
|
|
|
Three Months Ended
|
||||||||||||||
|
|
September 30, 2017
|
||||||||||||||
(in millions)
|
|
United States
|
|
Europe
|
|
Rest of World
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
363.8
|
|
|
$
|
386.6
|
|
|
$
|
258.8
|
|
|
$
|
1,009.2
|
|
Less: precious metal content of sales
|
|
1.5
|
|
|
7.0
|
|
|
0.9
|
|
|
9.4
|
|
||||
Net sales, excluding precious metal content
|
|
362.3
|
|
|
379.6
|
|
|
257.9
|
|
|
999.8
|
|
||||
Merger related adjustments
(a)
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
||||
Non-US GAAP net sales, excluding precious metal content
|
|
$
|
363.3
|
|
|
$
|
379.6
|
|
|
$
|
257.9
|
|
|
$
|
1,000.8
|
|
|
|
Three Months Ended
|
||||||||||||||
|
|
September 30, 2016
|
||||||||||||||
(in millions)
|
|
United States
|
|
Europe
|
|
Rest of World
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
335.6
|
|
|
$
|
357.2
|
|
|
$
|
261.4
|
|
|
$
|
954.2
|
|
Less: precious metal content of sales
|
|
1.4
|
|
|
8.9
|
|
|
4.7
|
|
|
15.0
|
|
||||
Net sales, excluding precious metal content
|
|
334.2
|
|
|
348.3
|
|
|
256.7
|
|
|
939.2
|
|
||||
Merger related adjustments
(a)
|
|
1.1
|
|
|
0.5
|
|
|
—
|
|
|
1.6
|
|
||||
Non-US GAAP net sales, excluding precious metal content
|
|
$
|
335.3
|
|
|
$
|
348.8
|
|
|
$
|
256.7
|
|
|
$
|
940.8
|
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|
|
|||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
$
|
559.0
|
|
|
$
|
513.6
|
|
|
$
|
45.4
|
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Gross profit as a percentage of net sales, including precious metal content
|
|
55.4
|
%
|
|
53.8
|
%
|
|
|
|
|
|
|
|||
Gross profit as a percentage of net sales, excluding precious metal content
|
|
55.9
|
%
|
|
54.7
|
%
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|
|
|||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Selling, general and administrative expenses (“SG&A”)
|
|
$
|
430.5
|
|
|
$
|
379.1
|
|
|
$
|
51.4
|
|
|
13.6
|
%
|
Restructuring and other costs
|
|
20.6
|
|
|
7.9
|
|
|
12.7
|
|
|
NM
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
SG&A as a percentage of net sales, including precious metal content
|
|
42.7
|
%
|
|
39.7
|
%
|
|
|
|
|
|
|
|||
SG&A as a percentage of net sales, excluding precious metal content
|
|
43.1
|
%
|
|
40.4
|
%
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
||||||||
(in millions)
|
|
2017
|
|
2016
|
|
Change
|
||||||
|
|
|
|
|
|
|
||||||
Net interest expense
|
|
$
|
9.4
|
|
|
$
|
7.9
|
|
|
$
|
1.5
|
|
Other expense (income), net
|
|
0.9
|
|
|
1.6
|
|
|
(0.7
|
)
|
|||
Net interest and other expense
|
|
$
|
10.3
|
|
|
$
|
9.5
|
|
|
$
|
0.8
|
|
|
|
Three Months Ended September 30,
|
|
|
||||||||
(in millions, except per share data)
|
|
2017
|
|
2016
|
|
$ Change
|
||||||
|
|
|
|
|
|
|
||||||
Provision (benefit) for income taxes
|
|
$
|
7.1
|
|
|
$
|
24.8
|
|
|
$
|
(17.7
|
)
|
|
|
|
|
|
|
|
||||||
Effective income tax rate
|
|
7.3
|
%
|
|
21.2
|
%
|
|
|
||||
|
|
|
|
|
|
|
||||||
Net (loss) income attributable to Dentsply Sirona
|
|
$
|
90.6
|
|
|
$
|
92.5
|
|
|
$
|
(1.9
|
)
|
|
|
|
|
|
|
|
||||||
Net (loss) income per common share - diluted
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
|
September 30, 2017
|
||||||
(in millions, except per share amounts)
|
|
Net Income
|
|
Per Diluted
Common Share
|
||||
|
|
|
|
|
||||
Net income attributable to Dentsply Sirona
|
|
$
|
90.6
|
|
|
$
|
0.39
|
|
Pre-tax non-US GAAP adjustments:
|
|
|
|
|
|
|||
Amortization of purchased intangible assets
|
|
48.7
|
|
|
|
|||
Restructuring program related costs and other costs
|
|
46.3
|
|
|
|
|||
Business combination related costs and fair value adjustments
|
|
6.8
|
|
|
|
|||
Credit risk and fair value adjustments
|
|
1.8
|
|
|
|
|||
Tax impact of the pre-tax non-US GAAP adjustments
|
|
(33.9
|
)
|
|
|
|||
Subtotal non-US GAAP adjustments
|
|
69.7
|
|
|
0.29
|
|
||
Income tax related adjustments
|
|
4.0
|
|
|
0.02
|
|
||
Adjusted non-US GAAP net income
|
|
$
|
164.3
|
|
|
$
|
0.70
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
|
September 30, 2016
|
||||||
(in millions, except per share amounts)
|
|
Net Income
|
|
Per Diluted
Common Share
|
||||
|
|
|
|
|
||||
Net income attributable to Dentsply Sirona
|
|
$
|
92.5
|
|
|
$
|
0.39
|
|
Pre-tax non-US GAAP adjustments:
|
|
|
|
|
||||
Amortization of purchased intangible assets
|
|
44.3
|
|
|
|
|||
Business combination related costs and fair value adjustments
|
|
14.6
|
|
|
|
|||
Restructuring program related costs and other costs
|
|
8.9
|
|
|
|
|||
Credit risk and fair value adjustments
|
|
1.8
|
|
|
|
|||
Tax impact of the pre-tax non-US GAAP adjustments
(a)
|
|
(19.0
|
)
|
|
|
|||
Subtotal non-US GAAP adjustments
|
|
50.6
|
|
|
0.22
|
|
||
Income tax related adjustments
|
|
12.5
|
|
|
0.05
|
|
||
Adjusted non-US GAAP net income
|
|
$
|
155.6
|
|
|
$
|
0.66
|
|
|
|
|
|
|
||||
(a) The tax amount was calculated using the applicable statutory tax rate in the tax jurisdiction where the non-US GAAP adjustments were generated.
|
|
|
Three Months Ended
|
|||||
|
|
September 30, 2017
|
|||||
(in millions)
|
|
Operating Income
|
|
Percentage of Net Sales, Excluding Precious Metal Content
|
|||
|
|
|
|
|
|||
Operating income attributable to Dentsply Sirona
|
|
$
|
107.9
|
|
|
10.8
|
%
|
Amortization of purchased intangible assets
|
|
48.7
|
|
|
4.9
|
%
|
|
Restructuring program related costs and other costs
|
|
46.7
|
|
|
4.7
|
%
|
|
Business combination related costs and fair value adjustments
|
|
6.6
|
|
|
0.6
|
%
|
|
Credit risk and fair value adjustments
|
|
1.8
|
|
|
0.2
|
%
|
|
Adjusted non-US GAAP Operating Income
|
|
$
|
211.7
|
|
|
21.2
|
%
|
|
|
Three Months Ended
|
|||||
|
|
September 30, 2016
|
|||||
(in millions)
|
|
Operating Income
|
|
Percentage of Net Sales, Excluding Precious Metal Content
|
|||
|
|
|
|
|
|||
Operating income attributable to Dentsply Sirona
|
|
$
|
126.6
|
|
|
13.5
|
%
|
Amortization of purchased intangible assets
|
|
44.3
|
|
|
4.7
|
%
|
|
Business combination related costs and fair value adjustments
|
|
14.6
|
|
|
1.6
|
%
|
|
Restructuring program related costs and other costs
|
|
8.9
|
|
|
0.9
|
%
|
|
Credit risk and fair value adjustments
|
|
1.4
|
|
|
0.1
|
%
|
|
Adjusted non-US GAAP Operating Income
|
|
$
|
195.8
|
|
|
20.8
|
%
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
$
|
385.4
|
|
|
$
|
367.8
|
|
|
$
|
17.6
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Chairside Consumables & Endodontics
|
|
412.6
|
|
|
383.5
|
|
|
29.1
|
|
|
7.6
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Imaging, Treatment Centers & Orthodontics
|
|
201.8
|
|
|
187.9
|
|
|
13.9
|
|
|
7.4
|
%
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
$
|
85.2
|
|
|
$
|
84.2
|
|
|
$
|
1.0
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||
Chairside Consumables & Endodontics
|
|
126.9
|
|
|
110.8
|
|
|
16.1
|
|
|
14.5
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Imaging, Treatment Centers & Orthodontics
|
|
40.0
|
|
|
23.0
|
|
|
17.0
|
|
|
73.9
|
%
|
|
|
Three Months Ended
|
||||||||||||||
|
|
September 30, 2017
|
||||||||||||||
(in millions)
|
|
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
Chairside Consumables & Endodontics
|
|
Imaging, Treatment Centers & Orthodontics
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
394.8
|
|
|
$
|
412.6
|
|
|
$
|
201.8
|
|
|
$
|
1,009.2
|
|
Less: precious metal content of sales
|
|
9.4
|
|
|
—
|
|
|
—
|
|
|
9.4
|
|
||||
Net sales, excluding precious metal content
|
|
385.4
|
|
|
412.6
|
|
|
201.8
|
|
|
999.8
|
|
||||
Merger related adjustments
(a)
|
|
0.7
|
|
|
—
|
|
|
0.3
|
|
|
1.0
|
|
||||
Non-US GAAP net sales, excluding precious metal content
|
|
$
|
386.1
|
|
|
$
|
412.6
|
|
|
$
|
202.1
|
|
|
$
|
1,000.8
|
|
|
|
Three Months Ended
|
||||||||||||||
|
|
September 30, 2016
|
||||||||||||||
(in millions)
|
|
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
Chairside Consumables & Endodontics
|
|
Imaging, Treatment Centers & Orthodontics
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
382.8
|
|
|
$
|
383.5
|
|
|
$
|
187.9
|
|
|
$
|
954.2
|
|
Less: precious metal content of sales
|
|
15.0
|
|
|
—
|
|
|
—
|
|
|
15.0
|
|
||||
Net sales, excluding precious metal content
|
|
367.8
|
|
|
383.5
|
|
|
187.9
|
|
|
939.2
|
|
||||
Merger related adjustments
(a)
|
|
1.1
|
|
|
—
|
|
|
0.5
|
|
|
1.6
|
|
||||
Non-US GAAP net sales, excluding precious metal content
|
|
$
|
368.9
|
|
|
$
|
383.5
|
|
|
$
|
188.4
|
|
|
$
|
940.8
|
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Net sales
|
|
$
|
2,902.4
|
|
|
$
|
2,748.8
|
|
|
$
|
153.6
|
|
|
5.6
|
%
|
Less: precious metal content of sales
|
|
30.2
|
|
|
50.4
|
|
|
(20.2
|
)
|
|
(40.1
|
%)
|
|||
Net sales, excluding precious metal content
|
|
$
|
2,872.2
|
|
|
$
|
2,698.4
|
|
|
$
|
173.8
|
|
|
6.4
|
%
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Net sales
|
|
$
|
2,902.4
|
|
|
$
|
2,748.8
|
|
|
$
|
153.6
|
|
|
5.6
|
%
|
Less: precious metal content of sales
|
|
30.2
|
|
|
50.4
|
|
|
(20.2
|
)
|
|
(40.1
|
%)
|
|||
Net sales, excluding precious metal content
|
|
2,872.2
|
|
|
2,698.4
|
|
|
173.8
|
|
|
6.4
|
%
|
|||
Sirona net sales
(a)
|
|
—
|
|
|
160.7
|
|
|
(160.7
|
)
|
|
NM
|
|
|||
Merger related adjustments
(b)
|
|
4.0
|
|
|
12.0
|
|
|
(8.0
|
)
|
|
NM
|
|
|||
Elimination of intercompany net sales
|
|
—
|
|
|
(0.4
|
)
|
|
0.4
|
|
|
NM
|
|
|||
Non-US GAAP Combined Business, net sales, excluding precious metal content
|
|
$
|
2,876.2
|
|
|
$
|
2,870.7
|
|
|
$
|
5.5
|
|
|
0.2
|
%
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|
|
|||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
United States
|
|
$
|
1,004.7
|
|
|
$
|
978.6
|
|
|
$
|
26.1
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Europe
|
|
1,138.6
|
|
|
1,030.3
|
|
|
108.3
|
|
|
10.5
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Rest of World
|
|
728.9
|
|
|
689.5
|
|
|
39.4
|
|
|
5.7
|
%
|
|
|
Nine Months Ended
|
||||||||||||||
|
|
September 30, 2017
|
||||||||||||||
(in millions)
|
|
United States
|
|
Europe
|
|
Rest of World
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
1,009.0
|
|
|
$
|
1,161.5
|
|
|
$
|
731.9
|
|
|
$
|
2,902.4
|
|
Less: precious metal content of sales
|
|
4.3
|
|
|
22.9
|
|
|
3.0
|
|
|
30.2
|
|
||||
Net sales, excluding precious metal content
|
|
1,004.7
|
|
|
1,138.6
|
|
|
728.9
|
|
|
2,872.2
|
|
||||
Merger related adjustments
(a)
|
|
4.0
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
||||
Non-US GAAP net sales, excluding precious metal content
|
|
$
|
1,008.7
|
|
|
$
|
1,138.6
|
|
|
$
|
728.9
|
|
|
$
|
2,876.2
|
|
|
|
Nine Months Ended
|
||||||||||||||
|
|
September 30, 2016
|
||||||||||||||
(in millions)
|
|
United States
|
|
Europe
|
|
Rest of World
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
982.6
|
|
|
$
|
1,060.8
|
|
|
$
|
705.4
|
|
|
$
|
2,748.8
|
|
Less: precious metal content of sales
|
|
4.0
|
|
|
30.5
|
|
|
15.9
|
|
|
50.4
|
|
||||
Net sales, excluding precious metal content
|
|
978.6
|
|
|
1,030.3
|
|
|
689.5
|
|
|
2,698.4
|
|
||||
Sirona net sales
(a)
|
|
60.5
|
|
|
59.4
|
|
|
40.8
|
|
|
160.7
|
|
||||
Merger related adjustments
(b)
|
|
11.0
|
|
|
1.0
|
|
|
—
|
|
|
12.0
|
|
||||
Elimination of intercompany net sales
|
|
(0.1
|
)
|
|
(0.3
|
)
|
|
—
|
|
|
(0.4
|
)
|
||||
Non-US GAAP Combined Business, net sales, excluding precious metal content
|
|
$
|
1,050.0
|
|
|
$
|
1,090.4
|
|
|
$
|
730.3
|
|
|
$
|
2,870.7
|
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|
|
|||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
$
|
1,595.2
|
|
|
$
|
1,459.4
|
|
|
$
|
135.8
|
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Gross profit as a percentage of net sales, including precious metal content
|
|
55.0
|
%
|
|
53.1
|
%
|
|
|
|
|
|
|
|||
Gross profit as a percentage of net sales, excluding precious metal content
|
|
55.5
|
%
|
|
54.1
|
%
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|
|
|||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Selling, general and administrative expenses (“SG&A”)
|
|
$
|
1,252.8
|
|
|
$
|
1,123.3
|
|
|
$
|
129.5
|
|
|
11.5
|
%
|
Goodwill impairment
|
|
1,092.9
|
|
|
—
|
|
|
1,092.9
|
|
|
NM
|
|
|||
Restructuring and other costs
|
|
105.4
|
|
|
15.6
|
|
|
89.8
|
|
|
NM
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
SG&A as a percentage of net sales, including precious metal content
|
|
43.2
|
%
|
|
40.9
|
%
|
|
|
|
|
|
|
|||
SG&A as a percentage of net sales, excluding precious metal content
|
|
43.6
|
%
|
|
41.6
|
%
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
||||||||
(in millions)
|
|
2017
|
|
2016
|
|
Change
|
||||||
|
|
|
|
|
|
|
||||||
Net interest expense
|
|
$
|
27.0
|
|
|
$
|
25.5
|
|
|
$
|
1.5
|
|
Other expense (income), net
|
|
7.7
|
|
|
(13.3
|
)
|
|
21.0
|
|
|||
Net interest and other expense
|
|
$
|
34.7
|
|
|
$
|
12.2
|
|
|
$
|
22.5
|
|
|
|
Nine Months Ended September 30,
|
|
|
||||||||
(in millions, except per share data)
|
|
2017
|
|
2016
|
|
$ Change
|
||||||
|
|
|
|
|
|
|
||||||
Provision (benefit) for income taxes
|
|
$
|
9.5
|
|
|
$
|
(15.2
|
)
|
|
$
|
24.7
|
|
|
|
|
|
|
|
|
||||||
Effective income tax rate
|
|
NM
|
|
|
NM
|
|
|
|
||||
|
|
|
|
|
|
|
||||||
Net (loss) income attributable to Dentsply Sirona
|
|
$
|
(899.6
|
)
|
|
$
|
322.9
|
|
|
$
|
(1,222.5
|
)
|
|
|
|
|
|
|
|
||||||
Net (loss) income per common share - diluted
|
|
$
|
(3.92
|
)
|
|
$
|
1.48
|
|
|
|
|
|
|
Nine Months Ended
|
||||||
|
|
September 30, 2016
|
||||||
(in millions, except per share amounts)
|
|
Net Income
|
|
Per Diluted
Common Share
|
||||
|
|
|
|
|
||||
Net income attributable to Dentsply Sirona
|
|
$
|
322.9
|
|
|
$
|
1.48
|
|
Pre-tax non-US GAAP adjustments:
|
|
|
|
|
||||
Business combination related costs and fair value adjustments
|
|
145.9
|
|
|
|
|||
Amortization of purchased intangible assets
|
|
109.7
|
|
|
|
|||
Restructuring program related costs and other costs
|
|
13.2
|
|
|
|
|||
Credit risk and fair value adjustments
|
|
4.7
|
|
|
|
|||
Tax impact of the pre-tax non-US GAAP adjustments
(a)
|
|
(72.0
|
)
|
|
|
|||
Subtotal non-US GAAP adjustments
|
|
201.5
|
|
|
0.93
|
|
||
Income tax related adjustments
|
|
(65.4
|
)
|
|
(0.30
|
)
|
||
Adjusted non-US GAAP net income
|
|
$
|
459.0
|
|
|
$
|
2.11
|
|
|
|
|
|
|
||||
(a) The tax amount was calculated using the applicable statutory tax rate in the tax jurisdiction where the non-US GAAP adjustments were generated.
|
|
|
Nine Months Ended
|
|||||
|
|
September 30, 2017
|
|||||
(in millions)
|
|
Operating Income
|
|
Percentage of Net Sales, Excluding Precious Metal Content
|
|||
|
|
|
|
|
|||
Operating loss attributable to Dentsply Sirona
|
|
$
|
(855.9
|
)
|
|
(29.8
|
)%
|
Restructuring program related costs and other costs
|
|
1,228.5
|
|
|
42.8
|
%
|
|
Amortization of purchased intangible assets
|
|
140.4
|
|
|
4.9
|
%
|
|
Business combination related costs and fair value adjustments
|
|
36.3
|
|
|
1.2
|
%
|
|
Credit risk and fair value adjustments
|
|
5.2
|
|
|
0.2
|
%
|
|
Adjusted non-US GAAP Operating Income
|
|
$
|
554.5
|
|
|
19.3
|
%
|
|
|
Nine Months Ended
|
|||||
|
|
September 30, 2016
|
|||||
(in millions)
|
|
Operating Income
|
|
Percentage of Net Sales, Excluding Precious Metal Content
|
|||
|
|
|
|
|
|||
Operating income attributable to Dentsply Sirona
|
|
$
|
320.5
|
|
|
11.9
|
%
|
Business combination related costs and fair value adjustments
|
|
145.5
|
|
|
5.4
|
%
|
|
Amortization of purchased intangible assets
|
|
109.7
|
|
|
4.0
|
%
|
|
Restructuring program related costs and other costs
|
|
18.1
|
|
|
0.7
|
%
|
|
Credit risk and fair value adjustments
|
|
4.0
|
|
|
0.1
|
%
|
|
Adjusted non-US GAAP Operating Income
|
|
$
|
597.8
|
|
|
22.1
|
%
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
$
|
1,126.0
|
|
|
$
|
1,061.7
|
|
|
$
|
64.3
|
|
|
6.1
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Chairside Consumables & Endodontics
|
|
1,213.4
|
|
|
1,151.1
|
|
|
62.3
|
|
|
5.4
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Imaging, Treatment Centers & Orthodontics
|
|
532.8
|
|
|
485.6
|
|
|
47.2
|
|
|
9.7
|
%
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
$
|
222.1
|
|
|
$
|
221.8
|
|
|
$
|
0.3
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Chairside Consumables & Endodontics
|
|
367.7
|
|
|
302.6
|
|
|
65.1
|
|
|
21.5
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Imaging, Treatment Centers & Orthodontics
|
|
48.9
|
|
|
47.3
|
|
|
1.6
|
|
|
3.4
|
%
|
|
|
Nine Months Ended
|
||||||||||||||
|
|
September 30, 2017
|
||||||||||||||
(in millions)
|
|
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
Chairside Consumables & Endodontics
|
|
Imaging, Treatment Centers & Orthodontics
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
1,156.2
|
|
|
$
|
1,213.4
|
|
|
$
|
532.8
|
|
|
$
|
2,902.4
|
|
Less: precious metal content of sales
|
|
30.2
|
|
|
—
|
|
|
—
|
|
|
30.2
|
|
||||
Net sales, excluding precious metal content
|
|
1,126.0
|
|
|
1,213.4
|
|
|
532.8
|
|
|
2,872.2
|
|
||||
Merger related adjustments
(a)
|
|
2.8
|
|
|
—
|
|
|
1.2
|
|
|
4.0
|
|
||||
Non-US GAAP net sales, excluding precious metal content
|
|
$
|
1,128.8
|
|
|
$
|
1,213.4
|
|
|
$
|
534.0
|
|
|
$
|
2,876.2
|
|
|
|
Nine Months Ended
|
||||||||||||||
|
|
September 30, 2016
|
||||||||||||||
(in millions)
|
|
Implants, CAD/CAM, Prosthetics & Healthcare
|
|
Chairside Consumables & Endodontics
|
|
Imaging, Treatment Centers & Orthodontics
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
1,112.1
|
|
|
$
|
1,151.1
|
|
|
$
|
485.6
|
|
|
$
|
2,748.8
|
|
Less: precious metal content of sales
|
|
50.4
|
|
|
—
|
|
|
—
|
|
|
50.4
|
|
||||
Net sales, excluding precious metal content
|
|
1,061.7
|
|
|
1,151.1
|
|
|
485.6
|
|
|
2,698.4
|
|
||||
Sirona net sales
(a)
|
|
70.5
|
|
|
15.7
|
|
|
74.5
|
|
|
160.7
|
|
||||
Merger related adjustments
(b)
|
|
8.2
|
|
|
0.1
|
|
|
3.7
|
|
|
12.0
|
|
||||
Elimination of intercompany net sales
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
||||
Non-US GAAP Combined Business, net sales, excluding precious metal content
|
|
$
|
1,140.0
|
|
|
$
|
1,166.9
|
|
|
$
|
563.8
|
|
|
$
|
2,870.7
|
|
/s/
|
Mark A. Thierer
|
|
November 9, 2017
|
|
Mark A. Thierer
|
|
Date
|
|
Interim Chief Executive Officer
|
|
|
/s/
|
Ulrich Michel
|
|
November 9, 2017
|
|
Ulrich Michel
|
|
Date
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
1 Year DENTSPLY SIRONA Chart |
1 Month DENTSPLY SIRONA Chart |
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