xray-20200630
TRUEFALSE2020Q2FALSE0000818479--12-3100008184792020-01-012020-06-30xbrli:shares00008184792020-08-03iso4217:USD00008184792020-04-012020-06-3000008184792019-04-012019-06-3000008184792019-01-012019-06-30iso4217:USDxbrli:shares00008184792020-06-3000008184792019-12-310000818479us-gaap:CommonStockMember2019-12-310000818479us-gaap:AdditionalPaidInCapitalMember2019-12-310000818479us-gaap:RetainedEarningsMember2019-12-310000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000818479us-gaap:TreasuryStockMember2019-12-310000818479us-gaap:ParentMember2019-12-310000818479us-gaap:NoncontrollingInterestMember2019-12-310000818479us-gaap:RetainedEarningsMember2020-01-012020-03-310000818479us-gaap:ParentMember2020-01-012020-03-3100008184792020-01-012020-03-310000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000818479us-gaap:NoncontrollingInterestMember2020-01-012020-03-310000818479us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000818479us-gaap:TreasuryStockMember2020-01-012020-03-310000818479us-gaap:CommonStockMember2020-03-310000818479us-gaap:AdditionalPaidInCapitalMember2020-03-310000818479us-gaap:RetainedEarningsMember2020-03-310000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000818479us-gaap:TreasuryStockMember2020-03-310000818479us-gaap:ParentMember2020-03-310000818479us-gaap:NoncontrollingInterestMember2020-03-3100008184792020-03-310000818479us-gaap:RetainedEarningsMember2020-04-012020-06-300000818479us-gaap:ParentMember2020-04-012020-06-300000818479us-gaap:NoncontrollingInterestMember2020-04-012020-06-300000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000818479us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000818479us-gaap:TreasuryStockMember2020-04-012020-06-300000818479us-gaap:CommonStockMember2020-06-300000818479us-gaap:AdditionalPaidInCapitalMember2020-06-300000818479us-gaap:RetainedEarningsMember2020-06-300000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000818479us-gaap:TreasuryStockMember2020-06-300000818479us-gaap:ParentMember2020-06-300000818479us-gaap:NoncontrollingInterestMember2020-06-300000818479us-gaap:CommonStockMember2018-12-310000818479us-gaap:AdditionalPaidInCapitalMember2018-12-310000818479us-gaap:RetainedEarningsMember2018-12-310000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000818479us-gaap:TreasuryStockMember2018-12-310000818479us-gaap:ParentMember2018-12-310000818479us-gaap:NoncontrollingInterestMember2018-12-3100008184792018-12-310000818479us-gaap:RetainedEarningsMember2019-01-012019-03-310000818479us-gaap:ParentMember2019-01-012019-03-310000818479us-gaap:NoncontrollingInterestMember2019-01-012019-03-3100008184792019-01-012019-03-310000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310000818479us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310000818479us-gaap:TreasuryStockMember2019-01-012019-03-310000818479us-gaap:CommonStockMember2019-03-310000818479us-gaap:AdditionalPaidInCapitalMember2019-03-310000818479us-gaap:RetainedEarningsMember2019-03-310000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310000818479us-gaap:TreasuryStockMember2019-03-310000818479us-gaap:ParentMember2019-03-310000818479us-gaap:NoncontrollingInterestMember2019-03-3100008184792019-03-310000818479us-gaap:RetainedEarningsMember2019-04-012019-06-300000818479us-gaap:ParentMember2019-04-012019-06-300000818479us-gaap:NoncontrollingInterestMember2019-04-012019-06-300000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300000818479us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300000818479us-gaap:TreasuryStockMember2019-04-012019-06-300000818479us-gaap:CommonStockMember2019-06-300000818479us-gaap:AdditionalPaidInCapitalMember2019-06-300000818479us-gaap:RetainedEarningsMember2019-06-300000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300000818479us-gaap:TreasuryStockMember2019-06-300000818479us-gaap:ParentMember2019-06-300000818479us-gaap:NoncontrollingInterestMember2019-06-3000008184792019-06-3000008184792019-01-012019-09-300000818479us-gaap:LineOfCreditMemberxray:A2018RevolvingCreditFacilityMember2020-06-300000818479xray:VariousCreditFacilitiesMemberus-gaap:LineOfCreditMember2020-06-30xbrli:pure0000818479us-gaap:TradeAccountsReceivableMember2020-06-300000818479us-gaap:TradeAccountsReceivableMember2019-12-310000818479us-gaap:EmployeeStockOptionMember2020-04-012020-06-300000818479us-gaap:EmployeeStockOptionMember2019-04-012019-06-300000818479us-gaap:EmployeeStockOptionMember2020-01-012020-06-300000818479us-gaap:EmployeeStockOptionMember2019-01-012019-06-300000818479us-gaap:RestrictedStockUnitsRSUMember2020-04-012020-06-300000818479us-gaap:RestrictedStockUnitsRSUMember2019-04-012019-06-300000818479us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300000818479us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-06-300000818479us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-04-012020-06-300000818479us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-06-300000818479us-gaap:CostOfSalesMember2020-04-012020-06-300000818479us-gaap:CostOfSalesMember2020-01-012020-06-300000818479us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-04-012019-06-300000818479us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-06-300000818479us-gaap:CostOfSalesMember2019-04-012019-06-300000818479us-gaap:CostOfSalesMember2019-01-012019-06-300000818479us-gaap:AccumulatedTranslationAdjustmentMember2020-04-012020-06-300000818479us-gaap:AccumulatedTranslationAdjustmentMember2019-04-012019-06-300000818479us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-06-300000818479us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-06-300000818479us-gaap:NetInvestmentHedgingMemberus-gaap:AccumulatedTranslationAdjustmentMember2020-04-012020-06-300000818479us-gaap:NetInvestmentHedgingMemberus-gaap:AccumulatedTranslationAdjustmentMember2019-04-012019-06-300000818479us-gaap:NetInvestmentHedgingMemberus-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-06-300000818479us-gaap:NetInvestmentHedgingMemberus-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-06-300000818479us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300000818479us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000818479xray:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestTranslationGainLossMember2020-06-300000818479xray:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestTranslationGainLossMember2019-12-310000818479xray:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestNetInvestmentHedgesMember2020-06-300000818479xray:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestNetInvestmentHedgesMember2019-12-310000818479us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000818479xray:AccumulatedNetGainLossFromDerivativesNotDesignatedAsCashFlowHedgesAttributableToParentMember2019-12-310000818479us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000818479us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-06-300000818479xray:AccumulatedNetGainLossFromDerivativesNotDesignatedAsCashFlowHedgesAttributableToParentMember2020-01-012020-06-300000818479us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300000818479us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300000818479xray:AccumulatedNetGainLossFromDerivativesNotDesignatedAsCashFlowHedgesAttributableToParentMember2020-06-300000818479us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300000818479us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000818479us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-12-310000818479xray:AccumulatedNetGainLossFromDerivativesNotDesignatedAsCashFlowHedgesAttributableToParentMember2018-12-310000818479us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000818479us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-06-300000818479xray:AccumulatedNetGainLossFromDerivativesNotDesignatedAsCashFlowHedgesAttributableToParentMember2019-01-012019-06-300000818479us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-06-300000818479us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300000818479us-gaap:AccumulatedTranslationAdjustmentMember2019-06-300000818479us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-06-300000818479xray:AccumulatedNetGainLossFromDerivativesNotDesignatedAsCashFlowHedgesAttributableToParentMember2019-06-300000818479us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-06-300000818479xray:StockOptionsAndRestrictedStockUnitsMember2020-01-012020-06-300000818479us-gaap:CommonStockMember2019-01-012019-06-3000008184792020-03-0900008184792020-03-092020-03-0900008184792020-05-122020-05-120000818479srt:ArithmeticAverageMember2020-03-092020-05-120000818479xray:DentalProductsMember2020-01-012020-06-300000818479xray:DentalProductsMember2019-01-012019-06-30xray:segment0000818479xray:TechnologiesAndEquipmentMember2020-04-012020-06-300000818479xray:TechnologiesAndEquipmentMember2019-04-012019-06-300000818479xray:TechnologiesAndEquipmentMember2020-01-012020-06-300000818479xray:TechnologiesAndEquipmentMember2019-01-012019-06-300000818479xray:ConsumablesSegmentMember2020-04-012020-06-300000818479xray:ConsumablesSegmentMember2019-04-012019-06-300000818479xray:ConsumablesSegmentMember2020-01-012020-06-300000818479xray:ConsumablesSegmentMember2019-01-012019-06-300000818479us-gaap:OperatingSegmentsMemberxray:TechnologiesAndEquipmentMember2020-04-012020-06-300000818479us-gaap:OperatingSegmentsMemberxray:TechnologiesAndEquipmentMember2019-04-012019-06-300000818479us-gaap:OperatingSegmentsMemberxray:TechnologiesAndEquipmentMember2020-01-012020-06-300000818479us-gaap:OperatingSegmentsMemberxray:TechnologiesAndEquipmentMember2019-01-012019-06-300000818479us-gaap:OperatingSegmentsMemberxray:ConsumablesSegmentMember2020-04-012020-06-300000818479us-gaap:OperatingSegmentsMemberxray:ConsumablesSegmentMember2019-04-012019-06-300000818479us-gaap:OperatingSegmentsMemberxray:ConsumablesSegmentMember2020-01-012020-06-300000818479us-gaap:OperatingSegmentsMemberxray:ConsumablesSegmentMember2019-01-012019-06-300000818479us-gaap:OperatingSegmentsMember2020-04-012020-06-300000818479us-gaap:OperatingSegmentsMember2019-04-012019-06-300000818479us-gaap:OperatingSegmentsMember2020-01-012020-06-300000818479us-gaap:OperatingSegmentsMember2019-01-012019-06-300000818479xray:CorporateReconcilingItemsAndEliminationsMember2020-04-012020-06-300000818479xray:CorporateReconcilingItemsAndEliminationsMember2019-04-012019-06-300000818479xray:CorporateReconcilingItemsAndEliminationsMember2020-01-012020-06-300000818479xray:CorporateReconcilingItemsAndEliminationsMember2019-01-012019-06-300000818479us-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300000818479us-gaap:MaterialReconcilingItemsMember2019-04-012019-06-300000818479us-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300000818479us-gaap:MaterialReconcilingItemsMember2019-01-012019-06-300000818479xray:SeveranceAndLeastContractTerminationsMember2020-04-012020-06-300000818479xray:SeveranceAndLeastContractTerminationsMember2020-01-012020-06-300000818479xray:SeveranceAndLeastContractTerminationsMember2019-04-012019-06-300000818479xray:SeveranceAndLeastContractTerminationsMember2019-01-012019-06-300000818479xray:RestructuringFiscal2018AndPriorPlansMemberus-gaap:EmployeeSeveranceMember2019-12-310000818479us-gaap:EmployeeSeveranceMemberxray:RestructuringFiscal2019PlansMember2019-12-310000818479us-gaap:EmployeeSeveranceMemberxray:RestructuringFiscal2020PlansMember2019-12-310000818479us-gaap:EmployeeSeveranceMember2019-12-310000818479xray:RestructuringFiscal2018AndPriorPlansMemberus-gaap:EmployeeSeveranceMember2020-01-012020-06-300000818479us-gaap:EmployeeSeveranceMemberxray:RestructuringFiscal2019PlansMember2020-01-012020-06-300000818479us-gaap:EmployeeSeveranceMemberxray:RestructuringFiscal2020PlansMember2020-01-012020-06-300000818479us-gaap:EmployeeSeveranceMember2020-01-012020-06-300000818479xray:RestructuringFiscal2018AndPriorPlansMemberus-gaap:EmployeeSeveranceMember2020-06-300000818479us-gaap:EmployeeSeveranceMemberxray:RestructuringFiscal2019PlansMember2020-06-300000818479us-gaap:EmployeeSeveranceMemberxray:RestructuringFiscal2020PlansMember2020-06-300000818479us-gaap:EmployeeSeveranceMember2020-06-300000818479xray:RestructuringFiscal2018AndPriorPlansMemberus-gaap:ContractTerminationMember2019-12-310000818479xray:RestructuringFiscal2020PlansMemberus-gaap:ContractTerminationMember2019-12-310000818479us-gaap:ContractTerminationMember2019-12-310000818479xray:RestructuringFiscal2018AndPriorPlansMemberus-gaap:ContractTerminationMember2020-01-012020-06-300000818479xray:RestructuringFiscal2020PlansMemberus-gaap:ContractTerminationMember2020-01-012020-06-300000818479us-gaap:ContractTerminationMember2020-01-012020-06-300000818479xray:RestructuringFiscal2018AndPriorPlansMemberus-gaap:ContractTerminationMember2020-06-300000818479xray:RestructuringFiscal2020PlansMemberus-gaap:ContractTerminationMember2020-06-300000818479us-gaap:ContractTerminationMember2020-06-300000818479xray:RestructuringFiscal2018AndPriorPlansMemberus-gaap:OtherRestructuringMember2019-12-310000818479us-gaap:OtherRestructuringMemberxray:RestructuringFiscal2019PlansMember2019-12-310000818479us-gaap:OtherRestructuringMemberxray:RestructuringFiscal2020PlansMember2019-12-310000818479us-gaap:OtherRestructuringMember2019-12-310000818479xray:RestructuringFiscal2018AndPriorPlansMemberus-gaap:OtherRestructuringMember2020-01-012020-06-300000818479us-gaap:OtherRestructuringMemberxray:RestructuringFiscal2019PlansMember2020-01-012020-06-300000818479us-gaap:OtherRestructuringMemberxray:RestructuringFiscal2020PlansMember2020-01-012020-06-300000818479us-gaap:OtherRestructuringMember2020-01-012020-06-300000818479xray:RestructuringFiscal2018AndPriorPlansMemberus-gaap:OtherRestructuringMember2020-06-300000818479us-gaap:OtherRestructuringMemberxray:RestructuringFiscal2019PlansMember2020-06-300000818479us-gaap:OtherRestructuringMemberxray:RestructuringFiscal2020PlansMember2020-06-300000818479us-gaap:OtherRestructuringMember2020-06-300000818479xray:TechnologiesAndEquipmentMemberus-gaap:OperatingSegmentsMemberxray:RestructuringFiscal2020PlansMember2019-12-310000818479xray:TechnologiesAndEquipmentMemberus-gaap:OperatingSegmentsMemberxray:RestructuringFiscal2020PlansMember2020-01-012020-06-300000818479xray:TechnologiesAndEquipmentMemberus-gaap:OperatingSegmentsMemberxray:RestructuringFiscal2020PlansMember2020-06-300000818479us-gaap:OperatingSegmentsMemberxray:ConsumablesSegmentMemberxray:RestructuringFiscal2020PlansMember2019-12-310000818479us-gaap:OperatingSegmentsMemberxray:ConsumablesSegmentMemberxray:RestructuringFiscal2020PlansMember2020-01-012020-06-300000818479us-gaap:OperatingSegmentsMemberxray:ConsumablesSegmentMemberxray:RestructuringFiscal2020PlansMember2020-06-300000818479us-gaap:CorporateNonSegmentMemberxray:RestructuringFiscal2020PlansMember2019-12-310000818479us-gaap:CorporateNonSegmentMemberxray:RestructuringFiscal2020PlansMember2020-01-012020-06-300000818479us-gaap:CorporateNonSegmentMemberxray:RestructuringFiscal2020PlansMember2020-06-300000818479xray:RestructuringFiscal2020PlansMember2019-12-310000818479xray:RestructuringFiscal2020PlansMember2020-01-012020-06-300000818479xray:RestructuringFiscal2020PlansMember2020-06-300000818479us-gaap:OtherRestructuringMember2020-04-012020-06-300000818479us-gaap:OtherRestructuringMember2019-04-012019-06-300000818479us-gaap:OtherRestructuringMember2019-01-012019-06-300000818479us-gaap:SubsequentEventMemberxray:TraditionalOrthodonticsBusinessAndPortionsOfLaboratoryBusinessMembersrt:MinimumMemberxray:TechnologiesAndEquipmentAndConsumablesSegmentsMember2020-08-062020-08-060000818479srt:MaximumMemberus-gaap:SubsequentEventMemberxray:TraditionalOrthodonticsBusinessAndPortionsOfLaboratoryBusinessMemberxray:TechnologiesAndEquipmentAndConsumablesSegmentsMember2020-08-062020-08-060000818479us-gaap:SubsequentEventMemberxray:TraditionalOrthodonticsBusinessAndPortionsOfLaboratoryBusinessMembersrt:MinimumMemberxray:TechnologiesAndEquipmentAndConsumablesSegmentsMember2020-08-060000818479srt:MaximumMemberus-gaap:SubsequentEventMemberxray:TraditionalOrthodonticsBusinessAndPortionsOfLaboratoryBusinessMemberxray:TechnologiesAndEquipmentAndConsumablesSegmentsMember2020-08-060000818479srt:ScenarioForecastMemberxray:TraditionalOrthodonticsBusinessAndPortionsOfLaboratoryBusinessMembersrt:MinimumMemberxray:TechnologiesAndEquipmentAndConsumablesSegmentsMember2020-08-072020-12-310000818479srt:ScenarioForecastMembersrt:MaximumMemberxray:TraditionalOrthodonticsBusinessAndPortionsOfLaboratoryBusinessMemberxray:TechnologiesAndEquipmentAndConsumablesSegmentsMember2020-08-072020-12-310000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2020-01-012020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2020-01-012020-06-300000818479us-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2020-01-012020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-01-012020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-04-072020-04-070000818479xray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-06-300000818479us-gaap:InterestExpenseMemberxray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-04-012020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherExpenseMemberus-gaap:ForeignExchangeContractMember2020-04-012020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-04-012020-06-300000818479xray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2019-04-012019-06-300000818479xray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:InterestIncomeMember2019-04-012019-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2019-04-012019-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherExpenseMemberus-gaap:ForeignExchangeContractMember2019-04-012019-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2019-04-012019-06-300000818479us-gaap:InterestExpenseMemberxray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-01-012020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherExpenseMemberus-gaap:ForeignExchangeContractMember2020-01-012020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-01-012020-06-300000818479us-gaap:InterestExpenseMemberxray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2019-01-012019-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherExpenseMemberus-gaap:ForeignExchangeContractMember2019-01-012019-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2019-01-012019-06-300000818479us-gaap:FairValueHedgingMemberus-gaap:ForeignExchangeContractMember2020-06-300000818479us-gaap:FairValueHedgingMember2020-06-300000818479us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-06-300000818479us-gaap:NondesignatedMember2020-06-300000818479us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-06-300000818479us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2020-06-300000818479us-gaap:ForeignExchangeForwardMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300000818479us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2020-06-300000818479xray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-06-300000818479xray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2020-06-300000818479us-gaap:AccruedLiabilitiesMemberxray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300000818479xray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2020-06-300000818479us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2020-06-300000818479us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-06-300000818479us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherNoncurrentAssetsMember2020-06-300000818479us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:AccruedLiabilitiesMember2020-06-300000818479us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherNoncurrentLiabilitiesMember2020-06-300000818479us-gaap:NondesignatedMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-06-300000818479us-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2020-06-300000818479us-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2020-06-300000818479us-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2020-06-300000818479us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2019-12-310000818479us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2019-12-310000818479us-gaap:ForeignExchangeForwardMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000818479us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2019-12-310000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2019-12-310000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateSwapMember2019-12-310000818479us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2019-12-310000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:OtherNoncurrentLiabilitiesMember2019-12-310000818479xray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2019-12-310000818479xray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2019-12-310000818479us-gaap:AccruedLiabilitiesMemberxray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000818479xray:CrossCurrencyBasisSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2019-12-310000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2019-12-310000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2019-12-310000818479us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000818479us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2019-12-310000818479us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2019-12-310000818479us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherNoncurrentAssetsMember2019-12-310000818479us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:AccruedLiabilitiesMember2019-12-310000818479us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherNoncurrentLiabilitiesMember2019-12-310000818479us-gaap:NondesignatedMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2019-12-310000818479us-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2019-12-310000818479us-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2019-12-310000818479us-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2019-12-310000818479us-gaap:ForeignExchangeContractMember2020-06-300000818479xray:CrossCurrencyBasisSwapsMember2020-06-300000818479us-gaap:ForeignExchangeContractMember2019-12-310000818479xray:CrossCurrencyBasisSwapsMember2019-12-310000818479us-gaap:InterestRateSwapMember2019-12-310000818479us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300000818479us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300000818479us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310000818479us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberxray:CrossCurrencyInterestRateSwapsMember2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberxray:CrossCurrencyInterestRateSwapsMember2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberxray:CrossCurrencyInterestRateSwapsMemberus-gaap:FairValueInputsLevel2Member2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberxray:CrossCurrencyInterestRateSwapsMemberus-gaap:FairValueInputsLevel3Member2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel1Member2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Member2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel3Member2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMember2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberxray:ContingentConsiderationsOnAcquisitionsMember2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberxray:ContingentConsiderationsOnAcquisitionsMember2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberxray:ContingentConsiderationsOnAcquisitionsMember2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberxray:ContingentConsiderationsOnAcquisitionsMemberus-gaap:FairValueInputsLevel3Member2020-06-300000818479us-gaap:FairValueMeasurementsRecurringMemberxray:CrossCurrencyInterestRateSwapsMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberxray:CrossCurrencyInterestRateSwapsMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberxray:CrossCurrencyInterestRateSwapsMemberus-gaap:FairValueInputsLevel2Member2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberxray:CrossCurrencyInterestRateSwapsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel1Member2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Member2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel3Member2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberxray:ContingentConsiderationsOnAcquisitionsMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberxray:ContingentConsiderationsOnAcquisitionsMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberxray:ContingentConsiderationsOnAcquisitionsMember2019-12-310000818479us-gaap:FairValueMeasurementsRecurringMemberxray:ContingentConsiderationsOnAcquisitionsMemberus-gaap:FairValueInputsLevel3Member2019-12-310000818479us-gaap:NotesPayableToBanksMember2020-04-090000818479us-gaap:NotesPayableToBanksMember2020-04-092020-04-090000818479us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-01-012020-06-300000818479us-gaap:LineOfCreditMemberxray:A2018RevolvingCreditFacilityMember2020-04-172020-04-170000818479srt:ScenarioForecastMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:LineOfCreditMemberxray:A2018RevolvingCreditFacilityMember2020-04-172020-12-310000818479us-gaap:LineOfCreditMemberxray:A2018RevolvingCreditFacilityMember2020-05-262020-05-260000818479xray:SeniorUnsecuredNotesMaturingJune12030Memberus-gaap:SeniorNotesMember2020-05-260000818479xray:SeniorUnsecuredNotesMaturingJune12030Memberus-gaap:SeniorNotesMember2020-05-262020-05-260000818479us-gaap:TreasuryLockMemberxray:SeniorUnsecuredNotesMaturingJune12030Memberus-gaap:CashFlowHedgingMember2020-05-262020-05-260000818479us-gaap:TreasuryLockMemberxray:SeniorUnsecuredNotesMaturingJune12030Memberus-gaap:CashFlowHedgingMember2020-05-260000818479us-gaap:TreasuryLockMemberus-gaap:CashFlowHedgingMember2020-05-262020-05-26iso4217:EUR0000818479us-gaap:NotesPayableToBanksMember2020-05-050000818479us-gaap:NotesPayableToBanksMember2020-05-052020-05-050000818479us-gaap:NotesPayableToBanksMember2020-05-120000818479us-gaap:NotesPayableToBanksMember2020-05-122020-05-12iso4217:JPY0000818479us-gaap:NotesPayableToBanksMember2020-06-110000818479us-gaap:NotesPayableToBanksMember2020-06-112020-06-110000818479us-gaap:CommercialPaperMemberus-gaap:LineOfCreditMember2020-06-30xray:reportingUnit0000818479us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2018-04-302018-04-300000818479srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberxray:COVID19Member2020-01-012020-03-310000818479xray:ReportingUnitWithinTheTechnologiesAndEquipmentSegmentMember2020-06-300000818479xray:EquipmentAndInstrumentsReportingUnitMember2020-06-30xray:reporting_unit0000818479xray:COVID19Member2020-03-310000818479us-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberxray:COVID19Member2020-01-012020-03-310000818479xray:TechnologiesAndEquipmentMemberxray:EquipmentAndInstrumentsReportingUnitMemberxray:COVID19Member2020-01-012020-03-310000818479xray:TechnologiesAndEquipmentMemberxray:EquipmentAndInstrumentsReportingUnitMemberxray:COVID19Member2020-03-310000818479srt:MinimumMemberxray:COVID19Member2020-01-012020-03-310000818479srt:MaximumMemberxray:COVID19Member2020-01-012020-03-310000818479xray:TechnologiesAndEquipmentMember2019-12-310000818479xray:ConsumablesSegmentMember2019-12-310000818479xray:TechnologiesAndEquipmentMember2020-06-300000818479xray:ConsumablesSegmentMember2020-06-300000818479xray:PatentsAndDevelopedTechnologyMember2020-06-300000818479xray:PatentsAndDevelopedTechnologyMember2019-12-310000818479us-gaap:TrademarksAndTradeNamesMember2020-06-300000818479us-gaap:TrademarksAndTradeNamesMember2019-12-310000818479us-gaap:LicensingAgreementsMember2020-06-300000818479us-gaap:LicensingAgreementsMember2019-12-310000818479us-gaap:CustomerRelationshipsMember2020-06-300000818479us-gaap:CustomerRelationshipsMember2019-12-310000818479us-gaap:TrademarksAndTradeNamesMember2020-06-300000818479us-gaap:TrademarksAndTradeNamesMember2019-12-310000818479xray:TechnologiesAndEquipmentMember2019-01-012019-03-3100008184792018-01-112018-01-11xray:performancePeriods00008184792018-06-0700008184792019-04-2900008184792014-01-012014-03-310000818479us-gaap:TaxYear2012Memberus-gaap:InternalRevenueServiceIRSMember2020-06-300000818479us-gaap:TaxYear2013Memberus-gaap:InternalRevenueServiceIRSMember2020-06-300000818479us-gaap:TaxYear2014Memberus-gaap:InternalRevenueServiceIRSMember2020-01-012020-06-300000818479xray:SwedishTaxAgencyMember2020-01-012020-06-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
Commission File Number 0-16211
DENTSPLY SIRONA Inc.
(Exact name of registrant as specified in its charter)
Delaware
39-1434669
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
13320 Ballantyne Corporate Place, Charlotte, North Carolina
28277-3607
(Address of principal executive offices)
(Zip Code)
(844) 848-0137
(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 $.01 per shareXRAYThe Nasdaq Stock Market LLC

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 x 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   x No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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  x
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   x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:  At August 3, 2020, DENTSPLY SIRONA Inc. had 218,496,392 shares of common stock outstanding.



DENTSPLY SIRONA Inc.

TABLE OF CONTENTS
 
Page

2


PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net sales$490.6  $1,009.4  $1,364.9  $1,955.6  
Cost of products sold314.5  468.6  721.0  915.1  
Gross profit176.1  540.8  643.9  1,040.5  
Selling, general, and administrative expenses279.1  430.9  672.6  862.8  
Goodwill impairment    156.6    
Restructuring and other costs1.3  42.4  43.8  62.9  
Operating (loss) income(104.3) 67.5  (229.1) 114.8  
Other income and expenses:
Interest expense12.3  8.0  19.0  16.4  
Interest income(1.0) (0.2) (1.4) (1.3) 
Other expense (income), net4.3  12.1  2.9  (1.7) 
(Loss) income before income taxes(119.9) 47.6  (249.6) 101.4  
(Benefit) provision for income taxes(24.0) 11.2  (13.8) 25.8  
Net (loss) income(95.9) 36.4  (235.8) 75.6  
Less: Net loss attributable to noncontrolling interest(0.5)   (0.5)   
Net (loss) income attributable to Dentsply Sirona$(95.4) $36.4  $(235.3) $75.6  
Net (loss) income per common share attributable to Dentsply Sirona:
Basic$(0.44) $0.16  $(1.07) $0.34  
Diluted$(0.44) $0.16  $(1.07) $0.34  
Weighted average common shares outstanding:
Basic218.7  224.2  219.8  223.7  
Diluted218.7  225.7  219.8  225.3  

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
3


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net (loss) income$(95.9) $36.4  $(235.8) $75.6  
Other comprehensive income (loss), net of tax:
 Foreign currency translation gain (loss)73.6  43.7  (44.8) (17.3) 
 Net loss on derivative financial instruments(7.5) (9.8) (2.9) (8.1) 
 Pension liability gain1.5  0.9  3.1  1.8  
Total other comprehensive income (loss), net of tax67.6  34.8  (44.6) (23.6) 
Total comprehensive (loss) income(28.3) 71.2  (280.4) 52.0  
Less: Comprehensive income attributable to noncontrolling interests0.1    0.4  0.3  
Total comprehensive (loss) income attributable to Dentsply Sirona$(28.4) $71.2  $(280.8) $51.7  

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
4


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
(unaudited)
June 30, 2020December 31, 2019
Assets
Current Assets:
Cash and cash equivalents$1,109.1  $404.9  
Accounts and notes receivables-trade, net500.2  782.0  
Inventories, net548.9  561.7  
Prepaid expenses and other current assets, net204.7  251.3  
Total Current Assets2,362.9  1,999.9  
Property, plant and equipment, net771.7  802.4  
Operating lease right-of-use assets, net138.8  159.3  
Identifiable intangible assets, net2,039.6  2,176.3  
Goodwill, net3,227.2  3,396.5  
Other noncurrent assets, net64.0  68.5  
Total Assets$8,604.2  $8,602.9  
Liabilities and Equity
Current Liabilities:
Accounts payable$214.1  $307.9  
Accrued liabilities486.9  629.2  
Income taxes payable61.7  56.1  
Notes payable and current portion of long-term debt0.3  2.3  
Total Current Liabilities763.0  995.5  
Long-term debt2,182.7  1,433.1  
Operating lease liabilities101.0  119.5  
Deferred income taxes439.2  479.6  
Other noncurrent liabilities472.9  480.3  
Total Liabilities3,958.8  3,508.0  
Commitments and contingencies    
Equity:
Preferred stock, $1.00 par value; 0.25 million shares authorized; no shares issued
    
Common stock, $0.01 par value;
2.6  2.6  
400.0 million shares authorized, and 264.5 million shares issued at June 30, 2020 and December 31, 2019
218.4 million and 221.3 million shares outstanding at June 30, 2020 and December 31, 2019, respectively
Capital in excess of par value6,576.7  6,586.7  
Retained earnings1,124.7  1,404.2  
Accumulated other comprehensive loss(644.7) (599.7) 
Treasury stock, at cost, 46.1 million and 43.2 million shares at June 30, 2020 and December 31, 2019, respectively
(2,416.2) (2,301.3) 
Total Dentsply Sirona Equity4,643.1  5,092.5  
Noncontrolling interests2.3  2.4  
Total Equity4,645.4  5,094.9  
Total Liabilities and Equity$8,604.2  $8,602.9  
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
5


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions, except per share amounts)
(unaudited)

Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total Dentsply Sirona
Equity
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2019$2.6  $6,586.7  $1,404.2  $(599.7) $(2,301.3) $5,092.5  $2.4  $5,094.9  
Net loss—  —  (139.9) —  —  (139.9) —  (139.9) 
Other comprehensive (loss) income—  —  —  (112.5) —  (112.5) 0.3  (112.2) 
Exercise of stock options—  (0.5) —  —  4.3  3.8  —  3.8  
Stock based compensation expense—  9.4  —  —  —  9.4  —  9.4  
Funding of employee stock purchase plan—  0.8  —  —  1.3  2.1  —  2.1  
Treasury shares purchased—  (28.0) —  —  (112.0) (140.0) —  (140.0) 
Restricted stock unit distributions—  (14.8) —  —  8.7  (6.1) —  (6.1) 
Restricted stock unit dividends—  0.3  (0.3) —  —  —  —    
Cash dividends ($0.1000 per share)
—  —  (21.8) —  —  (21.8) —  (21.8) 
Balance at March 31, 2020$2.6  $6,553.9  $1,242.2  $(712.2) $(2,399.0) $4,687.5  $2.7  $4,690.2  
Net loss—  —  (95.4) —  —  (95.4) (0.5) (95.9) 
Other comprehensive income—  —  —  67.5  —  67.5  0.1  67.6  
Exercise of stock options—  0.3  —  —  1.3  1.6  —  1.6  
Stock based compensation expense—  10.3  —  —  —  10.3  —  10.3  
Treasury shares purchased—  28.0  —  —  (28.0)   —    
Restricted stock unit distributions—  (16.0) —  —  9.5  (6.5) —  (6.5) 
Restricted stock unit dividends—  0.2  (0.2) —  —  —  —  —  
Cash dividends ($0.1000 per share)
—  —  (21.9) —  —  (21.9) —  (21.9) 
Balance at June 30, 2020$2.6  $6,576.7  $1,124.7  $(644.7) $(2,416.2) $4,643.1  $2.3  $4,645.4  


Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total Dentsply Sirona
Equity
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2018$2.6  $6,522.3  $1,225.9  $(478.7) $(2,151.0) $5,121.1  $11.9  $5,133.0  
Net income—  —  39.2  —  —  39.2    39.2  
Other comprehensive (loss) income—  —  —  (58.7) —  (58.7) 0.3  (58.4) 
Divestiture of noncontrolling interest—  —  —  —  —  —  (10.4) (10.4) 
Exercise of stock options—  1.5  —  —  18.2  19.7  —  19.7  
Stock based compensation expense—  9.1  —  —  —  9.1  —  9.1  
Funding of employee stock purchase plan —  0.1  —  —  1.9  2.0  —  2.0  
Restricted stock unit distributions—  (12.8) 8.0  (4.8) —  (4.8) 
Restricted stock unit dividends—  0.2  (0.2) —  —  —  —    
Cash dividends ($0.0875 per share)
—  —  (19.9) —  —  (19.9) —  (19.9) 
Balance at March 31, 2019$2.6  $6,520.4  $1,245.0  $(537.4) $(2,122.9) $5,107.7  $1.8  $5,109.5  
Net income—  —  36.4  —  —  36.4    36.4  
Other comprehensive income—  —  —  34.8  —  34.8    34.8  
Exercise of stock options—  6.3  —  —  50.2  56.5  —  56.5  
Stock based compensation expense—  25.2  —  —  —  25.2  —  25.2  
Treasury shares purchased—  —  —  —  (60.0) (60.0) —  (60.0) 
Restricted stock unit distributions—  (0.8) —  —  0.7  (0.1) —  (0.1) 
Restricted stock unit dividends—  0.2  (0.2) —  —  —  —    
Cash dividends ($0.0875 per share)
—  —  (19.4) —  —  (19.4) —  (19.4) 
Balance at June 30, 2019$2.6  $6,551.3  $1,261.8  $(502.6) $(2,132.0) $5,181.1  $1.8  $5,182.9  
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
6



DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Six Months Ended June 30,
20202019
Cash flows from operating activities:
Net (loss) income$(235.8) $75.6  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation64.5  70.4  
Amortization of intangible assets93.8  95.5  
Amortization of deferred financing costs1.8  1.4  
Fixed asset impairment  33.2  
Goodwill impairment156.6    
Indefinite-lived intangible asset impairment38.7  5.3  
Deferred income taxes(32.4) (18.4) 
Stock based compensation expense19.7  34.4  
Restructuring and other costs - non-cash4.5  14.8  
Other non-cash income(3.7) (16.7) 
Loss on disposal of property, plant and equipment0.6  0.6  
Gain on divestiture of noncontrolling interest  (8.7) 
Loss on sale of non-strategic businesses and product lines  14.5  
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable-trade, net268.7  (1.5) 
Inventories, net(1.0) (18.3) 
Prepaid expenses and other current assets, net33.0  7.9  
Other noncurrent assets, net5.9  6.9  
Accounts payable(88.7<