Becton Dickinson & Co 10-Q for FY2026 Q2

Becton Dickinson & Co (BDX)

10-Q 2026-05-07 For: 2026-03-31

Added on May 07, 2026

About this 10-Q

Becton Dickinson & Co filed this 10-Q on May 7, 2026, covering the quarter ended March 31, 2026 (FY2026 Q2).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $4.71B; up 5.2% from $4.48B a year earlier
Net loss: $311M; compared with net income of $308M a year earlier
Diluted EPS: -$1.11; compared with $1.07 a year earlier

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		Page Number
Part I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Statements of (L oss) Income	3
	Condensed Consolidated Statements of Comprehensive (Loss) Income	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	50

Part II.	OTHER INFORMATION

Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults Upon Senior Securities	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	54

Signatures		55


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Revenues	$	4,714	$	4,480	$	9,200	$	8,813
Cost of products sold	2,560		2,619		4,994		5,155
Selling and administrative expense	1,213		1,117		2,442		2,272
Research and development expense	249		232		484		476
Integration, restructuring and transaction expense	533		93		640		182
Other operating expense, net	66		35		78		63
Total Operating Costs and Expenses	4,620		4,097		8,639		8,147
Operating Income	93		383		562		665
Interest expense	(149)		(150)		(302)		(305)
Interest income	9		5		13		27
Other income (expense), net	86		(36)		78		(50)
Income from Continuing Operations Before Income Taxes	39		201		350		337
Income tax provision	76		43		76		33
Net (Loss) Income from Continuing Operations	(37)		158		274		304
(Loss) Income from Discontinued Operations, Net of Tax	(274)		150		(202)		306
Net (Loss) Income	$	(311)	$	308	$	72	$	611

Basic Earnings per Share
(Loss) Income from Continuing Operations	$	(0.13)	$	0.55	$	0.97	$	1.06
(Loss) Income from Discontinued Operations	(0.98)		0.52		(0.72)		1.06
Basic (Loss) Earnings per Share	$	(1.11)	$	1.07	$	0.25	$	2.12

Diluted Earnings per Share
(Loss) Income from Continuing Operations	$	(0.13)	$	0.55	$	0.96	$	1.05
(Loss) Income from Discontinued Operations	(0.98)		0.52		(0.71)		1.06
Diluted (Loss) Earnings per Share	$	(1.11)	$	1.07	$	0.25	$	2.11

Dividends per Common Share	$	1.05	$	1.04	$	2.10	$	2.08


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Net (Loss) Income	$	(311)	$	308	$	72	$	611
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustments	97		(48)		114		(2)
Defined benefit pension and postretirement plans	(1)		8		10		16
Cash flow hedges	1		—		11		2
Unrealized loss on available-for-sale debt securities	(3)		—		(3)		—
Other Comprehensive Income (Loss), Net of Tax	94		(40)		131		16
Comprehensive (Loss) Income	$	(217)	$	268	$	203	$	626


	March 31, 2026		September 30, 2025
Assets
Current Assets:
Cash and equivalents	$	813	$	567
Restricted cash	202		210
Short-term investments	3		8
Trade receivables, net	2,205		2,396
Inventories:
Materials	801		724
Work in process	396		354
Finished products	2,161		2,071
	3,357		3,149

Prepaid expenses and other	1,432		1,379
Current assets of discontinued operations	—		1,545
Total Current Assets	8,012		9,255
Property, Plant and Equipment	13,552		13,656
Less allowances for depreciation and amortization	7,470		7,272
Property, Plant and Equipment, Net	6,082		6,383
Goodwill	25,955		25,964
Developed Technology, Net	5,894		6,564
Customer Relationships, Net	2,005		2,206
Other Intangibles, Net	450		456

Other Assets	2,434		2,383
Noncurrent Assets of Discontinued Operations	—		2,114
Total Assets	$	50,832	$	55,325
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt obligations	$	2,573	$	1,559
Payables, accrued expenses and other current liabilities	5,934		6,106

Current liabilities of discontinued operations	—		648
Total Current Liabilities	8,507		8,313
Long-Term Debt	14,706		17,620
Long-Term Employee Benefit Obligations	1,026		1,027
Deferred Income Taxes and Other Liabilities	2,460		2,632
Noncurrent Liabilities of Discontinued Operations	—		342
Commitments and Contingencies (See Note 6)
Shareholders’ Equity

Common stock — $1 par value; authorized — 640,000,000 shares; issued — 370,594,401 shares in March 31, 2026 and September 30, 2025	371		371
Capital in excess of par value	19,768		20,075
Retained earnings	17,391		16,622
Deferred compensation	26		25
Treasury stock	(11,660)		(9,808)
Accumulated other comprehensive loss	(1,764)		(1,895)
Total Shareholders’ Equity	24,133		25,390
Total Liabilities and Shareholders’ Equity	$	50,832	$	55,325


	Six Months Ended March 31,
	2026		2025
Operating Activities
Net income	$	72	$	611
Less: (Loss) income from discontinued operations, net of tax	(202)		306
Income from continuing operations, net of tax	274		304
Adjustments to income from continuing operations, net of tax to derive net cash provided by continuing operating activities:
Depreciation and amortization	1,134		1,131
Share-based compensation	149		131
Deferred income taxes	(44)		(259)
Change in operating assets and liabilities	(417)		(1,070)
Pension obligation	(4)		(3)



Asset impairment charges	450		—
Impacts of debt extinguishment	(122)		—
Other, net	(91)		254
Net Cash Provided by Continuing Operating Activities	1,328		489
Investing Activities
Capital expenditures	(233)		(219)

Maturities and sales of investments	23		413
Acquisitions, net of cash acquired and adjustments	—		13

Other, net	(111)		(136)
Net Cash (Used for) Provided by Continuing Investing Activities	(322)		71
Financing Activities
Change in short-term debt	328		340

Distribution from spin-off entity, net (see Note 2)	3,857		—


Payments of debt	(2,000)		(875)

Repurchases of common stock	(2,250)		(750)
Dividends paid	(589)		(600)
Other, net	(63)		(81)
Net Cash Used for Continuing Financing Activities	(716)		(1,966)
Discontinued Operations
Net cash (used for) provided by operating activities	(73)		368
Net cash used for investing activities	(53)		(59)
Net cash provided by (used for) financing activities	71		(3)
Net Cash (Used for) Provided by Discontinued Operations	(55)		306
Effect of exchange rate changes on cash and equivalents and restricted cash	3		(11)
Net increase (decrease) in cash and equivalents and restricted cash	238		(1,111)
Opening Cash and Equivalents and Restricted Cash	777		1,792
Closing Cash and Equivalents and Restricted Cash	$	1,015	$	681


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended March 31,				Six Months Ended March 31,
(Millions of dollars)	2026 (a)		2025		2026 (a)		2025
Revenues	$	273	$	792	$	1,039	$	1,627
Cost of products sold	162		396		568		793
Selling and administrative expense	78		156		242		320
Research and development expense	35		70		106		170
Integration, restructuring and transaction impacts	—		(3)		4		1
Other operating expense, net	204		10		241		10
Total Operating Costs and Expenses	479		629		1,161		1,293
Operating (Loss) Income	(206)		163		(122)		334


Other expense, net	(1)		(1)		(4)		(3)
(Loss) Income from Discontinued Operations Before Income Taxes	(207)		162		(125)		331
Income tax provision	67		12		77		25
(Loss) Income from Discontinued Operations, Net of Tax	$	(274)	$	150	$	(202)	$	306


	Common Stock Issued at Par Value		Capital in Excess of Par Value		Retained Earnings		Deferred Compensation		Treasury Stock
(Millions of dollars)									Shares (in thousands)	Amount
Balance at September 30, 2025	$	371	$	20,075	$	16,622	$	25	(85,192)	$	(9,808)
Net income	—		—		382		—		—	—
Common dividends ($1.05 per share)	—		—		(299)		—		—	—

Issuance of shares under employee and other plans, net	—		(63)		—		—		660	(2)
Share-based compensation	—		91		—		—		—	—
Common stock held in trusts, net (a)	—		—		—		—		(5)	—
Repurchase of common stock (b)	—		—		—		—		(1,315)	(254)

Balance at December 31, 2025	$	371	$	20,103	$	16,704	$	25	(85,853)	$	(10,064)
Net loss	—		—		(311)		—		—	—
Common dividends ($1.05 per share)	—		—		(290)		—		—	—

Issuance of shares under employee and other plans, net	—		(8)		(1)		1		115	18
Share-based compensation	—		73		—		—		—	—
Common stock held in trusts, net (a)	—		—		—		—		3	—
Repurchase of common stock	—		(400)		—		—		(9,320)	(1,613)
Spin-off of Biosciences and Diagnostic Solutions business (See Note 2)	—		—		1,288		—		—	—
Balance at March 31, 2026	$	371	$	19,768	$	17,391	$	26	(95,054)	$	(11,660)


(Millions of dollars)	Total		Foreign Currency Translation (a)		Benefit Plans (b)		Cash Flow Hedges (c)		Available-for-Sale Debt Securities
Balance at September 30, 2025	$	(1,895)	$	(1,353)	$	(636)	$	94	$	—
Other comprehensive income before reclassifications, net of taxes	28		17		—		11		—
Amounts reclassified into income, net of taxes	9		—		11		(1)		—
Balance at December 31, 2025	$	(1,857)	$	(1,336)	$	(625)	$	104	$	—
Other comprehensive income (loss) before reclassifications, net of taxes	31		58		(29)		5		(3)
Amounts reclassified into income, net of taxes	24		—		28		(4)		—
Spin-off of Biosciences and Diagnostic Solutions business (See Note 2)	39		39		—		—		—
Balance at March 31, 2026	$	(1,764)	$	(1,239)	$	(626)	$	105	$	(3)


Reportable Segment:			Organizational Units:
Medical Essentials			Medication Delivery Solutions, Specimen Management
Connected Care			Medication Management Solutions, Advanced Patient Monitoring
BioPharma Systems			BioPharma Systems (formerly Pharmaceutical Systems)
Interventional			Urology and Critical Care, Peripheral Intervention, Surgery



	Three Months Ended March 31,
(Millions of dollars)	2026						2025
	United States		International		Total		United States		International		Total
Medical Essentials
Medication Delivery Solutions	$	712	$	451	$	1,163	$	687	$	430	$	1,117
Specimen Management	253		231		484		242		213		456
Total segment revenues	$	965	$	682	$	1,647	$	929	$	643	$	1,573

Connected Care
Medication Management Solutions	$	660	$	168	$	829	$	662	$	149	$	811
Advanced Patient Monitoring	180		112		292		155		102		257
Total segment revenues	$	840	$	280	$	1,120	$	817	$	251	$	1,068

BioPharma Systems	$	178	$	411	$	590	$	149	$	426	$	575

Interventional
Peripheral Intervention	$	279	$	236	$	515	$	269	$	212	$	481
Urology and Critical Care	351		79		430		323		77		400
Surgery	303		109		411		289		94		383
Total segment revenues	$	933	$	423	$	1,357	$	880	$	384	$	1,264

Total Company revenues from continuing operations	$	2,917	$	1,797	$	4,714	$	2,776	$	1,704	$	4,480


Three Months Ended March 31, 2026

(Millions of dollars)	Medical			Connected			BioPharma
	Essentials			Care			Systems			Interventional			Total
Revenues	$	1,647		$	1,120		$	590		$	1,357		$	4,714
Segment expenses:
Cost of products sold	835			490			316			429			2,070
% of revenues	50.7		%	43.7		%	53.6		%	31.6		%
Selling and administrative expense	185			190			32			277			684
% of revenues	11.2		%	17.0		%	5.4		%	20.4		%
Research and development expense	53			90			17			72			232
% of revenues	3.2		%	8.1		%	2.8		%	5.3		%
Other operating expense, net	—			3			—			—			3
% of revenues	—		%	0.3		%	—		%	—		%
Segment Operating Income	$	574		$	347		$	225		$	579		$	1,724
% of revenues	34.8		%	31.0		%	38.1		%	42.7		%

Unallocated items
Net interest expense													(140)
Corporate administrative and other unallocated (a)													(595)
Specified items:
Purchase accounting adjustments (b)													(368)
Integration, restructuring and transaction expense (c)													(533)
Product, litigation, and other items (d)													(132)

Separation-related items (e)													(40)
Impacts of debt extinguishment													122
Income from Continuing Operations Before Income Taxes													$	39


Three Months Ended March 31, 2025

(Millions of dollars)	Medical			Connected			BioPharma
	Essentials			Care			Systems			Interventional			Total
Revenues	$	1,573		$	1,068		$	575		$	1,264		$	4,480
Segment expenses:
Cost of products sold	743			478			306			401			1,928
% of revenues	47.0		%	44.8		%	53.2		%	31.7		%
Selling and administrative expense	164			161			28			236			589
% of revenues	10.4		%	15.1		%	4.8		%	18.6		%
Research and development expense	48			74			18			63			203
% of revenues	3.1		%	6.9		%	3.1		%	5.0		%
Other operating expense, net	—			2			—			—			2
% of revenues	—		%	0.2		%	—		%	—		%
Segment Operating Income	$	617		$	353		$	224		$	565		$	1,759
% of revenues	39.3		%	33.0		%	38.9		%	44.7		%

Unallocated items
Net interest expense													(146)
Corporate administrative and other unallocated (a)													(636)
Specified items:
Purchase accounting adjustments (b)													(543)
Integration, restructuring and transaction expense													(93)
Product, litigation, and other items (d)													(139)



Income from Continuing Operations Before Income Taxes													$	201


Six Months Ended March 31, 2026

(Millions of dollars)	Medical			Connected			BioPharma
	Essentials			Care			Systems			Interventional			Total
Revenues	$	3,242		$	2,252		$	1,019		$	2,687		$	9,200
Segment expenses:
Cost of products sold	1,635			991			559			874			4,060
% of revenues	50.4		%	44.0		%	54.9		%	32.5		%
Selling and administrative expense	365			381			60			539			1,345
% of revenues	11.3		%	16.9		%	5.9		%	20.1		%
Research and development expense	100			175			34			135			444
% of revenues	3.1		%	7.8		%	3.4		%	5.0		%
Other operating expense, net	—			6			—			—			6
% of revenues	—		%	0.3		%	—		%	—		%
Segment Operating Income	$	1,142		$	699		$	365		$	1,139		$	3,345
% of revenues	35.2		%	31.0		%	35.8		%	42.4		%

Unallocated items
Net interest expense													(289)
Corporate administrative and other unallocated (a)													(1,257)
Specified items:
Purchase accounting adjustments (b)													(751)
Integration, restructuring and transaction expense (c)													(639)
Product, litigation, and other items (d)													(140)

Separation-related items (e)													(41)
Impacts of debt extinguishment													122
Income from Continuing Operations Before Income Taxes													$	350


	March 31, 2026						September 30, 2025
(Millions of dollars)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Developed technology (a)	$	14,783	$	(8,889)	$	5,894	$	15,079	$	(8,515)	$	6,564
Customer relationships	5,465		(3,461)		2,005		5,464		(3,258)		2,206
Patents, trademarks and other	1,040		(591)		450		1,032		(577)		456
Amortized intangible assets	$	21,289	$	(12,940)	$	8,348	$	21,575	$	(12,350)	$	9,226


(Millions of dollars)	Basis of fair value measurement	March 31, 2026		September 30, 2025
Institutional money market accounts (a)	Level 1	$	5	$	18
Current portion of long-term debt (b)	Level 2	1,386		700
Long-term debt (b)	Level 2	13,779		16,745


Six Months Ended March 31, 2025

(Millions of dollars)	Medical			Connected			BioPharma
	Essentials			Care			Systems			Interventional			Total
Revenues	$	3,158		$	2,141		$	993		$	2,521		$	8,813
Segment expenses:
Cost of products sold	1,512			961			538			804			3,815
% of revenues	47.9		%	44.9		%	54.1		%	31.9		%
Selling and administrative expense	329			329			56			472			1,187
% of revenues	10.4		%	15.4		%	5.7		%	18.7		%
Research and development expense	93			154			35			119			400
% of revenues	2.9		%	7.2		%	3.5		%	4.7		%
Other operating expense, net	—			8			—			—			8
% of revenues	—		%	0.4		%	—		%	—		%
Segment Operating Income	$	1,224		$	689		$	365		$	1,125		$	3,403
% of revenues	38.8		%	32.2		%	36.7		%	44.6		%

Unallocated items
Net interest expense													(278)
Corporate administrative and other unallocated (a)													(1,290)
Specified items:
Purchase accounting adjustments (b)													(1,105)
Integration, restructuring and transaction expense													(182)
Product, litigation, and other items (d)													(211)



Income from Continuing Operations Before Income Taxes													$	337


(Millions of dollars)	Employee Termination		Other (a)		Total
Balance at September 30, 2025	$	31	$	27	$	58

Charged to expense	62		495		557
Cash payments	(62)		(32)		(94)
Non-cash settlements	—		(442)		(442)

Balance at March 31, 2026	$	31	$	48	$	79


(Millions of dollars)	Medical Essentials (a)		Connected Care (a)		BioPharma Systems (a)		Interventional (a)		Total
Goodwill as of September 30, 2025	$	7,011	$	6,093	$	96	$	12,764	$	25,964



Currency translation	(2)		2		—		(10)		(9)
Goodwill as of March 31, 2026	$	7,010	$	6,095	$	96	$	12,755	$	25,955


(Millions of dollars)	Hedge Designation	March 31, 2026		September 30, 2025
Foreign exchange contracts (a)	Undesignated	$	3,926	$	5,710
Foreign exchange contracts (b)	Cash flow hedges	789		1,170
Foreign currency-denominated debt (c)	Net investment hedges	2,597		2,630
Cross-currency swaps (d)	Net investment hedges	1,054		1,054


	March 31, 2026		September 30, 2025
Amounts yet to be collected and remitted to the third parties	$	381	$	289


		(Millions of dollars)
Principal, interest rate and maturity	Period of retirement	Carrying value		Market price of retirement (a)		Gain (loss) recognized to Other income (expense), net (b)
$36 million of 6.700% notes due 2026	Second quarter 2026	$	37	$	37	$	—
$33 million of 7.000% debentures due 2027	Second quarter 2026	33		34		(1)
$27 million of 6.700% debentures due 2028	Second quarter 2026	28		29		(1)
$62 million of 6.000% notes due 2039	Second quarter 2026	61		68		(7)
$91 million of 4.875% notes due 2044	Second quarter 2026	99		85		13
$656 million of 4.669% notes due 2047	Second quarter 2026	650		602		49
$37 million of 5.000% notes due 2040	Second quarter 2026	37		37		—
$472 million of 4.685% notes due 2044	Second quarter 2026	480		442		38
$445 million of 5.081% notes due 2029	Second quarter 2026	443		463		(20)
$263 million of 3.794% notes due 2050	Second quarter 2026	260		208		52


	Increase (decrease) in current-period revenues
Volume/other (a)	2.4	%

Pricing	0.2	%
Foreign currency impact	2.6	%


Increase in revenues from the prior-year period	5.2	%


	Three-month period		Six-month period
March 31, 2025 gross profit margin %	41.5	%	41.5	%
Impact of purchase accounting adjustments and other specified items	4.9	%	5.0	%
Operating performance	(1.0)	%	(0.9)	%
Foreign currency impact	0.3	%	0.1	%
March 31, 2026 gross profit margin %	45.7	%	45.7	%


	Three months ended March 31,						Increase (decrease) in basis points	Six months ended March 31,						Increase (decrease) in basis points
	2026			2025				2026			2025
(Millions of dollars)
Selling and administrative expense	$	1,213		$	1,117			$	2,442		$	2,272
% of revenues	25.7		%	24.9		%	80	26.5		%	25.8		%	70

Research and development expense	$	249		$	232			$	484		$	476
% of revenues	5.3		%	5.2		%	10	5.3		%	5.4		%	(10)

Integration, restructuring and transaction expense	$	533		$	93			$	640		$	182

Other operating expense, net	$	66		$	35			$	78		$	63


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
January 1 – 31, 2026	1,438	$	198.53	—	20,833,026
February 1 – 28, 2026 (3)	9,320,064	171.68		9,319,664	11,513,362
March 1 – 31, 2026	—	—		—	11,513,362
Total	9,321,502	$	171.69	9,319,664	11,513,362



2(a)						Amendment No. 1 to Separation Agreement, dated as of February 9, 2026, by and among Becton, Dickinson and Company, Waters Corporation and Augusta SpinCo Corporation (incorporated by reference to Exhibit 2.2 to the registrant’s Current Report on Form 8-K filed on February 9, 2026).*

3(a)						Restated Certificate of Incorporation, dated as of January 30, 2019 (incorporated by reference to Exhibit 3 to the registrant’s Current Report on Form 10-Q for the period ended December 31, 2018).

3(b)						Certificate of Designation of Series D Junior Participating Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed on February 5, 2026).

3(c )						By-laws, as amended as of April 28, 2026 (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed on April 29, 2026).

10(a )						Tax Matters Agreement, dated as of February 9, 2026, by and among Becton, Dickinson and Company, Waters Corporation and Augusta SpinCo Corporation (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on February 9, 2026).*

10(b )						Employee Matters Agreement, dated as of February 9, 2026, by and among Becton, Dickinson and Company, Waters Corporation, and Augusta SpinCo Corporation (incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed on February 9, 2026).*

10(c )						Intellectual Property Matters Agreement, dated as of February 9, 2026, by and among Becton, Dickinson and Company, Waters Corporation and Augusta SpinCo Corporation (incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed on February 9, 2026).*

10(d )						Transition Services Agreement, dated as of February 9, 2026, by and among Becton, Dickinson and Company, Waters Corporation and Augusta SpinCo Corporation (incorporated by reference to Exhibit 10.4 to the registrant’s Current Report on Form 8-K filed on February 9, 2026).*

22						Subsidiary Issuer of Guaranteed Securities.

31						Certifications of Chief Executive Officer and Chief Financial Officer, pursuant to SEC Rule 13a - 14(a).

32						Certifications of Chief Executive Officer and Chief Financial Officer, pursuant to Rule 13a - 14(b) and Section 1350 of Chapter 63 of Title 18 of the U.S. Code.**

101						The following materials from this report, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements.

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


			/s/ Vitor Roque
			Vitor Roque
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

			/s/ Pamela L. Spikner
			Pamela L. Spikner
			Senior Vice President, Chief Accounting Officer and Controller
			(Principal Accounting Officer)



			/s/ Thomas E. Polen
			Thomas E. Polen
			Chairman, Chief Executive Officer and President



			/s/ Thomas E. Polen
			Name: Thomas E. Polen
			Chairman, Chief Executive Officer and President



			/s/ Vitor Roque
			Name: Vitor Roque
			Executive Vice President and Chief Financial Officer