0001140361-22-040134 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Nov. 03, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	0-16211
Entity Registrant Name	DENTSPLY SIRONA Inc.
Entity Central Index Key	0000818479
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-1434669
Entity Address, Address Line One	13320 Ballantyne Corporate Place
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277-3607
City Area Code	844
Local Phone Number	848-0137
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	XRAY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		214,911,886

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 1,023	$ 1,062	$ 1,992	$ 2,088
Cost of products sold	442	467	890	914
Gross profit	581	595	1,102	1,174
Selling, general, and administrative expenses	410	393	786	779
Research and development expenses	45	43	90	83
Provisions	7	5	10	8
Operating income	119	154	216	304
Other income and expenses:
Interest expense, net	15	15	27	29
Other expense (income), net	13	8	11	(1)
Income before income taxes	91	131	178	276
Provision for income taxes	18	35	36	68
Net income	73	96	142	208
Less: Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to Dentsply Sirona	$ 73	$ 96	$ 142	$ 208
Net income per common share attributable to Dentsply Sirona:
Basic (in dollars per share)	$ 0.34	$ 0.44	$ 0.66	$ 0.95
Diluted (in dollars per share)	$ 0.34	$ 0.43	$ 0.66	$ 0.94
Weighted average common shares outstanding:
Basic (in shares)	214.9	218.4	215.9	218.6
Diluted (in shares)	215.3	220.7	216.5	220.8

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 73	$ 96	$ 142	$ 208
Other comprehensive (loss) income, net of tax:
Foreign currency translation (loss) gain	(114)	37	(162)	(62)
Net gain on derivative financial instruments	22	4	32	9
Pension liability gain	2	2	3	6
Net (decrease) increase in other comprehensive loss	(90)	43	(127)	(47)
Total comprehensive (loss) income	(17)	139	15	161
Less: Comprehensive income attributable to noncontrolling interests	0	0	0	0
Total comprehensive (loss) income attributable to Dentsply Sirona	$ (17)	$ 139	$ 15	$ 161

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 362	$ 339
Accounts and notes receivables-trade, net	661	750
Inventories, net	581	515
Prepaid expenses and other current assets	281	248
Total Current Assets	1,885	1,852
Property, plant, and equipment, net	744	773
Operating lease right-of-use assets, net	205	198
Identifiable intangible assets, net	2,100	2,319
Goodwill	3,858	3,976
Other noncurrent assets	156	121
Total Assets	8,948	9,239
Current Liabilities:
Accounts payable	289	262
Accrued liabilities	688	760
Income taxes payable	44	57
Notes payable and current portion of long-term debt	220	182
Total Current Liabilities	1,241	1,261
Long-term debt	1,807	1,913
Operating lease liabilities	159	149
Deferred income taxes	409	391
Other noncurrent liabilities	494	528
Total Liabilities	4,110	4,242
Commitments and contingencies (Note 15)
Equity:
Preferred stock, $1.00 par value; 0.25 million shares authorized; no shares issued	0	0
Common stock, $0.01 par value;	3	3
Capital in excess of par value	6,617	6,606
Retained earnings	1,602	1,514
Accumulated other comprehensive loss	(719)	(592)
Treasury stock, at cost, 49.7 million and 47.1 million shares at June 30, 2022 and December 31, 2021, respectively	(2,666)	(2,535)
Total Dentsply Sirona Equity	4,837	4,996
Noncontrolling interests	1	1
Total Equity	4,838	4,997
Total Liabilities and Equity	$ 8,948	$ 9,239

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Equity:
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	250,000	250,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	264,500,000	264,500,000
Common stock, shares outstanding (in shares)	214,800,000	217,400,000
Treasury stock, shares (in shares)	49,700,000	47,100,000

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Total Dentsply Sirona Equity	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interests
Beginning Balance at Dec. 31, 2020	$ 4,935.0	$ 4,932.0	$ 3.0	$ 6,604.0	$ 1,198.0	$ (464.0)	$ (2,409.0)	$ 3.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	112.0	112.0			112.0
Other comprehensive loss	(90.0)	(90.0)				(90.0)
Exercise of stock options	33.0	33.0		11.0			22.0
Stock based compensation expense	13.0	13.0		13.0
Funding of employee stock purchase plan	3.0	3.0		1.0			2.0
Treasury shares purchased	(90.0)	(90.0)		0.0			(90.0)
Restricted stock unit distributions	(4.0)	(4.0)		(11.0)			7.0
Cash dividends	(22.0)	(22.0)			(22.0)
Ending Balance at Mar. 31, 2021	4,890.0	4,887.0	3.0	6,618.0	1,288.0	(554.0)	(2,468.0)	3.0
Beginning Balance at Dec. 31, 2020	4,935.0	4,932.0	3.0	6,604.0	1,198.0	(464.0)	(2,409.0)	3.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	208.0
Other comprehensive loss	(47.0)
Ending Balance at Jun. 30, 2021	5,034.0	5,031.0	3.0	6,638.0	1,359.0	(511.0)	(2,458.0)	3.0
Beginning Balance at Mar. 31, 2021	4,890.0	4,887.0	3.0	6,618.0	1,288.0	(554.0)	(2,468.0)	3.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	96.0	96.0			96.0			0.0
Other comprehensive loss	43.0	43.0				43.0
Exercise of stock options	12.0	12.0		3.0			9.0
Stock based compensation expense	19.0	19.0		19.0
Restricted stock unit distributions	(1.0)	(1.0)		(2.0)			1.0
Cash dividends	(25.0)	(25.0)			(25.0)
Ending Balance at Jun. 30, 2021	5,034.0	5,031.0	3.0	6,638.0	1,359.0	(511.0)	(2,458.0)	3.0
Beginning Balance at Dec. 31, 2021	4,997.0	4,996.0	3.0	6,606.0	1,514.0	(592.0)	(2,535.0)	1.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	69.0	69.0			69.0
Other comprehensive loss	(37.0)	(37.0)				(37.0)
Exercise of stock options	5.0	5.0		1.0			4.0
Stock based compensation expense	11.0	11.0		11.0
Funding of employee stock purchase plan	2.0	2.0		1.0			1.0
Accelerated share repurchase	(150.0)	(150.0)		(30.0)			(120.0)
Restricted stock unit distributions	(6.0)	(6.0)		(16.0)			10.0
Cash dividends	(27.0)	(27.0)			(27.0)
Ending Balance at Mar. 31, 2022	4,864.0	4,863.0	3.0	6,573.0	1,556.0	(629.0)	(2,640.0)	1.0
Beginning Balance at Dec. 31, 2021	4,997.0	4,996.0	3.0	6,606.0	1,514.0	(592.0)	(2,535.0)	1.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	142.0
Other comprehensive loss	(127.0)
Ending Balance at Jun. 30, 2022	4,838.0	4,837.0	3.0	6,617.0	1,602.0	(719.0)	(2,666.0)	1.0
Beginning Balance at Mar. 31, 2022	4,864.0	4,863.0	3.0	6,573.0	1,556.0	(629.0)	(2,640.0)	1.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73.0	73.0			73.0
Other comprehensive loss	(90.0)	(90.0)				(90.0)
Exercise of stock options	2.0	2.0		0.0			2.0
Stock based compensation expense	16.0	16.0		16.0
Funding of employee stock purchase plan	1.0	1.0					1.0
Accelerated share repurchase	0.0			30.0			(30.0)
Restricted stock unit distributions	(2.0)	(2.0)		(3.0)			1.0
Restricted stock unit dividends	0.0			1.0	(1.0)
Cash dividends	(26.0)	(26.0)			(26.0)
Ending Balance at Jun. 30, 2022	$ 4,838.0	$ 4,837.0	$ 3.0	$ 6,617.0	$ 1,602.0	$ (719.0)	$ (2,666.0)	$ 1.0

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.125	$ 0.125	$ 0.11	$ 0.1

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 142	$ 208
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	59	64
Amortization of intangible assets	108	112
Deferred income taxes	(13)	(6)
Stock based compensation expense	33	32
Other non-cash expense	29	17
Gain on sale of non-strategic businesses and product lines	0	(13)
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable-trade, net	53	(15)
Inventories, net	(95)	(80)
Prepaid expenses and other current assets, net	(39)	(22)
Other noncurrent assets	(6)	(8)
Accounts payable	49	(24)
Accrued liabilities	(47)	(5)
Income taxes	2	(7)
Other noncurrent liabilities	(9)	10
Net cash provided by operating activities	266	263
Cash flows from investing activities:
Capital expenditures	(85)	(66)
Cash paid for acquisitions of businesses and equity investments, net of cash acquired	0	(241)
Cash received on sale of non-strategic businesses or product lines	0	27
Cash received on derivative contracts	5	0
Proceeds from sale of property, plant, and equipment	0	1
Other investing activities	(3)	0
Net cash used in investing activities	(83)	(279)
Cash flows from financing activities:
Cash paid for accelerated share repurchase	(150)	0
Proceeds on short-term borrowings	38	6
Cash paid for treasury stock	0	(90)
Cash dividends paid	(51)	(44)
Proceeds from long-term borrowings, net of deferred financing costs	5	13
Repayments on long-term borrowings	(2)	0
Proceeds from exercised stock options	6	45
Other financing activities, net	(8)	(8)
Net cash used in financing activities	(162)	(78)
Effect of exchange rate changes on cash and cash equivalents	2	(12)
Net increase (decrease) in cash and cash equivalents	23	(106)
Cash and cash equivalents at beginning of period	339	438
Cash and cash equivalents at end of period	$ 362	$ 332

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES AND REVISION Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These financial statements and related notes contain the accounts of DENTSPLY SIRONA Inc. and subsidiaries (“Dentsply Sirona” or the “Company”) on a consolidated basis and should be read in conjunction with the consolidated financial statements and notes included in the Company’s most recent Form 10-K for the year ended December 31, 2021, as amended and filed on November 7, 2022. Recently Concluded Investigation As previously disclosed, the Audit and Finance Committee of the Company’s Board of Directors (the “Audit and Finance Committee”), assisted by independent legal counsel and forensic accountants, commenced an internal investigation in March 2022 of allegations regarding certain financial reporting matters submitted by current and former employees of the Company. In the North America Investigation, the Audit and Finance Committee concluded that there was no evidence of intentional wrongdoing or fraud. The Audit and Finance Committee found that certain former members of senior management, including the Company’s former Chief Executive Officer and former Chief Financial Officer, violated provisions of the Company’s Code of Ethics and Business Conduct. In addition, these former members of senior management did not maintain and promote an appropriate control environment focused on compliance in areas of the Company’s business, nor did they sufficiently promote, monitor or enforce adherence to the Code of Ethics and Business Conduct. The North America Investigation found that certain former members of senior management, including the former Chief Executive Officer and the former Chief Financial Officer created a culture where employees did not feel comfortable raising concerns without fear of retaliation. In addition, the North America Investigation substantiated certain allegations regarding inappropriate tone at the top by the former Chief Executive Officer and the former Chief Financial Officer. Based on the China Investigation, the Audit and Finance Committee concluded that members of the Company’s local commercial team in China, as well as the head of the Company’s Asia-Pacific commercial organization, committed intentional wrongdoing by failing to provide requested information to the Company’s local accounting team, by obstructing the work of the accounting team and by lacking truthfulness in providing information to the Company and to the Audit and Finance Committee as part of the China Investigation. The China Investigation also determined that these actions by the certain members of the Company’s local commercial team in China, as well as the former Chief Financial Officer and the head of the Company’s Asia-Pacific commercial organization, violated the Company’s Code of Ethics and Business Conduct. On October 29, 2022, the Audit and Finance Committee determined that its investigation was complete, and authorized the filing of these interim consolidated financial statements for the three-month and six-month periods ended June 30, 2022. Correction of Previously Reported Interim Consolidated Quarterly Financial Statements The interim consolidated financial statements include immaterial corrections to the three-month and six-month periods ended June 30, 2021 which were presented in Note 23 to the audited consolidated financial statements and notes thereto for the year ended December 31, 2021 in the Company’s 2021 Form 10-K/A filed on November 7, 2022. This revision, which corrects for errors related to certain customer incentive programs as well as the accounting and assumptions in the determination of estimates related to the Company’s sales returns provisions, warranty reserve provisions and variable consideration, as well as other immaterial adjustments, results in a decrease to Net sales by $5 million, a decrease to Gross Profit by $3 million, a decrease to Operating Income of $1 million and a decrease to Diluted EPS by $0.02 per share from amounts previously reported for the three-month period ended June 30, 2021. This revision results in a decrease to Net sales by $6 million, a decrease to Gross Profit by $3 million, a decrease to Operating Income of $5 million and a decrease to Diluted EPS by $0.04 per share from amounts previously reported for the six-month period ended June 30, 2021. Previously reported cash flows from operating, investing and financing activities for the six-month period ended June 30, 2021 were not impacted. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of net sales and expense during the reporting period. Actual results could differ materially from those estimates. Specifically, for the three months ended June 30, 2022, some of these estimates and assumptions continue to be based on an ongoing evaluation of expected future impacts from the COVID-19 pandemic. The full extent to which the COVID-19 pandemic will directly or indirectly have a negative material impact on the Company’s financial condition, liquidity, or results of operations in future periods is highly uncertain and difficult to predict. More specifically, although demand for the Company’s products has largely recovered from the impact of rigorous preventive measures implemented at the outset of the pandemic, it continues to be affected by social distancing guidelines, dental practice safety protocols which reduce patient traffic, and some lingering patient reluctance to seek dental care. Also, impacts from the pandemic continue to be experienced in the form of more recent shortages and higher prices of raw materials such as electronic components, higher related transportation costs, and labor shortages. In the second quarter of 2022, the Company has continued to experience supply chain constraints, which has impacted its ability to timely produce and deliver certain products, and has also resulted in increases in shipping rates. To address these issues, the Company has taken steps to mitigate the impact of these trends, including continued emphasis on cost reduction and supply chain efficiencies. However, uncertainties remain regarding how long these impacts will continue, whether customer demand will fully return to pre-COVID-19 levels upon lifting of remaining government restrictions, or whether future variants of the virus may have an adverse impact on demand in affected markets. Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which was subsequently amended by ASU No. 2021-01 “Reference Rate Reform (Topic 848): Scope” in January 2021. The new standard provides optional expedients and exceptions to contracts, hedging relationships, and other transactions that reference the London Interbank Offer Rate (“LIBOR”) or another rate expected to be discontinued due to the reference rate reform. The amendments in this standard were effective upon issuance and generally can be applied to contract modifications made or evaluated through December 31, 2022. The Company does not expect this standard to have a material impact on its consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (Topic 805), which requires contract assets and liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. The current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value differs from the current approach. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures.

REVENUE

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

Revenues are derived primarily from the sale of dental equipment and dental and healthcare consumable products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services.

Net sales disaggregated by product category for the three and six months ended June 30, 2022 and 2021 were as follows:


	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

Equipment & Instruments	$	169	$	176	$	335	$	347
CAD/CAM	129		127		235		256
Orthodontics	76		81		144		149
Implants	149		158		304		311
Healthcare	72		75		142		149
Technology & Equipment segment net sales	$	595	$	617	$	1,160	$	1,212

Endodontic & Restorative	$	312	$	328	$	605	$	640
Other Consumables	116		117		227		236
Consumables segment sales	$	428	$	445	$	832	$	876

Total net sales	$	1,023	$	1,062	$	1,992	$	2,088

Net sales disaggregated by geographic region for the three and six months ended June 30, 2022 and 2021 were as follows:


	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

United States	$	358	$	363	$	666	$	710
Europe	414		429		825		846
Rest of World	251		270		501		532

Total net sales	$	1,023	$	1,062	$	1,992	$	2,088

Contract Assets and Liabilities

The Company normally does not have contract assets in the course of its business. Contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advanced billings for customer aligner treatment where the performance obligation has not yet been fulfilled. The Company had $72 million and $68 million of deferred revenue recorded in Accrued liabilities in the Consolidated Balance Sheets at June 30, 2022 and December 31, 2021, respectively. Prior year deferred revenue of approximately $42 million was recognized in the current year. The Company expects to recognize significantly all of the remaining deferred revenue within the next twelve months.

Allowance for Doubtful Accounts

Accounts and notes receivables-trade, net are stated net of allowances for doubtful accounts and trade discounts, which were $12 million at June 30, 2022 and $13 million at December 31, 2021. For the three months and six months ended June 30, 2022 and 2021, changes to the provision for doubtful accounts including write-offs of accounts receivable that were previously reserved were insignificant. Changes to this provision are included in Selling, general, and administrative expenses in the Consolidated Statements of Operations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

STOCK COMPENSATION

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION

The amounts of stock compensation expense recorded in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 were as follows:


	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

Cost of products sold	$	—	$	2	$	1	$	2
Selling, general, and administrative expense	22		16		31		29
Research and development expense	—		1		1		1
Total stock based compensation expense	$	22	$	19	$	33	$	32

Related deferred income tax benefit	$	2	$	2	$	3	$	4

COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

COMPREHENSIVE INCOME (LOSS)

Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the six months ended June 30, 2022 and 2021 were as follows:



(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment and Fair Value Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2021	$	(366)	$	(16)	$	(103)	$	(107)	$	(592)
Other comprehensive (loss) income before reclassifications and tax impact	(37)		3		9		—		(25)
Tax expense	(11)		—		(1)		—		(12)
Other comprehensive (loss) income, net of tax, before reclassifications	(48)		3		8		—		(37)
Amounts reclassified from accumulated other comprehensive income, net of tax	—		(1)		—		1		—
Net (decrease) increase in other comprehensive loss	(48)		2		8		1		(37)


Balance, net of tax, at March 31, 2022	$	(414)	$	(14)	$	(95)	$	(106)	$	(629)
Other comprehensive (loss) income before reclassifications and tax impact	(86)		(3)		32		—		(57)
Tax expense	(28)		—		(8)		—		(36)
Other comprehensive (loss) income, net of tax, before reclassifications	(114)		(3)		24		—		(93)
Amounts reclassified from accumulated other comprehensive income, net of tax	—		1		—		2		3
Net (decrease) increase in other comprehensive income	(114)		(2)		24		2		(90)


Balance, net of tax, at June 30, 2022	$	(528)	$	(16)	$	(71)	$	(104)	$	(719)


(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment and Fair Value Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2020	$	(187)	$	(25)	$	(119)	$	(133)	$	(464)
Other comprehensive (loss) income before reclassifications and tax impact	(74)		(6)		9		3		(68)
Tax (expense) benefit	(25)		2		(2)		(1)		(26)
Other comprehensive (loss) income, net of tax, before reclassifications	(99)		(4)		7		2		(94)
Amounts reclassified from accumulated other comprehensive income, net of tax	—		2		—		2		4
Net (decrease) increase in other comprehensive income	(99)		(2)		7		4		(90)
Balance, net of tax, at March 31, 2021	$	(286)	$	(27)	$	(112)	$	(129)	$	(554)
Other comprehensive income before reclassifications and tax impact	31		3		1		—		35
Tax benefit (expense)	6		(2)		(1)		—		3
Other comprehensive income, net of tax, before reclassifications	37		1		—		—		38
Amounts reclassified from accumulated other comprehensive income, net of tax	—		3		—		2		5
Net increase in other comprehensive income	37		4		—		2		43

Balance, net of tax, at June 30, 2021	$	(249)	$	(23)	$	(112)	$	(127)	$	(511)

At June 30, 2022 and December 31, 2021, the cumulative tax adjustments were $120 million and $168 million, respectively, primarily related to foreign currency translation adjustments.

The cumulative foreign currency translation adjustments included translation losses of $460 million and $250 million at June 30, 2022 and December 31, 2021, respectively, and cumulative losses on loans designated as hedges of net investments of $68 million and $116 million, respectively. These foreign currency translation losses were partially offset by movements on derivative financial instruments.

Reclassifications out of AOCI to the Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 were insignificant.

EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

The computation of basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021 were as follows:


Basic Earnings Per Common Share	Three Months Ended				Six Months Ended
(in millions, except per share amounts)	2022		2021		2022		2021

Net income attributable to Dentsply Sirona	$	73	$	96	$	142	$	208

Weighted average common shares outstanding	214.9		218.4		215.9		218.6

Earnings per common share - basic	$	0.34	$	0.44	$	0.66	$	0.95

Diluted Earnings Per Common Share	Three Months Ended				Six Months Ended
(in millions, except per share amounts)	2022		2021		2022		2021

Net income attributable to Dentsply Sirona	$	73	$	96	$	142	$	208

Weighted average common shares outstanding	214.9		218.4		215.9		218.6
Incremental weighted average shares from assumed exercise of dilutive options from stock-based compensation awards	0.4		2.3		0.6		2.2
Total weighted average diluted shares outstanding	215.3		220.7		216.5		220.8

Earnings per common share - diluted	$	0.34	$	0.43	$	0.66	$	0.94

For the three and six months ended June 30, 2022, the Company excluded from the computation of weighted average diluted shares outstanding 4.0 million and 3.6 million of equivalent shares of common stock from stock options and RSUs because their effect would be antidilutive. For the three and six months ended June 30, 2021, the Company excluded 0.5 million and 0.7 million of equivalent shares of common stock outstanding from stock options and RSUs because their effect would be antidilutive.

The Board of Directors has approved a share repurchase program, up to $1.0 billion. Share repurchases may be made through open market purchases, Rule 10b5-1 plans, accelerated share repurchases, privately negotiated transactions or other transactions in such amounts and at such times as the Company deems appropriate based upon prevailing market and business conditions and other factors. At June 30, 2022, the Company had authorization to repurchase $740 million in shares of common stock remaining under the share repurchase program.

On March 8, 2022, the Company entered into an Accelerated Share Repurchase Agreement (“ASR Agreement”) with a financial institution to purchase the Company’s common stock based on the volume-weighted average price of the Company’s common stock during the term of the agreement, less a discount.


(in millions, except per share amounts)			Initial Delivery					Final Settlement
Agreement Date	Amount Paid		Shares Received	Price per share		Value of Shares as a % of Contract Value		Settlement Date	Total Shares Received	Average Price per Share
March 8, 2022	$	150	2.4	$	50.44	80	%	April 19, 2022	3.1	$	48.22

The ASR agreement was accounted for as an initial delivery of common shares in a treasury stock transaction on March 9, 2022 of $120 million and a forward contract indexed to the Company’s common stock for an amount of common shares to be determined on the final settlement date. The forward contract met all applicable criteria for equity classification and was not accounted for as a derivative instrument. Therefore, the forward contract was recorded as Capital in excess of par value and upon final settlement was recorded as Treasury Stock in the Consolidated Balance Sheets at June 30, 2022. The initial delivery and final settlement of common stock reduced the weighted average common shares outstanding for both basic and diluted EPS. The forward contract did not impact the weighted average common shares outstanding for diluted EPS.

BUSINESS COMBINATIONS

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATIONS

Acquisitions

2021 Transactions

On July 1, 2021, the effective date of the transaction, the Company paid $7 million to acquire the remaining interest in the dental business of a partially owned affiliate based in Switzerland that primarily develops highly specialized software with a focus on CAD/CAM systems. The acquisition is expected to further accelerate the development of the Company’s specialized software related to CAD/CAM systems.

The fair values of the assets acquired and liabilities assumed in connection with the acquisition of the affiliate included $4 million of Other current assets, $3 million of Intangible assets, $2 million of Current Liabilities and $1 million of Other long-term liabilities. The cash paid and the $4 million fair value of the previously-held interest in the entity prior to the acquisition has been allocated on the basis of the estimates of fair values of assets acquired and liabilities assumed, resulting in the recording of $7 million in goodwill. This goodwill is considered to represent the value associated with the acquired workforce and synergies the Company anticipates realizing from integrating the acquired assets into the Company’s existing business operations, and is not deductible for tax purposes. Measurement period adjustments made to the fair values of the assets acquired and liabilities assumed during the year ended December 31, 2021 and the six months ended June 30, 2022 were immaterial to the financial statements, resulting in an increase to goodwill of $2 million.

Identifiable intangible assets acquired were as follows:

Weighted Average

Useful Life

(in millions, except for useful life)

Amount

(in years)

In-process R&D

Indefinite

On June 1, 2021, the effective date of the transaction, the Company paid $132 million to acquire substantially all of the assets of Propel Orthodontics LLC and certain of its affiliated entities, a privately-held business based in California (“Propel Orthodontics”). The acquired business manufactures and sells orthodontic devices and provides in-office and at-home orthodontic accessory devices to orthodontists and their patients primarily within the clear aligner market. The acquisition is expected to further accelerate the growth and profitability of the Company’s combined clear aligners business.

The fair values of the assets acquired and liabilities assumed in connection with the Propel Orthodontics acquisition were as follows:


(in millions)


Other current assets	$	4
Intangible assets	66
Current liabilities	(1)
Net assets acquired	69
Goodwill	63
Purchase consideration	$	132

The purchase price has been allocated on the basis of the estimates of fair values of assets acquired and liabilities assumed, resulting in the recording of $63 million in goodwill, which is considered to represent the value associated with the acquired workforce and synergies the Company anticipates realizing from integrating the acquired assets into the Company’s existing business operations. The goodwill is expected to be deductible for tax purposes. Measurement period adjustments made to the fair values of the assets acquired and liabilities assumed during the year ended December 31, 2021 and the six months ended June 30, 2022 were immaterial to the financial statements, resulting in a reduction to goodwill of $2 million.

Identifiable intangible assets acquired were as follows:

Weighted Average

Useful Life

(in millions, except for useful life)

Amount

(in years)

Developed technology

On January 21, 2021, the effective date of the transaction, the Company paid $94 million with the potential for additional earn-out provision payments of up to $10 million, to acquire 100% of the outstanding shares of Datum Dental, Ltd., a privately-held producer and distributor of specialized regenerative dental material based in Israel. The fair value of the earn-out provision has been valued at $9 million as of the transaction date, resulting in a total purchase price of $103 million.

The fair values of the assets acquired and liabilities assumed in connection with the Datum acquisition were as follows:


(in millions)

Cash and cash equivalents	$	2
Other current assets	2
Intangible assets	76
Current liabilities	(2)
Other long-term assets (liabilities), net	(14)
Net assets acquired	64
Goodwill	39
Purchase consideration	$	103

The purchase price has been allocated on the basis of the estimates of fair values of assets acquired and liabilities assumed, resulting in the recording of $39 million in goodwill, which is considered to represent the value associated with the acquired workforce and synergies the Company anticipates realizing from integrating the acquired assets into the Company’s existing business operations. The goodwill is not deductible for tax purposes. Measurement period adjustments made to the fair values of the assets acquired and liabilities assumed during the year ended December 31, 2021 and the six months ended June 30, 2022 were immaterial to the financial statements, resulting in an increase to goodwill of $6 million.

Identifiable intangible assets acquired were as follows:


			Weighted Average
			Useful Life
(in millions, except for useful life)	Amount		(in years)

Developed technology	$	66	15
In-process R&D	10		Indefinite
Total	$	76

The results of operations for each of the acquired businesses above upon the effective date of each transaction have been included in the accompanying financial statements. These results, as well as the historical results for the above acquired businesses for the periods ended June 30, 2022 and June 30, 2021, are not material in relation to the Company’s net sales and earnings for those periods. The Company therefore does not believe these acquisitions represent material transactions either individually or in the aggregate requiring the supplemental pro-forma information prescribed by ASC 805 and accordingly, this information is not presented.

Investment in Affiliates

On June 4, 2021, the effective date of the transaction, the Company paid $16 million to acquire a minority interest in a U.K.-based, privately-held provider of healthcare consumables. The investment is recorded as an equity method investment within Other noncurrent assets in the Consolidated Balance Sheets.

Divestitures

On April 1, 2021, the Company disposed of certain orthodontics businesses based in Japan previously included as part of the Technologies & Equipment segment in exchange for a cash receipt of $8 million. The divestiture resulted in an immaterial loss recorded in Other expense (income), net in the Consolidated Statements of Operations for the year ended December 31, 2021.

On February 1, 2021, the Company disposed of an investment casting business previously included as part of the Consumables segment in exchange for a cash receipt of $19 million. The divestiture resulted in a pre-tax gain of $13 million recorded in Other expense (income), net in the Consolidated Statements of Operations for the six months ended June 30, 2021.

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company’s two operating segments are organized primarily by product and generally have overlapping geographical presence, customer bases, distribution channels, and regulatory oversight. These operating segments are also the Company’s reportable segments in accordance with how the Company’s chief operating decision-maker regularly reviews financial results and uses this information to evaluate the Company’s performance and allocate resources.

The Company evaluates performance of the segments based on net sales and adjusted operating income. Segment adjusted operating income is defined as operating income before income taxes and before certain corporate headquarters unallocated costs, restructuring and other costs, interest expense, net, other expense (income), net, amortization of intangible assets and depreciation resulting from the fair value step-up of property, plant, and equipment from acquisitions.

A description of the products and services provided within each of the Company’s two reportable segments is provided below.

Technologies & Equipment

This segment is responsible for the design, manufacture, and sales of the Company’s dental technology and equipment products and healthcare products. These products include dental implants, CAD/CAM systems, orthodontic clear aligners, imaging systems, treatment centers, instruments, as well as medical devices.

Consumables

This segment is responsible for the design, manufacture, and sales of the Company’s consumable products which include various preventive, restorative, endodontic, and dental laboratory products.

The Company’s segment information for the three and six months ended June 30, 2022 and 2021 was as follows:

Net Sales


	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

Technologies & Equipment	$	595	$	617	$	1,160	$	1,212
Consumables	428		445		832		876
Total net sales	$	1,023	$	1,062	$	1,992	$	2,088

Segment Adjusted Operating Income


	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

Technologies & Equipment	$	119	$	133	$	205	$	257
Consumables	142		154		277		303
Segment adjusted operating income	261		287		482		560

Reconciling items expense (income):
All other (a)	81		69		146		132

Restructuring and other costs	7		5		10		8
Interest expense, net	15		15		27		29

Other expense (income), net	13		8		11		(1)
Amortization of intangible assets	53		56		108		111
Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations	1		3		2		5
Income before income taxes	$	91	$	131	$	178	$	276

(a) Includes the results of unassigned Corporate headquarters costs and inter-segment eliminations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

INVENTORIES

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

Inventories, net were as follows:


(in millions)	June 30, 2022		December 31, 2021

Raw materials and supplies	$	144	$	139
Work-in-process	76		72
Finished goods	361		304
Inventories, net	$	581	$	515

The Company’s inventory reserve was $79 million and $86 million at June 30, 2022 and December 31, 2021, respectively. Inventories are stated at the lower of cost and net realizable value.

RESTRUCTURING AND OTHER COSTS

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER COSTS

Restructuring and other costs for the three and six months ended June 30, 2022 and 2021 were as follows:


Affected Line Item in the Consolidated Statements of Operations	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

Cost of products sold	$	—	$	(1)	$	—	$	(3)
Selling, general, and administrative expenses	—		3		—		3
Restructuring and other costs	7		5		10		8

Total restructuring and other costs	$	7	$	7	$	10	$	8

The Company’s restructuring accruals at June 30, 2022 were as follows:


	Severance
(in millions)	2020 and Prior Plans		2021 Plans		2022 Plans		Total

Balance at December 31, 2021	$	5	$	9	$	—	$	14
Provisions	1		1		6		8
Amounts applied	(3)		(3)		(2)		(8)
Change in estimates	(1)		—		—		(1)
Balance at June 30, 2022	$	2	$	7	$	4	$	13


	Other Restructuring Costs
(in millions)	2020 and Prior Plans		2021 Plans		2022 Plans		Total

Balance at December 31, 2021	$	4	$	—	$	—	$	4
Provisions	—		1		—		1
Amounts applied	(3)		—		—		(3)

Balance at June 30, 2022	$	1	$	1	$	—	$	2

The cumulative amounts for the provisions and adjustments and amounts applied for all the plans by segment were as follows:


(in millions)	December 31, 2021		Provisions		Amounts Applied		Change in Estimates		June 30, 2022

Technologies & Equipment	$	7	$	1	$	(2)	$	—	$	6
Consumables	11		7		(7)		(1)		10
All Other	—		1		(2)		—		(1)
Total	$	18	$	9	$	(11)	$	(1)	$	15

The associated restructuring liabilities are recorded in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets.

FINANCIAL INSTRUMENTS AND DERIVATIVES

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS AND DERIVATIVES

Derivative Instruments and Hedging Activities

The Company’s activities expose it to a variety of market risks, which primarily include the risks related to the effects of changes in foreign currency exchange rates and interest rates. These financial exposures are monitored and managed by the Company as part of its overall risk management program. The objective of this risk management program is to reduce the volatility that these market risks may have on the Company’s operating results and cash flows. The Company employs derivative financial instruments to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. Additionally, the Company utilizes interest rate swaps to convert fixed rate debt into variable rate debt or vice versa. The Company does not hold derivative instruments for trading or speculative purposes.

The following summarizes the notional amounts of cash flow hedges, hedges of net investments, fair value hedges, and derivative instruments not designated as hedges for accounting purposes by derivative instrument type at June 30, 2022 and the notional amounts expected to mature during the next 12 months.


(in millions)	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months

Cash Flow Hedges
Foreign exchange forward contracts	$	134	$	112


Total derivative instruments designated as cash flow hedges	$	134	$	112

Hedges of Net Investments
Foreign exchange forward contracts	$	168	$	84
Cross currency basis swaps	280		—
Total derivative instruments designated as hedges of net investments	$	448	$	84

Fair Value Hedges
Interest rate swaps	$	250	$	—
Foreign exchange forward contracts	161		62
Total derivative instruments designated as fair value hedges	$	411	$	62

Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts	$	328	$	328
Total derivative instruments not designated as hedges	$	328	$	328

Cash Flow Hedges

Foreign Exchange Risk Management

The Company hedges select anticipated foreign currency cash flows to reduce volatility in both cash flows and reported earnings. The Company designates certain foreign exchange forward contracts as cash flow hedges. As a result, the Company records the fair value of the contracts primarily through AOCI based on the assessed effectiveness of the foreign exchange forward contracts. The Company measures the effectiveness of cash flow hedges of anticipated transactions on a spot-to-spot basis rather than on a forward-to-forward basis. Accordingly, the spot-to-spot change in the derivative fair value will be deferred in AOCI and released and recorded in the Consolidated Statements of Operations in the same period that the hedged transaction is recorded. The time-value component of the fair value of the derivative is reported on a straight-line basis in Cost of products sold in the Consolidated Statements of Operations in the period which it is applicable. Any cash flows associated with these instruments are included in operating activities in the Consolidated Statements of Cash Flows.

These foreign exchange forward contracts generally have maturities up to 18 months, which is the period over which the Company is hedging exposures to variability of cash flows and the counterparties to the transactions are typically large international financial institutions.

Interest Rate Risk Management

The Company enters into interest rate swap contracts infrequently as they are only used to manage interest rate risk on long-term debt instruments and not for speculative purposes. Any cash flows associated with these instruments are included in operating activities in the Consolidated Statements of Cash Flows.

On May 26, 2020, the Company paid $31 million to settle the $150 million notional T-Lock contract, which partially hedged the interest rate risk of the $750 million senior unsecured notes. This loss is amortized over the ten-year life of the notes. As of June 30, 2022 and December 31, 2021, $23 million and $25 million, respectively, of this loss is remaining to be amortized from AOCI in future periods.

AOCI Release

Overall, the derivatives designated as cash flow hedges are considered to be highly effective for accounting purposes. At June 30, 2022, the Company expects to reclassify an immaterial amount of deferred net losses on cash flow hedges recorded in AOCI in the Consolidated Statements of Operations during the next 12 months. For the rollforward of derivative instruments designated as cash flow hedges in AOCI see Note 4, Comprehensive Income (Loss).

Hedges of Net Investments in Foreign Operations

The Company has significant investments in foreign subsidiaries. The net assets of these subsidiaries are exposed to volatility in currency exchange rates. The Company employs both derivative and non-derivative financial instruments to hedge a portion of this exposure. The derivative instruments consist of foreign exchange forward contracts and cross-currency basis swaps. The non-derivative instruments consist of foreign currency denominated debt held at the parent company level. Translation gains and losses related to the net assets of the foreign subsidiaries are offset by gains and losses in the aforementioned instruments, which are designated as hedges of net investments and are included in AOCI. The time-value component of the fair value of the derivative is reported on a straight-line basis in Other expense (income), net in the Consolidated Statements of Operations in the applicable period. Any cash flows associated with these instruments are included in investing activities in the Consolidated Statements of Cash Flows except for derivative instruments that include an other-than-insignificant financing element, for which all cash flows are classified as financing activities in the Consolidated Statements of Cash Flows.

The fair value of the foreign exchange forward contracts and cross-currency basis swaps is the estimated amount the Company would receive or pay at the reporting date, taking into account the effective interest rates, cross-currency swap basis rates and foreign exchange rates. The effective portion of the change in the value of these derivatives is recorded in AOCI, net of tax effects.

On July 2, 2021, the Company entered into a cross currency basis swap totaling a notional amount of $300 million which matures on June 3, 2030. The cross currency basis swap is designated as a hedge of net investments. This contract effectively converts a portion of the $750 million bond coupon from 3.3% to 1.7%.

On May 25, 2021, the Company re-established its euro net investment hedge portfolio by entering into eight foreign exchange forward contracts, each with a notional amount of 10 million euro. The original contracts have quarterly maturity dates through March 2023. The Company enters into additional foreign exchange contracts as individual contracts within the portfolio mature. As of June 30, 2022 the euro net investment hedge portfolio has an aggregate notional value of 160 million euro with maturity dates through June 2024.

Fair Value Hedges

Foreign Exchange Risk Management

The Company has intercompany loans denominated in Swedish kronor that are exposed to volatility in currency exchange rates. The Company employs derivative financial instruments to hedge these exposures. The Company accounts for these designated foreign exchange forward contracts as fair value hedges. The Company measures the effectiveness of fair value hedges of anticipated transactions on a spot-to-spot basis rather than on a forward-to-forward basis. Accordingly, the spot-to-spot change in the derivative fair value will be recorded in the Consolidated Statements of Operations. The time-value component of the fair value of the derivative is reported on a straight-line basis in Other expense (income), net in the Consolidated Statements of Operations in the applicable period. Any cash flows associated with these instruments are included in operating activities in the Consolidated Statements of Cash Flows.

On January 6, 2021 the Company entered into foreign exchange forward contracts with a notional value of SEK 1.3 billion as a result of an increase in intercompany loans denominated in Swedish kronor. The foreign exchange forwards are designated as fair value hedges.

Interest Rate Risk Management

On July 1, 2021, the Company entered into variable interest rate swaps with a notional amount of $250 million, which effectively converts a portion of the underlying fixed rate of 3.3% on the $750 million Senior Notes due June 2030 to a variable interest rate. Of the $250 million notional amount, $100 million has a term of five-years maturing on June 1, 2026 and $150 million has a term of nine years maturing on March 1, 2030.

Derivative Instruments Not Designated as Hedges

The Company enters into derivative instruments with the intent to partially mitigate the foreign exchange revaluation risk associated with recorded assets and liabilities that are denominated in a non-functional currency. The Company primarily uses foreign exchange forward contracts to hedge these risks. The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances and are recorded in Other expense (income), net in the Consolidated Statements of Operations. Any cash flows associated with the foreign exchange forward contracts and interest rate swaps not designated as hedges are included in operating activities in the Consolidated Statements of Cash Flows.

Gains and (losses) recorded in the Company’s Consolidated Statements of Operations related to the economic hedges not designated as hedges for the three and six months ended June 30, 2022 and 2021 were insignificant.

Derivative Instrument Activity

The amount of gains and losses recorded in the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations related to all derivative instruments for the three months ended June 30, 2022 and 2021 were as follows:


	Three Months Ended June 30, 2022
(in millions)	Gain (Loss) recognized in AOCI		Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)		Recognized in Income (Expense)

Cash Flow Hedges
Foreign exchange forward contracts	$	(3)	Cost of products sold	$	2	$	—
Interest rate swaps	—		Interest expense, net	(1)		—


Total for cash flow hedging	$	(3)		$	1	$	—

Hedges of Net Investments
Cross currency basis swaps	$	21	Interest expense, net	$	—	$	1

Foreign exchange forward contracts	10		Other expense (income), net	—		1

Total for net investment hedging	$	31		$	—	$	2

Fair Value Hedges

Foreign exchange forward contracts	1		Other expense (income), net	—		16

Total for fair value hedging	$	1		$	—	$	16


	Three Months Ended June 30, 2021
(in millions)	Gain (Loss) Recognized in AOCI		Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)		Recognized in Income (Expense)

Cash Flow Hedges
Foreign exchange forward contracts	$	3	Cost of products sold	$	(1)	$	1
Interest rate swaps	—		Interest expense, net	(2)		—


Total for cash flow hedging	$	3		$	(3)	$	1

Hedges of Net Investments
Cross currency basis swaps	$	(2)	Interest expense, net	$	—	$	2

Foreign exchange forward contracts	3		Other expense (income), net	—		—

Total for net investment hedging	$	1		$	—	$	2

Fair Value Hedges
Foreign exchange forward contracts	$	—	Interest expense, net	$	—	$	(4)

Total for fair value hedging	$	—		$	—	$	(4)

The amount of gains and losses recorded in the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations related to all derivative instruments for the six months ended June 30, 2022 and 2021 were as follows:



	Six Months Ended June 30, 2022
(in millions)	Gain (Loss) recognized in AOCI		Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)		Recognized in Income (Expense)

Cash Flow Hedges
Foreign exchange forward contracts	$	—	Cost of products sold	$	2	$	—
Interest rate swaps	—		Interest expense, net	(2)		—


Total for cash flow hedging	$	—		$	—	$	—

Hedges of Net Investments
Cross currency basis swaps	$	29	Interest expense, net	$	—	$	2

Foreign exchange forward contracts	13		Other expense (income), net	—		1

Total for net investment hedging	$	42		$	—	$	3

Fair Value Hedges
Interest rate swaps	$	—	Interest expense, net	$	—	$	1
Foreign exchange forward contracts	(1)		Other expense (income), net	—		24

Total for fair value hedging	$	(1)		$	—	$	25



	Six Months Ended June 30, 2021
(in millions)	Gain (Loss) recognized in AOCI		Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)		Recognized in Income (Expense)

Cash Flow Hedges
Foreign exchange forward contracts	$	(3)	Cost of products sold	$	(2)	$	1
Interest rate swaps	—		Interest expense, net	(3)		—


Total for cash flow hedging	$	(3)		$	(5)	$	1

Hedges of Net Investments
Cross currency basis swaps	$	7	Interest expense, net	$	—	$	4

Foreign exchange forward contracts	3		Other expense (income), net	—		—

Total for net investment hedging	$	10		$	—	$	4

Fair Value Hedges
Foreign exchange forward contracts	$	—	Other expense (income), net	$	—	$	12

Total for fair value hedging	$	—		$	—	$	12

Consolidated Balance Sheets Location of Derivative Fair Values

The fair value and the location of the Company’s derivatives in the Consolidated Balance Sheets were as follows:


	June 30, 2022
(in millions)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities

Designated as Hedges:
Foreign exchange forward contracts	$	29	$	22	$	3	$	2
Interest rate swaps	—		—		4		21
Cross currency basis swaps	5		21		—		—
Total	$	34	$	43	$	7	$	23

Not Designated as Hedges:
Foreign exchange forward contracts	$	4	$	—	$	3	$	—
Total	$	4	$	—	$	3	$	—

	December 31, 2021
(in millions)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities

Designated as Hedges:
Foreign exchange forward contracts	$	18	$	11	$	2	$	1
Interest rate swaps	5		—		—		9
Cross currency basis swaps	4		—		—		7
Total	$	27	$	11	$	2	$	17

Not Designated as Hedges:
Foreign exchange forward contracts	$	1	$	—	$	1	$	—
Total	$	1	$	—	$	1	$	—

Balance Sheet Offsetting

Substantially all of the Company’s derivative contracts are subject to netting arrangements; whereby the right to offset occurs in the event of default or termination in accordance with the terms of the arrangements with the counterparty. While these contracts contain the enforceable right to offset through netting arrangements with the same counterparty, the Company elects to present them on a gross basis in the Consolidated Balance Sheets.

Offsetting of financial assets and liabilities under netting arrangements at June 30, 2022 were as follows:


							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	$	55	$	—	$	55	$	(5)	$	—	$	50


Cross currency basis swaps	26		—		26		(7)		—		19

Total assets	$	81	$	—	$	81	$	(12)	$	—	$	69

Liabilities
Foreign exchange forward contracts	$	8	$	—	$	8	$	(7)	$	—	$	1

Interest rate swaps	25		—		25		(5)		—		20


Total liabilities	$	33	$	—	$	33	$	(12)	$	—	$	21

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2021 were as follows:



							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	$	31	$	—	$	31	$	(9)	$	—	$	22



Total assets	$	31	$	—	$	31	$	(9)	$	—	$	22

Liabilities
Foreign exchange forward contracts	$	4	$	—	$	4	$	(4)	$	—	$	—

Interest rate swaps	4		—		4		(2)		—		2
Cross currency basis swaps	4		—		4		(3)		—		1

Total liabilities	$	12	$	—	$	12	$	(9)	$	—	$	3

FAIR VALUE MEASUREMENT

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

The estimated fair value and carrying value of the Company’s total debt, including current portion, was $1,927 million and $2,027 million, respectively, at June 30, 2022. At December 31, 2021, the estimated fair value and carrying value were $2,239 million and $2,095 million, respectively. The fair value of long-term debt is based on recent trade information in the financial markets of the Company’s public debt or is determined by discounting future cash flows using interest rates available at June 30, 2022 and December 31, 2021 to companies with similar credit ratings for issues with similar terms and maturities. It is considered a Level 2 fair value measurement for disclosure purposes.

Assets and liabilities measured at fair value on a recurring basis

The Company’s financial assets and liabilities set forth by level within the fair value hierarchy that were accounted for at fair value on a recurring basis were as follows:



	June 30, 2022
(in millions)	Total		Level 1		Level 2		Level 3

Assets



Cross currency basis swaps	$	26	$	—	$	26	$	—
Foreign exchange forward contracts	55		—		55		—
Long-term debt	25		—		25		—
Total assets	$	106	$	—	$	106	$	—

Liabilities
Interest rate swaps	$	25	$	—	$	25	$	—


Foreign exchange forward contracts	8		—		8		—

Contingent considerations on acquisitions	9		—		—		9
Total liabilities	$	42	$	—	$	33	$	9



	December 31, 2021
(in millions)	Total		Level 1		Level 2		Level 3

Assets

Interest rate swaps	$	5	$	—	$	5	$	—

Long-term debt	4		—		4		—
Cross currency basis swaps	4		—		4		—
Foreign exchange forward contracts	30		—		30		—

Total assets	$	43	$	—	$	43	$	—

Liabilities
Interest rate swaps	$	9	$	—	$	9	$	—

Cross currency basis swaps	7		—		7		—
Foreign exchange forward contracts	4		—		4		—

Contingent considerations on acquisitions	10		—		—		10

Total liabilities	$	30	$	—	$	20	$	10

Derivative valuations are based on observable inputs to the valuation model including interest rates, foreign currency exchange rates, and credit risks. The Company utilizes interest rate swaps and foreign exchange forward contracts that are considered cash flow hedges. In addition, the Company at times employs certain cross currency basis swaps and forward exchange contracts that are considered hedges of net investment in foreign operations.

There have been no transfers between levels during the six months ended June 30, 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Uncertainties in Income Taxes The Company recognizes the impact of a tax position in the interim consolidated financial statements if that position is more likely than not of being sustained on audit based on the technical merits of the position. Under ASC 740-10, the Company provides for uncertain tax positions and the related interest expense by adjusting unrecognized tax benefits and accrued interest accordingly. The Company recognizes potential interest and penalties related to unrecognized tax benefits in income tax expense. The Company files income tax returns in multiple jurisdictions based on its operations, some of which are under examination by taxing authorities. Certain amounts of unrecognized tax benefits may increase or decrease within twelve months of the reporting date of the Company’s consolidated financial statements, primarily due to the completion of ongoing income tax examinations. Final settlement and resolution of outstanding tax matters in various jurisdictions during the next 12 months are not expected to be significant. Expiration of statutes of limitation in various jurisdictions during the next twelve months could include unrecognized tax benefits of approximately $1 million. Of this approximately $1 million represents the amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate. Other Tax Matters The impact of discrete items is separately recognized in the quarter in which they occur. During the three months ended June 30, 2022, changes in tax expense for other discrete tax matters are not significant. During the six months ended June 30, 2022, the Company recorded $1 million of tax expense for other discrete tax matters. The decrease in the effective tax rate is due to the overall decrement in the Company’s performance and the corresponding earnings mix of jurisdictions in which Company does business. During the three and six months ended June 30, 2021, the Company recorded $3 million and $2 million, respectively, of tax expense for other discrete tax matters.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FINANCING ARRANGEMENTS	6 Months Ended
FINANCING ARRANGEMENTS	Jun. 30, 2022
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS At June 30, 2022, the Company had $535 million of borrowing available under lines of credit, including lines available under its short-term arrangements and revolving credit facility. The Company has a $500 million commercial paper program. The Company had $193 million and $170 million outstanding borrowings under the commercial paper facility at June 30, 2022 and December 31, 2021, respectively. The Company also has a $700 million multi-currency revolving credit facility which serves as a back-stop credit facility for the Company’s commercial paper program. At June 30, 2022 and December 31, 2021, there were no outstanding borrowings under the multi-currency revolving credit facility. The Company also has access to $54 million in uncommitted short-term financing under lines of credit from various financial institutions, the availability of which is reduced by other short-term borrowings of $26 million. At June 30, 2022, the weighted-average interest rate for short-term debt was 2.2%. The Company’s revolving credit facility, term loans and senior notes contain certain affirmative and negative debt covenants relating to the Company’s operations and financial condition. At June 30, 2022, the Company was in compliance with all debt covenants. As a result of the Company’s failure to file its unaudited financial statements for the fiscal quarters ended March 31, 2022 and June 30, 2022 by the reporting deadlines, the Company obtained the consents of the requisite lenders and noteholders of its outstanding indebtedness to extend the time period for delivery of such unaudited financial statements until November 14, 2022. Therefore, the Company has not suffered an event of default as a result of the delayed filings

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The Company assesses both goodwill and indefinite-lived intangible assets for impairment annually as of April 1 or more frequently if events or changes in circumstances indicate the asset might be impaired. Based on the Company’s 2022 impairment test, it was determined that the fair values of its reporting units and indefinite-lived intangible assets more likely than not exceeded their respective carrying values, resulting in no impairment.

The fair values of reporting units were computed using a discounted cash flow model with inputs developed using both internal and market-based data. Intangible assets were evaluated for impairment using an income approach, specifically a relief from royalty method, or using a qualitative assessment. A change in any of the estimates and assumptions used in the annual test, a decline in the overall markets or in the use of intangible assets among other factors, could have a material adverse effect to the fair value of either the reporting units or intangible assets and could result in a future impairment charge. There can be no assurance that the Company’s future asset impairment testing will not result in a material charge to earnings. The Company’s significant assumptions in the discounted cash flow model included, but were not limited to, the weighted average cost of capital, revenue growth rates (including perpetual growth rates), and operating margin percentages of the reporting unit’s business. While we consider these assumptions to be reasonable and appropriate, they are subjective, and additional adverse changes in these key assumptions, as well as unfavorable changes in the overall markets served by these reporting units, among other factors, would have a negative material impact to the fair value of the reporting units and indefinite-lived intangible assets and would result in a future impairment charge.

As disclosed in Note 16- Subsequent Events, the company anticipates recording a pre-tax charge for the impairment of goodwill and indefinite-lived intangible assets in the range of $1.0 billion - $1.3 billion in the third quarter 2022. The timing of this impairment charge in the third quarter was the result of the following factors:

•

Current macroeconomic conditions, including the rising interest rate environment and broad declines in equity valuations. Since the second quarter, core underlying market interest rates, which serve as the basis for the discount rate assumptions in our impairment models, rose by approximately 200 basis points.

•

Reduced earnings forecasts for several reporting units as these forecasts were impacted by ongoing macroeconomic forces. First, global demand has weakened for certain products in the third quarter as inflationary pressures impacted the discretionary spending behavior of our customers, which has introduced new competitive challenges. Additionally, raw materials, supply chain, and service costs have all increased due to changes in our business model and broad inflationary trends.

For additional information on evaluations subsequent to June 30, 2022, including the likely impairment of goodwill and indefinite-lived intangibles identified during the third quarter of 2022, refer to the Note 16- Subsequent Events.

A reconciliation of changes in the Company’s goodwill by reportable segment were as follows:


(in millions)	Technologies & Equipment		Consumables		Total

Balance at December 31, 2021
Goodwill	$	5,989	$	880	$	6,869
Accumulated impairment losses	(2,893)		—		(2,893)
Goodwill, net	$	3,096	$	880	$	3,976


Translation and other	(99)		(19)		(118)

Balance at June 30, 2022
Goodwill	$	5,890	$	861	$	6,751
Accumulated impairment losses	(2,893)		—		(2,893)
Goodwill, net	$	2,997	$	861	$	3,858

Identifiable definite-lived and indefinite-lived intangible assets were as follows:


	June 30, 2022						December 31, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Developed technology and patents	$	1,632	$	(774)	$	858	$	1,729	$	(762)	$	967
Tradenames and trademarks	273		(89)		184		269		(79)		190
Licensing agreements	31		(26)		4		36		(32)		4
Customer relationships	1,050		(562)		488		1,091		(545)		546
Total definite-lived	$	2,986	$	(1,451)	$	1,534	$	3,125	$	(1,418)	$	1,707

Indefinite-lived tradenames and trademarks	$	552	$	—	$	552	$	598	$	—	$	598
In-process R&D (a)	14		—		14		14		—		14
Total indefinite-lived	$	566	$	—	$	566	$	612	$	—	$	612

Total identifiable intangible assets	$	3,552	$	(1,451)	$	2,100	$	3,737	$	(1,418)	$	2,319

(a) Intangible assets acquired in a business combination that are in-process and used in research and development (“R&D”) activities are considered indefinite-lived until the completion or abandonment of the R&D efforts. The useful life and amortization of those assets will be determined once the R&D efforts are completed.

During the second quarter of 2021, the Company purchased certain developed technology rights for an initial payment of $3 million. The purchase consideration also includes minimum guaranteed contingent payments of $17 million to be made upon reaching certain regulatory and commercial milestones. The contingent payments are not yet considered probable of payment as of June 30, 2022.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Contingencies

On January 25, 2018, Futuredontics, Inc., a former wholly-owned subsidiary of the Company, received service of a purported class action lawsuit brought by Henry Olivares and other similarly situated individuals in the Superior Court of the State of California for the County of Los Angeles. In January 2019, an amended complaint was filed adding another named plaintiff, Rachael Clarke, and various claims. The plaintiff class alleges several violations of the California wage and hours laws, including, but not limited to, failure to provide rest and meal breaks and the failure to pay overtime. The parties have engaged in written and other discovery. On February 5, 2019, Plaintiff Calethia Holt (represented by the same counsel as Mr. Olivares and Ms. Clarke) filed a separate representative action in Los Angeles Superior Court alleging a single violation of the Private Attorneys’ General Act that is based on the same underlying claims as the Olivares/Clarke lawsuit. On April 5, 2019, Plaintiff Kendra Cato filed a similar action in Los Angeles Superior Court alleging a single violation of the Private Attorneys’ General Act that is based on the same underlying claims as the Olivares/Clarke lawsuit. The Company has agreed to resolve all three actions (Olivares, Holt, and Cato). The court in Cato approved the settlement in that case, the settlement payment has been made, and the court dismissed the lawsuit. The parties to Olivares and Holt are in the process of seeking court approval of that settlement. The expected settlement amount, which is immaterial to the financial statements, has been recorded as an accrued liability within the Company’s consolidated balance sheet as of June 30, 2022.

On June 7, 2018, and August 9, 2018, two putative class action suits were filed, and later consolidated, in the Supreme Court of the State of New York, County of New York claiming that the Company and certain individual defendants, violated U.S. securities laws (the “State Court Action”) by making material misrepresentations and omitting required information in the December 4, 2015 registration statement filed with the SEC in connection with the 2016 merger of Sirona Dental Systems Inc. (“Sirona”) with DENTSPLY International Inc. (the “Merger”). The amended complaint alleges that the defendants failed to disclose, among other things, that a distributor had purchased excessive inventory of legacy Sirona products and that three distributors of the Company’s products had been engaging in anticompetitive conduct. The plaintiffs seek to recover damages on behalf of a class of former Sirona shareholders who exchanged their shares for shares of the Company’s stock in the Merger. On September 26, 2019, the Court granted the Company’s motion to dismiss all claims and a judgment dismissing the case was subsequently entered. On February 4, 2020, the Court denied plaintiffs’ post-judgment motion to vacate or modify the judgment and to grant them leave to amend their complaint. The plaintiffs appealed the dismissal and the denial of the post-judgment motion to the Supreme Court of the State of New York, Appellate Division, First Department, and the Company cross-appealed select rulings in the Court’s decision dismissing the action. The plaintiffs’ appeals and the Company’s cross-appeal were consolidated and argued on January 12, 2021. On February 2, 2021, the Appellate Division issued its decision upholding the dismissal of the State Court Action with prejudice on statute of limitations grounds. The Plaintiffs did not appeal the Appellate Division decision.

On December 19, 2018, a related putative class action was filed in the U.S. District Court for the Eastern District of New York against the Company and certain individual defendants (the “Federal Class Action”). The plaintiff makes similar allegations and asserts the same claims as those asserted in the State Court Action. In addition, the plaintiff alleges that the defendants violated U.S. securities laws by making false and misleading statements in quarterly and annual reports and other public statements between February 20, 2014, and August 7, 2018. The plaintiff asserts claims on behalf of a putative class consisting of (a) all purchasers of the Company’s stock during the period February 20, 2014 through August 7, 2018 and (b) former shareholders of Sirona who exchanged their shares of Sirona stock for shares of the Company’s stock in the Merger. The Company moved to dismiss the amended complaint on August 15, 2019. The plaintiff filed its second amended complaint on January 22, 2021, and the Company filed a motion to dismiss the second amended complaint on March 8, 2021. Briefing on the motion to dismiss was fully submitted on May 21, 2021, and that motion is currently pending before the Court.

On June 2, 2022, the Company was named as a defendant in a putative class action filed in the United States District Court for the Southern District of Ohio captioned City of Miami General Employees’ & Sanitation Employees’ Retirement Trust v. Casey, Jr. et al., No. 2:22-cv-02371 (S.D. Ohio), and on July 28, 2022, the Company was named as a defendant in a putative class action filed in the United States District Court for the Southern District of New York captioned San Antonio Fire and Police Pension Fund v. Dentsply Sirona Inc. et al., No. 1:22-cv-06339 (together, the “Securities Litigation”). The complaints in the Securities Litigation are substantially similar and both allege that, during the period June 9, 2021 through May 9, 2022, the Company, Mr. Donald M. Casey Jr., the Company’s former Chief Executive Officer, and Mr. Jorge Gomez, the Company’s former Chief Financial Officer, violated United States securities laws by, among other things, making materially false and misleading statements or omissions, including regarding the manner in which the Company recognizes revenue tied to distributor rebate and incentive programs.

No specific amounts of damages have been alleged in these lawsuits. We will continue to incur legal fees in connection with these pending cases, including expenses for the reimbursement of legal fees of present and former officers and directors under indemnification obligations. The expense of continuing to defend such litigation may be significant. We intend to defend these lawsuits vigorously, but there can be no assurance that we will be successful in any defense. If any of the lawsuits are decided adversely, we may be liable for significant damages directly or under our indemnification obligations, which could adversely affect our business, results of operations and cash flows. At this stage, we are unable to assess whether any material loss or adverse effect is reasonably possible as a result of these lawsuits or estimate the range of any potential loss.

As a result of an audit by the IRS for fiscal years 2012 through 2013, on February 11, 2019, the IRS issued to the Company a “30-day letter” and a Revenue Agent’s Report (“RAR”), relating to the Company’s worthless stock deduction in 2013 in the amount of $546 million. The RAR disallows the deduction and, after adjusting the Company’s net operating loss carryforward, asserts that the Company is entitled to a refund of $5 million for 2012, has no tax liability for 2013, and owes a deficiency of $17 million in tax for 2014, excluding interest. In accordance with ASC 740, the Company recorded the tax benefit associated with the worthless stock deduction in the Company’s 2012 financial statements. In March 2019, the Company submitted a formal protest disputing on multiple grounds the proposed taxes. The Company and its advisors discussed its position with the IRS Appeals Office Team on October 28, 2020 and, on November 13, 2020, submitted a supplemental response to questions raised by the Appeals Team. The Company’s position continues to be reviewed by the IRS Appeals Office team. The Company believes the IRS’ position is without merit and believes that it is more likely-than-not the Company’s position will be sustained upon further review by the IRS Appeals Office Team. The Company has not accrued a liability relating to the proposed tax adjustments. However, the outcome of this dispute involves a number of uncertainties, including those inherent in the valuation of various assets at the time of the worthless stock deduction, and those relating to the application of the Internal Revenue Code and other federal income tax authorities and judicial precedent. Accordingly, there can be no assurance that the dispute with the IRS will be resolved favorably. If determined adversely, the dispute would result in a current period charge to earnings and could have a material adverse effect in the consolidated results of operations, financial position, and liquidity of the Company.

The Swedish Tax Agency has disallowed certain of the Company’s interest expense deductions for the tax years from 2013 to 2018. If such interest expense deductions were disallowed, the Company would be subject to an additional $39 million in tax expense. The Company has appealed the disallowance to the Swedish Administrative Court. With respect to such deductions taken in the tax years from 2013 to 2014, the Court ruled against the Company on July 5, 2017. On August 7, 2017, the Company appealed the unfavorable decision of the Swedish Administrative Court. On November 5, 2018, the Company delivered its final argument to the Administrative Court of Appeals at a hearing. The European Union Commission has taken the view that Sweden’s interest deduction limitation rules are incompatible with European Union law and supporting legal opinions, and therefore the Company has not paid the tax or made provision in its financial statements for such potential expense. This view has now been confirmed by the European Union Court of Justice in a preliminary ruling requested by the Swedish Supreme Administrative Court. Subsequently, the Swedish Tax Authority has conceded in pending court proceedings that the Company should be granted further interest expense deductions, but still claims that interest expense deductions incurring a maximum additional tax expense of $7 million should be disallowed on grounds not relating to European Union law.

The Company intends to vigorously defend its positions and pursue related appeals in the above-described pending matters.

In addition to the matters disclosed above, the Company is, from time to time, subject to a variety of litigation and similar proceedings incidental to its business. These legal matters primarily involve claims for damages arising out of the use of the Company’s products and services and claims relating to intellectual property matters including patent infringement, employment matters, tax matters, commercial disputes, competition and sales and trading practices, personal injury, and insurance coverage. The Company may also become subject to lawsuits as a result of past or future acquisitions or as a result of liabilities retained from, or representations, warranties or indemnities provided in connection with, divested businesses. Some of these lawsuits may include claims for punitive and consequential, as well as compensatory damages. Except as otherwise noted, the Company generally cannot predict what the eventual outcome of the above-described pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter may be. Based upon the Company’s experience, current information, and applicable law, it does not believe that these proceedings and claims will have a material adverse effect on its consolidated results of operations, financial position, or liquidity. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to the Company’s business, financial condition, results of operations, or liquidity.

While the Company maintains general, product, property, workers’ compensation, automobile, cargo, aviation, crime, fiduciary and directors’ and officers’ liability insurance up to certain limits that cover certain of these claims, this insurance

may be insufficient or unavailable to cover such losses. In addition, while the Company believes it is entitled to indemnification from third parties for some of these claims, these rights may also be insufficient or unavailable to cover such losses.

Commitments

Purchase Commitments

The Company has certain non-cancelable future commitments primarily related to long-term supply contracts for key components and raw materials. At June 30, 2022, non-cancelable purchase commitments are as follows:


(in millions)


2022	$	114
2023	121
2024	61
2025	36
2026	43
Thereafter	—
Total	$	375

The above information should be read in conjunction with Part II, Item 7 “Contractual Obligations” and Part II, Item 8, Note 22 “Commitments and Contingencies” in our 2021 Form 10-K/A for the fiscal year ended December 31, 2021.

Off-Balance Sheet Arrangements

As of June 30, 2022, we had no material off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures or capital resources other than certain items disclosed in the sections above.

Indemnification

In the normal course of business to facilitate sale of our products and services, we indemnify certain parties: customers, vendors, lessors, and other parties with respect to certain matters, including, but not limited to, services to be provided by us and intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with our directors and our executive officers that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. Several of these agreements limit the time within which an indemnification claim can be made and the amount of the claim.

It is not possible to make a reasonable estimate of the maximum potential amount under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement. Additionally, we have a limited history of prior indemnification claims and the payments we have made under such agreements have not had a material effect on our results of operations, cash flows or financial position. As of June 30, 2022, we did not have any material indemnification claims that were probable or reasonably possible. However, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our results of operations or cash flows in a particular period.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to the date of these interim unaudited consolidated financial statements but prior to issuance, the Company has continued to monitor macroeconomic events after its most recent annual goodwill impairment testing which was completed during the second quarter ended June 30, 2022. In the three months ended September 30, 2022, the Company expects to record a pre-tax non-cash charge for the impairment of goodwill and intangible assets in the range of $1.0 billion - $1.3 billion, due primarily to macroeconomic factors such as higher cost of capital, cost inflation, unfavorable foreign currency impacts, and increased supply chain costs, which are contributing to reduced forecasted revenues, lower operating margins, and reduced expectations for future cash flows.

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These financial statements and related notes contain the accounts of DENTSPLY SIRONA Inc. and subsidiaries (“Dentsply Sirona” or the “Company”) on a consolidated basis and should be read in conjunction with the consolidated financial statements and notes included in the Company’s most recent Form 10-K for the year ended December 31, 2021, as amended and filed on November 7, 2022. Recently Concluded Investigation As previously disclosed, the Audit and Finance Committee of the Company’s Board of Directors (the “Audit and Finance Committee”), assisted by independent legal counsel and forensic accountants, commenced an internal investigation in March 2022 of allegations regarding certain financial reporting matters submitted by current and former employees of the Company. In the North America Investigation, the Audit and Finance Committee concluded that there was no evidence of intentional wrongdoing or fraud. The Audit and Finance Committee found that certain former members of senior management, including the Company’s former Chief Executive Officer and former Chief Financial Officer, violated provisions of the Company’s Code of Ethics and Business Conduct. In addition, these former members of senior management did not maintain and promote an appropriate control environment focused on compliance in areas of the Company’s business, nor did they sufficiently promote, monitor or enforce adherence to the Code of Ethics and Business Conduct. The North America Investigation found that certain former members of senior management, including the former Chief Executive Officer and the former Chief Financial Officer created a culture where employees did not feel comfortable raising concerns without fear of retaliation. In addition, the North America Investigation substantiated certain allegations regarding inappropriate tone at the top by the former Chief Executive Officer and the former Chief Financial Officer. Based on the China Investigation, the Audit and Finance Committee concluded that members of the Company’s local commercial team in China, as well as the head of the Company’s Asia-Pacific commercial organization, committed intentional wrongdoing by failing to provide requested information to the Company’s local accounting team, by obstructing the work of the accounting team and by lacking truthfulness in providing information to the Company and to the Audit and Finance Committee as part of the China Investigation. The China Investigation also determined that these actions by the certain members of the Company’s local commercial team in China, as well as the former Chief Financial Officer and the head of the Company’s Asia-Pacific commercial organization, violated the Company’s Code of Ethics and Business Conduct. On October 29, 2022, the Audit and Finance Committee determined that its investigation was complete, and authorized the filing of these interim consolidated financial statements for the three-month and six-month periods ended June 30, 2022. Correction of Previously Reported Interim Consolidated Quarterly Financial Statements The interim consolidated financial statements include immaterial corrections to the three-month and six-month periods ended June 30, 2021 which were presented in Note 23 to the audited consolidated financial statements and notes thereto for the year ended December 31, 2021 in the Company’s 2021 Form 10-K/A filed on November 7, 2022. This revision, which corrects for errors related to certain customer incentive programs as well as the accounting and assumptions in the determination of estimates related to the Company’s sales returns provisions, warranty reserve provisions and variable consideration, as well as other immaterial adjustments, results in a decrease to Net sales by $5 million, a decrease to Gross Profit by $3 million, a decrease to Operating Income of $1 million and a decrease to Diluted EPS by $0.02 per share from amounts previously reported for the three-month period ended June 30, 2021. This revision results in a decrease to Net sales by $6 million, a decrease to Gross Profit by $3 million, a decrease to Operating Income of $5 million and a decrease to Diluted EPS by $0.04 per share from amounts previously reported for the six-month period ended June 30, 2021. Previously reported cash flows from operating, investing and financing activities for the six-month period ended June 30, 2021 were not impacted.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of net sales and expense during the reporting period. Actual results could differ materially from those estimates. Specifically, for the three months ended June 30, 2022, some of these estimates and assumptions continue to be based on an ongoing evaluation of expected future impacts from the COVID-19 pandemic. The full extent to which the COVID-19 pandemic will directly or indirectly have a negative material impact on the Company’s financial condition, liquidity, or results of operations in future periods is highly uncertain and difficult to predict. More specifically, although demand for the Company’s products has largely recovered from the impact of rigorous preventive measures implemented at the outset of the pandemic, it continues to be affected by social distancing guidelines, dental practice safety protocols which reduce patient traffic, and some lingering patient reluctance to seek dental care. Also, impacts from the pandemic continue to be experienced in the form of more recent shortages and higher prices of raw materials such as electronic components, higher related transportation costs, and labor shortages. In the second quarter of 2022, the Company has continued to experience supply chain constraints, which has impacted its ability to timely produce and deliver certain products, and has also resulted in increases in shipping rates. To address these issues, the Company has taken steps to mitigate the impact of these trends, including continued emphasis on cost reduction and supply chain efficiencies. However, uncertainties remain regarding how long these impacts will continue, whether customer demand will fully return to pre-COVID-19 levels upon lifting of remaining government restrictions, or whether future variants of the virus may have an adverse impact on demand in affected markets.
Revenue	Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services.
Inventory	Inventories are stated at the lower of cost and net realizable value.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which was subsequently amended by ASU No. 2021-01 “Reference Rate Reform (Topic 848): Scope” in January 2021. The new standard provides optional expedients and exceptions to contracts, hedging relationships, and other transactions that reference the London Interbank Offer Rate (“LIBOR”) or another rate expected to be discontinued due to the reference rate reform. The amendments in this standard were effective upon issuance and generally can be applied to contract modifications made or evaluated through December 31, 2022. The Company does not expect this standard to have a material impact on its consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (Topic 805), which requires contract assets and liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. The current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value differs from the current approach. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures.
Foreign Exchange Risk Management	Foreign Exchange Risk Management The Company hedges select anticipated foreign currency cash flows to reduce volatility in both cash flows and reported earnings. The Company designates certain foreign exchange forward contracts as cash flow hedges. As a result, the Company records the fair value of the contracts primarily through AOCI based on the assessed effectiveness of the foreign exchange forward contracts. The Company measures the effectiveness of cash flow hedges of anticipated transactions on a spot-to-spot basis rather than on a forward-to-forward basis. Accordingly, the spot-to-spot change in the derivative fair value will be deferred in AOCI and released and recorded in the Consolidated Statements of Operations in the same period that the hedged transaction is recorded. The time-value component of the fair value of the derivative is reported on a straight-line basis in Cost of products sold in the Consolidated Statements of Operations in the period which it is applicable. Any cash flows associated with these instruments are included in operating activities in the Consolidated Statements of Cash Flows. These foreign exchange forward contracts generally have maturities up to 18 months, which is the period over which the Company is hedging exposures to variability of cash flows and the counterparties to the transactions are typically large international financial institutions.
Income Taxes	Under ASC 740-10, the Company provides for uncertain tax positions and the related interest expense by adjusting unrecognized tax benefits and accrued interest accordingly. The Company recognizes potential interest and penalties related to unrecognized tax benefits in income tax expense.
Goodwill & Intangible Assets	The Company assesses both goodwill and indefinite-lived intangible assets for impairment annually as of April 1 or more frequently if events or changes in circumstances indicate the asset might be impaired. Based on the Company’s 2022 impairment test, it was determined that the fair values of its reporting units and indefinite-lived intangible assets more likely than not exceeded their respective carrying values, resulting in no impairment. The fair values of reporting units were computed using a discounted cash flow model with inputs developed using both internal and market-based data. Intangible assets were evaluated for impairment using an income approach, specifically a relief from royalty method, or using a qualitative assessment. A change in any of the estimates and assumptions used in the annual test, a decline in the overall markets or in the use of intangible assets among other factors, could have a material adverse effect to the fair value of either the reporting units or intangible assets and could result in a future impairment charge. There can be no assurance that the Company’s future asset impairment testing will not result in a material charge to earnings.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

REVENUE (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Net sales disaggregated by product category for the three and six months ended June 30, 2022 and 2021 were as follows:


	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

Equipment & Instruments	$	169	$	176	$	335	$	347
CAD/CAM	129		127		235		256
Orthodontics	76		81		144		149
Implants	149		158		304		311
Healthcare	72		75		142		149
Technology & Equipment segment net sales	$	595	$	617	$	1,160	$	1,212

Endodontic & Restorative	$	312	$	328	$	605	$	640
Other Consumables	116		117		227		236
Consumables segment sales	$	428	$	445	$	832	$	876

Total net sales	$	1,023	$	1,062	$	1,992	$	2,088

Revenue from External Customers by Geographic Areas

Net sales disaggregated by geographic region for the three and six months ended June 30, 2022 and 2021 were as follows:


	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

United States	$	358	$	363	$	666	$	710
Europe	414		429		825		846
Rest of World	251		270		501		532

Total net sales	$	1,023	$	1,062	$	1,992	$	2,088

STOCK COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation

The amounts of stock compensation expense recorded in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 were as follows:


	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

Cost of products sold	$	—	$	2	$	1	$	2
Selling, general, and administrative expense	22		16		31		29
Research and development expense	—		1		1		1
Total stock based compensation expense	$	22	$	19	$	33	$	32

Related deferred income tax benefit	$	2	$	2	$	3	$	4

COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the six months ended June 30, 2022 and 2021 were as follows:



(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment and Fair Value Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2021	$	(366)	$	(16)	$	(103)	$	(107)	$	(592)
Other comprehensive (loss) income before reclassifications and tax impact	(37)		3		9		—		(25)
Tax expense	(11)		—		(1)		—		(12)
Other comprehensive (loss) income, net of tax, before reclassifications	(48)		3		8		—		(37)
Amounts reclassified from accumulated other comprehensive income, net of tax	—		(1)		—		1		—
Net (decrease) increase in other comprehensive loss	(48)		2		8		1		(37)


Balance, net of tax, at March 31, 2022	$	(414)	$	(14)	$	(95)	$	(106)	$	(629)
Other comprehensive (loss) income before reclassifications and tax impact	(86)		(3)		32		—		(57)
Tax expense	(28)		—		(8)		—		(36)
Other comprehensive (loss) income, net of tax, before reclassifications	(114)		(3)		24		—		(93)
Amounts reclassified from accumulated other comprehensive income, net of tax	—		1		—		2		3
Net (decrease) increase in other comprehensive income	(114)		(2)		24		2		(90)


Balance, net of tax, at June 30, 2022	$	(528)	$	(16)	$	(71)	$	(104)	$	(719)


(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment and Fair Value Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2020	$	(187)	$	(25)	$	(119)	$	(133)	$	(464)
Other comprehensive (loss) income before reclassifications and tax impact	(74)		(6)		9		3		(68)
Tax (expense) benefit	(25)		2		(2)		(1)		(26)
Other comprehensive (loss) income, net of tax, before reclassifications	(99)		(4)		7		2		(94)
Amounts reclassified from accumulated other comprehensive income, net of tax	—		2		—		2		4
Net (decrease) increase in other comprehensive income	(99)		(2)		7		4		(90)
Balance, net of tax, at March 31, 2021	$	(286)	$	(27)	$	(112)	$	(129)	$	(554)
Other comprehensive income before reclassifications and tax impact	31		3		1		—		35
Tax benefit (expense)	6		(2)		(1)		—		3
Other comprehensive income, net of tax, before reclassifications	37		1		—		—		38
Amounts reclassified from accumulated other comprehensive income, net of tax	—		3		—		2		5
Net increase in other comprehensive income	37		4		—		2		43

Balance, net of tax, at June 30, 2021	$	(249)	$	(23)	$	(112)	$	(127)	$	(511)

EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computation of basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021 were as follows:


Basic Earnings Per Common Share	Three Months Ended				Six Months Ended
(in millions, except per share amounts)	2022		2021		2022		2021

Net income attributable to Dentsply Sirona	$	73	$	96	$	142	$	208

Weighted average common shares outstanding	214.9		218.4		215.9		218.6

Earnings per common share - basic	$	0.34	$	0.44	$	0.66	$	0.95

Diluted Earnings Per Common Share	Three Months Ended				Six Months Ended
(in millions, except per share amounts)	2022		2021		2022		2021

Net income attributable to Dentsply Sirona	$	73	$	96	$	142	$	208

Weighted average common shares outstanding	214.9		218.4		215.9		218.6
Incremental weighted average shares from assumed exercise of dilutive options from stock-based compensation awards	0.4		2.3		0.6		2.2
Total weighted average diluted shares outstanding	215.3		220.7		216.5		220.8

Earnings per common share - diluted	$	0.34	$	0.43	$	0.66	$	0.94

Accelerated Share Repurchases


(in millions, except per share amounts)			Initial Delivery					Final Settlement
Agreement Date	Amount Paid		Shares Received	Price per share		Value of Shares as a % of Contract Value		Settlement Date	Total Shares Received	Average Price per Share
March 8, 2022	$	150	2.4	$	50.44	80	%	April 19, 2022	3.1	$	48.22

BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Intangible Assets Acquired

Identifiable intangible assets acquired were as follows:

Weighted Average

Useful Life

(in millions, except for useful life)

Amount

(in years)

In-process R&D

Indefinite

Identifiable intangible assets acquired were as follows:

Weighted Average

Useful Life

(in millions, except for useful life)

Amount

(in years)

Developed technology

Identifiable intangible assets acquired were as follows:


			Weighted Average
			Useful Life
(in millions, except for useful life)	Amount		(in years)

Developed technology	$	66	15
In-process R&D	10		Indefinite
Total	$	76

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed in connection with the Propel Orthodontics acquisition were as follows:


(in millions)


Other current assets	$	4
Intangible assets	66
Current liabilities	(1)
Net assets acquired	69
Goodwill	63
Purchase consideration	$	132

The fair values of the assets acquired and liabilities assumed in connection with the Datum acquisition were as follows:


(in millions)

Cash and cash equivalents	$	2
Other current assets	2
Intangible assets	76
Current liabilities	(2)
Other long-term assets (liabilities), net	(14)
Net assets acquired	64
Goodwill	39
Purchase consideration	$	103

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Third Party Net Sales

The Company’s segment information for the three and six months ended June 30, 2022 and 2021 was as follows:

Net Sales


	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

Technologies & Equipment	$	595	$	617	$	1,160	$	1,212
Consumables	428		445		832		876
Total net sales	$	1,023	$	1,062	$	1,992	$	2,088

Segment Adjusted Operating Income


	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

Technologies & Equipment	$	119	$	133	$	205	$	257
Consumables	142		154		277		303
Segment adjusted operating income	261		287		482		560

Reconciling items expense (income):
All other (a)	81		69		146		132

Restructuring and other costs	7		5		10		8
Interest expense, net	15		15		27		29

Other expense (income), net	13		8		11		(1)
Amortization of intangible assets	53		56		108		111
Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations	1		3		2		5
Income before income taxes	$	91	$	131	$	178	$	276

(a) Includes the results of unassigned Corporate headquarters costs and inter-segment eliminations.

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, net were as follows:


(in millions)	June 30, 2022		December 31, 2021

Raw materials and supplies	$	144	$	139
Work-in-process	76		72
Finished goods	361		304
Inventories, net	$	581	$	515

RESTRUCTURING AND OTHER COSTS (Tables)

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

Restructuring and other costs for the three and six months ended June 30, 2022 and 2021 were as follows:


Affected Line Item in the Consolidated Statements of Operations	Three Months Ended				Six Months Ended
(in millions)	2022		2021		2022		2021

Cost of products sold	$	—	$	(1)	$	—	$	(3)
Selling, general, and administrative expenses	—		3		—		3
Restructuring and other costs	7		5		10		8

Total restructuring and other costs	$	7	$	7	$	10	$	8

The Company’s restructuring accruals at June 30, 2022 were as follows:


	Severance
(in millions)	2020 and Prior Plans		2021 Plans		2022 Plans		Total

Balance at December 31, 2021	$	5	$	9	$	—	$	14
Provisions	1		1		6		8
Amounts applied	(3)		(3)		(2)		(8)
Change in estimates	(1)		—		—		(1)
Balance at June 30, 2022	$	2	$	7	$	4	$	13


	Other Restructuring Costs
(in millions)	2020 and Prior Plans		2021 Plans		2022 Plans		Total

Balance at December 31, 2021	$	4	$	—	$	—	$	4
Provisions	—		1		—		1
Amounts applied	(3)		—		—		(3)

Balance at June 30, 2022	$	1	$	1	$	—	$	2

Cumulative Amounts for the Provisions and Adjustments and Amounts Applied for All the Plans by Segment

The cumulative amounts for the provisions and adjustments and amounts applied for all the plans by segment were as follows:


(in millions)	December 31, 2021		Provisions		Amounts Applied		Change in Estimates		June 30, 2022

Technologies & Equipment	$	7	$	1	$	(2)	$	—	$	6
Consumables	11		7		(7)		(1)		10
All Other	—		1		(2)		—		(1)
Total	$	18	$	9	$	(11)	$	(1)	$	15

FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions


(in millions)	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months

Cash Flow Hedges
Foreign exchange forward contracts	$	134	$	112


Total derivative instruments designated as cash flow hedges	$	134	$	112

Hedges of Net Investments
Foreign exchange forward contracts	$	168	$	84
Cross currency basis swaps	280		—
Total derivative instruments designated as hedges of net investments	$	448	$	84

Fair Value Hedges
Interest rate swaps	$	250	$	—
Foreign exchange forward contracts	161		62
Total derivative instruments designated as fair value hedges	$	411	$	62

Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts	$	328	$	328
Total derivative instruments not designated as hedges	$	328	$	328

Schedule of Derivative Instruments


	Three Months Ended June 30, 2022
(in millions)	Gain (Loss) recognized in AOCI		Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)		Recognized in Income (Expense)

Cash Flow Hedges
Foreign exchange forward contracts	$	(3)	Cost of products sold	$	2	$	—
Interest rate swaps	—		Interest expense, net	(1)		—


Total for cash flow hedging	$	(3)		$	1	$	—

Hedges of Net Investments
Cross currency basis swaps	$	21	Interest expense, net	$	—	$	1

Foreign exchange forward contracts	10		Other expense (income), net	—		1

Total for net investment hedging	$	31		$	—	$	2

Fair Value Hedges

Foreign exchange forward contracts	1		Other expense (income), net	—		16

Total for fair value hedging	$	1		$	—	$	16


	Three Months Ended June 30, 2021
(in millions)	Gain (Loss) Recognized in AOCI		Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)		Recognized in Income (Expense)

Cash Flow Hedges
Foreign exchange forward contracts	$	3	Cost of products sold	$	(1)	$	1
Interest rate swaps	—		Interest expense, net	(2)		—


Total for cash flow hedging	$	3		$	(3)	$	1

Hedges of Net Investments
Cross currency basis swaps	$	(2)	Interest expense, net	$	—	$	2

Foreign exchange forward contracts	3		Other expense (income), net	—		—

Total for net investment hedging	$	1		$	—	$	2

Fair Value Hedges
Foreign exchange forward contracts	$	—	Interest expense, net	$	—	$	(4)

Total for fair value hedging	$	—		$	—	$	(4)



	Six Months Ended June 30, 2022
(in millions)	Gain (Loss) recognized in AOCI		Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)		Recognized in Income (Expense)

Cash Flow Hedges
Foreign exchange forward contracts	$	—	Cost of products sold	$	2	$	—
Interest rate swaps	—		Interest expense, net	(2)		—


Total for cash flow hedging	$	—		$	—	$	—

Hedges of Net Investments
Cross currency basis swaps	$	29	Interest expense, net	$	—	$	2

Foreign exchange forward contracts	13		Other expense (income), net	—		1

Total for net investment hedging	$	42		$	—	$	3

Fair Value Hedges
Interest rate swaps	$	—	Interest expense, net	$	—	$	1
Foreign exchange forward contracts	(1)		Other expense (income), net	—		24

Total for fair value hedging	$	(1)		$	—	$	25



	Six Months Ended June 30, 2021
(in millions)	Gain (Loss) recognized in AOCI		Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)		Recognized in Income (Expense)

Cash Flow Hedges
Foreign exchange forward contracts	$	(3)	Cost of products sold	$	(2)	$	1
Interest rate swaps	—		Interest expense, net	(3)		—


Total for cash flow hedging	$	(3)		$	(5)	$	1

Hedges of Net Investments
Cross currency basis swaps	$	7	Interest expense, net	$	—	$	4

Foreign exchange forward contracts	3		Other expense (income), net	—		—

Total for net investment hedging	$	10		$	—	$	4

Fair Value Hedges
Foreign exchange forward contracts	$	—	Other expense (income), net	$	—	$	12

Total for fair value hedging	$	—		$	—	$	12

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value and the location of the Company’s derivatives in the Consolidated Balance Sheets were as follows:


	June 30, 2022
(in millions)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities

Designated as Hedges:
Foreign exchange forward contracts	$	29	$	22	$	3	$	2
Interest rate swaps	—		—		4		21
Cross currency basis swaps	5		21		—		—
Total	$	34	$	43	$	7	$	23

Not Designated as Hedges:
Foreign exchange forward contracts	$	4	$	—	$	3	$	—
Total	$	4	$	—	$	3	$	—

	December 31, 2021
(in millions)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities

Designated as Hedges:
Foreign exchange forward contracts	$	18	$	11	$	2	$	1
Interest rate swaps	5		—		—		9
Cross currency basis swaps	4		—		—		7
Total	$	27	$	11	$	2	$	17

Not Designated as Hedges:
Foreign exchange forward contracts	$	1	$	—	$	1	$	—
Total	$	1	$	—	$	1	$	—

Offsetting Derivative Assets and Liabilities

Offsetting of financial assets and liabilities under netting arrangements at June 30, 2022 were as follows:


							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	$	55	$	—	$	55	$	(5)	$	—	$	50


Cross currency basis swaps	26		—		26		(7)		—		19

Total assets	$	81	$	—	$	81	$	(12)	$	—	$	69

Liabilities
Foreign exchange forward contracts	$	8	$	—	$	8	$	(7)	$	—	$	1

Interest rate swaps	25		—		25		(5)		—		20


Total liabilities	$	33	$	—	$	33	$	(12)	$	—	$	21

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2021 were as follows:



							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	$	31	$	—	$	31	$	(9)	$	—	$	22



Total assets	$	31	$	—	$	31	$	(9)	$	—	$	22

Liabilities
Foreign exchange forward contracts	$	4	$	—	$	4	$	(4)	$	—	$	—

Interest rate swaps	4		—		4		(2)		—		2
Cross currency basis swaps	4		—		4		(3)		—		1

Total liabilities	$	12	$	—	$	12	$	(9)	$	—	$	3

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities at fair value

The Company’s financial assets and liabilities set forth by level within the fair value hierarchy that were accounted for at fair value on a recurring basis were as follows:



	June 30, 2022
(in millions)	Total		Level 1		Level 2		Level 3

Assets



Cross currency basis swaps	$	26	$	—	$	26	$	—
Foreign exchange forward contracts	55		—		55		—
Long-term debt	25		—		25		—
Total assets	$	106	$	—	$	106	$	—

Liabilities
Interest rate swaps	$	25	$	—	$	25	$	—


Foreign exchange forward contracts	8		—		8		—

Contingent considerations on acquisitions	9		—		—		9
Total liabilities	$	42	$	—	$	33	$	9



	December 31, 2021
(in millions)	Total		Level 1		Level 2		Level 3

Assets

Interest rate swaps	$	5	$	—	$	5	$	—

Long-term debt	4		—		4		—
Cross currency basis swaps	4		—		4		—
Foreign exchange forward contracts	30		—		30		—

Total assets	$	43	$	—	$	43	$	—

Liabilities
Interest rate swaps	$	9	$	—	$	9	$	—

Cross currency basis swaps	7		—		7		—
Foreign exchange forward contracts	4		—		4		—

Contingent considerations on acquisitions	10		—		—		10

Total liabilities	$	30	$	—	$	20	$	10

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

A reconciliation of changes in the Company’s goodwill by reportable segment were as follows:


(in millions)	Technologies & Equipment		Consumables		Total

Balance at December 31, 2021
Goodwill	$	5,989	$	880	$	6,869
Accumulated impairment losses	(2,893)		—		(2,893)
Goodwill, net	$	3,096	$	880	$	3,976


Translation and other	(99)		(19)		(118)

Balance at June 30, 2022
Goodwill	$	5,890	$	861	$	6,751
Accumulated impairment losses	(2,893)		—		(2,893)
Goodwill, net	$	2,997	$	861	$	3,858

Schedule of Definite-lived and Indefinite-lived Intangible Assets

Identifiable definite-lived and indefinite-lived intangible assets were as follows:


	June 30, 2022						December 31, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Developed technology and patents	$	1,632	$	(774)	$	858	$	1,729	$	(762)	$	967
Tradenames and trademarks	273		(89)		184		269		(79)		190
Licensing agreements	31		(26)		4		36		(32)		4
Customer relationships	1,050		(562)		488		1,091		(545)		546
Total definite-lived	$	2,986	$	(1,451)	$	1,534	$	3,125	$	(1,418)	$	1,707

Indefinite-lived tradenames and trademarks	$	552	$	—	$	552	$	598	$	—	$	598
In-process R&D (a)	14		—		14		14		—		14
Total indefinite-lived	$	566	$	—	$	566	$	612	$	—	$	612

Total identifiable intangible assets	$	3,552	$	(1,451)	$	2,100	$	3,737	$	(1,418)	$	2,319

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Long-term Purchase Commitment


(in millions)


2022	$	114
2023	121
2024	61
2025	36
2026	43
Thereafter	—
Total	$	375

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	$ (1,023)	$ (1,062)	$ (1,992)	$ (2,088)
Gross profit	581	595	1,102	1,174
Operating income	$ 119	$ 154	$ 216	$ 304
Diluted (in dollars per share)	$ 0.34	$ 0.43	$ 0.66	$ 0.94
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales		$ (5)		$ (6)
Gross profit		(3)		(3)
Operating income		$ (1)		$ (5)
Diluted (in dollars per share)		$ (0.02)		$ (0.04)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
REVENUE (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 1,023	$ 1,062	$ 1,992	$ 2,088
Deferred revenue	72		72		$ 68
Deferred Revenue	42		42
Trade Accounts Receivable
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts and trade discounts	12		12		$ 13
United States \| Geographical Basis, Country of Sales
Disaggregation of Revenue [Line Items]
Net sales	358	363	666	710
Europe \| Geographical Basis, Country of Sales
Disaggregation of Revenue [Line Items]
Net sales	414	429	825	846
Rest of World \| Geographical Basis, Country of Sales
Disaggregation of Revenue [Line Items]
Net sales	251	270	501	532
Technology & Equipment segment net sales
Disaggregation of Revenue [Line Items]
Net sales	595	617	1,160	1,212
Technology & Equipment segment net sales \| Equipment & Instruments
Disaggregation of Revenue [Line Items]
Net sales	169	176	335	347
Technology & Equipment segment net sales \| CAD/CAM
Disaggregation of Revenue [Line Items]
Net sales	129	127	235	256
Technology & Equipment segment net sales \| Orthodontics
Disaggregation of Revenue [Line Items]
Net sales	76	81	144	149
Technology & Equipment segment net sales \| Implants
Disaggregation of Revenue [Line Items]
Net sales	149	158	304	311
Technology & Equipment segment net sales \| Healthcare
Disaggregation of Revenue [Line Items]
Net sales	72	75	142	149
Consumables segment sales
Disaggregation of Revenue [Line Items]
Net sales	428	445	832	876
Consumables segment sales \| Endodontic & Restorative
Disaggregation of Revenue [Line Items]
Net sales	312	328	605	640
Consumables segment sales \| Other Consumables
Disaggregation of Revenue [Line Items]
Net sales	$ 116	$ 117	$ 227	$ 236

STOCK COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
STOCK COMPENSATION (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense	$ 22	$ 19	$ 33	$ 32
Related deferred income tax benefit	2	2	3	4
Cost of products sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense	0	2	1	2
Selling, general, and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense	22	16	31	29
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense	$ 0	$ 1	$ 1	$ 1

COMPREHENSIVE INCOME (LOSS) - BALANCES INCLUDED IN AOCI, NET OF TAX, IN THE CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	$ 4,864	$ 4,997	$ 4,890	$ 4,935	$ 4,997	$ 4,935
Tax expense	0
Net (decrease) increase in other comprehensive loss	(90)	(37)	43	(90)	(127)	(47)
Ending Balance	4,838	4,864	5,034	4,890	4,838	5,034
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(629)	(592)	(554)	(464)	(592)	(464)
Other comprehensive (loss) income before reclassifications and tax impact	(57)	(25)	35	(68)
Tax expense	(36)	(12)	3	(26)
Other comprehensive (loss) income, net of tax, before reclassifications	(93)	(37)	38	(94)
Amounts reclassified from accumulated other comprehensive income, net of tax	3	0	5	4
Net (decrease) increase in other comprehensive loss	(90)	(37)	43	(90)
Ending Balance	(719)	(629)	(511)	(554)	(719)	(511)
Foreign Currency Translation Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(414)	(366)	(286)	(187)	(366)	(187)
Other comprehensive (loss) income before reclassifications and tax impact	(86)	(37)	31	(74)
Tax expense	(28)	(11)	6	(25)
Other comprehensive (loss) income, net of tax, before reclassifications	(114)	(48)	37	(99)
Amounts reclassified from accumulated other comprehensive income, net of tax	0	0	0	0
Net (decrease) increase in other comprehensive loss	(114)	(48)	37	(99)
Ending Balance	(528)	(414)	(249)	(286)	(528)	(249)
Gain (Loss) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(14)	(16)	(27)	(25)	(16)	(25)
Other comprehensive (loss) income before reclassifications and tax impact	(3)	3	3	(6)
Tax expense	0	0	(2)	2
Other comprehensive (loss) income, net of tax, before reclassifications	(3)	3	1	(4)
Amounts reclassified from accumulated other comprehensive income, net of tax	1	(1)	3	2
Net (decrease) increase in other comprehensive loss	(2)	2	4	(2)
Ending Balance	(16)	(14)	(23)	(27)	(16)	(23)
Gain (Loss) on Net Investment and Fair Value Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(95)	(103)	(112)	(119)	(103)	(119)
Other comprehensive (loss) income before reclassifications and tax impact	32	9	1	9
Tax expense	(8)	(1)	(1)	(2)
Other comprehensive (loss) income, net of tax, before reclassifications	24	8	0	7
Amounts reclassified from accumulated other comprehensive income, net of tax	0	0	0	0
Net (decrease) increase in other comprehensive loss	24	8	0	7
Ending Balance	(71)	(95)	(112)	(112)	(71)	(112)
Pension Liability Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(106)	(107)	(129)	(133)	(107)	(133)
Other comprehensive (loss) income before reclassifications and tax impact	0	0	0	3
Tax expense		0	0	(1)
Other comprehensive (loss) income, net of tax, before reclassifications	0	0	0	2
Amounts reclassified from accumulated other comprehensive income, net of tax	2	1	2	2
Net (decrease) increase in other comprehensive loss	2	1	2	4
Ending Balance	$ (104)	$ (106)	$ (127)	$ (129)	$ (104)	$ (127)

COMPREHENSIVE INCOME (LOSS) - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Cumulative foreign currency translation adjustment gain (loss)	$ 4,838	$ 4,864	$ 4,997	$ 5,034	$ 4,890	$ 4,935
Foreign Currency Translation Gain (Loss)
Derivative [Line Items]
Foreign currency tax adjustment	120		168
Cumulative foreign currency translation adjustment gain (loss)	(528)	$ (414)	(366)	$ (249)	$ (286)	$ (187)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest, Translation Gain (Loss)
Derivative [Line Items]
Cumulative foreign currency translation adjustment gain (loss)	(460)		(250)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest, Net Investment Hedges
Derivative [Line Items]
Cumulative foreign currency translation adjustment gain (loss)	$ (68)		$ (116)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

EARNINGS PER COMMON SHARE - EARNINGS PER SHARE COMPUTATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic Earnings Per Common Share
Net income attributable to Dentsply Sirona	$ 73	$ 96	$ 142	$ 208
Weighted average common shares outstanding (in shares)	214.9	218.4	215.9	218.6
Earnings per common share - basic (in dollars per share)	$ 0.34	$ 0.44	$ 0.66	$ 0.95
Diluted Earnings Per Common Share
Net income attributable to Dentsply Sirona	$ 73	$ 96	$ 142	$ 208
Weighted average common shares outstanding (in shares)	214.9	218.4	215.9	218.6
Incremental weighted average shares from assumed exercise of dilutive options from stock-based compensation awards (in shares)	0.4	2.3	0.6	2.2
Total weighted average diluted shares outstanding (in shares)	215.3	220.7	216.5	220.8
Earnings per common share - diluted (in dollars per share)	$ 0.34	$ 0.43	$ 0.66	$ 0.94

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

EARNINGS PER COMMON SHARE - ADDITIONAL INFORMATION (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 09, 2022	Jul. 28, 2021
Earnings Per Share [Abstract]
Antidilutive common stock options not included in the computation of diluted earnings per common share (in shares)	4.0	0.5	3.6	0.7
Stock repurchase program, authorized amount						$ 1,000
Stock repurchase program, number of shares authorized to be repurchased	740.0		740.0
Accelerated share repurchases, delivery of common shares					$ 120

EARNINGS PER COMMON SHARE - ACCELERATED SHARE REPURCHASE PROGRAM (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Apr. 19, 2022	Mar. 08, 2022
Initial Delivery [Abstract]
Shares received (in shares)		2.4
Price per share (in USD per share)		$ 50.44
Value of Shares as a % of Contract Value		80.00%
Final Settlement [Abstract]
Total Shares Received (in shares)	3.1
Average Price per Share (in usd per share)	$ 48.22
Payments for accelerated share repurchase program		$ 150

BUSINESS COMBINATIONS - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions							6 Months Ended		12 Months Ended
	Jul. 01, 2021	Jun. 04, 2021	Jun. 01, 2021	Apr. 01, 2021	Feb. 01, 2021	Jan. 21, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill							$ 3,858		$ 3,976
Proceeds from divestiture of business							0	$ 27
Gain on sale of business							0	$ 13
UNITED KINGDOM
Business Acquisition [Line Items]
Payments to acquire equity method investments		$ 16
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Digital Dentistry Business
Business Acquisition [Line Items]
Proceeds from divestiture of business				$ 8
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Investment Casting Business
Business Acquisition [Line Items]
Proceeds from divestiture of business					$ 19
Gain on sale of business							13
Dental Business \| SWITZERLAND
Business Acquisition [Line Items]
Total acquisition consideration	$ 7
Other current assets	4
Intangible assets	3
Current liabilities	2
Other long term liabilities	1
Fair value of the previously-held interest	4
Goodwill	$ 7
Goodwill, period increase (decrease)							2		2
Propel Orthodontics
Business Acquisition [Line Items]
Other current assets			$ 4
Intangible assets			66
Current liabilities			1
Goodwill			63
Payments to acquire businesses, gross			$ 132
Increase (decrease) in goodwill							$ 2		2
Datum Dental, Ltd
Business Acquisition [Line Items]
Total acquisition consideration						$ 103
Other current assets						2
Intangible assets						76
Current liabilities						2
Goodwill						39
Payments to acquire businesses, gross						94
Increase (decrease) in goodwill									$ (6)
Business combination, contingent consideration arrangements, range of outcomes, value, high						$ 10
Percentage of voting interest acquired						100.00%
Additional consideration based on earn out						$ 9

BUSINESS COMBINATIONS - FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 01, 2021	Jan. 21, 2021
Business Acquisition [Line Items]
Goodwill	$ 3,858	$ 3,976
Propel Orthodontics
Business Acquisition [Line Items]
Other current assets			$ 4
Intangible assets			66
Current liabilities			(1)
Net assets acquired			69
Goodwill			63
Purchase consideration			$ 132
Datum Dental, Ltd
Business Acquisition [Line Items]
Cash and cash equivalents				$ 2
Other current assets				2
Intangible assets				76
Current liabilities				(2)
Other long-term assets (liabilities), net				(14)
Net assets acquired				64
Goodwill				39
Purchase consideration				$ 103

BUSINESS COMBINATIONS - SUMMARY OF INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	Jul. 01, 2021	Jun. 01, 2021	Jan. 21, 2021
Propel Orthodontics
Acquired Indefinite-lived Intangible Assets [Line Items]
Intangible assets		$ 66
Datum Dental, Ltd
Acquired Indefinite-lived Intangible Assets [Line Items]
Intangible assets			$ 76
In-process R&D
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired, amount	$ 3
In-process R&D \| Datum Dental, Ltd
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired, amount			10
Developed technology \| Propel Orthodontics
Acquired Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired, amount		$ 66
Weighted average useful life (in years)		10 years
Developed technology \| Datum Dental, Ltd
Acquired Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired, amount			$ 66
Weighted average useful life (in years)			15 years

SEGMENT INFORMATION - ADDITIONAL INFORMATION (Details)	6 Months Ended
SEGMENT INFORMATION - ADDITIONAL INFORMATION (Details)	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating groups	2

SEGMENT INFORMATION - THIRD PARTY NET SALES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue, Major Customer [Line Items]
Net sales	$ 1,023	$ 1,062	$ 1,992	$ 2,088
Technologies & Equipment
Revenue, Major Customer [Line Items]
Net sales	595	617	1,160	1,212
Consumables
Revenue, Major Customer [Line Items]
Net sales	$ 428	$ 445	$ 832	$ 876

- Definition

+ References

+ Details

SEGMENT INFORMATION - SEGMENT ADJUSTED OPERATING INCOME (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reconciling items expense (income):
Segment adjusted operating income	$ 119	$ 154	$ 216	$ 304
Other expense (income), net	13	8	11	(1)
Amortization of intangible assets			108	112
Income before income taxes	91	131	178	276
Operating Segments
Reconciling items expense (income):
Segment adjusted operating income	261	287	482	560
Operating Segments \| Technologies & Equipment
Reconciling items expense (income):
Segment adjusted operating income	119	133	205	257
Operating Segments \| Consumables
Reconciling items expense (income):
Segment adjusted operating income	142	154	277	303
All Other
Reconciling items expense (income):
All other	81	69	146	132
Segment Reconciling Items
Reconciling items expense (income):
Restructuring and other costs	7	5	10	8
Interest expense, net	15	15	27	29
Other expense (income), net	13	8	11	(1)
Amortization of intangible assets	53	56	108	111
Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations	$ 1	$ 3	$ 2	$ 5

INVENTORIES - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory valuation reserve	$ 79	$ 86

INVENTORIES - SUMMARY OF INVENTORY (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 144	$ 139
Work-in-process	76	72
Finished goods	361	304
Inventories, net	$ 581	$ 515

RESTRUCTURING AND OTHER COSTS - CONSOLIDATED STATEMENTS OF OPERATIONS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Total restructuring and other costs	$ 7	$ 7	$ 10	$ 8
Cost of products sold
Restructuring Cost and Reserve [Line Items]
Total restructuring and other costs	0	(1)	0	(3)
Selling, general, and administrative expenses
Restructuring Cost and Reserve [Line Items]
Total restructuring and other costs	0	3	0	3
Restructuring and other costs
Restructuring Cost and Reserve [Line Items]
Total restructuring and other costs	$ 7	$ 5	$ 10	$ 8

RESTRUCTURING AND OTHER COSTS - RESTRUCTURING ACCURALS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Reserve [Roll Forward]
Beginning Balance			$ 18
Provisions	$ 7	$ 5	10	$ 8
Amounts applied			(11)
Change in estimates			(1)
Ending Balance	15		15
Severance
Restructuring Reserve [Roll Forward]
Beginning Balance			14
Provisions			8
Amounts applied			(8)
Change in estimates			(1)
Ending Balance	13		13
Severance \| 2020 and Prior Plans
Restructuring Reserve [Roll Forward]
Beginning Balance			5
Provisions			1
Amounts applied			(3)
Change in estimates			(1)
Ending Balance	2		2
Severance \| 2021 Plans
Restructuring Reserve [Roll Forward]
Beginning Balance			9
Provisions			1
Amounts applied			(3)
Change in estimates			0
Ending Balance	7		7
Severance \| 2022 Plans
Restructuring Reserve [Roll Forward]
Beginning Balance			0
Provisions			6
Amounts applied			(2)
Change in estimates			0
Ending Balance	4		4
Other Restructuring Costs
Restructuring Reserve [Roll Forward]
Beginning Balance			4
Provisions			1
Amounts applied			(3)
Ending Balance	2		2
Other Restructuring Costs \| 2020 and Prior Plans
Restructuring Reserve [Roll Forward]
Beginning Balance			4
Provisions			0
Amounts applied			(3)
Ending Balance	1		1
Other Restructuring Costs \| 2021 Plans
Restructuring Reserve [Roll Forward]
Beginning Balance			0
Provisions			1
Amounts applied			0
Ending Balance	1		1
Other Restructuring Costs \| 2022 Plans
Restructuring Reserve [Roll Forward]
Beginning Balance			0
Provisions			0
Amounts applied			0
Ending Balance	$ 0		$ 0

RESTRUCTURING AND OTHER COSTS - PROVISIONS AND ADJUSTMENTS AND AMOUNTS APPLIED FOR ALL PLANS BY SEGMENT (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 18
Provisions	9
Amounts applied	(11)
Change in estimates	(1)
Ending Balance	15
Operating Segments \| Technologies & Equipment
Restructuring Reserve [Roll Forward]
Beginning Balance	7
Provisions	1
Amounts applied	(2)
Change in estimates	0
Ending Balance	6
Operating Segments \| Consumables
Restructuring Reserve [Roll Forward]
Beginning Balance	11
Provisions	7
Amounts applied	(7)
Change in estimates	(1)
Ending Balance	10
All Other
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Provisions	1
Amounts applied	(2)
Change in estimates	0
Ending Balance	$ (1)

FINANCIAL INSTRUMENTS AND DERIVATIVES - SUMMARY OF DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jul. 01, 2021
Interest rate swaps
Derivative [Line Items]
Aggregate Notional Amount		$ 250
Derivative Instruments not Designated as Hedges
Derivative [Line Items]
Aggregate Notional Amount	$ 328
Aggregate Notional Amount Maturing within 12 Months	328
Derivative Instruments not Designated as Hedges \| Foreign exchange forward contracts
Derivative [Line Items]
Aggregate Notional Amount	328
Aggregate Notional Amount Maturing within 12 Months	328
Cash Flow Hedges \| Designated as Hedging Instrument
Derivative [Line Items]
Aggregate Notional Amount	134
Aggregate Notional Amount Maturing within 12 Months	112
Cash Flow Hedges \| Designated as Hedging Instrument \| Foreign exchange forward contracts
Derivative [Line Items]
Aggregate Notional Amount	134
Aggregate Notional Amount Maturing within 12 Months	112
Hedges of Net Investments \| Designated as Hedging Instrument
Derivative [Line Items]
Aggregate Notional Amount	448
Aggregate Notional Amount Maturing within 12 Months	84
Hedges of Net Investments \| Designated as Hedging Instrument \| Foreign exchange forward contracts
Derivative [Line Items]
Aggregate Notional Amount	168
Aggregate Notional Amount Maturing within 12 Months	84
Hedges of Net Investments \| Designated as Hedging Instrument \| Cross currency basis swaps
Derivative [Line Items]
Aggregate Notional Amount	280
Aggregate Notional Amount Maturing within 12 Months	0
Fair Value Hedges \| Designated as Hedging Instrument
Derivative [Line Items]
Aggregate Notional Amount	411
Aggregate Notional Amount Maturing within 12 Months	62
Fair Value Hedges \| Designated as Hedging Instrument \| Foreign exchange forward contracts
Derivative [Line Items]
Aggregate Notional Amount	161
Aggregate Notional Amount Maturing within 12 Months	62
Fair Value Hedges \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Aggregate Notional Amount	250
Aggregate Notional Amount Maturing within 12 Months	$ 0

FINANCIAL INSTRUMENTS AND DERIVATIVES - ADDITIONAL INFORMATION (Details) € in Millions, $ in Millions, kr in Billions			3 Months Ended		6 Months Ended
	Jul. 01, 2021 USD ($)	May 26, 2020 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 EUR (€)	Jul. 02, 2021 USD ($)	May 25, 2021 EUR (€) performancePeriod	Jan. 06, 2021 SEK (kr)
Derivative [Line Items]
Net gain on derivative financial instruments			$ 22	$ 4	$ 32	$ 9
Senior Unsecured Notes Maturing June 1, 2030 \| Senior Notes
Derivative [Line Items]
Debt instrument, face amount	$ 750	$ 750
Debt instrument, interest rate, stated percentage	3.30%							1.70%
Designated as Hedging Instrument \| Hedges of Net Investments
Derivative [Line Items]
Derivative, notional amount			448		448
Gain (loss) in AOCI			(31)	(1)	(42)	(10)
Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Derivative, notional amount			134		134
Gain (loss) in AOCI			3	(3)	0	3
Cross currency basis swaps \| Designated as Hedging Instrument \| Hedges of Net Investments
Derivative [Line Items]
Derivative, notional amount			280		280
Gain (loss) in AOCI			(21)	2	$ (29)	(7)
Foreign exchange forward contracts
Derivative [Line Items]
Derivative, term of contract					18 months
Derivative, notional amount \| kr										kr 1.3
Foreign exchange forward contracts \| Designated as Hedging Instrument \| Hedges of Net Investments
Derivative [Line Items]
Derivative, notional amount \| €							€ 160		€ 10
Gain (loss) in AOCI			(10)	(3)	$ (13)	(3)
Foreign exchange forward contracts \| performancePeriod									8
Foreign exchange forward contracts \| Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Gain (loss) in AOCI			3	(3)	0	3
Interest rate swaps
Derivative [Line Items]
Derivative, notional amount	$ 250
Interest rate swaps \| Designated as Hedging Instrument \| Cash Flow Hedges
Derivative [Line Items]
Gain (loss) in AOCI			$ 0	$ 0	0	0
Interest Rate Swap Maturing June 1, 2026
Derivative [Line Items]
Derivative, term of contract	5 years
Derivative, notional amount	$ 100
Interest Rate Swap Maturing March 1, 2030
Derivative [Line Items]
Derivative, term of contract	9 years
Derivative, notional amount	$ 150
Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative, notional amount								$ 300
Treasury Lock \| Cash Flow Hedges
Derivative [Line Items]
Repayments of debt		31
Derivative, notional amount		$ 150
Long-term debt, term		10 years
Net gain on derivative financial instruments					$ 23	$ 25

FINANCIAL INSTRUMENTS AND DERIVATIVES - DERIVATIVE INSTRUMENTS - GAIN (LOSS) RECORDED IN AOCI IN THE CONSOLIDATED BALANCE SHEETS (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in AOCI	$ (3)	$ 3	$ 0	$ (3)
Effective Portion Reclassified from AOCI into Income (Expense)	1	(3)	0	(5)
Recognized in Income (Expense)	0	1	0	1
Cash Flow Hedges \| Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in AOCI	(3)	3	0	(3)
Effective Portion Reclassified from AOCI into Income (Expense)	2	(1)	2	(2)
Recognized in Income (Expense)	0	1	0	1
Cash Flow Hedges \| Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in AOCI	0	0	0	0
Effective Portion Reclassified from AOCI into Income (Expense)	(1)	(2)	(2)	(3)
Recognized in Income (Expense)	0	0	0	0
Hedges of Net Investments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in AOCI	31	1	42	10
Effective Portion Reclassified from AOCI into Income (Expense)	0	0	0	0
Recognized in Income (Expense)	2	2	3	4
Hedges of Net Investments \| Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in AOCI	10	3	13	3
Effective Portion Reclassified from AOCI into Income (Expense)	0	0	0	0
Recognized in Income (Expense)	1	0	1	0
Hedges of Net Investments \| Cross currency basis swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in AOCI	21	(2)	29	7
Effective Portion Reclassified from AOCI into Income (Expense)	0	0	0	0
Recognized in Income (Expense)	1	2	2	4
Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in AOCI	1	0	(1)	0
Effective Portion Reclassified from AOCI into Income (Expense)	0	0	0	0
Recognized in Income (Expense)	16	(4)	25	12
Fair Value Hedges \| Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in AOCI	1	0	(1)	0
Effective Portion Reclassified from AOCI into Income (Expense)	0	0	0	0
Recognized in Income (Expense)	$ 16	$ (4)	24	$ 12
Fair Value Hedges \| Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in AOCI			0
Effective Portion Reclassified from AOCI into Income (Expense)			0
Recognized in Income (Expense)			$ 1

FINANCIAL INSTRUMENTS AND DERIVATIVES - BALANCE SHEET ALLOCATION (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Gross asset amount recognized for derivative instruments designated as hedges	$ 81	$ 31
Gross liability amount recognized for derivative instruments designated as hedges	33	12
Interest rate swaps
Derivative [Line Items]
Gross liability amount recognized for derivative instruments designated as hedges	25	4
Cross currency basis swaps
Derivative [Line Items]
Gross asset amount recognized for derivative instruments designated as hedges	26
Gross liability amount recognized for derivative instruments designated as hedges		4
Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Gross asset amount recognized for derivative instruments designated as hedges	34	27
Gross asset amount recognized for derivative instruments not designated as hedges	4	1
Prepaid Expenses and Other Current Assets \| Foreign exchange forward contracts
Derivative [Line Items]
Gross asset amount recognized for derivative instruments designated as hedges	29	18
Gross asset amount recognized for derivative instruments not designated as hedges	4	1
Prepaid Expenses and Other Current Assets \| Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Gross asset amount recognized for derivative instruments designated as hedges	0	5
Prepaid Expenses and Other Current Assets \| Cross currency basis swaps
Derivative [Line Items]
Gross asset amount recognized for derivative instruments designated as hedges	5	4
Other Noncurrent Assets
Derivative [Line Items]
Gross asset amount recognized for derivative instruments designated as hedges	43	11
Gross asset amount recognized for derivative instruments not designated as hedges	0	0
Other Noncurrent Assets \| Foreign exchange forward contracts
Derivative [Line Items]
Gross asset amount recognized for derivative instruments designated as hedges	22	11
Gross asset amount recognized for derivative instruments not designated as hedges	0	0
Other Noncurrent Assets \| Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Gross asset amount recognized for derivative instruments designated as hedges	0	0
Other Noncurrent Assets \| Cross currency basis swaps
Derivative [Line Items]
Gross asset amount recognized for derivative instruments designated as hedges	21	0
Accrued Liabilities
Derivative [Line Items]
Gross liability amount recognized for derivative instruments designated as hedges	7	2
Gross liability amount recognized for derivative instruments not designated as hedges	3	1
Accrued Liabilities \| Foreign exchange forward contracts
Derivative [Line Items]
Gross liability amount recognized for derivative instruments designated as hedges	3	2
Gross liability amount recognized for derivative instruments not designated as hedges	3	1
Accrued Liabilities \| Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Gross liability amount recognized for derivative instruments designated as hedges	4	0
Accrued Liabilities \| Cross currency basis swaps
Derivative [Line Items]
Gross liability amount recognized for derivative instruments designated as hedges	0	0
Other Noncurrent Liabilities
Derivative [Line Items]
Gross liability amount recognized for derivative instruments designated as hedges	23	17
Gross liability amount recognized for derivative instruments not designated as hedges	0	0
Other Noncurrent Liabilities \| Foreign exchange forward contracts
Derivative [Line Items]
Gross liability amount recognized for derivative instruments designated as hedges	2	1
Gross liability amount recognized for derivative instruments not designated as hedges	0	0
Other Noncurrent Liabilities \| Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Gross liability amount recognized for derivative instruments designated as hedges	21	9
Other Noncurrent Liabilities \| Cross currency basis swaps
Derivative [Line Items]
Gross liability amount recognized for derivative instruments designated as hedges	$ 0	$ 7

FINANCIAL INSTRUMENTS AND DERIVATIVES - BALANCE SHEET OFFSETTING (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Gross Amounts Recognized	$ 81	$ 31
Gross Amount Offset in the Consolidated Balance Sheets	0	0
Net Amounts Presented in the Consolidated Balance Sheets	81	31
Financial Instruments	(12)	(9)
Cash Collateral Received/Pledged	0	0
Net Amount	69	22
Liabilities
Gross Amounts Recognized	33	12
Gross Amount Offset in the Consolidated Balance Sheets	0	0
Net Amounts Presented in the Consolidated Balance Sheets	33	12
Financial Instruments	(12)	(9)
Cash Collateral Received/Pledged	0	0
Net Amount	21	3
Foreign exchange forward contracts
Assets
Gross Amounts Recognized	55	31
Gross Amount Offset in the Consolidated Balance Sheets	0	0
Net Amounts Presented in the Consolidated Balance Sheets	55	31
Financial Instruments	(5)	(9)
Cash Collateral Received/Pledged	0	0
Net Amount	50	22
Liabilities
Gross Amounts Recognized	8	4
Gross Amount Offset in the Consolidated Balance Sheets	0	0
Net Amounts Presented in the Consolidated Balance Sheets	8	4
Financial Instruments	(7)	(4)
Cash Collateral Received/Pledged	0	0
Net Amount	1	0
Interest rate swaps
Liabilities
Gross Amounts Recognized	25	4
Gross Amount Offset in the Consolidated Balance Sheets	0	0
Net Amounts Presented in the Consolidated Balance Sheets	25	4
Financial Instruments	(5)	(2)
Cash Collateral Received/Pledged	0	0
Net Amount	20	2
Cross currency basis swaps
Assets
Gross Amounts Recognized	26
Gross Amount Offset in the Consolidated Balance Sheets	0
Net Amounts Presented in the Consolidated Balance Sheets	26
Financial Instruments	(7)
Cash Collateral Received/Pledged	0
Net Amount	$ 19
Liabilities
Gross Amounts Recognized		4
Gross Amount Offset in the Consolidated Balance Sheets		0
Net Amounts Presented in the Consolidated Balance Sheets		4
Financial Instruments		(3)
Cash Collateral Received/Pledged		0
Net Amount		$ 1

FAIR VALUE MEASUREMENT - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Estimate of Fair Value, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 1,927	$ 2,239
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,027	$ 2,095

FAIR VALUE MEASUREMENT - ASSETS AND LIABILITIES, RECURRING (Details) - Fair Value, Recurring - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	$ 106	$ 43
Liabilities	42	30
Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		5
Liabilities	25	9
Cross currency basis swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	26	4
Liabilities		7
Foreign exchange forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	55	30
Liabilities	8	4
Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	25	4
Contingent considerations on acquisitions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	9	10
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0	0
Liabilities	0	0
Level 1 \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		0
Liabilities	0	0
Level 1 \| Cross currency basis swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0	0
Liabilities		0
Level 1 \| Foreign exchange forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0	0
Liabilities	0	0
Level 1 \| Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0	0
Level 1 \| Contingent considerations on acquisitions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	106	43
Liabilities	33	20
Level 2 \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		5
Liabilities	25	9
Level 2 \| Cross currency basis swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	26	4
Liabilities		7
Level 2 \| Foreign exchange forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	55	30
Liabilities	8	4
Level 2 \| Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	25	4
Level 2 \| Contingent considerations on acquisitions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0	0
Liabilities	9	10
Level 3 \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		0
Liabilities	0	0
Level 3 \| Cross currency basis swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0	0
Liabilities		0
Level 3 \| Foreign exchange forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0	0
Liabilities	0	0
Level 3 \| Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0	0
Level 3 \| Contingent considerations on acquisitions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	$ 9	$ 10

INCOME TAXES - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2023
Income Tax Examination [Line Items]
Tax expense (benefit) for other discrete tax matters	$ 1	$ 3	$ 2
Forecast
Income Tax Examination [Line Items]
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations				$ 1
Unrecognized tax benefits that would impact effective tax rate				$ 1

FINANCING ARRANGEMENTS (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Borrowings available under lines of credit	$ 535,000,000
Notes payable and current portion of long-term debt	$ 220,000,000	$ 182,000,000
Debt, weighted average interest rate	2.20%
Commercial paper
Line of Credit Facility [Line Items]
Notes payable and current portion of long-term debt	$ 193,000,000	170,000,000
Uncommitted Short-Term Financing
Line of Credit Facility [Line Items]
Notes payable and current portion of long-term debt	54,000,000
Line of Credit \| Commercial paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000,000
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	700,000,000
Notes payable and current portion of long-term debt	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSETS - RECONCILIATION OF CHANGES IN GOODWILL (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill	$ 6,751	$ 6,869
Accumulated impairment losses	(2,893)
Goodwill, net, beginning of the year	3,976
Translation and other	(118)
Accumulated impairment losses	(2,893)
Goodwill, net, end of the year	3,858
Technologies & Equipment
Goodwill [Roll Forward]
Goodwill	5,890	5,989
Accumulated impairment losses	(2,893)
Goodwill, net, beginning of the year	3,096
Translation and other	(99)
Accumulated impairment losses	(2,893)
Goodwill, net, end of the year	2,997
Consumables
Goodwill [Roll Forward]
Goodwill	861	$ 880
Accumulated impairment losses	0
Goodwill, net, beginning of the year	880
Translation and other	(19)
Accumulated impairment losses	0
Goodwill, net, end of the year	$ 861

GOODWILL AND INTANGIBLE ASSETS - IDENTIFIABLE DEFINITE-LIVED AND INDEFINITE-LIVED INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived tradenames and trademarks	$ 566	$ 612
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,986	3,125
Accumulated Amortization	(1,451)	(1,418)
Net Carrying Amount	1,534	1,707
Total identifiable intangible assets, Gross Carrying Amount	3,552	3,737
Identifiable intangible assets, net	2,100	2,319
Tradenames and trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived tradenames and trademarks	552	598
In-process R&D
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived tradenames and trademarks	14	14
Developed technology and patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,632	1,729
Accumulated Amortization	(774)	(762)
Net Carrying Amount	858	967
Tradenames and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	273	269
Accumulated Amortization	(89)	(79)
Net Carrying Amount	184	190
Licensing agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	31	36
Accumulated Amortization	(26)	(32)
Net Carrying Amount	4	4
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,050	1,091
Accumulated Amortization	(562)	(545)
Net Carrying Amount	$ 488	$ 546

GOODWILL AND INTANGIBLE ASSETS - NARRATIVE (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill			$ 3,858	$ 3,976
Indefinite-lived tradenames and trademarks			566	612
Forecast
Goodwill [Line Items]
Increase in market interest rates	2.00%
Developed technology and patents
Goodwill [Line Items]
Payments to acquire intangible assets		$ 3
Asset acquisition, contingent consideration, liability			17
Technologies & Equipment
Goodwill [Line Items]
Goodwill			2,997	3,096
Consumables
Goodwill [Line Items]
Goodwill			$ 861	$ 880
Minimum \| Forecast
Goodwill [Line Items]
Goodwill and intangible asset impairment	$ 1,000
Maximum \| Forecast
Goodwill [Line Items]
Goodwill and intangible asset impairment	$ 1,300

COMMITMENTS AND CONTINGENCIES - ADDITIONAL INFORMATION (Details)		2 Months Ended	6 Months Ended
	Nov. 05, 2018 USD ($)	Aug. 09, 2018 lawsuit	Jun. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number \| lawsuit		2
Income tax penalties			$ 546,000,000
IRS \| Tax Year 2012
Loss Contingencies [Line Items]
Liability (refund) from income tax examination			(5,000,000)
IRS \| Tax Year 2013
Loss Contingencies [Line Items]
Liability (refund) from income tax examination			0
IRS \| Tax Year 2014
Loss Contingencies [Line Items]
Liability (refund) from income tax examination			17,000,000
Swedish Tax Agency
Loss Contingencies [Line Items]
Income tax examination, estimate of possible loss	$ 7,000,000		$ 39,000,000

COMMITMENTS AND CONTINGENCIES - PURCHASE COMMITMENTS (Details) $ in Millions	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 114
2023	121
2024	61
2025	36
2026	43
Thereafter	0
Total	$ 375

Subsequent Events (Details) - Forecast $ in Billions	3 Months Ended
Subsequent Events (Details) - Forecast $ in Billions	Sep. 30, 2022 USD ($)
Minimum
Subsequent Event [Line Items]
Goodwill and intangible asset impairment	$ 1.0
Maximum
Subsequent Event [Line Items]
Goodwill and intangible asset impairment	$ 1.3