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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The following tables present the effect of correcting these accounting errors on the Company’s previously issued financial statements:
CONSOLIDATED STATEMENTS OF OPERATIONS
|  | Year Ended December 31, 2021 |  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019
(in millions, except per share amounts) |  | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised |  | As Previously Issued |  | Adjustment |  | As Revised
Net sales |  | $ | 4,251 |  |  | $ | (20) |  |  | $ | 4,231 |  |  | $ | 3,342 |  |  | $ | (3) |  |  | $ | 3,339 |  |  | $ | 4,029 |  |  | $ | (7) |  |  | $ | 4,022 |
Cost of products sold |  | 1,890 |  |  | (6) |  |  | 1,884 |  |  | 1,685 |  |  | (2) |  |  | 1,683 |  |  | 1,864 |  |  | (6) |  |  | 1,858 |
Gross profit |  | 2,361 |  |  | (14) |  |  | 2,347 |  |  | 1,657 |  |  | (1) |  |  | 1,656 |  |  | 2,165 |  |  | (1) |  |  | 2,164 |
Selling, general, and administrative expenses |  | 1,551 |  |  | — |  |  | 1,551 |  |  | 1,312 |  |  | (10) |  |  | 1,302 |  |  | 1,580 |  |  | 7 |  |  | 1,587 |
Research and development expenses |  | 171 |  |  | — |  |  | 171 |  |  | 123 |  |  | — |  |  | 123 |  |  | 143 |  |  | — |  |  | 143 |
Goodwill impairment |  | — |  |  | — |  |  | — |  |  | 157 |  |  | — |  |  | 157 |  |  | — |  |  | — |  |  | — |
Restructuring and other costs |  | 17 |  |  | — |  |  | 17 |  |  | 77 |  |  | — |  |  | 77 |  |  | 81 |  |  | — |  |  | 81 |
Operating income (loss) |  | 622 |  |  | (14) |  |  | 608 |  |  | (12) |  |  | 9 |  |  | (3) |  |  | 361 |  |  | (8) |  |  | 353 |
Other income and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  | 55 |  |  | — |  |  | 55 |  |  | 47 |  |  | (1) |  |  | 46 |  |  | 28 |  |  | (1) |  |  | 27 |
Other expense (income), net |  | 8 |  |  | — |  |  | 8 |  |  | 1 |  |  | — |  |  | 1 |  |  | (12) |  |  | — |  |  | (12) |
Income (loss) before income taxes |  | 559 |  |  | (14) |  |  | 545 |  |  | (60) |  |  | 10 |  |  | (50) |  |  | 345 |  |  | (7) |  |  | 338 |
Provision for income taxes |  | 138 |  |  | (4) |  |  | 134 |  |  | 23 |  |  | — |  |  | 23 |  |  | 82 |  |  | — |  |  | 82 |
Net income (loss) |  | 421 |  |  | (10) |  |  | 411 |  |  | (83) |  |  | 10 |  |  | (73) |  |  | 263 |  |  | (7) |  |  | 256 |
Less: Net income (loss) attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to Dentsply Sirona |  | $ | 421 |  |  | $ | (10) |  |  | $ | 411 |  |  | $ | (83) |  |  | $ | 10 |  |  | $ | (73) |  |  | $ | 263 |  |  | $ | (7) |  |  | $ | 256 |
Net income (loss) per common share attributable to Dentsply Sirona: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.93 |  |  | $ | (0.05) |  |  | $ | 1.88 |  |  | $ | (0.38) |  |  | $ | 0.05 |  |  | $ | (0.33) |  |  | $ | 1.18 |  |  | $ | (0.03) |  |  | $ | 1.15 |
Diluted |  | $ | 1.91 |  |  | $ | (0.04) |  |  | $ | 1.87 |  |  | $ | (0.38) |  |  | $ | 0.05 |  |  | $ | (0.33) |  |  | $ | 1.17 |  |  | $ | (0.03) |  |  | $ | 1.14 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Year Ended December 31, 2021 |  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019
(in millions) | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised |  | As Previously Issued |  | Adjustment |  | As Revised
Net income (loss) | $ | 421 |  |  | (10) |  |  | $ | 411 |  |  | $ | (83) |  |  | 10 |  |  | $ | (73) |  |  | $ | 263 |  |  | (7) |  |  | $ | 256 |
Pension liability adjustments | 26 |  |  | — |  |  | 26 |  |  | (13) |  |  | — |  |  | (13) |  |  | (36) |  |  | 10 |  |  | (26) |
Total other comprehensive (loss) income | (130) |  |  | — |  |  | (130) |  |  | 137 |  |  | 2 |  |  | 139 |  |  | (120) |  |  | 10 |  |  | (110) |
Total comprehensive income | 291 |  |  | (10) |  |  | 281 |  |  | 54 |  |  | 12 |  |  | 66 |  |  | 143 |  |  | 3 |  |  | 146 |
Comprehensive income attributable to Dentsply Sirona | 293 |  |  | (10) |  |  | 283 |  |  | 53 |  |  | 12 |  |  | 65 |  |  | 142 |  |  | 3 |  |  | 145 |
CONSOLIDATED BALANCE SHEETS
| December 31, 2021 |  | December 31, 2020
(in millions) | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised
Accounts and notes receivable-trade, net | $ | 747 |  |  | $ | 3 |  |  | $ | 750 |  |  | $ | 673 |  |  | $ | (6) |  |  | $ | 667 |
Inventories, net | 504 |  |  | 11 |  |  | 515 |  |  | 466 |  |  | 10 |  |  | 476 |
Prepaid expenses and other current assets | 247 |  |  | 1 |  |  | 248 |  |  | 214 |  |  | 3 |  |  | 217 |
Total Current Assets | 1,837 |  |  | 15 |  |  | 1,852 |  |  | 1,791 |  |  | 7 |  |  | 1,798 |
Operating lease right-of-use assets, net | 193 |  |  | 5 |  |  | 198 |  |  | 176 |  |  | — |  |  | 176 |
Other noncurrent assets | 122 |  |  | (1) |  |  | 121 |  |  | 94 |  |  | 1 |  |  | 95 |
Total Assets | 9,220 |  |  | 19 |  |  | 9,239 |  |  | 9,342 |  |  | 8 |  |  | 9,350 |
Accounts payable | 268 |  |  | (6) |  |  | 262 |  |  | 305 |  |  | (3) |  |  | 302 |
Accrued liabilities | 679 |  |  | 81 |  |  | 760 |  |  | 653 |  |  | 59 |  |  | 712 |
Income taxes payable | 57 |  |  | — |  |  | 57 |  |  | 60 |  |  | (1) |  |  | 59 |
Total Current Liabilities | 1,186 |  |  | 75 |  |  | 1,261 |  |  | 1,317 |  |  | 55 |  |  | 1,372 |
Operating lease liabilities | 145 |  |  | 4 |  |  | 149 |  |  | 130 |  |  | — |  |  | 130 |
Deferred income taxes | 408 |  |  | (17) |  |  | 391 |  |  | 393 |  |  | (12) |  |  | 381 |
Total Liabilities | 4,177 |  |  | 65 |  |  | 4,242 |  |  | 4,372 |  |  | 43 |  |  | 4,415 |
Retained earnings | 1,560 |  |  | (46) |  |  | 1,514 |  |  | 1,233 |  |  | (35) |  |  | 1,198 |
Total Dentsply Sirona Equity | 5,042 |  |  | (46) |  |  | 4,996 |  |  | 4,967 |  |  | (35) |  |  | 4,932 |
Total Equity | 5,043 |  |  | (46) |  |  | 4,997 |  |  | 4,970 |  |  | (35) |  |  | 4,935 |
Total Liabilities and Equity | 9,220 |  |  | 19 |  |  | 9,239 |  |  | 9,342 |  |  | 8 |  |  | 9,350 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| Year Ended December 31, 2021 |  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019
(in millions) | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised |  | As Previously Issued |  | Adjustment |  | As Revised
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 421 |  |  | $ | (10) |  |  | $ | 411 |  |  | $ | (83) |  |  | $ | 10 |  |  | $ | (73) |  |  | $ | 263 |  |  | $ | (7) |  |  | $ | 256 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes | (20) |  |  | (5) |  |  | (25) |  |  | (64) |  |  | 2 |  |  | (62) |  |  | (37) |  |  | (3) |  |  | (40) |
Other non-cash (income) expense | 34 |  |  | — |  |  | 34 |  |  | 2 |  |  | 1 |  |  | 3 |  |  | (6) |  |  | 12 |  |  | 6 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts and notes receivable-trade, net | (109) |  |  | (8) |  |  | (117) |  |  | 126 |  |  | 5 |  |  | 131 |  |  | (91) |  |  | 1 |  |  | (90) |
Inventories, net | (63) |  |  | (1) |  |  | (64) |  |  | 124 |  |  | (1) |  |  | 123 |  |  | 14 |  |  | (3) |  |  | 11 |
Prepaid expenses and other current assets, net | (35) |  |  | 3 |  |  | (32) |  |  | 42 |  |  | (3) |  |  | 39 |  |  | 13 |  |  | (1) |  |  | 12 |
Accounts payable | (46) |  |  | (3) |  |  | (49) |  |  | (23) |  |  | (5) |  |  | (28) |  |  | 26 |  |  | 1 |  |  | 27 |
Accrued liabilities | 78 |  |  | 22 |  |  | 100 |  |  | (17) |  |  | 7 |  |  | (10) |  |  | 45 |  |  | 14 |  |  | 59 |
Income taxes | 17 |  |  | — |  |  | 17 |  |  | (39) |  |  | (2) |  |  | (41) |  |  | (16) |  |  | 2 |  |  | (14) |
Other noncurrent liabilities | 10 |  |  | 2 |  |  | 12 |  |  | (15) |  |  | — |  |  | (15) |  |  | (2) |  |  | (10) |  |  | (12) |
Net cash provided by operating activities | 657 |  |  | — |  |  | 657 |  |  | 635 |  |  | 14 |  |  | 649 |  |  | 633 |  |  | 6 |  |  | 639 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financing activities, net | (36) |  |  | — |  |  | (36) |  |  | (12) |  |  | (14) |  |  | (26) |  |  | (34) |  |  | (6) |  |  | (40) |
Net cash (used in) provided by financing activities | (379) |  |  | — |  |  | (379) |  |  | 490 |  |  | (14) |  |  | 476 |  |  | (466) |  |  | (6) |  |  | (472) |
The following tables present the effect of correcting the Company’s previously issued quarterly financial statements for the accounting errors described in Note 1, Significant Accounting Policies and Restatement:
CONSOLIDATED STATEMENTS OF OPERATIONS
|  | Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020
(in millions, except per share amounts) |  | As Previously Issued |  | Adjustment |  | As Revised |  | As Previously Issued |  | Adjustment |  | As Revised
Net sales |  | $ | 1,027 |  |  | $ | (1) |  |  | $ | 1,026 |  |  | $ | 874 |  |  | $ | 7 |  |  | $ | 881 |
Cost of products sold |  | 448 |  |  | (1) |  |  | 447 |  |  | 406 |  |  | — |  |  | 406 |
Gross profit |  | 579 |  |  | — |  |  | 579 |  |  | 468 |  |  | 7 |  |  | 475 |
Selling, general, and administrative expenses |  | 385 |  |  | 1 |  |  | 386 |  |  | 359 |  |  | (2) |  |  | 357 |
Research and development expenses |  | 37 |  |  | 3 |  |  | 40 |  |  | 34 |  |  | 2 |  |  | 36 |
Goodwill impairment |  | — |  |  | — |  |  | — |  |  | 157 |  |  | — |  |  | 157 |
Restructuring and other costs |  | 3 |  |  | — |  |  | 3 |  |  | 43 |  |  | (1) |  |  | 42 |
Operating income (loss) |  | 154 |  |  | (4) |  |  | 150 |  |  | (125) |  |  | 8 |  |  | (117) |
Other income and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  | 14 |  |  | — |  |  | 14 |  |  | 7 |  |  | (1) |  |  | 6 |
Other expense (income), net |  | (9) |  |  | — |  |  | (9) |  |  | (2) |  |  | 1 |  |  | (1) |
Income (loss) before income taxes |  | 149 |  |  | (4) |  |  | 145 |  |  | (130) |  |  | 8 |  |  | (122) |
Provision for income taxes |  | 32 |  |  | 1 |  |  | 33 |  |  | 10 |  |  | 2 |  |  | 12 |
Net income (loss) |  | 117 |  |  | (5) |  |  | 112 |  |  | (140) |  |  | 6 |  |  | (134) |
Less: Net income (loss) attributable to noncontrolling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to Dentsply Sirona |  | $ | 117 |  |  | $ | (5) |  |  | $ | 112 |  |  | $ | (140) |  |  | $ | 6 |  |  | $ | (134) |
Net income (loss) per common share attributable to Dentsply Sirona: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.53 |  |  | $ | (0.02) |  |  | $ | 0.51 |  |  | $ | (0.63) |  |  | $ | 0.02 |  |  | $ | (0.61) |
Diluted |  | $ | 0.53 |  |  | $ | (0.02) |  |  | $ | 0.51 |  |  | $ | (0.63) |  |  | $ | 0.02 |  |  | $ | (0.61) |
CONSOLIDATED STATEMENTS OF OPERATIONS
|  | Three Months Ended June 30, 2021 |  | Three Months Ended June 30, 2020
(in millions, except per share amounts) |  | As Previously Issued |  | Adjustment |  | As Revised |  | As Previously Issued |  | Adjustment |  | As Revised
Net sales |  | $ | 1,067 |  |  | $ | (5) |  |  | $ | 1,062 |  |  | $ | 491 |  |  | $ | 8 |  |  | $ | 499 |
Cost of products sold |  | 469 |  |  | (2) |  |  | 467 |  |  | 315 |  |  | 2 |  |  | 317 |
Gross profit |  | 598 |  |  | (3) |  |  | 595 |  |  | 176 |  |  | 6 |  |  | 182 |
Selling, general, and administrative expenses |  | 398 |  |  | (5) |  |  | 393 |  |  | 261 |  |  | (2) |  |  | 259 |
Research and development expenses |  | 40 |  |  | 3 |  |  | 43 |  |  | 18 |  |  | 2 |  |  | 20 |
Restructuring and other costs |  | 5 |  |  | — |  |  | 5 |  |  | 1 |  |  | 1 |  |  | 2 |
Operating income (loss) |  | 155 |  |  | (1) |  |  | 154 |  |  | (104) |  |  | 5 |  |  | (99) |
Other income and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  | 16 |  |  | (1) |  |  | 15 |  |  | 11 |  |  | — |  |  | 11 |
Other expense (income), net |  | 5 |  |  | 3 |  |  | 8 |  |  | 5 |  |  | (1) |  |  | 4 |
Income (loss) before income taxes |  | 134 |  |  | (3) |  |  | 131 |  |  | (120) |  |  | 6 |  |  | (114) |
Provision (benefit) for income taxes |  | 35 |  |  | — |  |  | 35 |  |  | (24) |  |  | 2 |  |  | (22) |
Net income (loss) |  | 99 |  |  | (3) |  |  | 96 |  |  | (96) |  |  | 4 |  |  | (92) |
Less: Net income (loss) attributable to noncontrolling interest |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net income (loss) attributable to Dentsply Sirona |  | $ | 99 |  |  | $ | (3) |  |  | $ | 96 |  |  | $ | (95) |  |  | $ | 4 |  |  | $ | (91) |
Net income (loss) per common share attributable to Dentsply Sirona: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.45 |  |  | $ | (0.01) |  |  | $ | 0.44 |  |  | $ | (0.44) |  |  | $ | 0.02 |  |  | $ | (0.42) |
Diluted |  | $ | 0.45 |  |  | $ | (0.02) |  |  | $ | 0.43 |  |  | $ | (0.44) |  |  | $ | 0.02 |  |  | $ | (0.42) |
CONSOLIDATED STATEMENTS OF OPERATIONS
|  | Three Months Ended September 30, 2021 |  | Three Months Ended September 30, 2020
(in millions, except per share amounts) |  | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised
Net sales |  | $ | 1,069 |  |  | $ | (29) |  |  | $ | 1,040 |  |  | $ | 895 |  |  | $ | (12) |  |  | $ | 883 |
Cost of products sold |  | 478 |  |  | (7) |  |  | 471 |  |  | 453 |  |  | (2) |  |  | 451 |
Gross profit |  | 591 |  |  | (22) |  |  | 569 |  |  | 442 |  |  | (10) |  |  | 432 |
Selling, general, and administrative expenses |  | 394 |  |  | 1 |  |  | 395 |  |  | 315 |  |  | (2) |  |  | 313 |
Research and development expenses |  | 35 |  |  | 4 |  |  | 39 |  |  | 27 |  |  | 2 |  |  | 29 |
Restructuring and other costs |  | 3 |  |  | — |  |  | 3 |  |  | 18 |  |  | — |  |  | 18 |
Operating income |  | 159 |  |  | (27) |  |  | 132 |  |  | 82 |  |  | (10) |  |  | 72 |
Interest expense, net |  | 13 |  |  | 1 |  |  | 14 |  |  | 14 |  |  | — |  |  | 14 |
Other expense (income), net |  | 8 |  |  | (3) |  |  | 5 |  |  | 1 |  |  | — |  |  | 1 |
Income before income taxes |  | 138 |  |  | (25) |  |  | 113 |  |  | 67 |  |  | (10) |  |  | 57 |
Provision for income taxes |  | 35 |  |  | (6) |  |  | 29 |  |  | 13 |  |  | (4) |  |  | 9 |
Net income |  | 103 |  |  | (19) |  |  | 84 |  |  | 54 |  |  | (6) |  |  | 48 |
Net income attributable to Dentsply Sirona |  | $ | 103 |  |  | $ | (19) |  |  | $ | 84 |  |  | $ | 53 |  |  | $ | (6) |  |  | $ | 47 |
Net income per common share attributable to Dentsply Sirona: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.47 |  |  | $ | (0.08) |  |  | $ | 0.39 |  |  | $ | 0.25 |  |  | $ | (0.03) |  |  | $ | 0.22 |
Diluted |  | $ | 0.47 |  |  | $ | (0.09) |  |  | $ | 0.38 |  |  | $ | 0.25 |  |  | $ | (0.03) |  |  | $ | 0.22 |
CONSOLIDATED STATEMENTS OF OPERATIONS
|  | Three Months Ended December 31, 2021 |  | Three Months Ended December 31, 2020
(in millions, except per share amounts) |  | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised
Net sales |  | $ | 1,088 |  |  | $ | 15 |  |  | $ | 1,103 |  |  | $ | 1,082 |  |  | $ | (6) |  |  | $ | 1,076 |
Cost of products sold |  | 495 |  |  | 4 |  |  | 499 |  |  | 511 |  |  | (2) |  |  | 509 |
Gross profit |  | 593 |  |  | 11 |  |  | 604 |  |  | 571 |  |  | (4) |  |  | 567 |
Selling, general, and administrative expenses |  | 374 |  |  | 3 |  |  | 377 |  |  | 377 |  |  | (4) |  |  | 373 |
Research and development expenses |  | 59 |  |  | (10) |  |  | 49 |  |  | 44 |  |  | (6) |  |  | 38 |
Restructuring and other costs |  | 6 |  |  | — |  |  | 6 |  |  | 15 |  |  | — |  |  | 15 |
Operating income |  | 154 |  |  | 18 |  |  | 172 |  |  | 135 |  |  | 6 |  |  | 141 |
Other income and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  | 12 |  |  | — |  |  | 12 |  |  | 15 |  |  | — |  |  | 15 |
Other expense (income), net |  | 4 |  |  | — |  |  | 4 |  |  | (3) |  |  | — |  |  | (3) |
Income before income taxes |  | 138 |  |  | 18 |  |  | 156 |  |  | 123 |  |  | 6 |  |  | 129 |
Provision for income taxes |  | 36 |  |  | 1 |  |  | 37 |  |  | 24 |  |  | — |  |  | 24 |
Net income |  | 102 |  |  | 17 |  |  | 119 |  |  | 99 |  |  | 6 |  |  | 105 |
Less: Net income attributable to noncontrolling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income attributable to Dentsply Sirona |  | $ | 102 |  |  | $ | 17 |  |  | $ | 119 |  |  | $ | 99 |  |  | $ | 6 |  |  | $ | 105 |
Net income per common share attributable to Dentsply Sirona: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.47 |  |  | $ | 0.08 |  |  | $ | 0.55 |  |  | $ | 0.45 |  |  | $ | 0.03 |  |  | $ | 0.48 |
Diluted |  | $ | 0.47 |  |  | $ | 0.07 |  |  | $ | 0.54 |  |  | $ | 0.45 |  |  | $ | 0.03 |  |  | $ | 0.48 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020
(in millions) | As Previously Issued |  | Adjustment |  | As Revised |  | As Previously Issued |  | Adjustment |  | As Revised
Net income (loss) | $ | 117 |  |  | $ | (5) |  |  | $ | 112 |  |  | $ | (140) |  |  | $ | 6 |  |  | $ | (134) |
Total comprehensive income | 27 |  |  | (5) |  |  | 22 |  |  | (252) |  |  | 6 |  |  | (246) |
Comprehensive income attributable to Dentsply Sirona | $ | 27 |  |  | $ | (5) |  |  | $ | 22 |  |  | $ | (252) |  |  | $ | 6 |  |  | $ | (246) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended June 30, 2021 |  | Three Months Ended June 30, 2020
(in millions) | As Previously Issued |  | Adjustment |  | As Revised |  | As Previously Issued |  | Adjustment |  | As Revised
Net income (loss) | $ | 99 |  |  | $ | (3) |  |  | $ | 96 |  |  | $ | (96) |  |  | $ | 4 |  |  | $ | (92) |
Total comprehensive income | 142 |  |  | (3) |  |  | 139 |  |  | (28) |  |  | 4 |  |  | (24) |
Comprehensive income attributable to Dentsply Sirona | $ | 142 |  |  | $ | (3) |  |  | $ | 139 |  |  | $ | (28) |  |  | $ | 4 |  |  | $ | (24) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|  | Three Months Ended September 30, 2021 |  | Three Months Ended September 30, 2020
(in millions) |  | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised
Net income |  | $ | 103 |  |  | $ | (19) |  |  | $ | 84 |  |  | $ | 54 |  |  | $ | (6) |  |  | $ | 48 |
Total comprehensive income |  | 47 |  |  | (19) |  |  | 28 |  |  | 121 |  |  | (6) |  |  | 115 |
Comprehensive income attributable to Dentsply Sirona |  | $ | 47 |  |  | $ | (19) |  |  | $ | 28 |  |  | $ | 121 |  |  | $ | (6) |  |  | $ | 115 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended December 31, 2021 |  | Three Months Ended December 31, 2020
(in millions) | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised
Net income (loss) | $ | 102 |  |  | $ | 17 |  |  | $ | 119 |  |  | $ | 99 |  |  | $ | 6 |  |  | $ | 105 |
Total comprehensive income | 75 |  |  | 17 |  |  | 92 |  |  | 213 |  |  | 8 |  |  | 221 |
Comprehensive income attributable to Dentsply Sirona | $ | 75 |  |  | $ | 17 |  |  | $ | 92 |  |  | $ | 213 |  |  | $ | 8 |  |  | $ | 221 |
Schedule of Intangible Assets | The Company uses the following useful lives for its definite-lived intangible assets:
Definite-lived Intangible Asset Type |  | Useful Life
Patents |  | Up to date patent expires
Tradenames and trademarks |  | Up to 20 years
Licensing agreements |  | Up to 20 years
Customer relationships |  | Up to 15 years
Developed technology |  | Up to 15 years
Property, Plant and Equipment | E xcept for leasehold improvements, depreciation and amortization is computed by the straight-line method over the assets’ estimated useful lives:
Property, Plant, and Equipment Assets Type |  | Useful Life
Buildings | 40 years
Machinery and Equipment | 4 to 15 years
Capitalized Software |  | 2 to 10 years
Leasehold Improvements | Shorter of the estimated useful life or the term of the lease
Property, plant and equipment, net, were as follows:
|  | Year Ended December 31,
(in millions) |  | 2021 |  | 2020
Land |  | $ | 51 |  |  | $ | 54 |
Buildings and improvements |  | 561 |  |  | 595 |
Machinery and equipment |  | 982 |  |  | 1,075 |
Capitalized Software |  | 353 |  |  | 339 |
Construction in progress |  | 134 |  |  | 120 |
|  | $ | 2,081 |  |  | $ | 2,183 |
Less: Accumulated depreciation and amortization |  | 1,308 |  |  | 1,392 |
Property, plant and equipment, net |  | $ | 773 |  |  | $ | 791 |
Schedule of Warranty Expense and Accrual | The Company’s warranty expense and warranty accrual were as follows:
|  | December 31,
(in millions) |  | 2021 |  | 2020 |  | 2019
Warranty Expense |  | $ | 44 |  |  | $ | 27 |  |  | $ | 30 |
Warranty Accrual |  | 28 |  |  | 18 |  |  | 18 |

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