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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 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
|  | 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 |
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
|  | Nine Months Ended September 30, 2021 |  | Nine 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 |  | $ | 3,163 |  |  | $ | (35) |  |  | $ | 3,128 |  |  | $ | 2,260 |  |  | $ | 3 |  |  | $ | 2,263 |
Cost of products sold |  | 1,395 |  |  | (10) |  |  | 1,385 |  |  | 1,174 |  |  | — |  |  | 1,174 |
Gross profit |  | 1,768 |  |  | (25) |  |  | 1,743 |  |  | 1,086 |  |  | 3 |  |  | 1,089 |
Selling, general and administrative expenses |  | 1,177 |  |  | (3) |  |  | 1,174 |  |  | 935 |  |  | (6) |  |  | 929 |
Research and development expenses |  | 112 |  |  | 10 |  |  | 122 |  |  | 79 |  |  | 6 |  |  | 85 |
Operating income (loss) |  | 468 |  |  | (32) |  |  | 436 |  |  | (147) |  |  | 3 |  |  | (144) |
Interest expense, net |  | 43 |  |  | — |  |  | 43 |  |  | 32 |  |  | (1) |  |  | 31 |
Income (loss) before income taxes |  | 421 |  |  | (32) |  |  | 389 |  |  | (183) |  |  | 4 |  |  | (179) |
Provision (benefit) for income taxes |  | 102 |  |  | (5) |  |  | 97 |  |  | (1) |  |  | — |  |  | (1) |
Net income (loss) |  | 319 |  |  | (27) |  |  | 292 |  |  | (182) |  |  | 4 |  |  | (178) |
Net income (loss) attributable to Dentsply Sirona |  | $ | 319 |  |  | $ | (27) |  |  | $ | 292 |  |  | $ | (182) |  |  | $ | 4 |  |  | $ | (178) |
Net income (loss) per common share attributable to Dentsply Sirona: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.46 |  |  | $ | (0.12) |  |  | $ | 1.34 |  |  | $ | (0.83) |  |  | $ | 0.02 |  |  | $ | (0.81) |
Diluted |  | $ | 1.45 |  |  | $ | (0.13) |  |  | $ | 1.32 |  |  | $ | (0.83) |  |  | $ | 0.02 |  |  | $ | (0.81) |
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
|  | Nine Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2020
(in millions) |  | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised
Net income (loss) |  | $ | 319 |  |  | $ | (27) |  |  | $ | 292 |  |  | $ | (182) |  |  | $ | 4 |  |  | $ | (178) |
Total comprehensive income (loss) |  | 216 |  |  | (27) |  |  | 189 |  |  | (159) |  |  | 4 |  |  | (155) |
Comprehensive income (loss) attributable to Dentsply Sirona |  | $ | 216 |  |  | $ | (27) |  |  | $ | 189 |  |  | $ | (159) |  |  | $ | 4 |  |  | $ | (155) |
CONSOLIDATED BALANCE SHEETS
|  | September 30, 2021 |  | December 31, 2020
(in millions) |  | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised
Accounts and notes receivable-trade, net |  | $ | 748 |  |  | $ | (16) |  |  | $ | 732 |  |  | $ | 673 |  |  | $ | (6) |  |  | $ | 667 |
Inventories, net |  | 532 |  |  | 16 |  |  | 548 |  |  | 466 |  |  | 10 |  |  | 476 |
Prepaid expenses and other current assets |  | 243 |  |  | 1 |  |  | 244 |  |  | 214 |  |  | 3 |  |  | 217 |
Total Current Assets |  | 1,804 |  |  | 1 |  |  | 1,805 |  |  | 1,791 |  |  | 7 |  |  | 1,798 |
Other noncurrent assets |  | 128 |  |  | — |  |  | 128 |  |  | 94 |  |  | 1 |  |  | 95 |
Total Assets |  | 9,288 |  |  | 1 |  |  | 9,289 |  |  | 9,342 |  |  | 8 |  |  | 9,350 |
Accounts payable |  | 276 |  |  | (5) |  |  | 271 |  |  | 305 |  |  | (3) |  |  | 302 |
Accrued liabilities |  | 641 |  |  | 84 |  |  | 725 |  |  | 653 |  |  | 59 |  |  | 712 |
Income taxes payable |  | 58 |  |  | (6) |  |  | 52 |  |  | 60 |  |  | (1) |  |  | 59 |
Total Current Liabilities |  | 1,126 |  |  | 73 |  |  | 1,199 |  |  | 1,317 |  |  | 55 |  |  | 1,372 |
Deferred income taxes |  | 413 |  |  | (12) |  |  | 401 |  |  | 393 |  |  | (12) |  |  | 381 |
Other noncurrent liabilities |  | 560 |  |  | 2 |  |  | 562 |  |  | 554 |  |  | — |  |  | 554 |
Total Liabilities |  | 4,163 |  |  | 63 |  |  | 4,226 |  |  | 4,372 |  |  | 43 |  |  | 4,415 |
Retained earnings |  | 1,481 |  |  | (62) |  |  | 1,419 |  |  | 1,233 |  |  | (35) |  |  | 1,198 |
Total Dentsply Sirona Equity |  | 5,122 |  |  | (62) |  |  | 5,060 |  |  | 4,967 |  |  | (35) |  |  | 4,932 |
Total Equity |  | 5,125 |  |  | (62) |  |  | 5,063 |  |  | 4,970 |  |  | (35) |  |  | 4,935 |
Total Liabilities and Equity |  | 9,288 |  |  | 1 |  |  | 9,289 |  |  | 9,342 |  |  | 8 |  |  | 9,350 |
CONSOLIDATED STATEMENT OF CASH FLOWS
|  | Nine Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2020
(in millions) |  | As Previously Issued |  | Adjustment |  | As Restated |  | As Previously Issued |  | Adjustment |  | As Revised
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 319 |  |  | $ | (27) |  |  | $ | 292 |  |  | $ | (182) |  |  | $ | 4 |  |  | $ | (178) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Other non-cash expense (income) |  | 12 |  |  | 1 |  |  | 13 |  |  | 9 |  |  | (2) |  |  | 7 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |  |  |  |  |  |
Accounts and notes receivable-trade, net |  | (98) |  |  | 9 |  |  | (89) |  |  | 149 |  |  | 1 |  |  | 150 |
Inventories, net |  | (82) |  |  | (6) |  |  | (88) |  |  | 74 |  |  | (1) |  |  | 73 |
Prepaid expenses and other current assets, net |  | (27) |  |  | 3 |  |  | (24) |  |  | 50 |  |  | — |  |  | 50 |
Accounts payable |  | (39) |  |  | (6) |  |  | (45) |  |  | (65) |  |  | 3 |  |  | (62) |
Accrued liabilities |  | 41 |  |  | 29 |  |  | 70 |  |  | (73) |  |  | 7 |  |  | (66) |
Income taxes |  | 11 |  |  | (5) |  |  | 6 |  |  | (10) |  |  | 1 |  |  | (9) |
Other noncurrent liabilities |  | 20 |  |  | 2 |  |  | 22 |  |  | (14) |  |  | — |  |  | (14) |
Net cash provided by operating activities |  | 435 |  |  | — |  |  | 435 |  |  | 372 |  |  | 13 |  |  | 385 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Other financing activities, net |  | (11) |  |  | — |  |  | (11) |  |  | (4) |  |  | (13) |  |  | (17) |
Net cash (used in) provided by financing activities |  | (257) |  |  | — |  |  | (257) |  |  | 504 |  |  | (13) |  |  | 491 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
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