Becton, Dickinson &amp; Co. (NYSE:BDX)

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Segment Profit Margin: BD Medical

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co.; BD Medical; segment profit margin calculation

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Selected Financial Data (US$ in millions)
Segment operating income	2,583)	2,274)	2,824)	2,624)	1,907)	1,807)
Revenues	9,479)	8,680)	9,064)	8,616)	7,419)	7,965)
Segment Profitability Ratio
Segment profit margin¹	27.25%	26.20%	31.16%	30.45%	25.70%	22.69%

¹ 2021 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 2,583 ÷ 9,479 = 27.25%

The BD Medical segment exhibited a volatile but generally positive growth trajectory in revenue and operating income from 2016 to 2021, characterized by a significant peak in profitability during the 2018-2019 period followed by a correction and partial recovery.

Revenue Performance: Revenues demonstrated a non-linear growth pattern, starting at US$ 7,965 million in 2016 and ending at US$ 9,479 million in 2021. Notable fluctuations occurred in 2017, when revenues dipped to US$ 7,419 million, and in 2020, when they declined to US$ 8,680 million from a 2019 high of US$ 9,064 million.
Operating Income Trends: Segment operating income saw a sustained increase between 2016 and 2019, rising from US$ 1,807 million to US$ 2,824 million. This growth trend was interrupted in 2020 with a decline to US$ 2,274 million, before rebounding to US$ 2,583 million in 2021.
Segment Profit Margin Analysis: The segment profit margin experienced substantial expansion during the first four years of the analyzed period, climbing from 22.69% in 2016 to a peak of 31.16% in 2019. This suggests a period of enhanced operational efficiency or a shift toward higher-margin products. A significant contraction followed in 2020, with the margin dropping to 26.20%, a decrease of 4.96 percentage points. The period concluded with a moderate recovery in 2021, as the margin rose to 27.25%.

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Segment Profit Margin: BD Life Sciences

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co.; BD Life Sciences; segment profit margin calculation

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Selected Financial Data (US$ in millions)
Segment operating income	2,391)	1,405)	1,248)	1,207)	772)	793)
Revenues	6,530)	4,675)	4,300)	4,330)	3,988)	3,829)
Segment Profitability Ratio
Segment profit margin¹	36.62%	30.05%	29.02%	27.88%	19.36%	20.71%

¹ 2021 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 2,391 ÷ 6,530 = 36.62%

The BD Life Sciences segment demonstrated a substantial expansion in both operational scale and profitability between 2016 and 2021. While revenue growth was steady for the majority of the period, a significant acceleration occurred in the final year. More notably, operating income grew at a rate that consistently outpaced revenue increases from 2018 onward, resulting in a marked improvement in overall segment efficiency.

Revenue Trajectory: Revenues increased from 3,829 million USD in 2016 to 6,530 million USD in 2021. The growth pattern was characterized by moderate annual increases until 2020, followed by a sharp rise of approximately 39.7% in 2021, indicating a substantial expansion in market reach or product demand.
Operating Income Evolution: Segment operating income rose from 793 million USD in 2016 to 2,391 million USD in 2021. A critical inflection point occurred in 2018, when operating income surged by 56% compared to the previous year, despite a more modest increase in revenue. This trend culminated in a 70% increase in income between 2020 and 2021.
Profit Margin Expansion: The segment profit margin experienced a strong upward trend, climbing from 20.71% in 2016 to 36.62% in 2021. Following a brief dip to 19.36% in 2017, the margin expanded every subsequent year. The progression from 27.88% in 2018 to 36.62% in 2021 suggests significant operating leverage and improved cost management relative to sales growth.

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Segment Profit Margin: BD Interventional

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co.; BD Interventional; segment profit margin calculation

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Selected Financial Data (US$ in millions)
Segment operating income	933)	724)	903)	306)	248)	245)
Revenues	4,239)	3,762)	3,926)	3,037)	685)	689)
Segment Profitability Ratio
Segment profit margin¹	22.01%	19.25%	23.00%	10.08%	36.20%	35.56%

¹ 2021 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 933 ÷ 4,239 = 22.01%

The BD Interventional segment underwent a significant structural transformation between 2017 and 2018, characterized by an exponential increase in scale and a subsequent recalibration of profitability margins. While the segment expanded its revenue base substantially, it experienced an initial period of margin compression followed by a gradual recovery and stabilization phase.

Revenue Growth and Scale: A massive expansion in revenues is observed starting in 2018, where figures rose from 685 million US dollars in 2017 to 3,037 million US dollars. This growth trend continued through 2021, reaching a peak of 4,239 million US dollars. The magnitude of this increase indicates a fundamental change in the segment's operational scope, likely resulting from a major acquisition or strategic expansion.
Operating Income Performance: Segment operating income grew from 245 million US dollars in 2016 to 933 million US dollars by 2021. Although the overall trajectory is upward, growth was not linear. A notable surge occurred in 2019, where income jumped to 903 million US dollars, followed by a temporary contraction to 724 million US dollars in 2020 before recovering to its highest level in 2021.
Profit Margin Volatility and Stabilization: The segment profit margin experienced a sharp decline in 2018, dropping from 36.20% in 2017 to 10.08%. This compression coincided with the rapid increase in revenue, suggesting significant integration costs or a change in the product mix toward lower-margin offerings. Following this trough, margins recovered to 23.00% in 2019 and have since stabilized, fluctuating between 19.25% and 22.01% through 2021. This suggests that while the segment has not returned to its pre-2018 profitability levels, it has established a new, sustainable margin baseline consistent with its larger scale of operations.

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Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co., capital expenditures to depreciation by reportable segment

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
BD Medical	0.68	0.43	0.54	0.54	0.63	0.58
BD Life Sciences	0.84	0.67	0.81	0.93	0.83	0.79
BD Interventional	0.16	0.16	0.14	0.10	0.31	0.32

The analysis of segment capital expenditures relative to depreciation from 2016 to 2021 reveals distinct investment strategies across the three business units. A general trend of contraction in capital spending relative to depreciation is observed in 2020, followed by a notable recovery across all segments in 2021.

BD Life Sciences: This segment consistently maintains the highest capital expenditure to depreciation ratio of the three units. The ratio peaked at 0.93 in 2018, suggesting an aggressive reinvestment strategy. While a decline to 0.67 occurred in 2020, the ratio recovered to 0.84 by 2021, indicating a sustained commitment to asset replacement and expansion.
BD Medical: Investment levels in this segment remained relatively stable between 2016 and 2019, fluctuating within a narrow range of 0.54 to 0.63. A significant dip to 0.43 was recorded in 2020, which was subsequently reversed by a sharp increase to a period high of 0.68 in 2021.
BD Interventional: A marked structural decline in reinvestment is evident in this segment. After maintaining ratios around 0.31 to 0.32 in 2016 and 2017, the ratio dropped precipitously to 0.10 in 2018. For the remainder of the period, the ratio remained suppressed, fluctuating slightly between 0.14 and 0.16, signifying the lowest rate of capital reinvestment relative to asset depreciation among all reported segments.

Overall, the divergence in ratios suggests that BD Life Sciences is the primary driver of capital growth, whereas BD Interventional has shifted toward a significantly lower capital intensity model since 2018.

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Segment Capital Expenditures to Depreciation: BD Medical

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co.; BD Medical; segment capital expenditures to depreciation calculation

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Selected Financial Data (US$ in millions)
Capital expenditures	777)	477)	577)	560)	486)	464)
Depreciation and amortization	1,140)	1,104)	1,073)	1,028)	773)	801)
Segment Financial Ratio
Segment capital expenditures to depreciation¹	0.68	0.43	0.54	0.54	0.63	0.58

¹ 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 777 ÷ 1,140 = 0.68

The BD Medical segment exhibited a consistent trend of reinvesting less than the total value of depreciation and amortization from 2016 through 2021. Throughout this six-year period, the capital expenditure to depreciation ratio remained below 1.0, indicating that capital outflows for new assets did not fully offset the accounting consumption of the existing asset base.

Capital Expenditure Trends: Capital expenditures increased steadily from US$ 464 million in 2016 to US$ 577 million in 2019. A significant decline occurred in 2020, with expenditures dropping to US$ 477 million, before a substantial surge to US$ 777 million in 2021.
Depreciation and Amortization Trajectory: Following a slight decrease in 2017, depreciation and amortization costs climbed consistently each year, rising from US$ 773 million in 2017 to US$ 1,140 million by 2021. This upward trend reflects a growing base of depreciable assets over the analyzed period.
Ratio Interpretation and Volatility: The reinvestment ratio fluctuated, peaking at 0.63 in 2017 before stabilizing at 0.54 during 2018 and 2019. The ratio reached its lowest point of 0.43 in 2020, coinciding with the dip in capital spending. A sharp recovery occurred in 2021, where the ratio rose to 0.68, the highest level recorded in the period, although it remained well below the parity threshold of 1.0.

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Segment Capital Expenditures to Depreciation: BD Life Sciences

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co.; BD Life Sciences; segment capital expenditures to depreciation calculation

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Selected Financial Data (US$ in millions)
Capital expenditures	297)	192)	230)	255)	212)	200)
Depreciation and amortization	352)	286)	284)	275)	254)	254)
Segment Financial Ratio
Segment capital expenditures to depreciation¹	0.84	0.67	0.81	0.93	0.83	0.79

¹ 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 297 ÷ 352 = 0.84

The BD Life Sciences segment demonstrated a consistent pattern of investing below its depreciation and amortization levels throughout the analyzed six-year period. The segment capital expenditures to depreciation ratio remained below 1.0 from 2016 to 2021, indicating that the replacement of fixed assets did not exceed the rate of asset consumption.

Capital Expenditure Trends: Expenditures on capital assets exhibited volatility, starting at 200 million US dollars in 2016 and reaching a peak of 297 million US dollars by 2021. A notable increase occurred in 2018, followed by a decline that reached a period low of 192 million US dollars in 2020. The subsequent surge in 2021 represents the highest investment level in the observed timeframe.
Depreciation and Amortization Progression: Depreciation and amortization expenses showed a steady upward trajectory, rising from 254 million US dollars in 2016 to 352 million US dollars in 2021. The growth was gradual between 2016 and 2020, with a more pronounced acceleration in the final year, suggesting an increase in the overall depreciable asset base.
Ratio Analysis and Investment Intensity: The capital expenditures to depreciation ratio fluctuated between a high of 0.93 in 2018 and a low of 0.67 in 2020. The dip in 2020 reflects a significant contraction in investment relative to asset wear and tear. By 2021, the ratio recovered to 0.84, though it remained below the threshold of 1.0, signaling that the segment continued to prioritize capital discipline or asset optimization over aggressive capacity expansion.

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Segment Capital Expenditures to Depreciation: BD Interventional

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co.; BD Interventional; segment capital expenditures to depreciation calculation

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Selected Financial Data (US$ in millions)
Capital expenditures	125)	119)	120)	65)	16)	18)
Depreciation and amortization	769)	750)	881)	658)	52)	56)
Segment Financial Ratio
Segment capital expenditures to depreciation¹	0.16	0.16	0.14	0.10	0.31	0.32

¹ 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 125 ÷ 769 = 0.16

The financial trajectory of the BD Interventional segment is characterized by a significant structural shift in asset investment and depreciation starting in 2018. While the period between 2016 and 2017 showed relative stability in spending and asset wear, a substantial escalation in both capital expenditures and depreciation and amortization occurred thereafter, fundamentally altering the segment's capital intensity profile.

Capital Expenditure Trends: Capital expenditures remained low and stable at 18 million and 16 million dollars in 2016 and 2017, respectively. Beginning in 2018, there was a marked increase to 65 million dollars, which further accelerated to a plateau of approximately 120 million to 125 million dollars between 2019 and 2021. This indicates a strategic increase in the volume of investment in fixed assets during the latter half of the analyzed period.
Depreciation and Amortization Trends: A dramatic increase in depreciation and amortization is observed in 2018, where the value rose from 52 million dollars in 2017 to 658 million dollars. This figure peaked at 881 million dollars in 2019 before stabilizing between 750 million and 769 million dollars in 2020 and 2021. The scale of this increase, disproportionate to the rise in capital expenditures, suggests a significant expansion of the asset base, likely resulting from a major acquisition or asset revaluation.
Segment Capital Expenditures to Depreciation Ratio: The ratio of capital expenditures to depreciation shifted from a range of 0.31 to 0.32 in 2016-2017 to a sharp low of 0.10 in 2018. Following this decline, the ratio saw a modest recovery and stabilized at 0.16 by 2020 and 2021. Throughout the entire period, the ratio remained consistently below 1.0, indicating that capital reinvestment in the segment did not keep pace with the depreciation of its existing asset base. The sharp contraction in 2018 highlights a period where the increase in non-cash depreciation charges far outweighed the immediate investment in new capital assets.

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Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co., revenues by reportable segment

US$ in millions

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
BD Medical	9,479)	8,680)	9,064)	8,616)	7,419)	7,965)
BD Life Sciences	6,530)	4,675)	4,300)	4,330)	3,988)	3,829)
BD Interventional	4,239)	3,762)	3,926)	3,037)	685)	689)
Total	20,248)	17,117)	17,290)	15,983)	12,092)	12,483)

Total consolidated revenue experienced a significant upward trajectory between 2016 and 2021, increasing from US$ 12,483 million to US$ 20,248 million. Although a marginal contraction was noted in 2017, the overall period is characterized by substantial expansion, driven by a combination of steady growth in core segments and a dramatic scale-up in the interventional business.

BD Medical Revenue Trends: This segment consistently represents the largest portion of total revenue. While the trajectory experienced fluctuations—specifically a decline in 2017 and a moderate dip in 2020—the segment grew from US$ 7,965 million in 2016 to US$ 9,479 million by 2021. The pattern suggests a stable but volatile revenue base that remains central to the company's financial structure.
BD Life Sciences Revenue Trends: Growth in this segment was characterized by steady, incremental increases from 2016 through 2020. A significant acceleration occurred in the final year of the period, with revenue jumping from US$ 4,675 million in 2020 to US$ 6,530 million in 2021, indicating a sharp increase in market penetration or product demand toward the end of the analyzed timeframe.
BD Interventional Revenue Trends: The most striking growth pattern is observed in the Interventional segment. Between September 30, 2017, and September 30, 2018, revenue surged from US$ 685 million to US$ 3,037 million. This abrupt expansion suggests a major structural change or acquisition. Following this leap, the segment continued to grow, reaching US$ 4,239 million by 2021.
Overall Revenue Composition: The total revenue mix shifted significantly over the six-year period. The relative contribution of the Interventional segment expanded rapidly, while the Life Sciences segment saw a late-stage surge. By 2021, the total revenue of US$ 20,248 million reflects a more balanced distribution across the three reportable segments compared to the 2016 baseline.

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Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co., segment operating income by reportable segment

US$ in millions

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
BD Medical	2,583)	2,274)	2,824)	2,624)	1,907)	1,807)
BD Life Sciences	2,391)	1,405)	1,248)	1,207)	772)	793)
BD Interventional	933)	724)	903)	306)	248)	245)
Total	5,907)	4,403)	4,975)	4,137)	2,927)	2,845)

Total operating income across all reportable segments exhibited significant growth between September 30, 2016, and September 30, 2021, increasing from US$ 2,845 million to US$ 5,907 million. This expansion is characterized by a strong upward trajectory, with a temporary consolidated decline in 2020 followed by a robust recovery in 2021.

BD Medical Trends: This segment functioned as the primary driver of operating income for the majority of the period. A consistent growth trend was observed from 2016 to 2019, with income rising from US$ 1,807 million to a peak of US$ 2,824 million. A contraction occurred in 2020, where income fell to US$ 2,274 million, before recovering to US$ 2,583 million in 2021.
BD Life Sciences Trends: An accelerating growth pattern is evident in this segment. Following a slight decrease between 2016 and 2017, operating income entered a phase of steady expansion. The most significant surge occurred between 2020 and 2021, during which operating income increased by approximately 70%, rising from US$ 1,405 million to US$ 2,391 million.
BD Interventional Trends: Operating income remained relatively stable between 2016 and 2018, followed by a sharp increase in 2019 to US$ 903 million. Similar to the BD Medical segment, a decline was recorded in 2020 to US$ 724 million, with a subsequent rebound to US$ 933 million by September 30, 2021.
Consolidated Segment Analysis: The overall increase in total operating income reflects a successful scaling of operations across all three segments. While BD Medical remained a significant contributor, the relative contribution of BD Life Sciences grew substantially over the six-year period, indicating a shift in the profitability mix toward the Life Sciences segment.

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Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co., capital expenditures by reportable segment

US$ in millions

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
BD Medical	777)	477)	577)	560)	486)	464)
BD Life Sciences	297)	192)	230)	255)	212)	200)
BD Interventional	125)	119)	120)	65)	16)	18)
Corporate and All Other	32)	22)	30)	15)	13)	11)
Total	1,231)	810)	957)	895)	727)	693)

Total capital expenditures exhibited a general upward trajectory between 2016 and 2021, increasing from 693 million US dollars to 1.231 billion US dollars. While a contraction occurred in 2020, the subsequent surge in 2021 represents the highest level of investment across all reportable segments during the analyzed period.

BD Medical: This segment remains the primary driver of capital investment. Expenditure grew steadily from 464 million US dollars in 2016 to a peak of 577 million US dollars in 2019, followed by a temporary decline to 477 million US dollars in 2020. A significant escalation occurred in 2021, with spending reaching 777 million US dollars, indicating a substantial increase in capacity or infrastructure investment.
BD Life Sciences: Investment patterns in this segment showed moderate volatility. Spending rose from 200 million US dollars in 2016 to 255 million US dollars in 2018, before trending downward to 192 million US dollars by 2020. This trend reversed sharply in 2021, with expenditure climbing to 297 million US dollars.
BD Interventional: The most pronounced relative growth was observed in this segment. Capital expenditures remained low in 2016 and 2017, at 18 million and 16 million US dollars respectively, before accelerating sharply to 120 million US dollars by 2019. Spending remained stable through 2021, ending at 125 million US dollars.
Corporate and Total Trends: Corporate and other expenditures remained a small fraction of total spend but generally increased from 11 million US dollars in 2016 to 32 million US dollars in 2021. The aggregate capital expenditure reflects a cyclical dip in 2020, where total spend fell to 810 million US dollars from a 2019 peak of 957 million US dollars, followed by a record high in 2021.

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Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Becton, Dickinson & Co., depreciation and amortization by reportable segment

US$ in millions

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
BD Medical	1,140)	1,104)	1,073)	1,028)	773)	801)
BD Life Sciences	352)	286)	284)	275)	254)	254)
BD Interventional	769)	750)	881)	658)	52)	56)
Corporate and All Other	12)	14)	15)	17)	9)	3)
Total	2,273)	2,154)	2,253)	1,978)	1,088)	1,114)

Total depreciation and amortization expenses exhibited a substantial upward trajectory between 2016 and 2021, increasing from 1,114 million to 2,273 million. This growth was characterized by a period of relative stability between 2016 and 2017, followed by a sharp acceleration in expenses starting in 2018, which suggests significant capital investment or acquisition activity across the reportable segments.

BD Medical: This segment remains the largest contributor to total depreciation and amortization. After a slight decrease in 2017, expenses rose from 773 million to 1,140 million by 2021. A notable increase occurred between 2017 and 2018, where expenses grew by approximately 33%, followed by a steady year-over-year climb through 2021.
BD Interventional: The most dramatic shift is observed in this segment, which transitioned from minimal expenses of 52 million in 2017 to 658 million in 2018. This surge represents a more than twelve-fold increase in a single year, peaking at 881 million in 2019 before stabilizing between 750 million and 769 million in the subsequent two years. Such a pattern is indicative of a major structural change or the integration of significant fixed assets.
BD Life Sciences: Expenses in this segment remained relatively flat from 2016 to 2017 at 254 million, followed by a period of modest growth through 2020. A more pronounced increase occurred in 2021, with expenses rising to 352 million, marking the highest value recorded for this segment during the analyzed period.
Corporate and All Other: This category represents a negligible portion of the total depreciation and amortization. Expenses fluctuated within a narrow range, peaking at 17 million in 2018 and ending the period at 12 million in 2021.

Overall, the escalation in total expenses from 1,088 million in 2017 to 2,273 million in 2021 was primarily driven by the combined impact of the rapid expansion in BD Interventional and the consistent growth within BD Medical. By 2021, the distribution of these expenses became more balanced across the three primary segments compared to the 2016 baseline.

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