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Share-Based Compensation (Tables) | 12 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Compensation Cost Relating to Share-Based Payments | The amounts and location of compensation cost relating to share-based payments included in the consolidated statements of income is as follows:
(Millions of dollars) | 2022 |  | 2021 |  | 2020
Cost of products sold | $ | 46 |  |  | $ | 43 |  |  | $ | 40 |
Selling and administrative expense | 156 |  |  | 158 |  |  | 150 |
Research and development expense | 37 |  |  | 36 |  |  | 34 |
Acquisitions and other restructurings | 1 |  |  | 1 |  |  | 20 |
Total share-based compensation cost | $ | 240 |  |  | $ | 238 |  |  | $ | 245 |
Tax benefit associated with share-based compensation costs recognized | $ | 55 |  |  | $ | 55 |  |  | $ | 57 |
Assumptions for Estimation of Fair Values of Stock Appreciation Rights Granted During Reporting Periods | The fair value of awards was estimated on the date of grant using a lattice-based binomial option valuation model and these valuations were largely based upon the following weighted-average assumptions:
| 2022 |  | 2021 |  | 2020
Risk-free interest rate | 1.41% |  | 0.68% |  | 1.69%
Expected volatility | 22.0% |  | 23.0% |  | 19.0%
Expected dividend yield | 1.42% |  | 1.46% |  | 1.24%
Expected life | 7.3 years |  | 7.4 years |  | 7.4 years
Fair value derived | $49.45 |  | $44.38 |  | $48.82
Summary of SARs Outstanding | A summary of SARs outstanding as of September 30, 2022 and changes during the year then ended is as follows:
| SARs (in thousands) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (Millions of dollars)
Balance at October 1 | 6,295 |  |  | $ | 179.64 |  |  |  |  |
Granted | 909 |  |  | 245.09 |  |  |  |  |
Exercised | (1,408) |  |  | 125.57 |  |  |  |  |
Forfeited, canceled or expired | (191) |  |  | 234.50 |  |  |  |  |
Awards transferred to Embecta at spin-off (a) | (159) |  |  | 239.77 |  |  |  |  |
Adjustments to BD awards related to the spin-off of Embecta (b) | 97 |  |  |  |  |  |  |
Balance at September 30 | 5,544 |  |  | $ | 197.31 |  |  | 5.66 |  | $ | 183 |
Vested and expected to vest at September 30 | 5,377 |  |  | 196.10 |  |  | 5.58 |  | $ | 183 |
Exercisable at September 30 | 3,877 |  |  | $ | 180.47 |  |  | 4.51 |  | $ | 183 |
(a)In connection with the spin-off of Embecta, all outstanding (vested and unvested) BD SARs which had been granted to Embecta employees were converted into Embecta awards. These awards preserved the same intrinsic value, as well as general terms and conditions, of the original BD awards. (b)In connection with the spin-off of Embecta, all outstanding BD awards were adjusted to preserve the aggregate value of the awards as measured immediately prior to the spin-off.
Schedule Of Share Based Compensation, Summary of Stock Appreciation Rights Exercised | A summary of SARs exercised during 2022, 2021 and 2020 is as follows:
(Millions of dollars) | 2022 |  | 2021 |  | 2020
Total intrinsic value of SARs exercised | $ | 184 |  |  | $ | 102 |  |  | $ | 212 |
Total fair value of SARs vested | $ | 36 |  |  | $ | 39 |  |  | $ | 46 |
Summary of Performance-Based Restricted Stock Units Outstanding | A summary of restricted stock units outstanding as of September 30, 2022 and changes during the year then ended is as follows:
| Performance-Based |  | Time-Vested
| Stock Units (in thousands) |  |  | Weighted Average Grant Date Fair Value |  | Stock Units (in thousands) |  | Weighted Average Grant Date Fair Value
Balance at October 1 | 957 |  |  |  | $ | 231.63 |  |  | 1,556 |  |  | $ | 221.11 |
Granted | 390 |  |  |  | 242.39 |  |  | 969 |  |  | 239.39 |
Distributed | (39) |  |  |  | 237.55 |  |  | (524) |  |  | 224.81 |
Forfeited or canceled | (369) |  |  |  | 235.18 |  |  | (378) |  |  | 228.88 |
Awards transferred to Embecta at spin-off (a) | (21) |  |  |  | $ | 234.18 |  |  | (88) |  |  | $ | 237.60 |
Adjustments to BD awards related to the spin-off of Embecta (b) | 16 |  |  |  |  |  | 27 |  |  |
Balance at September 30 | 934 |  | (c) |  | $ | 230.46 |  |  | 1,561 |  |  | $ | 224.87 |
Expected to vest at September 30 | 483 |  | (d) |  | $ | 229.32 |  |  | 1,453 |  |  | $ | 224.31 |
(a)In connection with the spin-off of Embecta, all outstanding (vested and unvested) BD restricted stock units which had been granted to Embecta employees were converted into Embecta awards. These awards preserved the same intrinsic value, as well as general terms and conditions, of the original BD awards. (b)In connection with the spin-off of Embecta, all outstanding BD awards were adjusted to preserve the aggregate value of the awards as measured immediately prior to the spin-off. (c)Based on 200% of target payout for performance based restricted units and 100% of the performance based time-vested units. (d)Net of expected forfeited units and units in excess of the expected performance payout of 65 thousand and 386 thousand shares, respectively.
Schedule Of Share Based Compensation, Restricted Stock Units, Grant Date Fair Value of Units Granted | The weighted average grant date fair value of restricted stock units granted during the years 2022, 2021 and 2020 are as follows:
| Performance-Based |  | Time-Vested
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Weighted average grant date fair value of units granted | $ | 242.39 |  |  | $ | 216.39 |  |  | $ | 245.06 |  |  | $ | 239.39 |  |  | $ | 223.60 |  |  | $ | 249.94 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The total fair value of stock units vested during 2022, 2021 and 2020 was as follows:
| Performance-Based |  | Time-Vested
(Millions of dollars) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Total fair value of units vested | $ | 14 |  |  | $ | 16 |  |  | $ | 27 |  |  | $ | 169 |  |  | $ | 203 |  |  | $ | 211 |

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