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Shareholders' Equity | 12 Months Ended
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Sep. 30, 2022
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders’ Equity Changes in certain components of shareholders’ equity were as follows:
| Common Stock Issued at Par Value |  | Capital in Excess of Par Value |  | Retained Earnings |  | Deferred Compensation |  | Treasury Stock
(Millions of dollars) | Shares (in thousands) |  | Amount
Balance at September 30, 2019 | $ | 347 |  |  | $ | 16,270 |  |  | $ | 12,913 |  |  | $ | 23 |  |  | (76,260) |  |  | $ | (6,190) |
Net income | — |  |  | — |  |  | 874 |  |  | — |  |  | — |  |  | — |
Cash dividends: |  |  |  |  |  |  |  |  |  |  |
Common ($3.16 per share) | — |  |  | — |  |  | (888) |  |  | — |  |  | — |  |  | — |
Preferred | — |  |  | — |  |  | (107) |  |  | — |  |  | — |  |  | — |
Common stock issued for: |  |  |  |  |  |  |  |  |  |  |
Preferred shares converted to common shares | 12 |  |  | (9) |  |  | — |  |  | — |  |  | — |  |  | — |
Public equity offerings | 6 |  |  | 2,909 |  |  | — |  |  | — |  |  | — |  |  | — |
Share-based compensation and other plans, net | — |  |  | (143) |  |  | — |  |  | — |  |  | 1,597 |  |  | 52 |
Share-based compensation | — |  |  | 244 |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock held in trusts, net (a) | — |  |  | — |  |  | — |  |  | — |  |  | 41 |  |  | — |
Balance at September 30, 2020 | $ | 365 |  |  | $ | 19,270 |  |  | $ | 12,791 |  |  | $ | 23 |  |  | (74,623) |  |  | $ | (6,138) |
Net income | — |  |  | — |  |  | 2,092 |  |  | — |  |  | — |  |  | — |
Cash dividends: |  |  |  |  |  |  |  |  |  |  |
Common ($3.32 per share) | — |  |  | — |  |  | (958) |  |  | — |  |  | — |  |  | — |
Preferred | — |  |  | — |  |  | (90) |  |  | — |  |  | — |  |  | — |
Common stock issued for share-based compensation and other plans, net | — |  |  | (85) |  |  | — |  |  | — |  |  | 1,068 |  |  | 15 |
Share-based compensation | — |  |  | 237 |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock held in trusts, net (a) | — |  |  | — |  |  | — |  |  | — |  |  | 33 |  |  | — |
Repurchase of common stock | — |  |  | (150) |  |  | — |  |  | — |  |  | (6,643) |  |  | (1,600) |
Effect of change in accounting principle (see Note 3) | — |  |  | — |  |  | (9) |  |  | — |  |  | — |  |  | — |
Balance at September 30, 2021 | $ | 365 |  |  | $ | 19,272 |  |  | $ | 13,826 |  |  | $ | 23 |  |  | (80,164) |  |  | $ | (7,723) |
Net income | — |  |  | — |  |  | 1,779 |  |  | — |  |  | — |  |  | — |
Cash dividends: |  |  |  |  |  |  |  |  |  |  |
Common ($3.48 per share) | — |  |  | — |  |  | (992) |  |  | — |  |  | — |  |  | — |
Preferred | — |  |  | — |  |  | (90) |  |  | — |  |  | — |  |  | — |
Common stock issued for share-based compensation and other plans, net | — |  |  | (108) |  |  | (1) |  |  | — |  |  | 1,271 |  |  | 44 |
Share-based compensation | — |  |  | 239 |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock held in trusts, net (a) | — |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | — |
Repurchase of common stock | — |  |  | 150 |  |  | — |  |  | — |  |  | (2,415) |  |  | (650) |
Spin-off of Embecta (See Note 2) | — |  |  | — |  |  | 634 |  |  | — |  |  | — |  |  | — |
Balance at September 30, 2022 | $ | 365 |  |  | $ | 19,553 |  |  | $ | 15,157 |  |  | $ | 23 |  |  | (81,283) |  |  | $ | (8,330) |
(a)Common stock held in trusts consists of the Company’s shares held in rabbi trusts in connection with deferred compensation under the Company’s employee salary and bonus deferral plan and directors’ deferral plan. Share Repurchases In the fourth quarter of fiscal year 2022, the Company executed an accelerated share repurchase (“ASR”) agreement in which 1.953 million common shares were repurchased and delivered in fiscal year 2022 for $500 million, which was recorded as an increase to Treasury stock. In fiscal year 2021, the Company executed two ASR agreements to repurchase common shares totaling $1.250 billion, of which $1.100 billion settled in fiscal year 2021 and $150 million settled in fiscal year 2022. Total shares delivered in 2021 under the ASR agreements were 4.577 million shares. At September 30, 2021, the pending delivery of 462 thousand shares on one of the agreements was reflected as a decrease to Capital in excess of par value to recognize a net share-settled forward sale contract indexed to the Company's own common stock. Upon final settlement of the repurchase agreement and the forward sale contract during the first quarter of fiscal year 2022, the final settlement amount was recorded as an increase to Treasury stock and an offsetting increase to Capital in excess of par value. The Company also repurchased approximately 2.066 million shares of its common stock during fiscal year 2021 through open market repurchases, which were recorded as a $500 million increase to Treasury stock. The share repurchases discussed above were made pursuant to the repurchase program authorized by the Board of Directors on September 24, 2013 for 10 million shares, which has been fully utilized, and a repurchase program authorized by the Board of Directors in November 2021 for up to an additional 10 million shares of BD common stock, for which there is no expiration date. Common and Preferred Stock Conversions and Offerings In accordance with their terms, the Company's 2.475 million mandatory convertible preferred shares that were issued in May 2017 in connection with the Company's acquisition of Bard were converted into 11.703 million shares of BD common stock on the mandatory conversion date of May 1, 2020. Also in May 2020, the Company completed registered public offerings of equity securities including: •6.250 million shares of the Company's common stock for net proceeds of $1.459 billion (gross proceeds of $1.500 billion). •1.500 million shares of the Company's mandatory convertible preferred stock (ownership is held in the form of depositary shares, each representing a 1/20th interest in a share of preferred stock) for net proceeds of $1.459 billion (gross proceeds of $1.500 billion). If and when declared, dividends on the mandatory convertible preferred stock will be payable on a cumulative basis at an annual rate of 6.00% on the liquidation preference of $1,000 per preferred share ($50 per depositary share). The shares of preferred stock are convertible to a minimum of 5.3 million and up to a maximum of 6.4 million shares of Company common stock at an exchange ratio, based on the market price of the Company’s common stock at the date of conversion, and no later than the mandatory conversion date of June 1, 2023. The components and changes of Accumulated other comprehensive income (loss) were as follows:
(Millions of dollars) | Total |  | Foreign Currency Translation |  | Benefit Plans |  | Cash Flow Hedges
Balance at September 30, 2019 | $ | (2,283) |  |  | $ | (1,256) |  |  | $ | (1,005) |  |  | $ | (23) |
Other comprehensive loss before reclassifications, net of taxes | (338) |  |  | (161) |  |  | (101) |  |  | (76) |
Amounts reclassified into income, net of taxes | 74 |  |  | — |  |  | 66 |  |  | 8 |
Balance at September 30, 2020 | $ | (2,548) |  |  | $ | (1,416) |  |  | $ | (1,040) |  |  | $ | (91) |
Other comprehensive income before reclassifications, net of taxes | 383 |  |  | 124 |  |  | 187 |  |  | 72 |
Amounts reclassified into income, net of taxes | 77 |  |  | — |  |  | 68 |  |  | 9 |
Balance at September 30, 2021 | $ | (2,088) |  |  | $ | (1,292) |  |  | $ | (784) |  |  | $ | (10) |
Other comprehensive income before reclassifications, net of taxes | 306 |  |  | 54 |  |  | 169 |  |  | 83 |
Amounts reclassified into income, net of taxes | 43 |  |  | — |  |  | 41 |  |  | 2 |
Spin-off of Embecta (See Note 2) | 251 |  |  | 251 |  |  | — |  |  | — |
Balance at September 30, 2022 | $ | (1,488) |  |  | $ | (987) |  |  | $ | (574) |  |  | $ | 75 |
The amount of foreign currency translation recognized in other comprehensive income during the years ended September 30, 2022, 2021 and 2020 included net gains (losses) relating to net investment hedges, as further discussed in Note 14. Other comprehensive income relating to benefit plans during the year ended September 30, 2021 included a net gain of $24 million recognized as a result of the Company’s remeasurement, as of October 31, 2020, of the legacy Bard U.S. defined pension benefit plan upon its merger with the BD defined benefit cash balance pension plan in the first quarter of fiscal year 2021. The amounts recognized in other comprehensive income relating to cash flow hedges in 2022, 2021 and 2020 related to forward starting interest rate swaps. Additional disclosures regarding the Company's derivatives are provided in Note 14. The tax impacts for amounts recognized in other comprehensive income before reclassifications were as follows:
(Millions of dollars) | 2022 |  | 2021 |  | 2020
Benefit Plans |  |  |  |  |
Income tax (provision) benefit for net gains (losses) recorded in other comprehensive income | $ | (47) |  |  | $ | (42) |  |  | $ | 30 |
The tax impacts for cash flow hedges recognized in other comprehensive income before reclassifications in 2022, 2021 and 2020 were immaterial to the Company's consolidated financial results. The tax impacts for reclassifications out of Accumulated other comprehensive income (loss) relating to benefit plans and cash flow hedges in 2022, 2021 and 2020 were also immaterial to the Company's consolidated financial results.

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