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v3.22.2.2

Debt (Tables) | 12 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Summary of Short-Term Debt | The carrying value of Current debt obligations, net of unamortized debt issuance costs, at September 30 consisted of:
(Millions of dollars) |  |  | 2022 |  | 2021
Commercial paper borrowings |  |  | $ | 230 |  |  | $ | — |
Current portion of long-term debt |  |  |  |  |
1.000% Notes due December 15, 2022 |  |  | 487 |  |  | — |
Floating Rate Notes due June 6, 2022 | (a) |  | — |  |  | 500 |
1.401% Notes due May 24, 2023 |  |  | 292 |  |  | — |
0.632% Notes due June 4, 2023 |  |  | 779 |  |  | — |
0.000% Notes due August 13, 2023 |  |  | 390 |  |  | — |
Total current debt obligations |  |  | $ | 2,179 |  |  | $ | 500 |
(a)All of the aggregate principal amount outstanding was retired during 2022, as further discussed below.
Summary of Long-Term Debt | The carrying value of Long-Term Debt, net of unamortized debt issuance costs, at September 30 consisted of:
(Millions of dollars) |  |  | 2022 |  | 2021
1.000% Notes due December 15, 2022 |  |  | $ | — |  |  | $ | 579 |
1.401% Notes due May 24, 2023 |  |  | — |  |  | 347 |
0.632% Notes due June 4, 2023 |  |  | — |  |  | 926 |
0.000% Notes due August 13, 2023 |  |  | — |  |  | 463 |
3.875% Notes due May 15, 2024 |  |  | 145 |  |  | 146 |
3.363% Notes due June 6, 2024 |  |  | 996 |  |  | 994 |
3.734% Notes due December 15, 2024 |  |  | 873 |  |  | 873 |
3.020% Notes due May 24, 2025 |  |  | 275 |  |  | 336 |
0.034% Notes due August 13, 2025 |  |  | 485 |  |  | 577 |
1.208% Notes due June 4, 2026 |  |  | 583 |  |  | 693 |
6.700% Notes due December 1, 2026 |  |  | 165 |  |  | 168 |
1.900% Notes due December 15, 2026 |  |  | 485 |  |  | 577 |
3.700% Notes due June 6, 2027 |  |  | 1,718 |  |  | 1,716 |
7.000% Debentures due August 1, 2027 | (a) |  | 119 |  |  | 174 |
6.700% Debentures due August 1, 2028 | (a) |  | 116 |  |  | 173 |
0.334% Notes due August 13, 2028 |  |  | 872 |  |  | 1,037 |
2.823% Notes due May 20, 2030 |  |  | 745 |  |  | 744 |
1.957% Notes due February 11, 2031 |  |  | 992 |  |  | 992 |
4.298% Notes due August 22, 2032 | (b) |  | 495 |  |  | — |
1.213% Notes due February 12, 2036 |  |  | 580 |  |  | 690 |
6.000% Notes due May 15, 2039 | (a) |  | 121 |  |  | 246 |
5.000% Notes due November 12, 2040 | (a) |  | 90 |  |  | 124 |
1.336% Notes due August 13, 2041 |  |  | 869 |  |  | 1,034 |
4.875% Notes due May 15, 2044 |  |  | 246 |  |  | 246 |
4.685% Notes due December 15, 2044 | (a) |  | 911 |  |  | 1,033 |
4.669% Notes due June 6, 2047 |  |  | 1,449 |  |  | 1,481 |
3.794% Notes due May 20, 2050 | (a) |  | 554 |  |  | 742 |
Total Long-Term Debt |  |  | $ | 13,886 |  |  | $ | 17,110 |
(a)A portion of the aggregate principal amount outstanding was retired during 2022, as further discussed below. (b)Represents notes issued during 2022, as further discussed below.
Schedule of Debt Issuances | The Company issued the following U.S. dollar-denominated debt during fiscal years 2022 and 2021:
Interest rate and maturity |  | Period issued |  | Amount issued (Millions of dollars) |  | Use of proceeds
4.298% notes due August 22, 2032 |  | Fourth quarter 2022 |  | $ | 500 |  |  | Fourth quarter 2022 retirements detailed below
1.957% notes due February 11, 2031 |  | Second quarter 2021 |  | $ | 1,000 |  |  | Retirement of 3.125% notes due November 8, 2021
The Company issued the following Euro-denominated debt during fiscal year 2021:
Interest rate and maturity |  | Period issued |  | Amount issued (Millions of Euros) |  | Amount issued (millions of dollars) |  | Use of proceeds
0.000% notes due August 13, 2023 |  | Fourth quarter 2021 |  | € | 400 |  |  | $ | 470 |  |  | Fourth quarter 2021 retirements detailed below
0.034% notes due August 13, 2025 |  | Fourth quarter 2021 |  | 500 |  |  | 587 |  |  | Fourth quarter 2021 retirements detailed below
The notes issued by Becton Dickinson Euro Finance S.à r.l included the following:
Interest rate and maturity |  | Period issued |  | Amount issued (Millions of Euros) |  | Amount issued (Millions of dollars) |  | Use of proceeds
0.334% notes due August 13, 2028 |  | Fourth quarter 2021 |  | € | 900 |  |  | $ | 1,055 |  |  | Fourth quarter 2021 retirements detailed below
1.336% notes due August 13, 2041 |  | Fourth quarter 2021 |  | 900 |  |  | 1,055 |  |  | Fourth quarter 2021 retirements detailed below
1.213% notes due February 12, 2036 |  | Second quarter 2021 |  | 600 |  |  | 728 |  |  | Retirement of 0.174% notes due June 4, 2021
Schedule of Extinguishment of Debt | On August 8, 2022, the Company commenced a series of tender offers to purchase for cash, certain of its outstanding senior notes. Proceeds from the notes issued in the fourth quarter of fiscal year 2022 plus cash on hand were used to pay for the tender offers. As a result of the tender, the Company’s retirements of debt in fiscal year 2022 included the following:
|  |  |  | (Millions of dollars)
Principal, interest rate and maturity |  | Period of retirement |  | Carrying value |  | Market price of retirement (a) |  | (Gain) loss recognized to Other (expense) income, net (b)
$190 million of 3.794% notes due 2050 |  | Fourth quarter 2022 |  | $ | 188 |  |  | $ | 163 |  |  | $ | (25) |
$52 million of 7.000% debentures due 2027 |  | Fourth quarter 2022 |  | 54 |  |  | 59 |  |  | 5 |
$55 million of 6.700% debentures due 2028 |  | Fourth quarter 2022 |  | 56 |  |  | 62 |  |  | 5 |
$127 million of 6.000% notes due 2039 |  | Fourth quarter 2022 |  | 125 |  |  | 145 |  |  | 20 |
$34 million of 5.000% notes due 2040 |  | Fourth quarter 2022 |  | 34 |  |  | 35 |  |  | 1 |
$42 million of 4.685% notes due 2044 |  | Fourth quarter 2022 |  | 43 |  |  | 42 |  |  | (1) |
(a)Included accrued interest, related premiums, fees and expenses. (b)Debt retirement was accounted for as an early debt extinguishment. To mitigate the impact of rate volatility on the total tender cash spend, the Company executed reverse Treasury locks that were unwound concurrent with the tender at a loss of $17 million. The Company’s retirements of debt in fiscal year 2021 included the following:
|  |  |  | (Millions of dollars)
Principal, interest rate and maturity |  | Period of retirement |  | Carrying value |  | Market price of retirement (a) |  | Loss recognized to Other (expense) income, net (b)
$1.535 billion of 2.894% notes due June 6, 2022 |  | Fourth quarter 2021 |  | $ | 1,534 |  |  | $ | 1,566 |  |  | $ | 32 |
$294 million of 3.300% notes due March 1, 2023 |  | Fourth quarter 2021 |  | 295 |  |  | 307 |  |  | 12 |
$33 million of 3.875% notes due May 15, 2024 |  | Fourth quarter 2021 |  | 33 |  |  | 35 |  |  | 2 |
$500 million of 3.734% notes due December 15, 2024 |  | Fourth quarter 2021 |  | 499 |  |  | 546 |  |  | 48 |
$752 million of 3.363% notes due June 6, 2024 |  | Fourth quarter 2021 |  | 750 |  |  | 808 |  |  | 58 |
$1.0 billion of 3.125% notes due November 8, 2021 |  | Second quarter 2021 |  | 1,005 |  |  | 1,019 |  |  | 14 |
600 million Euros ($728 million) of 0.174% notes due June 4, 2021 |  | Second quarter 2021 |  | 728 |  |  | 730 |  |  | 1 |
$265 million of 2.894% notes due June 6, 2022 |  | First quarter 2021 |  | 265 |  |  | 275 |  |  | 10 |
(a)Included accrued interest, related premiums, fees and expenses. (b)All debt retirements in fiscal year 2021 were accounted for as early debt extinguishments.
Summary of Interest Costs and Payments | A summary of interest costs and payments for the years ended September 30 is as follows:
(Millions of dollars) | 2022 |  | 2021 |  | 2020
Charged to operations | $ | 398 |  |  | $ | 469 |  |  | $ | 528 |
Capitalized | 46 |  |  | 44 |  |  | 43 |
Total interest costs | $ | 444 |  |  | $ | 512 |  |  | $ | 571 |
Interest paid, net of amounts capitalized | $ | 390 |  |  | $ | 474 |  |  | $ | 515 |

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