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Share-Based Compensation (Tables) | 12 Months Ended
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Sep. 30, 2023
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) | 2023 |  | 2022 |  | 2021
Cost of products sold | $ | 50 |  |  | $ | 46 |  |  | $ | 43 |
Selling and administrative expense | 170 |  |  | 156 |  |  | 158 |
Research and development expense | 41 |  |  | 37 |  |  | 36 |
Acquisition-related integration and restructuring expense | — |  |  | 1 |  |  | 1 |
Total share-based compensation cost | $ | 261 |  |  | $ | 240 |  |  | $ | 238 |
Tax benefit associated with share-based compensation costs recognized | $ | 58 |  |  | $ | 55 |  |  | $ | 55 |
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:
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | 3.78% |  | 1.41% |  | 0.68%
Expected volatility | 21.0% |  | 22.0% |  | 23.0%
Expected dividend yield | 1.53% |  | 1.42% |  | 1.46%
Expected life | 7.0 years |  | 7.3 years |  | 7.4 years
Fair value derived | $57.80 |  | $49.45 |  | $44.38
Summary of SARs Outstanding | A summary of SARs outstanding as of September 30, 2023 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 | 5,544 |  |  | $ | 197.31 |  |  |  |  |
Granted | 752 |  |  | 238.06 |  |  |  |  |
Exercised | (1,161) |  |  | 156.11 |  |  |  |  |
Forfeited, canceled or expired | (230) |  |  | 253.21 |  |  |  |  |
Balance at September 30 | 4,905 |  |  | $ | 211.47 |  |  | 5.66 |  | $ | 231 |
Vested and expected to vest at September 30 | 4,757 |  |  | 210.67 |  |  | 5.58 |  | $ | 228 |
Exercisable at September 30 | 3,428 |  |  | $ | 200.41 |  |  | 4.53 |  | $ | 199 |
Schedule Of Share Based Compensation, Summary of Stock Appreciation Rights Exercised | A summary of SARs exercised during 2023, 2022 and 2021 is as follows:
(Millions of dollars) | 2023 |  | 2022 |  | 2021
Total intrinsic value of SARs exercised | $ | 126 |  |  | $ | 184 |  |  | $ | 102 |
Total fair value of SARs vested | $ | 34 |  |  | $ | 36 |  |  | $ | 39 |
Summary of Performance-Based Restricted Stock Units Outstanding | A summary of restricted stock units outstanding as of September 30, 2023 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 | 934 |  |  |  | $ | 230.46 |  |  | 1,561 |  |  | $ | 224.87 |
Granted | 440 |  |  |  | 227.11 |  |  | 1,037 |  |  | 231.58 |
Distributed | (81) |  |  |  | 238.60 |  |  | (510) |  |  | 232.11 |
Forfeited or canceled | (330) |  |  |  | 235.53 |  |  | (372) |  |  | 231.72 |
Balance at September 30 | 963 |  | (a) |  | $ | 226.51 |  |  | 1,716 |  |  | $ | 225.33 |
Expected to vest at September 30 | 597 |  | (b) |  | $ | 225.74 |  |  | 1,626 |  |  | $ | 224.89 |
(a)Based on 200% of target payout for performance based restricted units and 100% of the performance based time-vested units. (b)Net of expected forfeited units and units in excess of the expected performance payout of 69 thousand and 297 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 2023, 2022 and 2021 are as follows:
| Performance-Based |  | Time-Vested
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Weighted average grant date fair value of units granted | $ | 227.11 |  |  | $ | 242.39 |  |  | $ | 216.39 |  |  | $ | 231.58 |  |  | $ | 239.39 |  |  | $ | 223.60 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The total fair value of stock units vested during 2023, 2022 and 2021 was as follows:
| Performance-Based |  | Time-Vested
(Millions of dollars) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Total fair value of units vested | $ | 28 |  |  | $ | 14 |  |  | $ | 16 |  |  | $ | 169 |  |  | $ | 169 |  |  | $ | 203 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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