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Debt
 12 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Current debt obligations
The carrying value of Current debt obligations, net of unamortized debt issuance costs, at September 30 consisted of:
(Millions of dollars)20242023
Commercial paper borrowings$400 $— 
Current portion of long-term debt
3.875% Notes due May 15, 2024
(a)— 144 
3.363% Notes due June 6, 2024
(a)— 997 
3.734% Notes due December 15, 2024
875 — 
3.020% Notes due May 24, 2025
335 — 
0.034% Notes due August 13, 2025
559 — 
Other1 — 
Total current debt obligations$2,170 $1,141 
(a)All of the aggregate principal amount outstanding was retired upon maturity during 2024, as further discussed below.
The weighted average interest rates for current debt obligations were 2.91% and 3.43% at September 30, 2024 and 2023, respectively.
From time to time, the Company may access the commercial paper market as it manages working capital over the normal course of its business activities. The Company’s U.S. and multicurrency euro commercial paper programs provide for a maximum amount of unsecured borrowings under the two programs, in aggregate, of $2.750 billion. Proceeds from these programs may be used for working capital purposes and general corporate purposes, which may include acquisitions, share repurchases and repayments of debt. The Company utilized commercial paper borrowings in the fourth quarter of fiscal year 2024 to partially fund the Advanced Patient Monitoring acquisition, as further discussed in Note 11. There was $400 million of commercial paper borrowings outstanding as of September 30, 2024 and no such borrowings outstanding as of September 30, 2023.
Long-term debt
The carrying value of Long-Term Debt, net of unamortized debt issuance costs, at September 30 consisted of:
(Millions of dollars)20242023
3.734% Notes due December 15, 2024
$— $874 
3.020% Notes due May 24, 2025
— 306 
0.034% Notes due August 13, 2025
— 528 
1.208% Notes due June 4, 2026
671 634 
6.700% Notes due December 1, 2026
158 161 
1.900% Notes due December 15, 2026
559 528 
3.700% Notes due June 6, 2027
1,721 1,719 
7.000% Debentures due August 1, 2027
118 119 
4.693% Notes due February 13, 2028
797 796 
6.700% Debentures due August 1, 2028
115 115 
0.334% Notes due August 13, 2028
1,004 949 
4.874% Notes due February 8, 2029
(a)622 — 
5.081% Notes due June 7, 2029
(a)596 — 
3.553% Notes due September 13, 2029
891 842 
2.823% Notes due May 20, 2030
746 745 
3.519% Notes due February 8, 2031
(a)835 — 
1.957% Notes due February 11, 2031
994 993 
3.828% Notes due June 7, 2032
(a)1,113 — 
4.298% Notes due August 22, 2032
496 496 
5.110% Notes due February 8, 2034
(a)545 — 
1.213% Notes due February 12, 2036
668 631 
4.029% Notes due June 7, 2036
(a)889 — 
6.000% Notes due May 15, 2039
121 121 
5.000% Notes due November 12, 2040
90 90 
1.336% Notes due August 13, 2041
999 945 
4.875% Notes due May 15, 2044
244 245 
4.685% Notes due December 15, 2044
934 899 
4.669% Notes due June 6, 2047
1,460 1,445 
3.794% Notes due May 20, 2050
554 554 
Other long-term debt1 2 
Total Long-Term Debt$17,940 $14,738 
(a)Represents notes issued during 2024, as further discussed below.
The aggregate annual maturities of Long-Term Debt including interest during the fiscal years ending September 30, 2025 to 2029 are as follows: 2025 — $2.824 billion; 2026 — $1.297 billion; 2027 — $3.136 billion; 2028 — $2.434 billion; 2029 — $2.581 billion.
Other current credit facilities
In July 2024, the Company extended its five-year senior unsecured revolving credit facility in place by one-year. The credit facility, which will expire in September 2027, provides borrowings of up to $2.750 billion, with separate sub-limits of $100 million and $194 million for letters of credit and swingline loans, respectively. The expiration date of the credit facility may be extended for up to one additional one year period, subject to certain restrictions, including the consent of the lenders. The credit facility provides that the Company may, subject to additional commitments by lenders, request an additional $500 million of financing, for a maximum aggregate commitment under the credit facility of up to $3.250 billion. Proceeds from this facility may be used for general corporate purposes and Becton Dickinson Euro Finance S.à r.l. ("Becton Finance"), an indirect, wholly-owned finance subsidiary of BD, is authorized as an additional borrower under the credit facility. There were no borrowings outstanding under the Company’s revolving credit facility as of September 30, 2024 and 2023. In addition, the Company has informal lines of credit outside of the United States.
Debt issuances
The Company issued the following U.S. dollar-denominated debt during fiscal years 2024 and 2023:
Interest rate and maturityPeriod issuedAmount issued (Millions of dollars)Use of proceeds
5.081% Notes due June 7, 2029
Third quarter 2024$600 Funding of the cash consideration and related fees and expenses for the Advanced Patient Monitoring acquisition and for general corporate purposes
4.874% Notes due February 8, 2029
Second quarter 2024$625 
Retirement of 3.363% notes due June 6, 2024 and retirement, upon maturity, of 3.734% notes due December 15, 2024
5.110% Notes due February 8, 2034
Second quarter 2024$550 
Retirement of 3.363% notes due June 6, 2024 and retirement, upon maturity, of 3.734% notes due December 15, 2024
4.693% notes due February 13, 2028
Second quarter 2023$800 
Retirement of 1.401% notes due May 24, 2023 and 0.000% notes due August 13, 2023
The Company issued the following Euro-denominated debt during fiscal year 2024:
Interest rate and maturityPeriod issuedAmount issued (Millions of Euros)Amount issued (millions of dollars)Use of proceeds
3.828% Notes due June 7, 2032
Third quarter 2024€1,000 $1,087 Funding of the cash consideration and related fees and expenses for the Advanced Patient Monitoring acquisition and for general corporate purposes
3.519% Notes due February 8, 2031
Second quarter 2024€750 $806 
Retirement of 3.875% notes due May 15, 2024 and 3.363% notes due June 6, 2024
Also in fiscal years 2024 and 2023, Becton Finance issued Euro-denominated notes, listed below, which are fully and unconditionally guaranteed on a senior unsecured basis by the Company. No other of the Company's subsidiaries provide any guarantees with respect to these notes. The indenture covenants included a limitation on liens and a restriction on sale and leasebacks, change of control and consolidation, merger and sale of assets covenants. These covenants are subject to a number of exceptions, limitations and qualifications. The indenture does not restrict the Company, Becton Finance, or any other of the Company's subsidiaries from incurring additional debt or other liabilities, including additional senior debt. Additionally, the indenture does
not restrict Becton Dickinson Euro Finance S.à r.l. and the Company from granting security interests over its assets. The notes issued by Becton Finance included the following:
Interest rate and maturityPeriod issuedAmount issued (Millions of Euros)Amount issued (Millions of dollars)Use of proceeds
4.029% Notes due June 7, 2036
Third quarter 2024€800 $869 Funding of the cash consideration and related fees and expenses for the Advanced Patient Monitoring acquisition and for general corporate purposes
3.553% notes due September 13, 2029
Second quarter 2023€800 $868 
Retirement of 0.632% notes due June 4, 2023
Debt retirements
The Company’s retirements of debt upon maturity in fiscal years 2024 and 2023 included the following:
Principal, interest rate and maturityPeriod of retirement
$998 million of 3.363% notes due June 6, 2024
Third quarter 2024
$144 million of 3.875% notes due May 15, 2024
Third quarter 2024
400 million Euros ($439 million) of 0.000% notes due August 13, 2023
Fourth quarter 2023
800 million Euros ($857 million) of 0.632% notes due June 4, 2023
Third quarter 2023
300 million Euros ($325 million) of 1.401% notes due May 24, 2023
Third quarter 2023
500 million Euros ($528 million) of 1.000% notes due December 15, 2022
First quarter 2023
Capitalized interest
The Company capitalizes interest costs as a component of the cost of construction in progress. A summary of interest costs and payments for the years ended September 30 is as follows:
(Millions of dollars)202420232022
Charged to operations$528 $452 $398 
Capitalized57 51 46 
Total interest costs$584 $503 $444 
Interest paid, net of amounts capitalized$473 $452 $390