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Subsequent Events | 6 Months Ended
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Mar. 31, 2022
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Management has evaluated subsequent events through May 13, 2022, the date the condensed combined financial statements were available to be issued and determined that no subsequent events have occurred that would require recognition in the condensed combined financial statements or disclosure in the notes to the condensed combined financial statements, except as described below: Spin off Update On April 1, 2022, the spin off was completed and became effective at 12:01 a.m. Eastern Daylight time. In connection with the spin off, 57,797,841 of embecta's outstanding shares of common stock, par value $0.01 per share, were distributed to BD stockholders of record as of the close of business on March 22, 2022. 6.75% Senior Secured Notes due 2030 On April 1, 2022, BD transferred the related party senior secured notes with a notional of $200.0 million issued by embecta to Morgan Stanley in exchange for certain notes of BD that were purchased by Morgan Stanley pursuant to a tender offer. Morgan Stanley then sold the 6.75% senior secured notes to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended. As of April 1, 2022, the senior secured notes became third party debt of embecta. embecta and BD Agreements In connection with the spin off, BD and embecta have entered into various agreements to affect the spin off and provide a framework for the relationship between BD and embecta after the spin off, including a separation and distribution agreement, a transition services agreement, a tax matters agreement, an employee matters agreement, a cannula supply agreement, contract manufacturing agreements, an intellectual property matters agreement, a logistics services agreement, distribution agreements and other transaction agreements. As of April 1, 2022, the Factoring Agreement is no longer an arrangement with a related party. embecta will continue to account for the transfer as sales of trade receivables and maintain the same presentation of amounts arising from the Factoring Agreement on the condensed combined balance sheets and condensed combined statements of income and cash flows.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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