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Debt
 12 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
Short-term debt
The carrying value of Short-term debt, net of unamortized debt issuance costs, at September 30 consisted of:
(Millions of dollars)20212020
Current portion of long-term debt
0.174% Notes due June 4, 2021
(a)$— $701 
Floating Rate Notes due June 6, 2022500 — 
Other— 5 
Total short-term debt$500 $707 
(a)All of the aggregate principal amount outstanding was retired during 2021, as further discussed below.
The weighted average interest rates for short-term debt were 1.15% and 0.20% at September 30, 2021 and 2020, respectively.
Long-term debt
The carrying value of Long-Term Debt, net of unamortized debt issuance costs, at September 30 consisted of:
(Millions of dollars)20212020
3.125% Notes due November 8, 2021
(a)$— $1,008 
2.894% Notes due June 6, 2022
(a)— 1,797 
Floating Rate Notes due June 6, 2022— 499 
1.000% Notes due December 15, 2022
579 584 
3.300% Notes due March 1, 2023
(a)— 295 
1.401% Notes due May 24, 2023
347 350 
0.632% Notes due June 4, 2023
926 933 
0.000% Notes due August 13, 2023
(b)463 — 
3.875% Notes due May 15, 2024
(a)146 180 
3.363% Notes due June 6, 2024
(a)994 1,742 
3.734% Notes due December 15, 2024
(a)873 1,370 
3.020% Notes due May 24, 2025
336 320 
0.034% Notes due August 13, 2025
(b)577 — 
1.208% Notes due June 4, 2026
693 699 
6.700% Notes due December 1, 2026
168 172 
1.900% Notes due December 15, 2026
577 582 
3.700% Notes due June 6, 2027
1,716 1,715 
7.000% Debentures due August 1, 2027
174 175 
6.700% Debentures due August 1, 2028
173 174 
0.334% Notes due August 13, 2028
(b)1,037 — 
2.823% Notes due May 20, 2030
744 743 
1.957% Notes due February 11, 2031
(b)992 — 
1.213% Notes due February 12, 2036
(b)690 — 
6.000% Notes due May 15, 2039
246 246 
5.000% Notes due November 12, 2040
124 124 
1.336% Notes due August 13, 2041
(b)1,034 — 
4.875% Notes due May 15, 2044
246 247 
4.685% Notes due December 15, 2044
1,033 1,044 
4.669% Notes due June 6, 2047
1,481 1,485 
3.794% Notes due May 20, 2050
742 742 
Total Long-Term Debt$17,110 $17,224 
(a)All or a portion of the aggregate principal amount outstanding was retired during 2021, as further discussed below.
(b)Represents notes issued during 2021, as further discussed below.
The aggregate annual maturities of Long-Term Debt including interest during the fiscal years ending September 30, 2022 to 2026 are as follows: 2022 — $433 million; 2023 — $2.749 billion; 2024 — $1.559 billion; 2025 — $2.164 billion; 2026 — $1.053 billion.
Other current credit facilities
During the fourth quarter of fiscal year 2021, the Company refinanced its five-year senior unsecured revolving credit facility that was to expire in December 2022, with a new five-year senior unsecured revolving credit facility that will expire in September 2026. The credit facility provides borrowings of up to $2.75 billion, with separate sub-limits of $100 million for letters of credit and swingline loans. The expiration date of the credit facility may be extended for up to two additional one year periods, 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 $3.25 billion. Proceeds from this facility may be used for general corporate purposes. There were no borrowings outstanding under the Company’s revolving credit facilities as of September 30, 2021 and 2020. In addition, the Company has informal lines of credit outside of the United States.
The Company had no commercial paper borrowings outstanding as of September 30, 2021.
Debt issuances
The Company issued the following U.S. dollar-denominated debt during fiscal years 2021 and 2020:
Interest rate and maturityPeriod issuedAmount issued (millions of dollars)Use of proceeds
1.957% notes due February 11, 2031
Second quarter 2021$1,000 
Retirement of 3.125% notes due November 8, 2021
2.823% notes due May 20, 2030
Third quarter 2020750 
Retirements of 2.404% notes due June 5, 2020 and 3.250% notes due November 12, 2020
3.794% notes due May 20, 2050
Third quarter 2020750 
Retirements of 2.404% notes due June 5, 2020 and 3.250% notes due November 12, 2020
The Company issued the following Euro-denominated debt during fiscal year 2021:
Interest rate and maturityPeriod issuedAmount 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 2021500 587 Fourth quarter 2021 retirements detailed below
Also in fiscal year 2021, Becton Dickinson Euro Finance S.à r.l., a private limited liability company (société à responsabilité limitée), which is an indirect, wholly-owned finance subsidiary of the Company, 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 Dickinson Euro Finance S.à r.l., 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 Dickinson Euro Finance S.à r.l included the following:
Interest rate and maturityPeriod issuedAmount 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 2021900 1,055 Fourth quarter 2021 retirements detailed below
1.213% notes due February 12, 2036
Second quarter 2021600 728 
Retirement of 0.174% notes due June 4, 2021
Debt retirements
The Company’s retirements of debt in fiscal year 2021 included the following:
 (millions of dollars)
Principal, interest rate and maturityPeriod of retirementCarrying valueMarket 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 2021295 307 12 
$33 million of 3.875% notes due May 15, 2024
Fourth quarter 202133 35 2 
$500 million of 3.734% notes due December 15, 2024
Fourth quarter 2021499 546 48 
$752 million of 3.363% notes due June 6, 2024
Fourth quarter 2021750 808 58 
$1.0 billion of 3.125% notes due November 8, 2021
Second quarter 20211,005 1,019 14 
600 million Euros ($728 million) of 0.174% notes due June 4, 2021
Second quarter 2021728 730 1 
$265 million of 2.894% notes due June 6, 2022
First quarter 2021265 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.
The Company’s retirements of debt in fiscal year 2020 included the following:
 (millions of dollars)
Principal, interest rate and maturityPeriod of retirementCarrying valueMarket price of retirement (a)
Loss recognized to Other (expense) income, net
$200 million of 3.250% notes due November 12, 2020 and $750 million of floating rate notes due December 29, 2020 (b)
Fourth quarter 2020$950 $951 $1 
$1.0 billion of 2.404% notes due June 5, 2020
Third quarter 20201,000 1,000 — 
$500 million of 3.250% notes due November 12, 2020 (b)
Third quarter 2020500 506 6 
(a)Included accrued interest, related premiums, fees and expenses.
(b)Debt retirement was accounted for as an early debt extinguishment.
In March 2020, the Company entered into a 364-day senior unsecured term loan facility with borrowing capacity available of $2.0 billion. During the third quarter of fiscal year 2020, the Company repaid $1.9 billion of borrowings outstanding under this term loan with cash on hand and terminated the facility.
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)202120202019
Charged to operations$469 $528 $639 
Capitalized44 43 44 
Total interest costs$512 $571 $683 
Interest paid, net of amounts capitalized$474 $515 $658