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Shareholders' Equity
 12 Months Ended
Sep. 30, 2021
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
Changes in certain components of shareholders’ equity were as follows:
 Common
Stock  Issued
at Par Value		Capital in
Excess of
Par Value		Retained
Earnings		Deferred
Compensation		Treasury Stock
(Millions of dollars)Shares (in
thousands)		Amount
Balance at September 30, 2018$347 $16,179 $12,596 $22 (78,463)$(6,243)
Net income— — 1,233 — — — 
Cash dividends:
Common ($3.08 per share)
— — (832)— — — 
Preferred— — (152)— — — 
Common stock issued for share-based compensation and other plans, net— (170)(1)1 2,155 53 
Share-based compensation— 261 — — — — 
Common stock held in trusts, net (a)— — — — 48 — 
Effect of change in accounting principle (see Note 2)— — 68 — — — 
Balance at September 30, 2019$347 $16,270 $12,913 $23 (76,260)$(6,190)
Net income— — 874 — — — 
Cash dividends:
Common ($3.16 per share)
— — (888)— — — 
Preferred— — (107)— — — 
Common stock issued for:
Preferred shares converted to common shares12 (9)— — — — 
Public equity offerings6 2,909 — — — — 
Share-based compensation and other plans, net— (143)— — 1,597 52 
Share-based compensation— 244 — — — — 
Common stock held in trusts, net (a)— — — — 41 — 
Balance at September 30, 2020$365 $19,270 $12,791 $23 (74,623)$(6,138)
Net income— — 2,092 — — — 
Cash dividends:
Common ($3.32 per share)
— — (958)— — — 
Preferred— — (90)— — — 
Common stock issued for share-based compensation and other plans, net— (85)— — 1,068 15 
Share-based compensation— 237 — — — — 
Common stock held in trusts, net (a)— — — — 33 — 
Repurchase of common stock— (150)— — (6,643)(1,600)
Effect of change in accounting principle (see Note 2)— — (9)— — — 
Balance at September 30, 2021$365 $19,272 $13,826 $23 (80,164)$(7,723)
(a)Common stock held in trusts represents rabbi trusts in connection with deferred compensation under the Company’s employee salary and bonus deferral plan and directors’ deferral plan.
Share Repurchases
In fiscal year 2021, the Company executed two accelerated share repurchase agreements and accounted for each agreement as two transactions upon prepayment: (1) the initial delivery of shares was recorded as an increase to Common stock in treasury to recognize the acquisition of common stock acquired in a treasury stock transaction, and (2) the remaining amount of shares was recorded as a decrease to Capital in excess of par value to recognize a net share-settled forward sale contract indexed to the Company's own common stock. The impacts of these accelerated share repurchase transactions were as follows:
Execution DateSettlement DateAggregate Common Stock Repurchased (millions of dollars)Initial Shares Delivered (in thousands)Additional Shares Delivered at Settlement (in thousands) (a)Total Shares Delivered (in thousands)
Q3 2021Q4 2021$500 1,658 4032,062 
Q4 2021Q1 2022750 2,515 4622,977 
(a) Upon final settlement of each repurchase agreement and the forward sale contract, the Company’s receipt of additional shares was recorded as an increase to Common stock in treasury and an offsetting increase to Capital in excess of par value. The final settlement for the fourth quarter transaction amounted to $150 million.
The Company also repurchased approximately 2.066 million shares of its common stock during fiscal year 2021 through open market repurchases, which were recorded as a $500 million increase to Common stock in treasury.
The share repurchases discussed above were made pursuant to the repurchase program authorized by the Board of Directors on September 24, 2013 for 10 million shares, for which there is no expiration date. In November 2021, the Board of Directors authorized the Company to repurchase up to an additional 10 million shares of BD common stock, for which there is no expiration date.
Common and Preferred Stock Conversions and Offerings
In accordance with their terms, the Company's 2.475 million mandatory convertible preferred shares that were issued in May 2017 in connection with the Company's acquisition of Bard were converted into 11.703 million shares of BD common stock on the mandatory conversion date of May 1, 2020.
Also in May 2020, the Company completed registered public offerings of equity securities including:
•6.250 million shares of the Company's common stock for net proceeds of $1.459 billion (gross proceeds of $1.500 billion).
•1.500 million shares of the Company's mandatory convertible preferred stock (ownership is held in the form of depositary shares, each representing a 1/20th interest in a share of preferred stock) for net proceeds of $1.459 billion (gross proceeds of $1.500 billion). If and when declared, dividends on the mandatory convertible preferred stock will be payable on a cumulative basis at an annual rate of 6.00% on the liquidation preference of $1,000 per preferred share ($50 per depositary share). The shares of preferred stock are convertible to a minimum of 5.2 million and up to a maximum of 6.2 million shares of Company common stock at an exchange ratio, based on the market price of the Company’s common stock at the date of conversion, and no later than the mandatory conversion date of June 1, 2023.
The components and changes of Accumulated other comprehensive income (loss) were as follows:
(Millions of dollars)TotalForeign
Currency
Translation		Benefit PlansCash Flow
Hedges
Balance at September 30, 2018$(1,909)$(1,162)$(729)$(17)
Other comprehensive loss before reclassifications, net of taxes(427)(93)(325)(9)
Amounts reclassified into income, net of
taxes		52 — 49 3 
Balance at September 30, 2019$(2,283)$(1,256)$(1,005)$(23)
Other comprehensive loss before reclassifications, net of taxes(338)(161)(101)(76)
Amounts reclassified into income, net of
taxes		74 — 66 8 
Balance at September 30, 2020$(2,548)$(1,416)$(1,040)$(91)
Other comprehensive income before reclassifications, net of taxes383 124 187 72 
Amounts reclassified into income, net of
taxes		77 — 68 9 
Balance at September 30, 2021$(2,088)$(1,292)$(784)$(10)
The amount of foreign currency translation recognized in other comprehensive income during the years ended September 30, 2021, 2020 and 2019 included net gains (losses) relating to net investment hedges, as further discussed in Note 13. Other comprehensive income relating to benefit plans during the year ended September 30, 2021 included a net gain of $24 million recognized as a result of the Company’s remeasurement, as of October 31, 2020, of the legacy Bard U.S. defined pension benefit plan upon its merger with the BD defined benefit cash balance pension plan in the first quarter of fiscal year 2021. The amounts recognized in other comprehensive income relating to cash flow hedges in 2021 and 2020 related to forward starting interest rate swaps. Additional disclosures regarding the Company's derivatives are provided in Note 13.
The tax impacts for amounts recognized in other comprehensive income before reclassifications were as follows:
(Millions of dollars)202120202019
Benefit Plans
Income tax (provision) benefit for net gains (losses) recorded in other comprehensive income$(42)$30 $91 
The tax impacts for cash flow hedges recognized in other comprehensive income before reclassifications in 2021, 2020 and 2019 were immaterial to the Company's consolidated financial results. The tax impacts for reclassifications out of Accumulated other comprehensive income (loss) relating to benefit plans and cash flow hedges in 2021, 2020 and 2019 were also immaterial to the Company's consolidated financial results.