Debt (Tables)

12 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Short-Term Debt

The carrying value of Current debt obligations, net of unamortized debt issuance costs, at September 30 consisted of:

(Millions of dollars)		2023		2022
Commercial paper borrowings		$	—	$	230
Current portion of long-term debt
1.000% Notes due December 15, 2022	(a)	—		487
1.401% Notes due May 24, 2023	(a)	—		292
0.632% Notes due June 4, 2023	(a)	—		779
0.000% Notes due August 13, 2023	(a)	—		390
3.875% Notes due May 15, 2024		144		—
3.363% Notes due June 6, 2024		997		—
Total current debt obligations		$	1,141	$	2,179

(a)All of the aggregate principal amount outstanding was retired upon maturity during 2023, as further discussed below.

Summary of Long-Term Debt

The carrying value of Long-Term Debt, net of unamortized debt issuance costs, at September 30 consisted of:

(Millions of dollars)		2023		2022
3.875% Notes due May 15, 2024		—		145
3.363% Notes due June 6, 2024		—		996
3.734% Notes due December 15, 2024		874		873
3.020% Notes due May 24, 2025		306		275
0.034% Notes due August 13, 2025		528		485
1.208% Notes due June 4, 2026		634		583
6.700% Notes due December 1, 2026		161		165
1.900% Notes due December 15, 2026		528		485
3.700% Notes due June 6, 2027		1,719		1,718
7.000% Debentures due August 1, 2027		119		119
4.693% Notes due February 13, 2028	(a)	796		—
6.700% Debentures due August 1, 2028		115		116
0.334% Notes due August 13, 2028		949		872
3.553% Notes due September 13, 2029	(a)	842		—
2.823% Notes due May 20, 2030		745		745
1.957% Notes due February 11, 2031		993		992
4.298% Notes due August 22, 2032		496		495
1.213% Notes due February 12, 2036		631		580
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		945		869
4.875% Notes due May 15, 2044		245		246
4.685% Notes due December 15, 2044		899		911
4.669% Notes due June 6, 2047		1,445		1,449
3.794% Notes due May 20, 2050		554		554
Other long-term debt		2		—
Total Long-Term Debt		$	14,738	$	13,886

(a)Represents notes issued during 2023, as further discussed below.

Schedule of Debt Issuances

The Company issued the following U.S. dollar-denominated debt during fiscal years 2023 and 2022:

Interest rate and maturity	Period issued	Amount issued (Millions of dollars)		Use of proceeds
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
4.298% notes due August 22, 2032	Fourth quarter 2022	$	500	Fourth quarter 2022 debt retirements detailed below

The notes issued by Becton Finance included the following:

Interest rate and maturity	Period issued	Amount issued (Millions of Euros)		Amount issued (Millions of dollars)		Use of proceeds
3.553% notes due September 13, 2029	Second quarter 2023	€	800	$	868	Retirement of 0.632% notes due June 4, 2023

Schedule of Extinguishment of Debt

The Company’s retirements of debt upon maturity in fiscal year 2023 included the following:

Principal, interest rate and maturity	Period of retirement
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

On August 8, 2022, the Company commenced a series of tender offers to purchase for cash, certain of its outstanding senior notes. Proceeds from the notes issued in the fourth quarter of fiscal year 2022 plus cash on hand were used to pay for the tender offers. As a result of the tender, the Company’s retirements of debt in fiscal year 2022 included the following:

		(Millions of dollars)
Principal, interest rate and maturity	Period of retirement	Carrying value		Market price of retirement (a)		(Gain) loss recognized to Other expense, net (b)
$190 million of 3.794% notes due 2050	Fourth quarter 2022	$	188	$	163	$	(25)
$52 million of 7.000% debentures due 2027	Fourth quarter 2022	54		59		5
$55 million of 6.700% debentures due 2028	Fourth quarter 2022	56		62		5
$127 million of 6.000% notes due 2039	Fourth quarter 2022	125		145		20
$34 million of 5.000% notes due 2040	Fourth quarter 2022	34		35		1
$42 million of 4.685% notes due 2044	Fourth quarter 2022	43		42		(1)

(a)Included accrued interest, related premiums, fees and expenses.

(b)Debt retirement was accounted for as an early debt extinguishment.

Summary of Interest Costs and Payments

A summary of interest costs and payments for the years ended September 30 is as follows:

(Millions of dollars)	2023		2022		2021
Charged to operations	$	452	$	398	$	469
Capitalized	51		46		44
Total interest costs	$	503	$	444	$	512
Interest paid, net of amounts capitalized	$	452	$	390	$	474