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Shareholders' Equity
6 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
Changes in certain components of shareholders' equity for the first two quarters of fiscal years 2024 and 2023 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, 2023$371 $19,720 $15,535 $24 (80,203)$(8,305)
Net income— — 281 — — — 
Common dividends ($0.95 per share)
— — (275)— — — 
Issuance of shares under employee and other plans, net— (62)— — 647 (20)
Share-based compensation— 83 — — — — 
Common stock held in trusts, net (a)— — — — (19)— 
Repurchase of common stock— — — — (2,118)(503)
Balance at December 31, 2023$371 $19,741 $15,540 $24 (81,692)$(8,828)
Net income— — 537 — — — 
Common dividends ($0.95 per share)
— — (275)— — — 
Issuance of shares under employee and other plans, net— (5)— 72 17 
Share-based compensation— 60 — — — — 
Common stock held in trusts, net (a)— — — — 32 — 
Balance at March 31, 2024$371 $19,795 $15,802 $26 (81,588)$(8,811)
 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, 2022$365 $19,553 $15,157 $23 (81,283)$(8,330)
Net income— — 509 — — — 
Common dividends ($0.91 per share)
— — (259)— — — 
Preferred dividends— — (23)— — — 
Issuance of shares under employee and other plans, net— (52)— — 556 (3)
Share-based compensation— 89 — — — — 
Common stock held in trusts, net (a)— — — — (11)— 
Balance at December 31, 2022$365 $19,590 $15,384 $24 (80,738)$(8,333)
Net income— — 460 — — — 
Common dividends ($0.91 per share)
— — (259)— — — 
Preferred dividends— — (23)— — — 
Issuance of shares under employee and other plans, net— (7)— — 21 
Share-based compensation— 56 — — — — 
Common stock held in trusts, net (a)— — — — 92 — 
Balance at March 31, 2023$365 $19,639 $15,563 $24 (80,625)$(8,327)
(a)Common stock held in trusts consists of the Company’s shares held in rabbi trusts in connection with deferred compensation under the Company’s employee salary and bonus deferral plan and directors’ deferral plan.
Share Repurchases
In the first quarter of fiscal year 2024, the Company executed and settled accelerated share repurchase agreements for the repurchase of 2.118 million shares of its common stock for total consideration of $500 million, excluding a 1% excise tax on share repurchases of $3 million. The share repurchases were recorded as an increase to Treasury stock and were made pursuant to the repurchase program authorized by the Board of Directors on November 3, 2021, for 10 million shares of BD common stock, for which there is no expiration date.
The components and changes of Accumulated other comprehensive income (loss) for the first two quarters of fiscal years 2024 and 2023 were as follows:
(Millions of dollars)TotalForeign Currency
Translation
Benefit Plans
Cash Flow Hedges
Available-for-Sale Debt Securities
Balance at September 30, 2023$(1,548)$(1,078)$(571)$103 $— 
Other comprehensive income (loss) before reclassifications, net of taxes21 40 — (19)— 
Amounts reclassified into income, net of taxes12 — 12 — 
Balance at December 31, 2023$(1,515)$(1,038)$(559)$84 $— 
Other comprehensive (loss) gain before reclassifications, net of taxes(31)(41)— (1)
Amounts reclassified into income, net of taxes11 — 12 (1)— 
Balance at March 31, 2024$(1,535)$(1,079)$(548)$93 $(1)
(Millions of dollars)TotalForeign Currency
Translation
Benefit Plans
Cash Flow Hedges
Available-for-Sale Debt Securities
Balance at September 30, 2022$(1,488)$(987)$(574)$75 $— 
Other comprehensive loss before reclassifications, net of taxes(84)(80)— (4)— 
Amounts reclassified into income, net of taxes12 — 11 — 
Balance at December 31, 2022$(1,559)$(1,067)$(563)$73 $— 
Other comprehensive loss before reclassifications, net of taxes(29)(21)— (8)— 
Amounts reclassified into income, net of taxes13 — 11 — 
Balance at March 31, 2023$(1,575)$(1,088)$(552)$67 $— 
The amounts of foreign currency translation recognized in other comprehensive income during the three and six months ended March 31, 2024 and 2023 included net gains (losses) relating to net investment hedges. The amounts recognized in other comprehensive income relating to cash flow hedges during the three and six months ended March 31, 2024 and 2023 are primarily related to forward starting interest rate swaps. Additional disclosures regarding the Company's derivatives are provided in Note 11.
The tax impacts for amounts recognized in other comprehensive income (loss) before reclassifications and for reclassifications out of Accumulated other comprehensive income (loss) relating to benefit plans and cash flow hedges during the three and six months ended March 31, 2024 and 2023 were immaterial to the Company's consolidated financial results.