Shareholders' Equity

6 Months Ended

Mar. 31, 2021

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

There were no dividends declared or paid in the first or second quarter of fiscal years 2021 and 2020. The payment of cash dividends and the amount of any dividend are subject to review and change at the discretion of the company's Board of Directors.

Common Stock and Debt Repurchase Authorizations

On November 7, 2019, the Board of Directors authorized the repurchase of up to $325 million of the company's common stock, which was an increase from the prior $250 million authorization approved on July 26, 2019. Repurchases can be made from time to time through open market purchases, privately negotiated transactions or otherwise, subject to compliance with legal and regulatory requirements and the company’s debt covenants. As of the end of fiscal year 2020, the company had repurchased 11.8 million shares of common stock for $266 million (including commission costs) pursuant to this authorization. There were no repurchases in the first or second quarter of fiscal year 2021. As of March 31, 2021, the amount remaining available for repurchases under this common stock repurchase authorization was $59 million. On March 25, 2020, the company suspended activity under its share repurchase program as a result of uncertainties in the global economy due to the COVID-19 pandemic.

On November 2, 2018, the Board of Directors authorized the repurchase of up to $200 million of the company's common stock and up to $100 million aggregate principal amount of any of the company's debt securities (including convertible debt securities), in each case from time to time through open market purchases, privately negotiated transactions or otherwise, subject to compliance with legal and regulatory requirements and the company's debt covenants. The remaining authority under the common stock repurchase authorization was superseded by the July 2019 authorization described above. As of March 31, 2021 and September 30, 2020, the amount remaining available for repurchase under this debt repurchase authorization was $76 million.

In November 2020, we filed a shelf registration statement with the Securities and Exchange Commission ("SEC"), registering an indeterminate amount of debt and/or equity securities that we may offer in one or more offerings on terms to be determined at the time of sale.

Accumulated Other Comprehensive Loss ("AOCL")

The components of AOCL and the changes in AOCL by components, net of tax, for the three months ended March 31, 2021 and 2020 are as follows (in millions):

	Foreign Currency Translation		Employee Benefit Related Adjustments		Unrealized Income (Loss) on cash flow hedges		Total
Balance at December 31, 2020	$	(74)	$	(480)	$	(1)	$	(555)
Other comprehensive income before reclassification	(22)		—		—		(22)
Amounts reclassified from accumulated other comprehensive loss	—		2		—		2
Net current-period other comprehensive income	(22)		2		—		(20)
Balance at March 31, 2021	$	(96)	$	(478)	$	(1)	$	(575)

Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income		Affected Line Item in the Consolidated Statement of Operations
Employee Benefit Related Adjustment
Prior service benefit	$	(9)	(a)
Actuarial losses	11		(a)
	2		Total before tax
	—		Tax benefit
Total reclassifications for the period	$	2	Net of tax

(a) These accumulated other comprehensive income components are included in the computation of net periodic pension and retiree medical expense (see Note 15 for additional details), which is recorded in other income (expense), net.

	Foreign Currency Translation		Employee Benefit Related Adjustments		Unrealized Income (Loss) on cash flow hedges		Total
Balance at December 31, 2019	$	(86)	$	(569)	$	—	$	(655)
Other comprehensive income before reclassification	(56)		—		(3)		(59)
Amounts reclassified from accumulated other comprehensive loss	—		2		(2)		—
Net current-period other comprehensive income	(56)		2		(5)		(59)
Balance at March 31, 2020	$	(142)	$	(567)	$	(5)	$	(714)

Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income		Affected Line Item in the Consolidated Statement of Operations
Employee Benefit Related Adjustment
Prior service benefit	$	(9)	(b)
Actuarial losses	11		(b)
	2		Total before tax
	—		Tax benefit
Total reclassifications for the period	$	2	Net of tax

(b) These accumulated other comprehensive income components are included in the computation of net periodic pension and retiree medical expense (see Note 15 for additional details), which is recorded in other income (expense), net.

The components of AOCL and the changes in AOCL by components, net of tax, for the six months ended March 31, 2021 and 2020 are as follows (in millions):

	Foreign Currency Translation		Employee Benefit Related Adjustments		Unrealized Income (Loss) on cash flow hedges		Total
Balance at September 30, 2020	$	(129)	$	(483)	$	(2)	$	(614)
Other comprehensive income before reclassification	33		1		1		35
Amounts reclassified from accumulated other comprehensive loss	—		4		—		4
Net current-period other comprehensive income	33		5		1		39
Balance at March 31, 2021	$	(96)	$	(478)	$	(1)	$	(575)

Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income		Affected Line Item in the Consolidated Statement of Operations
Employee Benefit Related Adjustment
Prior service benefit	$	(18)	(a)
Actuarial losses	22		(a)
	4		Total before tax
	—		Tax benefit
Total reclassifications for the period	$	4	Net of tax

(a) These accumulated other comprehensive income components are included in the computation of net periodic pension and retiree medical expense (see Note 15 for additional details), which is recorded in other income (expense), net.

	Foreign Currency Translation		Employee Benefit Related Adjustments		Unrealized Income (Loss) on cash flow hedges		Total
Balance at September 30, 2019	$	(107)	$	(572)	$	(2)	$	(681)
Other comprehensive income before reclassification	(35)		—		(3)		(38)
Amounts reclassified from accumulated other comprehensive loss	—		5		—		5
Net current-period other comprehensive income	(35)		5		(3)		(33)
Balance at March 31, 2020	$	(142)	$	(567)	$	(5)	$	(714)

Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income		Affected Line Item in the Consolidated Statement of Operations
Employee Benefit Related Adjustment
Prior service benefit	$	(18)	(b)
Actuarial losses	23		(b)
	5		Total before tax
	—		Tax benefit
Total reclassifications for the period	$	5	Net of tax

(b) These accumulated other comprehensive income components are included in the computation of net periodic pension and retiree medical expense (see Note 15 for additional details), which is recorded in other income (expense), net.