Shareholders' Equity

6 Months Ended

Mar. 31, 2020

There were no dividends declared or paid in the first or second quarter of fiscal years 2020 and 2019. 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. During fiscal year 2019, the company repurchased 1.3 million shares of common stock for $25 million (including commission costs) pursuant to this common stock repurchase authorization. During the first quarter of fiscal year 2020, the company repurchased 4.9 million shares of common stock for $100 million (including commission costs) pursuant to this authorization. During the second quarter of fiscal year 2020, the company repurchased 5.6 million shares of common stock for $141 million (including commission costs) pursuant to this authorization. As of March 31, 2020, 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 The remaining authority under the common stock repurchase authorization was superseded by the July 2019 authorization described above.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, 2020 and September 30, 2019, the amount remaining available for repurchase under this debt repurchase authorization was $76 million.

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, 2020 and 2019 are as follows (in millions):



	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	)	^(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 19 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, 2018	$	(94	)	$	(476	)	$	1		$	(569	)
Other comprehensive income before reclassification	7			—			—			7
Amounts reclassified from accumulated other comprehensive loss	—			1			(1		)	—
Net current-period other comprehensive income	$	7		$	1		$	(1	)	$	7
Balance at March 31, 2019	$	(87	)	$	(475	)	$	—		$	(562	)



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	$	(8	)	^(b)
Actuarial losses	9			^(b)
	1			Total before tax
	—			Tax benefit
Total reclassifications for the period	$	1		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 19 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, 2020 and 2019 are as follows (in millions):



	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	)	^(a)
Actuarial losses	23			^(a)
	5			Total before tax
	—			Tax benefit
Total reclassifications for the period	$	5		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 19 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, 2018	$	(90	)	$	(476	)	$	—	$	(566	)
Other comprehensive income before reclassification	3			(1		)	—		2
Amounts reclassified from accumulated other comprehensive loss	—			2			—		2
Net current-period other comprehensive income	$	3		$	1		$	—	$	4
Balance at March 31, 2019	$	(87	)	$	(475	)	$	—	$	(562	)



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	$	(17	)	^(b)
Actuarial losses	19			^(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 19 for additional details), which is recorded in other income (expense), net.