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Equity Items (Tables)
 9 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss)

Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income (Loss) are presented below.

 

 

2022

 

 

2021

 

(In millions)

 

Before
tax

 

 

Tax
(expense) benefit

 

 

Net of
tax

 

 

Before
tax

 

 

Tax
(expense) benefit

 

 

Net of
tax

 

Three months ended June 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized translation gain (loss)

 

$

(86

)

 

$

—

 

 

$

(86

)

 

$

23

 

 

$

—

 

 

$

23

 

Unrealized gain (loss) on commodity hedges

 

 

(4

)

 

 

1

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

—

 

Total other comprehensive income (loss)

 

$

(90

)

 

$

1

 

 

$

(89

)

 

$

23

 

 

$

—

 

 

$

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended June 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized translation gain (loss)

 

$

(108

)

 

$

1

 

 

$

(107

)

 

$

38

 

 

$

(1

)

 

$

37

 

Unrealized gain (loss) on commodity hedges

 

 

(3

)

 

 

1

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

Total other comprehensive income (loss)

 

$

(111

)

 

$

2

 

 

$

(109

)

 

$

38

 

 

$

(1

)

 

$

37

 
Summary of Reconciliation of Changes in Stockholders' Equity

A reconciliation of changes in stockholders’ equity are as follows:

 

 

Three months ended

 

 

Nine months ended

 

 

 

June 30

 

 

June 30

 

(In millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Common stock and paid in capital

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

177

 

 

$

773

 

 

$

328

 

 

$

770

 

Compensation expense and common shares issued (a)

 

 

1

 

 

 

4

 

 

 

5

 

 

 

7

 

Common shares purchased under repurchase program (b)

 

 

(45

)

 

 

—

 

 

 

(200

)

 

 

—

 

Balance, end of period

 

 

133

 

 

 

777

 

 

 

133

 

 

 

777

 

Retained earnings

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

3,596

 

 

 

2,710

 

 

 

2,796

 

 

 

2,649

 

Adoption of new accounting pronouncements

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2

)

Net income

 

 

36

 

 

 

80

 

 

 

870

 

 

 

176

 

Regular dividends

 

 

(18

)

 

 

(19

)

 

 

(52

)

 

 

(52

)

Balance, end of period

 

 

3,614

 

 

 

2,771

 

 

 

3,614

 

 

 

2,771

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

(392

)

 

 

(369

)

 

 

(372

)

 

 

(383

)

Unrealized translation gain (loss)

 

 

(86

)

 

 

23

 

 

 

(107

)

 

 

37

 

Unrealized gain (loss) on commodity hedges

 

 

(3

)

 

 

—

 

 

 

(2

)

 

 

—

 

Balance, end of period

 

 

(481

)

 

 

(346

)

 

 

(481

)

 

 

(346

)

Total stockholders' equity

 

$

3,266

 

 

$

3,202

 

 

$

3,266

 

 

$

3,202

 

Cash dividends declared per common share

 

$

0.335

 

 

$

0.300

 

 

$

0.935

 

 

$

0.850

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(a)
Common shares issued were 55,006 shares and 24,452 shares for the three months ended June 30, 2022 and 2021, respectively, and 163,656 shares and 165,158 shares for the nine months ended June 30, 2022 and 2021, respectively.
(b)
Common shares repurchased were 449,932 and 2,853,312 shares for the three and nine months ended June 30, 2022.