Equity Items (Tables)

6 Months Ended

Mar. 31, 2023

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, before tax and net of tax effects.

	2023									2022
(In millions)	Before tax			Tax (expense) benefit			Net of tax			Before tax			Tax (expense) benefit			Net of tax
Three months ended March 31
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	27		$	—		$	27		$	(5	)	$	—		$	(5	)
Unrealized gain (loss) on commodity hedges		(4	)		1			(3	)		6			(1	)		5
Total other comprehensive income (loss)	$	23		$	1		$	24		$	1		$	(1	)	$	—
Six months ended March 31
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	110		$	(1	)	$	109		$	(22	)	$	1		$	(21	)
Unrealized gain (loss) on commodity hedges		(9	)		2			(7	)		1			—			1
Total other comprehensive income (loss)	$	101		$	1		$	102		$	(21	)	$	1		$	(20	)

Summary of Reconciliation of Changes in Stockholders' Equity

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

	Three months ended						Six months ended
	March 31						March 31
(In millions)	2023			2022			2023			2022
Common stock and paid in capital
Balance, beginning of period	$	134		$	328		$	136		$	328
Compensation expense and common shares issued (a)		4			4			2			4
Common shares purchased under repurchase program (b) (c)		(138	)		(155	)		(138	)		(155	)
Balance, end of period		—			177			—			177
Retained earnings
Balance, beginning of period		3,675			2,827			3,653			2,796
Net income		91			786			132			834
Regular dividends		(18	)		(17	)		(36	)		(34	)
Common shares purchased under repurchase program (b)		(15	)		—			(15	)		—
Other		1			—			—			—
Balance, end of period		3,734			3,596			3,734			3,596
Accumulated other comprehensive income (loss)
Balance, beginning of period		(491	)		(392	)		(569	)		(372	)
Unrealized translation gain (loss)		27			(5	)		109			(21	)
Unrealized gain (loss) on commodity hedges		(3	)		5			(7	)		1
Balance, end of period		(467	)		(392	)		(467	)		(392	)
Total stockholders' equity	$	3,267		$	3,381		$	3,267		$	3,381
Cash dividends declared per common share	$	0.335		$	0.300		$	0.670		$	0.600

(a)Common shares issued were 16,937 shares and 13,935 shares for the three months ended March 31, 2023 and 2022, respectively, and 144,514 shares and 108,650 shares for the six months ended March 31, 2023 and 2022, respectively.

(b)Common shares repurchased were 1,488,251 shares for the three and six months ended March 31, 2023, and 2,403,380 shares for the three and six months ended March 31, 2022.

(c)Includes $1 million in excise tax on stock repurchases for the three and six months ended March 31, 2023.