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v3.22.2.2

Pension and Other Postretirement Benefits (Tables) | 12 Months Ended
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Sep. 30, 2022
Retirement Benefits [Abstract] |
Change in benefit obligations and plan assets | A reconciliation of pension benefit obligations, plan assets, funded status and amounts recognized in the Company’s consolidated balance sheets were as follows:
| U.S. Plans |  | Non-U.S. Plans
| September 30, |  | September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Change in pension benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of period | $ | 877 |  |  | $ | 920 |  |  | $ | 520 |  |  | $ | 563 |
Service cost | — |  |  | — |  |  | 3 |  |  | 4 |
Interest cost | 24 |  |  | 25 |  |  | 10 |  |  | 10 |
Actuarial (gain) loss | (185) |  |  | (8) |  |  | (174) |  |  | (53) |
Benefit payments | (53) |  |  | (60) |  |  | (14) |  |  | (28) |
Foreign currency exchange rate changes | — |  |  | — |  |  | (67) |  |  | 24 |
Benefit obligation at end of period | $ | 663 |  |  | $ | 877 |  |  | $ | 278 |  |  | $ | 520 |
Accumulated benefit obligation | $ | 663 |  |  | $ | 877 |  |  | $ | 278 |  |  | $ | 520 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | $ | 1,288 |  |  | $ | 1,142 |  |  | $ | 548 |  |  | $ | 525 |
Actual return on plan assets | (275) |  |  | 205 |  |  | (151) |  |  | 9 |
Company contribution | — |  |  | 1 |  |  | 20 |  |  | 21 |
Benefit payments | (53) |  |  | (60) |  |  | (14) |  |  | (28) |
Foreign currency exchange rate changes | — |  |  | — |  |  | (76) |  |  | 21 |
Fair value of plan assets at end of period | $ | 960 |  |  | $ | 1,288 |  |  | $ | 327 |  |  | $ | 548 |
Funded status at end of period | $ | 297 |  |  | $ | 411 |  |  | $ | 49 |  |  | $ | 28 |
Recognized in consolidated balance sheets: |  |  |  |  |  |  |
Non-current asset | $ | 302 |  |  | $ | 417 |  |  | $ | 51 |  |  | $ | 30 |
Current liability | (1) |  |  | (1) |  |  | — |  |  | — |
Non-current liability | (4) |  |  | (5) |  |  | (2) |  |  | (2) |
Funded status at end of period | $ | 297 |  |  | $ | 411 |  |  | $ | 49 |  |  | $ | 28 |
Amounts recognized in accumulated other comprehensive income (loss) before tax | Amounts recognized in accumulated other comprehensive income (loss) before tax consist of the following:
| U.S. Plans |  | Non-U.S. Plans
| September 30, |  | September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Net actuarial (gain) loss | $ | 150 |  |  | $ | (11) |  |  | $ | 35 |  |  | $ | 47 |
Net periodic benefit cost | Net periodic benefit cost consists of the following:
| U.S. Plans |  | Non-U.S. Plans
| For the Years Ended September 30,
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
| (in millions)
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 4 |
Interest cost | 24 |  |  | 25 |  |  | 28 |  |  | 10 |  |  | 10 |  |  | 10 |
Expected return on assets | (80) |  |  | (70) |  |  | (72) |  |  | (18) |  |  | (17) |  |  | (15) |
Amortization of actuarial (gain) loss | — |  |  | 3 |  |  | 6 |  |  | — |  |  | 4 |  |  | 2 |
Settlement (gain) loss | 10 |  |  | (1) |  |  | 8 |  |  | — |  |  | 2 |  |  | — |
Total net periodic benefit cost | $ | (46) |  |  | $ | (43) |  |  | $ | (30) |  |  | $ | (5) |  |  | $ | 3 |  |  | $ | 1 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) consist of the following:
| U.S. Plans |  | Non-U.S. Plans
| For the Years Ended September 30,
2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
| (in millions)
Current year actuarial (gain) loss | $ | 170 |  |  | $ | (143) |  |  | $ | (5) |  |  | $ | (5) |  |  | $ | (45) |  |  | $ | 21 |
Amortization of actuarial gain (loss) | — |  |  | (3) |  |  | (14) |  |  | — |  |  | (6) |  |  | (2) |
Total recognized in other comprehensive (income) loss | $ | 170 |  |  | $ | (146) |  |  | $ | (19) |  |  | $ | (5) |  |  | $ | (51) |  |  | $ | 19 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | 124 |  |  | $ | (189) |  |  | $ | (49) |  |  | $ | (10) |  |  | $ | (48) |  |  | $ | 20 |
Weighted average actuarial assumptions | Weighted-average actuarial assumptions used to estimate the benefit obligation and net periodic benefit cost were as follows:
| U.S. Plans |  | Non-U.S. Plans
| For the Years Ended September 30,
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Discount rate for benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Pension | 5.52 | % |  | 2.98 | % |  | 2.88 | % |  | 5.00 | % |  | 2.10 | % |  | 1.60 | %
Discount rate for net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Pension | 2.98 | % |  | 2.88 | % |  | 3.27 | % |  | 2.10 | % |  | 1.60 | % |  | 1.80 | %
Expected long-term rate of return on plan assets | 6.50 | % |  | 6.50 | % |  | 7.00 | % |  | 3.50 | % |  | 3.50 | % |  | 3.00 | %
Rate of increase(1) in compensation levels for: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation | NA |  | NA |  | NA |  | 2.50 | % |  | 2.50 | % |  | 2.50 | %
Net periodic benefit cost | NA |  | NA |  | NA |  | 2.50 | % |  | 2.50 | % |  | 2.50 | %
(1)This assumption is not applicable for the U.S. plans due to the amendment of the U.S. qualified defined benefit pension plan in October 2015, which discontinued the employer provided credits effective after December 31, 2015.
Pension plan investments at fair value | The following tables set forth by level, within the fair value hierarchy, the pension plans’ investments at fair value, including the impact of transactions that were not settled at the end of September:
| U.S. Plans
| Fair Value Measurements at September 30 Using Inputs Considered as
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Cash equivalents | $ | 40 |  |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 40 |  |  | $ | 20 |
Collective investment funds | — |  |  | — |  |  | 319 |  |  | 548 |  |  | — |  |  | — |  |  | 319 |  |  | 548 |
Corporate debt securities | — |  |  | — |  |  | 392 |  |  | 455 |  |  | — |  |  | — |  |  | 392 |  |  | 455 |
U.S. government-sponsored debt securities | — |  |  | — |  |  | 22 |  |  | 28 |  |  | — |  |  | — |  |  | 22 |  |  | 28 |
U.S. Treasury securities | 101 |  |  | 105 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 101 |  |  | 105 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | 29 |  |  | 31 |  |  | 29 |  |  | 31 |
Equity securities | 57 |  |  | 101 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 101 |
Total | $ | 198 |  |  | $ | 226 |  |  | $ | 733 |  |  | $ | 1,031 |  |  | $ | 29 |  |  | $ | 31 |  |  | $ | 960 |  |  | $ | 1,288 |
| Non-U.S. Plans
| Fair Value Measurements at September 30 Using Inputs Considered as
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Cash and cash equivalents | $ | 3 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 18 |
Corporate debt securities | — |  |  | — |  |  | 91 |  |  | 51 |  |  | — |  |  | — |  |  | 91 |  |  | 51 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | 45 |  |  | 78 |  |  | 45 |  |  | 78 |
Equity funds | — |  |  | — |  |  | 13 |  |  | 68 |  |  | — |  |  | — |  |  | 13 |  |  | 68 |
Multi-asset securities(1) | — |  |  | — |  |  | 175 |  |  | 333 |  |  | — |  |  | — |  |  | 175 |  |  | 333 |
Total | $ | 3 |  |  | $ | 18 |  |  | $ | 279 |  |  | $ | 452 |  |  | $ | 45 |  |  | $ | 78 |  |  | $ | 327 |  |  | $ | 548 |
(1)Multi-asset securities represent pension plan assets that are invested in funds comprised of broad ranges of assets.
Expected future employer contributions and benefit payments | Expected future employer contributions and benefit payments are as follows:
| U.S. Plans |  | Non-U.S. Plans
| (in millions)
Expected employer contributions |  |  |
2023 | $ | 1 |  |  | $ | 17 |
Expected benefit payments |  |  |
2023 | $ | 109 |  |  | $ | 6 |
2024 | $ | 75 |  |  | $ | 6 |
2025 | $ | 71 |  |  | $ | 6 |
2026 | $ | 66 |  |  | $ | 6 |
2027 | $ | 63 |  |  | $ | 7 |
2028-2032 | $ | 245 |  |  | $ | 37 |

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