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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

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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