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v3.23.3

Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2023
Income Tax Disclosure [Abstract] |
U.S. and Non-U.S. Income Before Income Tax | The Company’s income before income taxes by fiscal year consisted of the following:
| For the Years Ended September 30,
| 2023 |  | 2022 |  | 2021
| (in millions)
U.S. | $ | 13,339 |  |  | $ | 11,051 |  |  | $ | 11,002 |
Non-U.S. | 7,698 |  |  | 7,085 |  |  | 5,061 |
Total income before income taxes | $ | 21,037 |  |  | $ | 18,136 |  |  | $ | 16,063 |
Comprehensive Income Tax (Expense) Benefit Components Table | Income tax provision by fiscal year consisted of the following:
| For the Years Ended September 30,
| 2023 |  | 2022 |  | 2021
| (in millions)
Current: |  |  |  |  |
U.S. federal | $ | 2,630 |  |  | $ | 2,166 |  |  | $ | 1,943 |
State and local | 293 |  |  | 104 |  |  | 69 |
Non-U.S. | 1,324 |  |  | 1,245 |  |  | 869 |
Total current taxes | 4,247 |  |  | 3,515 |  |  | 2,881 |
Deferred: |  |  |  |  |
U.S. federal | (339) |  |  | (231) |  |  | (57) |
State and local | (1) |  |  | (77) |  |  | (28) |
Non-U.S. | (143) |  |  | (28) |  |  | 956 |
Total deferred taxes | (483) |  |  | (336) |  |  | 871 |
Total income tax provision | $ | 3,764 |  |  | $ | 3,179 |  |  | $ | 3,752 |
Components of Deferred Tax Assets and Liabilities | The following table presents the components of deferred tax assets and liabilities:
| September 30,
| 2023 |  | 2022
| (in millions)
Deferred Tax Assets: |  |  |
Accrued compensation and benefits | $ | 212 |  |  | $ | 172 |
Accrued litigation obligation | 365 |  |  | 331 |
Client incentives | 630 |  |  | 442 |
Net operating loss carryforwards | 232 |  |  | 117 |
Comprehensive loss | 72 |  |  | 21 |
Federal benefit of state taxes | 125 |  |  | 133 |
Other | 66 |  |  | 71 |
Valuation allowance | (149) |  |  | (120) |
Deferred tax assets | 1,553 |  |  | 1,167 |
Deferred Tax Liabilities: |  |  |
Property, equipment and technology, net | (350) |  |  | (450) |
Intangible assets | (6,063) |  |  | (5,788) |
Unrealized gains on equity securities | (103) |  |  | (124) |
Foreign taxes | (25) |  |  | (50) |
Deferred tax liabilities | (6,541) |  |  | (6,412) |
Net deferred tax liabilities | $ | (4,988) |  |  | $ | (5,245) |
Reconciliation of the US Statutory Federal Tax Rate | The following table presents a reconciliation of the income tax provision to the amount of income tax determined by applying the U.S. federal statutory income tax rate to income before income taxes:
| For the Years Ended September 30,
| 2023 |  | 2022 |  | 2021
| (in millions, except percentages)
U.S. federal income tax at statutory rate | $ | 4,418 |  |  | 21 | % |  | $ | 3,809 |  |  | 21 | % |  | $ | 3,373 |  |  | 21 | %
State income taxes, net of federal benefit | 245 |  |  | 1 | % |  | 216 |  |  | 1 | % |  | 222 |  |  | 1 | %
Non-U.S. tax effect, net of federal benefit | (758) |  |  | (3 | %) |  | (588) |  |  | (3 | %) |  | (505) |  |  | (3 | %)
Remeasurement of deferred tax balances | — |  |  | — | % |  | — |  |  | — | % |  | 1,007 |  |  | 6 | %
Reassessment of an uncertain tax position | (142) |  |  | (1 | %) |  | — |  |  | — | % |  | — |  |  | — | %
Conclusion of audits | — |  |  | — | % |  | — |  |  | — | % |  | (255) |  |  | (2 | %)
State tax apportionment position | — |  |  | — | % |  | (176) |  |  | (1 | %) |  | — |  |  | — | %
Other, net | 1 |  |  | — | % |  | (82) |  |  | — | % |  | (90) |  |  | — | %
Income tax provision | $ | 3,764 |  |  | 18 | % |  | $ | 3,179 |  |  | 18 | % |  | $ | 3,752 |  |  | 23 | %
Unrecognized Tax Benefits Reconciliation, Table | The following table presents a reconciliation of beginning and ending unrecognized tax benefits by fiscal year:
| 2023 |  | 2022 |  | 2021
| (in millions)
Balance as of beginning of period | $ | 2,683 |  |  | $ | 2,488 |  |  | $ | 2,579 |
Increase in unrecognized tax benefits related to prior years | 515 |  |  | 10 |  |  | 34 |
Decrease in unrecognized tax benefits related to prior years | (190) |  |  | (143) |  |  | (386) |
Increase in unrecognized tax benefits related to current year | 510 |  |  | 350 |  |  | 326 |
Decrease related to settlements with taxing authorities | (17) |  |  | (19) |  |  | (63) |
Reduction related to lapsing statute of limitations | (4) |  |  | (3) |  |  | (2) |
Balance as of end of period | $ | 3,497 |  |  | $ | 2,683 |  |  | $ | 2,488 |

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