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Income Taxes (Tables)

12 Months Ended

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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