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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Significant Components of Company's Income Tax Provision from Continuing Operations

The more significant components of the Company’s income tax provision from continuing operations are as follows (in millions):

			2023						2022						2021
Tax expense at Ireland statutory rate of 12.5%			$	214					$	214					$	327
U.S. state income tax, net of federal benefit			39						(23)						34
Income subject to the U.S. federal tax rate			56						(95)						3
Income subject to rates different than the statutory rate			92						125						30
Reserve and valuation allowance adjustments			(559)						(274)						66
Intellectual property transactions and adjustments			(176)						—						417
Restructuring and impairment costs			11						40						(9)
Income tax provision (benefit)			$	(323)					$	(13)					$	868
Effective tax rate			(19)		%				(1)%						33%

Summary of Changes in Valuation Allowance

The following table summarizes changes in the valuation allowance (in millions):

			Year Ended September 30,
			2023						2022						2021
Balance at beginning of period			$	5,973					$	5,853					$	5,518
Allowance provision for new operating and other loss carryforwards			573						325						505
Allowance benefits			(168)						(205)						(170)
Balance at end of period			$	6,378					$	5,973					$	5,853

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

			2023						2022						2021
Beginning balance, October 1			$	2,537					$	2,726					$	2,528
Additions for tax positions related to the current year			72						169						240
Additions for tax positions of prior years			96						31						33
Reductions for tax positions of prior years			(27)						(48)						(6)
Settlements with taxing authorities			(6)						(7)						(24)
Statute closings and audit resolutions			(446)						(334)						(45)
Ending balance, September 30			$	2,226					$	2,537					$	2,726

Summary of Income Tax Contingencies

The following table summarizes tax effected unrecognized tax benefits that, if recognized, would impact the effective tax rate and the related accrued interest, net of tax benefit (in millions):

			September 30,
			2023						2022						2021
Tax effected unrecognized tax benefits that, if recognized, would affect the effective tax rate			$	1,581					$	1,973					$	2,268
Net accrued interest			335						284						252

Tax Jurisdictions and Years Currently under Audit Exam

In the U.S., fiscal years 2017 through 2018 are currently under appeal by the Internal Revenue Service (“IRS”) for certain legal entities. Additionally, the Company is currently under exam in the following major non-U.S. jurisdictions for continuing operations:

Tax Jurisdiction						Tax Years Covered
Belgium						2015 - 2022
Germany						2007 - 2021
Luxembourg						2017 - 2018
Mexico						2015 - 2018
United Kingdom						2014 - 2015; 2018; 2020 - 2021

Components of Provision for Income Taxes on Continuing Operations

Selected income tax data related to continuing operations were as follows (in millions):

			2023						2022						2021
Components of income (loss) from continuing operations before income taxes:
U.S.			$	(130)					$	67					$	543
Non-U.S.			1,840						1,643						2,071
Income from continuing operations before income taxes			$	1,710					$	1,710					$	2,614
Components of the provision (benefit) for income taxes:
Current
U.S. federal			$	(165)					$	(219)					$	459
U.S. state			105						53						108
Non-U.S.			413						294						265
			353						128						832
Deferred
U.S. federal			(267)						(175)						(7)
U.S. state			(25)						(69)						46
Non-U.S.			(384)						103						(3)
			(676)						(141)						36
Income tax provision (benefit)			$	(323)					$	(13)					$	868
Income taxes paid			$	430					$	568					$	504

Deferred Taxes Classified in Consolidated Statements of Financial Position

Deferred taxes were classified in the consolidated statements of financial position as follows (in millions):

			September 30,
			2023						2022
Other noncurrent assets			$	1,499					$	954
Other noncurrent liabilities			(411)						(503)
Net deferred tax asset			$	1,088					$	451

Temporary Differences and Carryforwards in Deferred Tax Assets and Liabilities

Temporary differences and carryforwards which gave rise to deferred tax assets and liabilities included (in millions):

 

			September 30,
			2023						2022
Deferred tax assets
Accrued expenses and reserves			$	507					$	376
Employee and retiree benefits			71						78
Property, plant and equipment			629						444
Net operating loss and other credit carryforwards			6,748						6,488
Research and development			171						52
Operating lease liabilities			348						309
Other, net			38						58
			8,512						7,805
Valuation allowances			(6,378)						(5,973)
			2,134						1,832
Deferred tax liabilities
Subsidiaries, joint ventures and partnerships			446						338
Intangible assets			252						734
Operating lease right-of-use assets			348						309
			1,046						1,381
Net deferred tax asset			$	1,088					$	451

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