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v3.23.1

Pension and Postretirement Plans | 6 Months Ended
--- | ---
Mar. 31, 2023
Retirement Benefits [Abstract] |
Pension and Postretirement Plans | Pension and Postretirement Plans The components of the Company’s net periodic benefit cost (credit) associated with its defined benefit pension and postretirement plans, which are primarily recorded in selling, general and administrative expenses in the consolidated statements of income, are shown in the tables below in accordance with ASC 715, "Compensation – Retirement Benefits" (in millions):
| U.S. Pension Plans
| Three Months Ended March 31, |  | Six Months Ended March 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Interest cost | $ | 20 |  |  | $ | 11 |  |  | $ | 41 |  |  | $ | 21 |
Expected return on plan assets | (33) |  |  | (41) |  |  | (67) |  |  | (82) |
Net actuarial loss | 15 |  |  | 60 |  |  | 23 |  |  | 18 |
Settlement loss | 1 |  |  | 2 |  |  | 1 |  |  | 1 |
Net periodic benefit cost (credit) | $ | 3 |  |  | $ | 32 |  |  | $ | (2) |  |  | $ | (42) |
| Non-U.S. Pension Plans
| Three Months Ended March 31, |  | Six Months Ended March 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Service cost | $ | 4 |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 11 |
Interest cost | 17 |  |  | 10 |  |  | 33 |  |  | 20 |
Expected return on plan assets | (19) |  |  | (21) |  |  | (37) |  |  | (42) |
Net actuarial gain | — |  |  | (1) |  |  | — |  |  | (1) |
Settlement loss | — |  |  | 8 |  |  | — |  |  | 8 |
Net periodic benefit cost (credit) | $ | 2 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | (4) |
| Postretirement Benefits
| Three Months Ended March 31, |  | Six Months Ended March 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Interest cost | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |
Expected return on plan assets | (2) |  |  | (2) |  |  | (4) |  |  | (4) |
Amortization of prior service credit | (1) |  |  | (1) |  |  | (2) |  |  | (2) |
Net periodic benefit credit | $ | (2) |  |  | $ | (2) |  |  | $ | (4) |  |  | $ | (5) |
Cumulative fiscal 2023 lump sum payouts triggered remeasurement events for certain pension plans in both the first and second quarters of fiscal 2023. During the three and six months ended March 31, 2023, the Company recognized net actuarial losses of $15 million and $23 million, respectively, primarily due to decreases in discount rates, partially offset by favorable plan asset performance. Cumulative fiscal 2022 lump sum payouts triggered remeasurement events for certain pension plans in both the first and second quarters of fiscal 2022. During the three and six months ended March 31, 2022, the Company recognized net actuarial losses of $59 million and $17 million, respectively, primarily due to unfavorable plan asset performance, partially offset by increases in discount rates.

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