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Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Significant Components of Company's Income Tax Provision from Continuing Operations | The components of the Company’s income tax provision from continuing operations are as follows (in millions):
| 2024 |  | 2023 |  | 2022
Tax expense at Ireland statutory rate of 12.5% | $ | 190 |  |  | $ | 139 |  |  | $ | 139 |
U.S. state income tax, net of federal benefit | 42 |  |  | 30 |  |  | (26) |
Income subject to the U.S. federal tax rate | 63 |  |  | 42 |  |  | (101) |
Income subject to rates different than the statutory rate | (204) |  |  | 44 |  |  | 67 |
Reserve and valuation allowance adjustments | (139) |  |  | (559) |  |  | (301) |
Intellectual property transactions and adjustments | — |  |  | (176) |  |  | — |
Impact of acquisitions and divestitures | 121 |  |  | — |  |  | — |
Restructuring and impairment costs | 38 |  |  | 12 |  |  | 40 |
Income tax provision (benefit) | $ | 111 |  |  | $ | (468) |  |  | $ | (182) |
Effective tax rate | 7 | % |  | (42) | % |  | (16) | %
Summary of Changes in Valuation Allowance | The following table summarizes changes in the valuation allowance (in millions):
| 2024 |  | 2023 |  | 2022
Balance at beginning of period | $ | 6,279 |  |  | $ | 5,906 |  |  | $ | 5,812 |
Allowance provision for new operating and other loss carryforwards | 215 |  |  | 544 |  |  | 306 |
Allowance reductions | (236) |  |  | (171) |  |  | (212) |
Balance at end of period | $ | 6,258 |  |  | $ | 6,279 |  |  | $ | 5,906 |
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):
| 2024 |  | 2023 |  | 2022
Beginning balance, October 1 | $ | 2,158 |  |  | $ | 2,485 |  |  | $ | 2,678 |
Additions for tax positions related to the current year | 39 |  |  | 59 |  |  | 164 |
Additions for tax positions of prior years | 53 |  |  | 89 |  |  | 31 |
Reductions for tax positions of prior years | (35) |  |  | (23) |  |  | (47) |
Settlements with taxing authorities | (35) |  |  | (6) |  |  | (7) |
Statute closings and audit resolutions | (127) |  |  | (446) |  |  | (334) |
Ending balance, September 30 | $ | 2,053 |  |  | $ | 2,158 |  |  | $ | 2,485 |
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,
| 2024 |  | 2023 |  | 2022
Tax effected unrecognized tax benefits that, if recognized, would affect the effective tax rate | $ | 1,466 |  |  | $ | 1,533 |  |  | $ | 1,935 |
Net accrued interest | 398 |  |  | 329 |  |  | 281 |
Tax Jurisdictions and Years Currently under Audit Exam | In the U.S., fiscal years 2019 through 2020 are currently under audit and fiscal years 2017 through 2018 are currently under appeal with the Internal Revenue Service (“IRS”) for certain legal entities. In addition, fiscal years 2016 through 2019 are also under exam by the IRS in relation to a separate consolidated filing group. Additionally, the Company is currently under exam in the following major non-U.S. jurisdictions for continuing operations:
Tax Jurisdiction |  | Tax Years Covered
Belgium |  | 2016 - 2017; 2019-2020
Germany |  | 2007 - 2021
Mexico |  | 2016 - 2019
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):
| 2024 |  | 2023 |  | 2022
Components of income (loss) from continuing operations before income taxes: |  |  |  |  |
U.S. | $ | (406) |  |  | $ | (325) |  |  | $ | (27) |
Non-U.S. | 1,928 |  |  | 1,438 |  |  | 1,139 |
Income from continuing operations before income taxes | $ | 1,522 |  |  | $ | 1,113 |  |  | $ | 1,112 |
Components of the provision (benefit) for income taxes: |  |  |  |  |
Current |  |  |  |  |
U.S. federal | $ | 330 |  |  | $ | (201) |  |  | $ | (237) |
U.S. state | 86 |  |  | 94 |  |  | 47 |
Non-U.S. | 102 |  |  | 289 |  |  | 199 |
| 518 |  |  | 182 |  |  | 9 |
Deferred |  |  |  |  |
U.S. federal | (299) |  |  | (267) |  |  | (173) |
U.S. state | (26) |  |  | (25) |  |  | (70) |
Non-U.S. | (82) |  |  | (358) |  |  | 52 |
| (407) |  |  | (650) |  |  | (191) |
Income tax provision (benefit) | $ | 111 |  |  | $ | (468) |  |  | $ | (182) |
Income taxes paid | $ | 704 |  |  | $ | 294 |  |  | $ | 439 |
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,
| 2024 |  | 2023
Other noncurrent assets | $ | 1,969 |  |  | $ | 1,480 |
Other noncurrent liabilities | (301) |  |  | (316) |
Net deferred tax asset | $ | 1,668 |  |  | $ | 1,164 |
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,
| 2024 |  | 2023
Deferred tax assets |  |  |
Accrued expenses and reserves | $ | 661 |  |  | $ | 469 |
Employee and retiree benefits | 43 |  |  | 88 |
Property, plant and equipment | 729 |  |  | 638 |
Net operating loss and other credit carryforwards | 6,628 |  |  | 6,667 |
Research and development | 219 |  |  | 171 |
Intangible assets | 306 |  |  | — |
Operating lease liabilities | 294 |  |  | 341 |
Other, net | 455 |  |  | 269 |
| 9,335 |  |  | 8,643 |
Valuation allowances | (6,258) |  |  | (6,279) |
| 3,077 |  |  | 2,364 |
Deferred tax liabilities |  |  |
Subsidiaries, joint ventures and partnerships | 440 |  |  | 359 |
Intangible assets | — |  |  | 248 |
Operating lease right-of-use assets | 294 |  |  | 341 |
Other liabilities | 675 |  |  | 252 |
| 1,409 |  |  | 1,200 |
Net deferred tax asset | $ | 1,668 |  |  | $ | 1,164 |

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