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Retirement Plans (Tables)

12 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets

The following table includes information for pension plans with accumulated benefit obligations ("ABO") in excess of plan assets (in millions):

						September 30,
						2024						2023
Accumulated benefit obligation						$	331					$	1,834
Fair value of plan assets						149						1,618

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

The following table includes information for pension plans with projected benefit obligations ("PBO") in excess of plan assets (in millions):

						September 30,
						2024						2023
Projected benefit obligation						$	344					$	1,846
Fair value of plan assets						163						1,633

Projected Benefit Payments from Plans

Projected benefit payments from the plans as of September 30, 2024 are estimated as follows (in millions):

2025			$	269
2026			240
2027			238
2028			231
2029			233
2030 - 2034			1,154

Projected benefit payments from the plans as of September 30, 2024 are estimated as follows (in millions):

2025			$	9
2026			9
2027			9
2028			7
2029			6
2030 - 2034			25

Accumulated Postretirement Benefit Obligations in Excess of Plan Assets

The following table includes information for postretirement plans with accumulated postretirement benefit obligations ("APBO") in excess of plan assets (in millions):

						September 30,
						2024						2023
Accumulated postretirement benefit obligation						$	56					$	58
Fair value of plan assets						26						24

Plan Assets by Asset Category

The Company’s plan assets at September 30, 2024 and 2023, by asset category, are as follows (in millions):

						Fair Value Measurements Using:
Asset Category						Total as of September 30, 2024						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
U.S. Pension
Cash and Cash Equivalents						$	23					$	—					$	23					$	—
Equity Securities
Large-Cap						19						19						—						—
Small-Cap						23						23						—						—
International - Developed						45						45						—						—
International - Emerging						8						8						—						—
Fixed Income Securities
Government						265						265						—						—
Corporate/Other						786						784						2						—
Total Investments in the Fair Value Hierarchy						1,169						$	1,144					$	25					$	—
Investments Measured at Net Asset Value(1)
Alternative						235
Real Estate						266
Due to Broker						(79)
Total Plan Assets						$	1,591
Non-U.S. Pension
Cash and Cash Equivalents						$	42					$	42					$	—					$	—
Equity Securities
Large-Cap						88						9						79						—
International - Developed						64						10						54						—
International - Emerging						3						—						3						—
Fixed Income Securities
Government						789						26						763						—
Corporate/Other						417						282						135						—
Hedge Fund						22						—						22						—
Real Estate						11						11						—						—
Total Investments in the Fair Value Hierarchy						1,436						$	380					$	1,056					$	—
Real Estate Investments Measured at Net Asset Value(1)						89
Total Plan Assets						$	1,525
Postretirement
Cash and Cash Equivalents						$	3					$	3					$	—					$	—
Equity Securities - Global						89						—						89						—
Total Investments in the Fair Value Hierarchy						92						$	3					$	89					$	—
Multi-Credit Strategy Investments Measured at Net Asset Value(1)						69
Total Plan Assets						$	161

						Fair Value Measurements Using:
Asset Category						Total as of September 30, 2023						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
U.S. Pension
Cash and Cash Equivalents						$	61					$	—					$	61					$	—
Equity Securities
Large-Cap						60						60						—						—
Small-Cap						65						65						—						—
International - Developed						108						108						—						—
International - Emerging						20						20						—						—
Fixed Income Securities
Government						225						225						—						—
Corporate/Other						583						583						—						—
Total Investments in the Fair Value Hierarchy						1,122						$	1,061					$	61					$	—
Investments Measured at Net Asset Value(1)
Alternative						211
Real Estate						295
Due to Broker						(129)
Total Plan Assets						$	1,499
Non-U.S. Pension
Cash and Cash Equivalents						$	52					$	52					$	—					$	—
Equity Securities
Large-Cap						52						9						43						—
International - Developed						52						12						40						—
International - Emerging						2						—						2						—
Fixed Income Securities
Government						701						40						661						—
Corporate/Other						415						271						144						—
Hedge Fund						15						—						15						—
Real Estate						9						9						—						—
Total Investments in the Fair Value Hierarchy						1,298						$	393					$	905					$	—
Real Estate Investments Measured at Net Asset Value(1)						90
Total Plan Assets						$	1,388
Postretirement
Cash and Cash Equivalents						$	8					$	8					$	—					$	—
Equity Securities - Global						71						—						71						—
Total Investments in the Fair Value Hierarchy						79						8						71						—
Multi-Credit Strategy Investments Measured at Net Asset Value(1)						65
Total Plan Assets						$	144

(1)The fair value of certain real estate, multi-credit strategy, and alternative investments do not have a readily determinable fair value and require the fund managers to independently arrive at fair value by calculating net asset value ("NAV") per share. In order to calculate NAV per share, the fund managers value the investments using any one, or a combination of, the following methods: independent third party appraisals, discounted cash flow analysis of net cash flows projected to be generated by the investment and recent sales of comparable investments. Assumptions used to revalue the investments are updated every quarter.

Due to the fact that the fund managers calculate NAV per share, the Company utilizes a practical expedient for measuring the fair value of its real estate, multi-credit strategy, and alternative investments, as provided for under ASC 820, "Fair Value Measurement." In applying the practical expedient, the Company is not required to further adjust the NAV provided by the fund manager in order to determine the fair value of its investments as the NAV per share is calculated in a manner consistent with the measurement principles of ASC 946, "Financial Services - Investment Companies," and as of the Company's measurement date. The Company believes this is an appropriate methodology to obtain the fair value of these assets. The fair value amounts presented in these tables are intended to permit reconciliation of total plan assets to the amounts presented in the notes to consolidated financial statements.

Accumulated Benefit Obligations and Reconciliations of Changes in Projected Benefit Obligation, Changes in Plan Assets and Funded Status

The following table contains the ABO and reconciliations of the changes in the PBO, the changes in plan assets and the funded status (in millions):

			Pension Benefits																								Postretirement Benefits
			U.S. Plans												Non-U.S. Plans
September 30,			2024						2023						2024						2023						2024						2023
Accumulated Benefit Obligation			$	1,603					$	1,564					$	1,563					$	1,424					$	73					$	76
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year			$	1,564					$	1,822					$	1,473					$	1,471					$	77					$	89
Service cost			—						—						17						16						—						—
Interest cost			79						78						69						68						4						4
Plan participant contributions			—						—						3						3						2						3
Actuarial loss (gain)			104						(37)						84						(62)						4						(7)
Benefits and settlements paid			(144)						(299)						(132)						(126)						(13)						(12)
Other			—						—						(3)						(3)						(1)						—
Currency translation adjustment			—						—						106						106						—						—
Projected benefit obligation at end of year			$	1,603					$	1,564					$	1,617					$	1,473					$	73					$	77
Change in Plan Assets
Fair value of plan assets at beginning of year			$	1,499					$	1,730					$	1,388					$	1,433					$	144					$	144
Actual return on plan assets			234						66						137						(77)						26						7
Employer and employee contributions			2						3						26						55						4						5
Benefits paid			(144)						(85)						(67)						(61)						(13)						(12)
Settlement payments			—						(215)						(65)						(65)						—						—
Other			—						—						1						(2)						—						—
Currency translation adjustment			—						—						105						105						—						—
Fair value of plan assets at end of year			$	1,591					$	1,499					$	1,525					$	1,388					$	161					$	144
Funded status			$	(12)					$	(65)					$	(92)					$	(85)					$	88					$	67
Amounts recognized in the consolidated statements of financial position consist of:
Other noncurrent assets			$	2					$	1					$	62					$	62					$	118					$	101
Noncurrent assets held for sale			—						—						52						35						—						—
Accrued compensation and benefits			(2)						(3)						(12)						(12)						(2)						(2)
Pension and postretirement benefit obligations			(12)						(63)						(166)						(143)						(28)						(32)
Noncurrent liabilities held for sale			—						—						(28)						(27)						—						—
Net amount recognized			$	(12)					$	(65)					$	(92)					$	(85)					$	88					$	67
Weighted Average Assumptions (1)
Discount rate (2)			4.60		%				5.48		%				4.35		%				4.72		%				4.50		%				5.42		%
Rate of compensation increase			N/A						N/A						3.01		%				2.90		%				N/A						N/A
Interest crediting rate			N/A						N/A						1.58		%				1.63		%				N/A						N/A

(1)Plan assets and obligations are determined based on a September 30 measurement date at September 30, 2024 and 2023.

(2) The Company considers the expected benefit payments on a plan-by-plan basis when setting assumed discount rates. As a result, the Company uses different discount rates for each plan depending on the plan jurisdiction, the demographics of participants and the expected timing of benefit payments. For the U.S. pension and postretirement plans, the Company uses a discount rate provided by an independent third party calculated based on an appropriate mix of high quality bonds. For the non-U.S. pension and postretirement plans, the Company consistently uses the relevant country specific benchmark indices for

determining the various discount rates. The Company has elected to utilize a full yield curve approach in the estimation of service and interest components of net periodic benefit cost (credit) for pension and other postretirement for plans that utilize a yield curve approach. The full yield curve approach applies the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

Components of Net Periodic Benefit Cost

The following table contains the components of net periodic benefit costs, which are recorded in selling, general and administrative expenses or cost of sales consistent with the related employees' salaries in the consolidated statements of income (in millions):

			Pension Benefits																																				Postretirement Benefits
			U.S. Plans																		Non-U.S. Plans
Year ended September 30,			2024						2023						2022						2024						2023						2022						2024						2023						2022
Components of Net Periodic Benefit Cost (Credit):
Service cost			$	—					$	—					$	—					$	17					$	16					$	20					$	—					$	—					$	1
Interest cost			79						78						56						69						68						39						4						4						2
Expected return on plan assets			(120)						(131)						(150)						(72)						(77)						(81)						(9)						(9)						(9)
Net actuarial (gain) loss			(9)						28						16						22						86						(116)						(14)						(5)						4
Settlement loss			—						1						1						—						6						5						—						—						—
Amortization of prior service credit			—						—						—						—						—						—						(5)						(4)						(4)
Other			—						—						—						1						—						—												—						—
Net periodic benefit cost (credit)			$	(50)					$	(24)					$	(77)					$	37					$	99					$	(133)					$	(24)					$	(14)					$	(6)
Expense Assumptions:
Discount rate			5.48		%				5.08		%				2.52		%				4.72		%				4.36		%				1.79		%				5.42		%				4.92		%				2.30		%
Expected return on plan assets			8.50		%				8.25		%				7.00		%				5.26		%				5.02		%				3.70		%				6.62		%				6.64		%				5.29		%
Rate of compensation increase			N/A						N/A						N/A						2.90		%				3.00		%				2.85		%				N/A						N/A						N/A
Interest crediting rate			6.00		%				N/A						N/A						1.63		%				1.69		%				1.44		%				N/A						N/A						N/A

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