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v3.22.2.2

Benefit Plans (Tables) | 12 Months Ended
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Sep. 30, 2022
Retirement Benefits [Abstract] |
Net Pension and Other Postretirement Cost | Net pension cost for the years ended September 30 included the following components:
| Pension Plans
(Millions of dollars) | 2022 |  | 2021 |  | 2020
Service cost | $ | 134 |  |  | $ | 150 |  |  | $ | 153 |
Interest cost | 77 |  |  | 71 |  |  | 84 |
Expected return on plan assets | (187) |  |  | (174) |  |  | (188) |
Amortization of prior service credit | (15) |  |  | (16) |  |  | (13) |
Amortization of loss | 61 |  |  | 97 |  |  | 97 |
Curtailment/settlement loss | 73 |  |  | 9 |  |  | 4 |
Net pension cost | $ | 143 |  |  | $ | 137 |  |  | $ | 137 |
Net pension cost included in the preceding table that is attributable to international plans | $ | 20 |  |  | $ | 41 |  |  | $ | 41 |
Change in Benefit Obligation, Change in Fair Value of Plan Assets | The change in benefit obligation, change in fair value of pension plan assets, funded status and amounts recognized in the Consolidated Balance Sheets for these plans were as follows:
| Pension Plans
(Millions of dollars) | 2022 |  | 2021
Change in benefit obligation: |  |  |
Beginning obligation | $ | 3,889 |  |  | $ | 3,953 |
Service cost | 134 |  |  | 150 |
Interest cost | 77 |  |  | 71 |
Plan amendments | 1 |  |  | (30) |
Benefits paid | (64) |  |  | (156) |
Impact of Embecta spin-off | (7) |  |  | — |
Actuarial gain | (1,007) |  |  | (69) |
Curtailments/settlements | (246) |  |  | (49) |
Other, includes translation | (143) |  |  | 19 |
Benefit obligation at September 30 | $ | 2,634 |  |  | $ | 3,889 |
Change in fair value of plan assets: |  |  |
Beginning fair value | $ | 3,222 |  |  | $ | 3,045 |
Actual return on plan assets | (740) |  |  | 317 |
Employer contribution | 198 |  |  | 66 |
Benefits paid | (64) |  |  | (156) |
Impact of Embecta spin-off | (6) |  |  | — |
Settlements | (241) |  |  | (55) |
Other, includes translation | (127) |  |  | 5 |
Plan assets at September 30 | $ | 2,242 |  |  | $ | 3,222 |
Funded Status at September 30: |  |  |
Unfunded benefit obligation | $ | (392) |  |  | $ | (667) |
Amounts recognized in the Consolidated Balance Sheets at September 30: |  |  |
Other Assets | $ | 70 |  |  | $ | 29 |
Salaries, wages and related items | (15) |  |  | (29) |
Long-term Employee Benefit Obligations | (447) |  |  | (667) |
Net amount recognized | $ | (392) |  |  | $ | (667) |
Amounts recognized in Accumulated other comprehensive income (loss) before income taxes at September 30: |  |  |
Prior service credit | $ | 24 |  |  | $ | 41 |
Net actuarial loss | (728) |  |  | (972) |
Net amount recognized | $ | (704) |  |  | $ | (931) |
Pension Plans with Accumulated Benefit Obligations | Pension plans with accumulated benefit obligations in excess of plan assets and plans with projected benefit obligations in excess of plan assets consist of the following at September 30:
| Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets |  | Projected Benefit Obligation Exceeds the Fair Value of Plan Assets
(Millions of dollars) | 2022 |  | 2021 |  | 2022 |  | 2021
Projected benefit obligation | $ | 2,104 |  |  | $ | 3,406 |  |  | $ | 2,182 |  |  | $ | 3,475 |
Accumulated benefit obligation | $ | 2,059 |  |  | $ | 3,309 |  |  |  |  |
Fair value of plan assets | $ | 1,644 |  |  | $ | 2,712 |  |  | $ | 1,720 |  |  | $ | 2,780 |
Weighted Average Assumptions Determining Pension Plan | The weighted average assumptions used in determining pension plan information were as follows:
| 2022 |  | 2021 |  | 2020
Net Cost |  |  |  |  |
Discount rate: |  |  |  |  |
U.S. plans (a) | 2.89 | % |  | 2.80 | % |  | 3.21 | %
International plans | 1.75 |  |  | 1.44 |  |  | 1.39 |
Expected return on plan assets: |  |  |  |  |
U.S. plans | 6.25 |  |  | 6.25 |  |  | 7.25 |
International plans | 4.84 |  |  | 4.92 |  |  | 5.05 |
Rate of compensation increase: |  |  |  |  |
U.S. plans | 4.31 |  |  | 4.30 |  |  | 4.29 |
International plans | 2.63 |  |  | 2.20 |  |  | 2.35 |
Cash balance plan interest crediting rate: |  |  |  |  |
U.S. plans | 4.00 |  |  | 4.00 |  |  | 4.00 |
International plans | 2.02 |  |  | 1.95 |  |  | 1.97 |
Benefit Obligation |  |  |  |  |
Discount rate: |  |  |  |  |
U.S. plans | 5.62 |  |  | 2.89 |  |  | 2.80 |
International plans | 4.26 |  |  | 1.75 |  |  | 1.44 |
Rate of compensation increase: |  |  |  |  |
U.S. plans | 4.51 |  |  | 4.31 |  |  | 4.30 |
International plans | 2.86 |  |  | 2.63 |  |  | 2.20 |
Cash balance plan interest crediting rate: |  |  |  |  |
U.S. plans | 4.00 |  |  | 4.00 |  |  | 4.00 |
International plans | 1.98 |  |  | 2.02 |  |  | 1.95 |
(a)The Company calculated the service and interest components utilizing an approach that discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period.
Expected Benefit Payments | Expected benefit payments are as follows:
(Millions of dollars) | Pension Plans
2023 | $ | 317 |
2024 | 153 |
2025 | 158 |
2026 | 175 |
2027 | 171 |
2028-2032 | 945 |
Fair Value Measurements of U.S. Plan Assets | The following table provides the fair value measurements of U.S. plan assets, as well as the measurement techniques and inputs utilized to measure fair value of these assets, at September 30, 2022 and 2021. The categorization of fund investments is based upon the categorization of these funds’ underlying assets.
|  |  |  |  |  |  |  |  | Basis of fair value measurement (See Note 1)
(Millions of dollars) | Total U.S. Plan Asset Balances |  | Investments Measured at Net Asset Value (a) |  | Level 1 |  | Level 2 |  | Level 3
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 492 |  |  | $ | 679 |  |  | $ | — |  |  | $ | — |  |  | $ | 258 |  |  | $ | 297 |  |  | $ | 234 |  |  | $ | 382 |  |  | $ | — |  |  | $ | — |
Government and agency-U.S. | 69 |  |  | 184 |  |  | — |  |  | — |  |  | 53 |  |  | 162 |  |  | 16 |  |  | 22 |  |  | — |  |  | — |
Government and agency-Foreign | 22 |  |  | 46 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | 46 |  |  | — |  |  | — |
Other fixed income | 52 |  |  | 141 |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 26 |  |  | 141 |  |  | — |  |  | — |
Equity securities | 469 |  |  | 686 |  |  | 62 |  |  | 43 |  |  | 406 |  |  | 643 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash and cash equivalents | 243 |  |  | 168 |  |  | — |  |  | — |  |  | 243 |  |  | 168 |  |  | — |  |  | — |  |  | — |  |  | — |
Other | 191 |  |  | 286 |  |  | 110 |  |  | 152 |  |  | 81 |  |  | 135 |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value of plan assets | $ | 1,537 |  |  | $ | 2,189 |  |  | $ | 172 |  |  | $ | 195 |  |  | $ | 1,068 |  |  | $ | 1,405 |  |  | $ | 297 |  |  | $ | 590 |  |  | $ | — |  |  | $ | — |
(a)As per applicable disclosure requirements, certain investments that were measured at net asset value per share or its equivalent have not been categorized within the fair value hierarchy. Values of such assets are based on the corroborated net asset value provided by the fund administrator.
Fair Value Measurements of Foreign Plan Assets | The following table provides the fair value measurements of international plan assets, as well as the measurement techniques and inputs utilized to measure fair value of these assets, at September 30, 2022 and 2021.
|  |  |  |  |  |  |  |  | Basis of fair value measurement (See Note 1)
(Millions of dollars) | Total International Plan Asset Balances |  |  |  | Level 1 |  | Level 2 |  | Level 3 (a)
| 2022 |  | 2021 |  |  |  |  |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 33 |  |  | $ | 55 |  |  |  |  |  |  | $ | 19 |  |  | $ | 37 |  |  | $ | 14 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |
Government and agency-U.S. | 10 |  |  | 13 |  |  |  |  |  |  | 8 |  |  | 10 |  |  | 2 |  |  | 3 |  |  | — |  |  | — |
Government and agency-Foreign | 180 |  |  | 264 |  |  |  |  |  |  | 167 |  |  | 249 |  |  | 13 |  |  | 15 |  |  | — |  |  | — |
Other fixed income | 76 |  |  | 121 |  |  |  |  |  |  | 68 |  |  | 72 |  |  | 8 |  |  | 49 |  |  | — |  |  | — |
Equity securities | 190 |  |  | 297 |  |  |  |  |  |  | 190 |  |  | 297 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash and cash equivalents | 7 |  |  | 14 |  |  |  |  |  |  | 7 |  |  | 14 |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate | 35 |  |  | 44 |  |  |  |  |  |  | 1 |  |  | 2 |  |  | 24 |  |  | 31 |  |  | 10 |  |  | 11 |
Insurance contracts | 96 |  |  | 118 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 96 |  |  | 118 |
Other | 76 |  |  | 107 |  |  |  |  |  |  | 48 |  |  | 84 |  |  | 7 |  |  | 8 |  |  | 21 |  |  | 15 |
Fair value of plan assets | $ | 705 |  |  | $ | 1,033 |  |  |  |  |  |  | $ | 508 |  |  | $ | 765 |  |  | $ | 68 |  |  | $ | 124 |  |  | $ | 128 |  |  | $ | 145 |
(a)Changes in the fair value of international pension assets measured using Level 3 inputs for the years ended September 30, 2022 and 2021 were immaterial.

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