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v3.25.3

Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income taxes comprises the following:
| 2025 |  | 2024 |  | 2023
Domestic | $ | 580 |  |  | $ | 305 |  |  | $ | (346) |
Foreign | 116 |  |  | 35 |  |  | (1,491) |
Total income (loss) before income taxes | $ | 696 |  |  | $ | 340 |  |  | $ | (1,837) |
Schedule of Provisions for Income Taxes | The provisions for income taxes consist of the following:
| 2025 |  | 2024 |  | 2023
Current expense (benefit): |  |  |  |  |
Federal | $ | — |  |  | $ | (25) |  |  | $ | (1) |
State | 14 |  |  | 12 |  |  | 37 |
Foreign | 50 |  |  | 32 |  |  | 49 |
Total current expense (benefit) | 64 |  |  | 19 |  |  | 85 |
Deferred expense (benefit): |  |  |  |  |
Federal | (41) |  |  | 82 |  |  | 34 |
State | 8 |  |  | 34 |  |  | (21) |
Foreign | (13) |  |  | (64) |  |  | (433) |
Total deferred expense (benefit) | (46) |  |  | 52 |  |  | (420) |
Total income tax expense (benefit) | $ | 18 |  |  | $ | 71 |  |  | $ | (335) |
Schedule of Reconciliation of U.S. Federal Statutory Tax Rate to Effective Tax Rate | A reconciliation from the U.S. federal statutory tax rate to our effective tax rate is as follows:
| 2025 |  | 2024 |  | 2023
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Difference in tax rate due to: |  |  |  |  |
Goodwill impairment not deductible for tax | — |  |  | 11.6 |  |  | (7.3) |
State income taxes, net of federal benefit | 4.6 |  |  | 6.8 |  |  | (1.7) |
Investment tax credits | (12.7) |  |  | (6.8) |  |  | 0.5 |
Valuation allowance adjustments | (8.8) |  |  | (6.3) |  |  | 1.1 |
Regulated entity depreciation normalization | (2.0) |  |  | (4.5) |  |  | 0.7 |
Notional interest deduction | (1.7) |  |  | (3.8) |  |  | 0.7 |
Nontaxable sale of equity investment | 1.5 |  |  | — |  |  | — |
Effects of tax rate changes – State, net of federal benefit | (0.7) |  |  | 3.6 |  |  | 0.2 |
State NOL adjustment upon disposition | — |  |  | 2.4 |  |  | — |
Uncertain tax positions | 0.8 |  |  | (2.4) |  |  | (0.7) |
Impairment of equity investment | — |  |  | 2.2 |  |  | — |
Federal refund interest accrual | (0.5) |  |  | (1.1) |  |  | — |
Effects of foreign operations | (0.6) |  |  | 0.1 |  |  | 3.1 |
Other, net | 1.7 |  |  | (1.9) |  |  | 0.6 |
Effective tax rate | 2.6 | % |  | 20.9 | % |  | 18.2 | %
Schedule of Deferred Tax Liabilities (Assets) | Deferred tax liabilities (assets) comprise the following at September 30:
| 2025 |  | 2024 |
Excess book basis over tax basis of property, plant and equipment | $ | 1,051 |  |  | $ | 994 |  |
Intangible assets and goodwill | 105 |  |  | 86 |  |
Utility regulatory assets | 80 |  |  | 74 |  |
Investment in AmeriGas Partners | 71 |  |  | 31 |  |
Other | 113 |  |  | 50 |  |
Gross deferred tax liabilities | 1,420 |  |  | 1,235 |  |
Interest expense | (150) |  |  | (118) |  |
Operating loss carryforwards | (73) |  |  | (72) |  |
Utility regulatory liabilities | (66) |  |  | (72) |  |
Foreign tax credit carryforwards | (12) |  |  | (49) |  |
Employee-related benefits | (25) |  |  | (33) |  |
Investment tax credits | (116) |  |  | (26) |  |
Utility environmental liabilities | (19) |  |  | (16) |  |
Pension plan liabilities | — |  |  | (8) |  |
Derivative instrument liabilities | (19) |  |  | (3) |  |
Other | (121) |  |  | (58) |  |
Gross deferred tax assets | (601) |  |  | (455) |  |
Deferred tax assets valuation allowance | 71 |  |  | 130 |  |
Net deferred tax liabilities | $ | 890 |  |  | $ | 910 |  |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| 2025 |  | 2024 |  | 2023
Unrecognized tax benefits — beginning of year | $ | 18 |  |  | $ | 26 |  |  | $ | 5 |
Additions for tax positions of the current year | 7 |  |  | 4 |  |  | 3 |
Decreases for tax positions taken in prior years | (2) |  |  | (11) |  |  | — |
Increases for tax positions taken in prior years | 1 |  |  | — |  |  | 19 |
Settlements with tax authorities/statute lapses | — |  |  | (1) |  |  | (1) |
Unrecognized tax benefits — end of year | $ | 24 |  |  | $ | 18 |  |  | $ | 26 |

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