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Employee Benefit Plans (Tables)

12 Months Ended

Sep. 30, 2025

Change in Benefit Obligations and Change in Plan Assets

The following provides information about projected benefit obligations, plan assets, the funded status and weighted-average assumptions of the defined benefit pension and postretirement benefit plans:


	Years Ended September 30
	2025					2024					2025						2024
	Pension Benefits										Postretirement Benefits
	U.S.		Foreign			U.S.		Foreign			U.S.			Foreign			U.S.			Foreign
	(In millions)
Change in Benefit Obligations:
Benefit obligation at beginning of year	$	2	$	155		$	2	$	139		$	13		$	12		$	14		$	11
Service cost		—		3			—		3			—			—			—			—
Interest cost		—		6			—		8			1			—			—			1
Plan participants’ contribution		—		1			—		1			—			—			—			—
Foreign currency exchange rate changes		—		—			—		5			—			—			—			—
(Gain) loss from changes in actuarial assumptions and plan experience		—		(4	)		—		12			—			—			1			2
Benefits paid		—		(8	)		—		(8	)		(2	)		(1	)		(2	)		(1	)
Plan Amendments		—		3			—		—			—			—			—			—
Settlements or curtailments		—		(4	)		—		(5	)		—			—			—			(1	)
Benefit obligation at end of year	$	2	$	152		$	2	$	155		$	12		$	11		$	13		$	12


	Years Ended September 30
	2025						2024						2025						2024
	Pension Benefits												Postretirement Benefits
	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
	(In millions)
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	—		$	156		$	—		$	144		$	—		$	—		$	—		$	—
Actual return on plan assets		—			3			—			13			—			—			—			—
Employer contribution		—			4			—			4			2			1			2			2
Plan participants’ contribution		—			1			—			1			—			—			—			—
Foreign currency exchange rate changes		—			(1	)		—			7			—			—			—			—
Benefits paid		—			(8	)		—			(8	)		(2	)		(1	)		(2	)		(1	)
Settlements or curtailments		—			(4	)		—			(5	)		—			—			—			(1	)
Fair value of plan assets at end of year	$	—		$	151		$	—		$	156		$	—		$	—		$	—		$	—
Funded status	$	(2	)	$	(1	)	$	(2	)	$	1		$	(12	)	$	(11	)	$	(13	)	$	(12	)
Recognized asset (liability)	$	(2	)	$	(1	)	$	(2	)	$	1		$	(12	)	$	(11	)	$	(13	)	$	(12	)

Assumptions Used to Determine Pension Benefit Obligations and Periodic Benefit Costs, Postretirement Benefit Obligations and Net Costs

Pension Assumptions and Strategy

The following assumptions were used to determine the pension benefit obligations and periodic benefit costs as of and for the years ended September 30:


	2025						2024						2023
	Pension Benefits
	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
Actuarial assumptions as of the year-end measurement date:
Discount rate		4.9	%		4.3	%		5.1	%		4.1	%		6.0	%		4.7	%
Rate of increase in compensation	N/A				2.9	%	N/A				2.9	%	N/A				3.0	%
Cash balance interest credit rate		3.0	%		2.2	%		2.0	%		2.2	%		2.0	%		2.1	%
Actuarial assumptions used to determine net periodic benefit cost during the year:
Discount rate - benefit obligation		5.1	%		4.1	%		6.0	%		4.7	%		5.6	%		4.5	%
Discount rate - service cost	N/A				3.2	%	N/A				3.9	%	N/A				3.6	%
Discount rate - interest cost		4.9	%		3.9	%		6.0	%		4.7	%		5.3	%		4.5	%
Expected long-term rate of return on plan assets	N/A				4.9	%	N/A				5.2	%	N/A				5.1	%
Rate of increase in compensation	N/A				2.9	%	N/A				3.0	%	N/A				3.0	%
Cash balance interest credit rate		2.0	%		2.2	%		2.0	%		2.1	%		2.0	%		2.0	%

Postretirement Assumptions and Strategy

The following assumptions were used to determine the postretirement benefit obligations and net costs as of and for the years ended September 30:


	2025						2024						2023
	Postretirement Benefits
	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
Actuarial assumptions as of the year-end measurement date:
Discount rate		5.1	%		5.1	%		5.1	%		4.8	%		6.0	%		5.7	%
Initial health care cost trend rate		7.0	%		6.1	%		5.0	%		6.3	%		5.0	%		6.4	%
Actuarial assumptions used to determine net cost during the year:
Discount rate - benefit obligation		5.1	%		4.8	%		6.0	%		5.7	%		5.6	%		5.1	%
Discount rate - service cost		4.9	%		4.8	%		6.0	%		5.6	%		5.4	%		5.1	%
Discount rate - interest cost		5.0	%		4.6	%		5.9	%		5.7	%		5.3	%		5.1	%
Initial health care cost trend rate		5.0	%		6.3	%		5.0	%		6.4	%		—	%		6.8	%

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets at September 30, 2025 and 2024 related to the Company's defined benefit pension and postretirement benefit plans were as follows:


	September 30
	2025						2024						2025						2024
	Pension Benefits												Postretirement Benefits
	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
	(In millions)
Other assets	$	—		$	28		$	—		$	31		$	—		$	—		$	—		$	—
Accounts payable and accrued liabilities	$	—		$	(2	)	$	—		$	(2	)	$	(2	)	$	(1	)	$	(2	)	$	(1	)
Other liabilities	$	(2	)	$	(27	)	$	(2	)	$	(28	)	$	(10	)	$	(10	)	$	(11	)	$	(11	)

Amounts Recognized in AOCI

Amounts recognized in AOCI at September 30, 2025 and 2024 related to the Company's defined benefit pension and postretirement benefit plans were as follows:


	September 30
	2025					2024					2025						2024
	Pension Benefits										Postretirement Benefits
	U.S.		Foreign			U.S.		Foreign			U.S.			Foreign			U.S.			Foreign
	(In millions)
Net actuarial (gain) loss	$	—	$	32		$	—	$	32		$	(4	)	$	(4	)	$	(5	)	$	(4	)
Net prior service credit		—		(1	)		—		(1	)		—			—			—			—
Balance in accumulated other comprehensive (income) loss, pretax	$	—	$	31		$	—	$	31		$	(4	)	$	(4	)	$	(5	)	$	(4	)

Estimated Future Benefit Payments

The Company expects that the following benefit payments will be made to plan participants in the years from 2026 to 2035:


	Pension Benefits				Postretirement Benefits
Years Ending September 30	U.S.		Foreign		U.S.		Foreign
	(In millions)
2026	$	—	$	10	$	2	$	1
2027	$	—	$	10	$	2	$	1
2028	$	—	$	11	$	1	$	1
2029	$	—	$	10	$	1	$	1
2030	$	—	$	11	$	1	$	1
2031 - 2035	$	1	$	55	$	5	$	4

Net Periodic Defined Benefit Pension and Other Postretirement Benefit Costs

Net periodic defined benefit pension and other postretirement benefit costs include the following components:


	Years Ended September 30
	2025					2024					2023					2025					2024						2023
	Pension Benefits															Postretirement Benefits
	U.S.		Foreign			U.S.		Foreign			U.S.		Foreign			U.S.			Foreign		U.S.			Foreign			U.S.			Foreign
	(In millions)
Service cost	$	—	$	3		$	—	$	3		$	—	$	3		$	—		$	—	$	—		$	—		$	—		$	—
Interest cost		—		6			—		8			—		7			1			—		1			1			1			1
Expected return on plan assets		—		(8	)		—		(9	)		—		(7	)		—			—		—			—			—			—
Amortization of net (gains) losses		—		3			—		—			—		(1	)		(1	)		—		(1	)		(1	)		(1	)		—
Net periodic (benefit) cost	$	—	$	4		$	—	$	2		$	—	$	2		$	—		$	—	$	—		$	—		$	—		$	1

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss), Pre-Tax

Other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) are as follows:


	Years Ended September 30
	2025					2024					2023				2025				2024				2023
	Pension Benefits														Postretirement Benefits
	U.S.		Foreign			U.S.		Foreign			U.S.		Foreign		U.S.		Foreign		U.S.		Foreign		U.S.			Foreign
	(In millions)
Net (gains) losses	$	—	$	—		$	—	$	9		$	—	$	1	$	—	$	—	$	—	$	2	$	(1	)	$	(3	)
Prior service (credit) cost		—		3			—		(1	)		—		—		—		—		—		—		—			—
Amortization of prior unrecognized gains (losses)		—		(3	)		—		—			—		1		1		—		2		—		1			—
Net changes recognized in Total other comprehensive (income) loss (1)	$	—	$	—		$	—	$	8		$	—	$	2	$	1	$	—	$	2	$	2	$	—		$	(3	)

(1)

The tax impact on pension and other postretirement benefit liability adjustments arising during the period was a tax benefit of less than $1 million, a tax benefit of $2 million, and a tax provision of less than $1 million for fiscal 2025, 2024 and 2023, respectively.

Defined Benefit Pension Plans Weighted-Average Asset Allocations

The Company’s foreign defined benefit pension plans' weighted-average asset allocations at September 30, 2025 and 2024 by asset category, are as follows:


	September 30
	2025			2024
Equity securities		19	%		19	%
Debt securities		32	%		33	%
Real estate		12	%		11	%
Cash and other securities		37	%		37	%
Total		100	%		100	%

Fair Value of Pension Plan Assets by Asset Category

The fair value of the Company’s pension plan assets at September 30, 2025 and 2024 by asset category is as follows:


	September 30
	2025						2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Total
	(In millions)
Cash	$	4	$	—	$	4	$	1	$	—	$	1
Direct investments:
Non-U.S. equities		8		—		8		7		—		7
Non-U.S. government bonds		2		—		2		2		—		2
Non-U.S. corporate bonds		3		—		3		3		1		4
Other fixed income		1		—		1		1		—		1
Total direct investments		14		—		14		13		1		14
Investment funds:
Equity funds(1)		—		22		22		—		16		16
Fixed income funds(2)		—		44		44		—		46		46
Real estate funds(3)		—		11		11		—		18		18
Other investment funds		—		7		7		—		6		6
Total investment funds		—		84		84		—		86		86
Alternative investments:
Insurance contracts(4)		—		47		47		—		54		54
Other alternative investments		—		2		2		—		1		1
Total alternative investments		—		49		49		—		55		55
Total pension plan assets	$	18	$	133	$	151	$	14	$	142	$	156

(1)

The equity funds asset class includes funds that invest in U.S. equities as well as equity securities issued by companies incorporated, listed or domiciled in countries in developed and/or emerging markets. These companies may be in the small-, mid- or large-cap categories.

(2)

The fixed income funds asset class includes investments in high quality funds. High quality fixed income funds primarily invest in low-risk U.S. and non-U.S. government securities, investment-grade corporate bonds, mortgages and asset-backed securities. A significant portion of the fixed income funds include investment in long-term bond funds.

(3)

The real estate funds asset class includes funds that primarily invest in entities which are principally engaged in the ownership, acquisition, development, financing, sale and/or management of income-producing real estate properties, both commercial and residential. These funds typically seek long-term growth of capital and current income that is above average relative to public equity funds.

(4)

Insurance contracts held by the Company’s non-U.S. plans are issued by well-known, highly rated insurance companies.