v3.22.2.2
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Change in benefit obligations and plan assets
A reconciliation of pension benefit obligations, plan assets, funded status and amounts recognized in the Company’s consolidated balance sheets were as follows:
U.S. PlansNon-U.S. Plans
 September 30,September 30,
 2022202120222021
 (in millions)
Change in pension benefit obligation:
Benefit obligation at beginning of period
$877 $920 $520 $563 
Service cost— — 3 4 
Interest cost24 25 10 10 
Actuarial (gain) loss(185)(8)(174)(53)
Benefit payments(53)(60)(14)(28)
Foreign currency exchange rate changes
— — (67)24 
Benefit obligation at end of period$663 $877 $278 $520 
Accumulated benefit obligation$663 $877 $278 $520 
Change in plan assets:
Fair value of plan assets at beginning of period
$1,288 $1,142 $548 $525 
Actual return on plan assets(275)205 (151)9 
Company contribution— 1 20 21 
Benefit payments(53)(60)(14)(28)
Foreign currency exchange rate changes
— — (76)21 
Fair value of plan assets at end of period
$960 $1,288 $327 $548 
Funded status at end of period$297 $411 $49 $28 
Recognized in consolidated balance sheets:
Non-current asset$302 $417 $51 $30 
Current liability(1)(1)— — 
Non-current liability(4)(5)(2)(2)
Funded status at end of period$297 $411 $49 $28 
Amounts recognized in accumulated other comprehensive income (loss) before tax
Amounts recognized in accumulated other comprehensive income (loss) before tax consist of the following: 
U.S. PlansNon-U.S. Plans
September 30,September 30,
 2022202120222021
 (in millions)
Net actuarial (gain) loss$150 $(11)$35 $47 
Net periodic benefit cost
Net periodic benefit cost consists of the following:
U.S. PlansNon-U.S. Plans
For the Years Ended September 30,
 202220212020202220212020
 (in millions)
Service cost$— $— $— $3 $4 $4 
Interest cost24 25 28 10 10 10 
Expected return on assets(80)(70)(72)(18)(17)(15)
Amortization of actuarial (gain) loss — 3 6 — 4 2 
Settlement (gain) loss10 (1)8 — 2 — 
Total net periodic benefit cost$(46)$(43)$(30)$(5)$3 $1 
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) consist of the following: 
U.S. PlansNon-U.S. Plans
For the Years Ended September 30,
202220212020202220212020
 (in millions)
Current year actuarial (gain) loss $170 $(143)$(5)$(5)$(45)$21 
Amortization of actuarial gain (loss) — (3)(14)— (6)(2)
Total recognized in other comprehensive (income) loss$170 $(146)$(19)$(5)$(51)$19 
Total recognized in net periodic benefit cost and other comprehensive (income) loss$124 $(189)$(49)$(10)$(48)$20 
Weighted average actuarial assumptions
Weighted-average actuarial assumptions used to estimate the benefit obligation and net periodic benefit cost were as follows:
U.S. PlansNon-U.S. Plans
 For the Years Ended September 30,
 202220212020202220212020
Discount rate for benefit obligation:
Pension5.52 %2.98 %2.88 %5.00 %2.10 %1.60 %
Discount rate for net periodic benefit cost:
Pension2.98 %2.88 %3.27 %2.10 %1.60 %1.80 %
Expected long-term rate of return on plan assets6.50 %6.50 %7.00 %3.50 %3.50 %3.00 %
Rate of increase(1) in compensation levels for:
Benefit obligationNA NA NA2.50 %2.50 %2.50 %
Net periodic benefit costNA NA NA2.50 %2.50 %2.50 %
(1)This assumption is not applicable for the U.S. plans due to the amendment of the U.S. qualified defined benefit pension plan in October 2015, which discontinued the employer provided credits effective after December 31, 2015.
Pension plan investments at fair value
The following tables set forth by level, within the fair value hierarchy, the pension plans’ investments at fair value, including the impact of transactions that were not settled at the end of September:
U.S. Plans
Fair Value Measurements at September 30 Using Inputs Considered as
Level 1Level 2Level 3Total
20222021202220212022202120222021
(in millions)
Cash equivalents$40 $20 $— $— $— $— $40 $20 
Collective investment funds— — 319 548 — — 319 548 
Corporate debt securities— — 392 455 — — 392 455 
U.S. government-sponsored debt securities
— — 22 28 — — 22 28 
U.S. Treasury securities
101 105 — — — — 101 105 
Asset-backed securities— — — — 29 31 29 31 
Equity securities57 101 — — — — 57 101 
Total
$198 $226 $733 $1,031 $29 $31 $960 $1,288 
Non-U.S. Plans
Fair Value Measurements at September 30 Using Inputs Considered as
Level 1Level 2Level 3Total
20222021202220212022202120222021
(in millions)
Cash and cash equivalents$3 $18 $— $— $— $— $3 $18 
Corporate debt securities— — 91 51 — — 91 51 
Asset-backed securities— — — — 45 78 45 78 
Equity funds— — 13 68 — — 13 68 
Multi-asset securities(1)
— — 175 333 — — 175 333 
Total
$3 $18 $279 $452 $45 $78 $327 $548 
(1)Multi-asset securities represent pension plan assets that are invested in funds comprised of broad ranges of assets.
Expected future employer contributions and benefit payments
Expected future employer contributions and benefit payments are as follows:
U.S. PlansNon-U.S. Plans
(in millions)
Expected employer contributions
2023$1 $17 
Expected benefit payments
2023$109 $6 
2024$75 $6 
2025$71 $6 
2026$66 $6 
2027$63 $7 
2028-2032$245 $37