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Retirement Benefits
 12 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Retirement Benefits Retirement Benefits
We sponsor funded and unfunded pension plans and other postretirement benefit plans for our employees. The pension plans provide for monthly pension payments to eligible employees after retirement. Pension benefits for salaried employees generally are based on years of credited service and average earnings. Pension benefits for hourly employees are primarily based on specified benefit amounts and years of service. Effective July 1, 2010, we closed participation in our U.S. and Canada pension plans to employees hired after June 30, 2010. Employees hired after June 30, 2010, are instead eligible to participate in defined contribution plans. Effective October 1, 2010, we also closed participation in our U.K. pension plan to employees hired after September 30, 2010, and these employees are now eligible for a defined contribution plan. Benefits to be provided to plan participants hired before July 1, 2010, or October 1, 2010, respectively, are not affected by these changes. Our policy with respect to funding our pension obligations is to fund at a minimum the amount required by applicable laws and governmental regulations. We were not required to make contributions to satisfy minimum funding requirements in our U.S. pension plans in 2025, 2024, or 2023. We made a voluntary contribution of $70 million to our U.S. qualified pension plan in 2025. We did not make voluntary contributions to our U.S. qualified pension plan in 2024 or 2023.
We sponsor various defined contribution savings plans that allow eligible employees to contribute a portion of their income in accordance with plan specific guidelines. We contribute to savings plans and/or will match a percentage of the employee contributions up to certain limits. The Company contributions to defined contribution plans are based on age and years of service and range from 3% to 7% of eligible compensation. Expense related to these plans was $85 million in 2025, $92 million in 2024, and $77 million in 2023.
Other postretirement benefits are primarily in the form of retirement medical plans that cover certain employees in the U.S. and Canada and provide for the payment of certain medical costs of eligible employees and dependents after retirement. The postretirement benefit plan was closed to employees hired after December 31, 2004.
Net Periodic Benefit Cost
The components of net periodic benefit cost were (in millions):
 Pension BenefitsOther Postretirement Benefits
 202520242023202520242023
Service cost$41 $37 $42 $1 $1 $1 
Interest cost136 147 150 2 3 3 
Expected return on plan assets(167)(170)(191)— — — 
Amortization of net actuarial loss (gain)27 (1)(2)2 1 — 
Settlement and curtailment charges1 — 123 — — — 
Net periodic benefit cost$38 $13 $122 $5 $5 $4 
The service cost component is included in Cost of sales, Selling, general and administrative expenses, and Engineering and development in the Consolidated Statement of Operations. All other components are included in Other (expense) income in the Consolidated Statement of Operations.
Significant assumptions used in determining net periodic benefit cost were (in weighted averages):
Pension BenefitsOther Postretirement Benefits
 202520242023202520242023
U.S. Plans      
Discount rate5.10 %6.10 %5.65 %4.91 %5.95 %5.70 %
Expected return on plan assets7.00 %7.00 %7.00 %— — — 
Compensation increase rate3.60 %3.60 %3.30 %— — — 
Non-U.S. Plans
Discount rate3.87 %4.65 %4.35 %4.45 %5.75 %5.10 %
Expected return on plan assets5.24 %5.13 %4.93 %— — — 
Compensation increase rate3.22 %3.24 %3.03 %— — — 
Net Benefit Obligation
Benefit obligation, plan assets, funded status, and net liability information is summarized as follows (in millions):
 Pension BenefitsOther Postretirement Benefits
 2025202420252024
Benefit obligation at beginning of year$3,078 $2,751 $45 $46 
Service cost41 37 1 1 
Interest cost136 147 2 3 
Actuarial (gains) losses(123)322 4 5 
Plan participant contributions2 2 5 4 
Benefits paid(208)(213)(15)(13)
Settlements and curtailments (5)(5)— — 
Currency translation and other10 37 (1)(1)
Benefit obligation at end of year2,931 3,078 41 45 
Plan assets at beginning of year2,779 2,457 — — 
Actual return on plan assets143 464 — — 
Company contributions88 27 10 9 
Plan participant contributions2 2 5 4 
Benefits paid(208)(213)(15)(13)
Settlements(4)(5)— — 
Currency translation and other10 47 — — 
Plan assets at end of year2,810 2,779 — — 
Funded status of plans$(121)$(299)$(41)$(45)
Net amount on balance sheet consists of
Other assets$222 $184 $— $— 
Compensation and benefits(20)(19)(6)(7)
Retirement benefits(323)(464)(35)(38)
Net amount on balance sheet$(121)$(299)$(41)$(45)
The actuarial gains recorded within the benefit obligation in 2025 were primarily the result of an increase in the discount rate for the U.S. Plans, which increased from 5.10% in 2024 to 5.35% in 2025. The actuarial losses recorded within the benefit obligation in 2024 were primarily the result of a decrease in the discount rate for the U.S. Plans, which decreased from 6.10% in 2023 to 5.10% in 2024. Approximately 69 percent of our 2025 global projected benefit obligation relates to our U.S. pension plan.
Amounts included in Accumulated other comprehensive loss, net of tax, which have not yet been recognized in net periodic benefit cost are as follows (in millions):
 Pension BenefitsOther Postretirement Benefits
 2025202420252024
Prior service (credit) cost$(154)$(153)$4 $4 
Net actuarial loss475 571 10 9 
Total$321 $418 $14 $13 
During 2025, we recognized settlement and curtailment charges of $1 million ($1 million net of tax) and net actuarial losses of $29 million ($22 million net of tax) in pension and other postretirement net periodic benefit cost, which were included in Accumulated other comprehensive loss at September 30, 2024.
The accumulated benefit obligation for our pension plans was $2,771 million and $2,895 million at September 30, 2025 and 2024, respectively.
Information regarding our pension plans with projected benefit obligations in excess of the fair value of plan assets (underfunded plans) are as follows (in millions):
20252024
Projected benefit obligation$2,185 $2,303 
Fair value of plan assets1,842 1,821 
Information regarding our pension plans with accumulated benefit obligations in excess of the fair value of plan assets (underfunded plans) are as follows (in millions):
20252024
Accumulated benefit obligation$274 $2,136 
Fair value of plan assets9 1,809 
Significant assumptions used in determining the benefit obligations were (in weighted averages):
Pension BenefitsOther Postretirement Benefits
 2025202420252024
U.S. Plans    
Discount rate5.35 %5.10 %5.07 %4.91 %
Compensation increase rate3.50 %3.60 %— — 
Health care cost trend rate (1)
— — 7.53 %14.35 %
Non-U.S. Plans 
Discount rate4.07 %3.87 %4.45 %4.45 %
Compensation increase rate2.85 %3.22 %— — 
Health care cost trend rate (1)
— — 4.50 %4.50 %
(1) The health care cost trend rate reflects the estimated increase in gross medical claims costs. As a result of the plan amendment adopted effective October 1, 2002, our effective per person retiree medical cost increase is zero percent beginning in 2005 for the majority of our postretirement benefit plans. For our other plans, we assume the gross health care cost trend rate will decrease to 7.53% in 2026 and decrease to 4.97% in 2027 for U.S. Plans and will not change in future periods for Non-U.S. Plans.
Estimated Future Payments
We expect to contribute $23 million related to our global pension plans and $6 million to our postretirement benefit plans in 2026.
The following benefit payments, which include employees’ expected future service, as applicable, are expected to be paid (in millions):
Pension BenefitsOther
Postretirement Benefits
2026$305 $6 
2027239 6 
2028231 5 
2029234 5 
2030236 4 
2031-20351,114 15 
Plan Assets
In determining the expected long-term rate of return on assets assumption, we consider actual returns on plan assets over the long term, adjusted for forward-looking considerations, such as inflation, interest rates, equity performance, and the active management of the plan’s invested assets. We also considered our current and expected mix of plan assets in setting this assumption. This resulted in the selection of the weighted average long-term rate of return on assets assumption. Our global weighted average targeted and actual asset allocations at September 30, by asset category, are:
 TargetSeptember 30,
Asset CategoryAllocations20252024
Equity securities39%45%48%
Debt securities50%46%46%
Other11%9%6%
The investment objective for pension funds related to our defined benefit plans is to meet the plan’s benefit obligations, while maximizing the long-term growth of assets without undue risk. We strive to achieve this objective by investing plan assets within target allocation ranges and diversification within asset categories. Target allocation ranges are guidelines that are adjusted periodically based on ongoing monitoring by plan fiduciaries. Investment risk is controlled by rebalancing to target allocations on a periodic basis and ongoing monitoring of investment manager performance relative to the investment guidelines established for each manager.
As of September 30, 2025 and 2024, our pension plans do not directly own our common stock.
In certain countries where we operate, there are no legal requirements or financial incentives provided to companies to pre-fund pension obligations. In these instances, we typically make benefit payments directly from cash as they become due, rather than by creating a separate pension fund.
The valuation methodologies used for our pension plans’ investments measured at fair value are described as follows. There have been no changes in the methodologies used at September 30, 2025 and 2024.
Preferred and common stock — Valued at the closing price reported on the active market on which the individual securities are traded.
Mutual funds — Valued at the closing price reported on the active market on which the individual funds are traded.
Preferred and corporate debt — Valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risks.
Government securities — Valued at the most recent closing price on the active market on which the individual securities are traded or, absent an active market, utilizing observable inputs such as closing prices in less frequently traded markets.
Common collective trusts — Valued by the custodian of the fund based on the fair value of the underlying assets owned by the fund, minus its liabilities, then divided by the number of units outstanding. This amount represents the readily determinable fair value and basis for current transactions.
Private equity and alternative equity — Valued at the estimated fair value, as determined by and subject to the judgment of, the respective fund manager based on the NAV of the investment units held at year end.
Real estate funds — Consists of the real estate funds, which provide an indirect investment into a diversified and multi-sector portfolio of property assets. Publicly-traded real estate funds are valued at the most recent closing price reported on the SIX Swiss Exchange. The remainder is valued at the estimated fair value, as determined by the respective fund manager, based on the NAV of the investment units held at year end, which is subject to judgment.
Insurance contracts — Valued at the aggregate amount of accumulated contribution and investment income, less amounts used to make benefit payments and administrative expenses, which approximates fair value.
Other — Consists of other fixed income investments and common collective trusts with a mix of equity and fixed income underlying assets. Other fixed income investments are valued at the most recent closing price reported in the markets in which the individual securities are traded, which may be infrequently.
Refer to Note 1 for further information regarding levels in the fair value hierarchy.
In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the NAV (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the consolidated financial statements.
The following table presents our pension plans’ investments measured at fair value as of September 30, 2025 (in millions):
Level 1Level 2Level 3Total
U.S. Plans
Cash and cash equivalents$88 $— $— $88 
Equity securities
Preferred and common stock419 — — 419 
Common collective trusts— 415 — 415 
Fixed income securities
Preferred and corporate debt— 478 — 478 
Government securities265 30 — 295 
Common collective trusts— 120 — 120 
Total U.S. Plans investments in fair value hierarchy$772 $1,043 $— 1,815 
U.S. Plans investments measured at NAV
Private equity and alternative equity6 
Total U.S. Plans investments1,821 
Non-U.S. Plans
Cash and cash equivalents$8 $— $— $8 
Equity securities
Preferred and common stock200 — — 200 
Common collective trusts— 218 — 218 
Fixed income securities
Preferred and corporate debt— 79 — 79 
Government securities1 — — 1 
Common collective trusts— 327 — 327 
Other types of investments
Real estate funds— 60 — 60 
Insurance contracts— — 73 73 
Other— — 1 1 
Total Non-U.S. Plans investments in fair value hierarchy$209 $684 $74 $967 
Non-U.S. Plans investments measured at NAV
Real estate funds23 
Total Non-U.S. Plans investments989 
Total investments measured at fair value$2,810 
The following table presents our pension plans’ investments measured at fair value as of September 30, 2024 (in millions):
Level 1Level 2Level 3Total
U.S. Plans
Cash and cash equivalents$2 $— $— $2 
Equity securities
Preferred and common stock403 — — 403 
Common collective trusts— 524 — 524 
Fixed income securities
Preferred and corporate debt— 431 — 431 
Government securities283 31 — 314 
Common collective trusts— 116 — 116 
Total U.S. Plans investments in fair value hierarchy$688 $1,102 $— 1,790 
U.S. Plans investments measured at NAV
Private equity and alternative equity10 
Total U.S. Plans investments1,800 
Non-U.S. Plans
Cash and cash equivalents$6 $— $— $6 
Equity securities
Preferred and common stock192 — — 192 
Common collective trusts— 218 — 218 
Fixed income securities
Preferred and corporate debt— 80 — 80 
Government securities1 — — 1 
Common collective trusts— 333 — 333 
Other types of investments
Real estate funds— 54 — 54 
Insurance contracts— — 72 72 
Other— — 2 2 
Total Non-U.S. Plans investments in fair value hierarchy$199 $685 $74 958 
Non-U.S. Plans investments measured at NAV
Real estate funds21 
Total Non-U.S. Plans investments979 
Total investments measured at fair value$2,779 
The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2025 (in millions):
 Balance
October 1, 2024		Realized Gains (Losses)Unrealized Gains (Losses)Purchases, Sales, Issuances, and Settlements, NetBalance September 30, 2025
Non-U.S. Plans
Insurance contracts$72 $— $2 $(1)$73 
Other2 — — (1)1 
 $74 $— $2 $(2)$74 
The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2024 (in millions):
Balance
October 1, 2023		Realized Gains (Losses)Unrealized Gains (Losses)Purchases, Sales, Issuances, and Settlements, NetBalance September 30, 2024
Non-U.S. Plans
Insurance contracts$65 $— $8 $(1)$72 
Other3 — — (1)2 
 $68 $— $8 $(2)$74