XML 64 R49.htm IDEA: XBRL DOCUMENT v3.25.3
Retirement Benefits (Tables)
 12 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost (Income)
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 
Schedule of Assumptions Used
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 %— — — 
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.
Schedule of Net Funded Status
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)
Schedule of Amounts Recognized in Balance Sheet
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)$(45)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Amounts included in Accumulated other comprehensive loss, net of tax, which have not yet been recognized in net periodic benefit cost are as follows (in millions):
 Pension BenefitsOther Postretirement Benefits
 2025202420252024
Prior service (credit) cost$(154)$(153)$4 $4 
Net actuarial loss475 571 10 9 
Total$321 $418 $14 $13 
Schedule of Accumulated and Projected Benefit Obligations
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 
Schedule of Expected Benefit Payments
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 
Schedule of Weighted Average Allocation of Plan Assets 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%
Schedule of Allocation of Plan Assets
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 
Defined Benefit Plan Change in Fair Value of Plan Assets Level Three
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