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Benefit Plans (Tables)
 12 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Net Pension and Other Postretirement Cost
Net pension cost for the years ended September 30 included the following components:
 Pension Plans
(Millions of dollars)202420232022
Service cost$88 $91 $134 
Interest cost139 129 77 
Expected return on plan assets(150)(141)(187)
Amortization of prior service credit(4)(7)(15)
Amortization of loss57 58 61 
Curtailments/settlement loss1 44 73 
Net pension cost$131 $174 $143 
Net pension cost included in the preceding table that is attributable to international plans$28 $25 $20 
Change in Benefit Obligation, Change in Fair Value of Plan Assets
The change in benefit obligation, change in fair value of pension plan assets, funded status and amounts recognized in the Consolidated Balance Sheets for these plans were as follows:
 Pension Plans
(Millions of dollars)20242023
Change in benefit obligation:
Beginning obligation$2,617 $2,634 
Service cost88 91 
Interest cost139 129 
Benefits paid(201)(67)
Actuarial gain241 (24)
Curtailments/settlements(21)(214)
Other, includes translation51 68 
Benefit obligation at September 30$2,913 $2,617 
Change in fair value of plan assets:
Beginning fair value$2,129 $2,242 
Actual return on plan assets395 33 
Employer contribution200 62 
Benefits paid(201)(67)
Settlements(21)(200)
Other, includes translation54 59 
Plan assets at September 30$2,557 $2,129 
Funded Status at September 30:
Unfunded benefit obligation$(356)$(488)
Amounts recognized in the Consolidated Balance
Sheets at September 30:
Other Assets$99 $81 
Salaries, wages and related items(12)(15)
Long-term Employee Benefit Obligations(443)(554)
Net amount recognized$(356)$(488)
Amounts recognized in Accumulated other
comprehensive income (loss) before income taxes at September 30:
Prior service credit$2 $3 
Net actuarial loss(636)(689)
Net amount recognized$(634)$(686)
Pension Plans with Accumulated Benefit Obligations
Pension plans with accumulated benefit obligations in excess of plan assets and plans with projected benefit obligations in excess of plan assets consist of the following at September 30:
 Accumulated Benefit
Obligation Exceeds the
Fair Value of Plan Assets		Projected Benefit
Obligation Exceeds the
Fair Value of Plan Assets
(Millions of dollars)2024202320242023
Projected benefit obligation$2,382 $2,140 $2,382 $2,159 
Accumulated benefit obligation$2,318 $2,088 
Fair value of plan assets$1,927 $1,575 $1,927 $1,591 
Weighted Average Assumptions Determining Pension Plan
The weighted average assumptions used in determining pension plan information were as follows:
202420232022
Net Cost
Discount rate:
U.S. plans (a)6.01 %5.62 %2.89 %
International plans4.52 4.26 1.75 
Expected return on plan assets:
U.S. plans7.29 7.25 6.25 
International plans5.30 5.02 4.84 
Rate of compensation increase:
U.S. plans4.00 4.51 4.31 
International plans2.81 2.86 2.63 
Cash balance plan interest crediting rate:
U.S. plans4.00 4.00 4.00 
International plans 2.16 1.98 2.02 
Benefit Obligation
Discount rate:
U.S. plans4.98 6.01 5.62 
International plans3.88 4.62 4.26 
Rate of compensation increase:
U.S. plans4.00 4.00 4.51 
International plans2.81 2.86 2.86 
Cash balance plan interest crediting rate:
U.S. plans4.00 4.00 4.00 
International plans 2.21 2.21 1.98 
(a)The Company calculated the service and interest components utilizing an approach that discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period.
Expected Benefit Payments
Expected benefit payments are as follows:
(Millions of dollars)Pension
Plans
2025$238 
2026239 
2027221 
2028216 
2029212 
2030-20341,008 
Fair Value Measurements of U.S. Plan Assets
The following table provides the fair value measurements of U.S. plan assets, as well as the measurement techniques and inputs utilized to measure fair value of these assets, at September 30, 2024 and 2023. The categorization of fund investments is based upon the categorization of these funds’ underlying assets.
Basis of fair value measurement (See Note 1)
(Millions of dollars)Total U.S.
Plan Asset
Balances		Investments Measured at Net Asset Value (a)Level 1Level 2Level 3
2024202320242023202420232024202320242023
Fixed Income:
Corporate bonds$518 $443 $— $— $296 $260 $222 $182 $— $— 
Government and agency-U.S.159 53 — — 149 43 10 10 — — 
Government and agency-Foreign31 17 — — — — 31 17 — — 
Other fixed income53 46 — — 25 24 28 22 — — 
Equity securities582 469 71 59 512 410 — — — — 
Cash and cash equivalents172 202 — — 172 202 — — — — 
Other162 151 75 79 87 72 — — — — 
Fair value of plan assets$1,676 $1,382 $146 $138 $1,240 $1,012 $291 $231 $— $— 
(a)As per applicable disclosure requirements, certain investments that were measured at net asset value per share or its equivalent have not been categorized within the fair value hierarchy. Values of such assets are based on the corroborated net asset value provided by the fund administrator.
Fair Value Measurements of Foreign Plan Assets
The following table provides the fair value measurements of international plan assets, as well as the measurement techniques and inputs utilized to measure fair value of these assets, at September 30, 2024 and 2023.
Basis of fair value measurement (See Note 1)
(Millions of dollars)Total International
Plan Asset
Balances		Level 1Level 2Level 3 (a)
20242023202420232024202320242023
Fixed Income:
Corporate bonds$114 $122 $92 $100 $9 $10 $13 $12 
Government and agency-U.S.9 9 7 8 2 2 — — 
Government and agency-Foreign223 197 188 165 28 26 7 6 
Other fixed income52 43 44 34 9 9 — — 
Equity securities196 173 166 147 — 1 30 25 
Cash and cash equivalents13 10 11 8 — — 2 2 
Real estate44 36 1 1 34 26 9 9 
Insurance contracts113 103 — — — — 113 103 
Other117 55 92 35 3 1 22 19 
Fair value of plan assets$880 $748 $600 $499 $85 $74 $195 $175 
(a)Changes in the fair value of international pension assets measured using Level 3 inputs for the years ended September 30, 2024 and 2023 were immaterial.