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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Sep. 30, 2020
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,
 2020201920202019
 (in millions)
Change in pension benefit obligation:
Benefit obligation at beginning of period
$919 $844 $528 $452 
Service cost— — 4 4 
Interest cost28 32 10 13 
Actuarial loss (gain)37 95 11 109 
Benefit payments(64)(52)(17)(22)
Plan amendment
— — — 1 
Foreign currency exchange rate changes
— — 27 (29)
Benefit obligation at end of period$920 $919 $563 $528 
Accumulated benefit obligation$920 $919 $563 $528 
Change in plan assets:
Fair value of plan assets at beginning of period
$1,090 $1,090 $490 $436 
Actual return on plan assets114 52 5 93 
Company contribution2 — 22 10 
Benefit payments(64)(52)(17)(22)
Foreign currency exchange rate changes
— — 25 (27)
Fair value of plan assets at end of period
$1,142 $1,090 $525 $490 
Funded status at end of period$222 $171 $(38)$(38)
Recognized in consolidated balance sheets:
Non-current asset$229 $178 $— $— 
Current liability(1)(1)— — 
Non-current liability(6)(6)(38)(38)
Funded status at end of period$222 $171 $(38)$(38)
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,
 2020201920202019
 (in millions)
Net actuarial loss$135 $154 $93 $70 
Benefit obligations in excess of plan assets
Benefit obligations in excess of plan assets were as follows:
 U.S. PlansNon-U.S. Plans
September 30,September 30,
 2020201920202019
 (in millions)
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation at end of period$(7)$(7)$(563)$(528)
Fair value of plan assets at end of period$— $— $525 $490 
Projected benefit obligation in excess of plan assets
Benefit obligation at end of period$(7)$(7)$(563)$(528)
Fair value of plan assets at end of period$— $— $525 $490 
Net periodic benefit cost
Net periodic benefit cost consist of the following:
U.S. PlansNon-U.S. Plans
For the Years Ended September 30,
 202020192018202020192018
 (in millions)
Service cost$— $— $— $4 $4 $4 
Interest cost28 32 32 10 13 12 
Expected return on assets(72)(71)(70)(15)(18)(20)
Amortization of actuarial loss6 — — 2 — — 
Settlement loss8 7 3 — — — 
Total net periodic benefit cost$(30)$(32)$(35)$1 $(1)$(4)
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,
202020192018202020192018
 (in millions)
Current year actuarial loss (gain)$(5)$114 $(47)$21 $27 $30 
Amortization of actuarial (loss) gain(14)(7)(3)(2)— — 
Current year prior service cost— — — — 1 — 
Total recognized in other comprehensive income (loss)
$(19)$107 $(50)$19 $28 $30 
Total recognized in net periodic benefit cost and other comprehensive income (loss)
$(49)$75 $(85)$20 $27 $26 
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,
 202020192018202020192018
Discount rate for benefit obligation:
Pension2.88 %3.26 %4.23 %1.60 %1.80 %2.90 %
Discount rate for net periodic benefit cost:
Pension3.27 %4.23 %3.84 %1.80 %2.90 %2.70 %
Expected long-term rate of return on plan assets7.00 %7.00 %7.00 %3.00 %3.00 %4.25 %
Rate of increase(1) in compensation levels for:
Benefit obligationNANANA2.50 %2.50 %3.20 %
Net periodic benefit costNANANA2.50 %2.50 %3.20 %
(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 as of September 30, 2020 and 2019, 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
20202019202020192020201920202019
(in millions)
Cash equivalents$17 $18 $— $— $— $— $17 $18 
Collective investment funds— — 509 580 — — 509 580 
Corporate debt securities— — 373 188 — — 373 188 
U.S. government-sponsored debt securities
— — 30 35 — — 30 35 
U.S. Treasury securities
84 99 — — — — 84 99 
Asset-backed securities— — — — 37 37 37 37 
Equity securities92 133 — — — — 92 133 
Total
$193 $250 $912 $803 $37 $37 $1,142 $1,090 
Non-U.S. Plans
Fair Value Measurements at September 30 Using Inputs Considered as
Level 1Level 2Level 3Total
20202019202020192020201920202019
(in millions)
Cash and cash equivalents$6 $16 $— $— $— $— $6 $16 
Equity securities— 66 — — — — — 66 
Corporate debt securities— — 48 44 — — 48 44 
Asset-backed securities— — — — 67 51 67 51 
Equity funds— — 65 — — — 65 — 
Multi-asset securities(1)
— — 339 313 — — 339 313 
Total
$6 $82 $452 $357 $67 $51 $525 $490 
(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
Cash Flows
Expected future employer contributions and benefit payments are as follows:
U.S. PlansNon-U.S. Plans
(in millions)
Expected employer contributions
2021$1 $10 
Expected benefit payments
2021130 7 
202293 7 
202389 8 
202480 8 
202574 8 
2026-2030289 43