Income Taxes

9 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Effective Tax Rate

	Three Months Ended 30 June				Nine Months Ended 30 June
	2026		2025		2026		2025
Income tax expense (benefit)	($515.4)		$159.6		($197.3)		($205.5)
Income (Loss) from continuing operations before taxes	(1,937.7)		890.8		(203.4)		(562.0)
Effective tax rate	26.6	%	17.9	%	97.0	%	36.6	%

As discussed in Note 4, Business and Asset Actions, to the consolidated financial statements, we recorded charges for business and asset actions, primarily related to project exit decisions, that contributed to significant variability in our effective tax rate for the periods presented. Net tax benefits of $698.5 associated with these charges during the first nine months of fiscal year 2026 were recorded primarily during the third quarter and consisted primarily of tax benefits recognized at local statutory income tax rates in the U.S. In the prior year, a net tax benefit of $649.3 was recognized primarily during the second quarter. This included $22.5 to establish reserves for uncertain tax positions associated with the deductibility of charges incurred by subsidiaries, as well as a $15.2 cost primarily attributable to lower U.S. tax benefits on foreign-derived income. The net tax benefit also included a $41.8 increase in our valuation allowance related to tax benefits arising from foreign business and asset actions for which no income tax benefit could be recognized.

The prior year net income tax benefit also included several discrete tax items that affected the effective tax rate. This included a $34.9 tax benefit, net of a $67.8 reserve for an uncertain tax position, related to our intent to file a refund claim associated with deemed foreign dividends under the Tax Cuts and Jobs Act. Additionally, we recorded a $14.6 net tax benefit associated with shareholder activism-related costs as well as a $31.4 tax expense related to estimated withholding taxes on certain foreign earnings no longer considered indefinitely reinvested.

Cash Paid for Taxes, Net of Refunds

Income tax payments, net of refunds, were $388.8 and $856.1 for the nine months ended 30 June 2026 and 2025, respectively. Fiscal year 2025 included tax payments related to the sale of the LNG business.