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Pension and Retirement Plans
 12 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
PENSION AND RETIREMENT PLANS PENSION AND RETIREMENT PLANS
Unless otherwise noted, all activities and amounts reported in this footnote include both continuing operations of the Company and activities and amounts related to the R&LC HVAC business. See Note 2, "Acquisitions and Divestitures" for additional details regarding divestiture of the R&LC HVAC business.

Pension Benefits

The Company has non-contributory defined benefit pension plans covering certain U.S. and non-U.S. employees. The benefits provided are primarily based on years of service and average compensation or a monthly retirement benefit amount. The Company’s U.S. pension plans no longer allow new participants to enter the plans and no longer accrue benefits. Funding for U.S. pension plans equals or exceeds the minimum requirements of the Employee Retirement Income Security Act of 1974.

Funding for non-U.S. plans observes the local legal and regulatory limits. Also, the Company makes contributions to union-trusteed pension funds for construction and service personnel.

The following table includes information for pension plans with accumulated benefit obligations ("ABO") in excess of plan assets (in millions):
September 30,
20252024
Accumulated benefit obligation$1,758 $331 
Fair value of plan assets1,595 149 
The following table includes information for pension plans with projected benefit obligations ("PBO") in excess of plan assets (in millions):
September 30,
20252024
Projected benefit obligation$1,806 $344 
Fair value of plan assets1,607 163 

The Company contributed $31 million to the defined benefit plans in fiscal 2025 and expects to contribute approximately $21 million in cash in fiscal 2026. None of the contributions made by the Company were voluntary.

Projected benefit payments from the plans as of September 30, 2025 are estimated as follows (in millions):

2026$259 
2027223 
2028218 
2029216 
2030217 
2031 - 20351,051 

Postretirement Benefits

The Company provides certain health care and life insurance benefits for eligible retirees and their dependents primarily in the U.S. and Canada. Most non-U.S. employees are covered by government sponsored programs. The cost to the Company is not significant.

Eligibility for coverage is based on meeting certain years of service and retirement age qualifications. These benefits may be subject to deductibles, co-payment provisions and other limitations. The Company has reserved the right to modify these benefits.

The health care cost trend assumption does not have a significant effect on the amounts reported.

The following table includes information for postretirement plans with accumulated postretirement benefit obligations ("APBO") in excess of plan assets (in millions):

September 30,
20252024
Accumulated postretirement benefit obligation$48 $56 
Fair value of plan assets24 26 

Defined Contribution Plans

The Company sponsors various defined contribution savings plans that allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance with plan specified guidelines. Under specified conditions, the Company will contribute to certain savings plans based on predetermined percentages of compensation earned by the employee and/or will match a percentage of the employee contributions up to certain limits. Defined contribution plan contributions charged to expense amounted to $192 million, $208 million and $209 million during the years ended September 30, 2025, 2024 and 2023, respectively.

Multiemployer Benefit Plans

The Company contributes to multiemployer benefit plans based on obligations arising from collective bargaining agreements related to certain of its hourly employees in the U.S and Canada. These plans provide retirement benefits to participants based on their service to contributing employers. The benefits are paid from assets held in trust for that purpose. The trustees typically
are responsible for determining the level of benefits to be provided to participants as well as for such matters as the investment of the assets and the administration of the plans.

The risks of participating in these multiemployer benefit plans are different from single-employer benefit plans in the following aspects:

•Assets contributed to the multiemployer benefit plan by one employer may be used to provide benefits to employees of other participating employers.

•If a participating employer stops contributing to the multiemployer benefit plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

•If the Company stops participating in some of its multiemployer benefit plans, it may be required to pay those plans an amount based on its allocable share of the underfunded status of the plan, referred to as a withdrawal liability.

The Company participates in approximately 245 multiemployer benefit plans, none of which are individually significant to the Company. The number of employees covered by the Company’s multiemployer benefit plans has remained consistent over the past three years, and there have been no significant changes that affect the comparability of fiscal 2025, 2024 and 2023 contributions. The Company recognizes expense for the contractually-required contribution for each period. The Company contributed $86 million, $80 million and $67 million to multiemployer benefit plans during the years ended September 30, 2025, 2024 and 2023, respectively.

Based on the most recent information available, the Company believes that the present value of actuarial accrued liabilities in certain of these multiemployer benefit plans may exceed the value of the assets held in trust to pay benefits. Currently, the Company is not aware of any significant multiemployer benefit plans for which it is probable or reasonably possible that the Company will be obligated to make up any shortfall in funds. Moreover, if the Company were to exit certain markets or otherwise cease making contributions to these funds, the Company could trigger a withdrawal liability. Currently, the Company is not aware of any multiemployer benefit plans for which it is probable or reasonably possible that the Company will have a significant withdrawal liability. Any accrual for a shortfall or withdrawal liability will be recorded when it is probable that a liability exists and it can be reasonably estimated.

Plan Assets

The Company’s investment policies employ an approach whereby a mix of equities, fixed income and alternative investments are used to maximize the long-term return of plan assets for a prudent level of risk. The investment portfolio primarily contains a diversified blend of equity and fixed income investments. Equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value and small to large capitalization. Fixed income investments include corporate and government issues, with short-, mid- and long-term maturities, with a focus on investment grade when purchased and a target duration close to that of the plan liability. Investment and market risks are measured and monitored on an ongoing basis through regular investment portfolio reviews, annual liability measurements and periodic asset/liability studies. The majority of the real estate component of the portfolio is invested in a diversified portfolio of high-quality, operating properties with cash yields greater than the targeted appreciation. Investments in other alternative asset classes, including hedge funds, diversify the expected investment returns relative to the equity and fixed income investments. As a result of the Company's diversification strategies, there are no significant concentrations of risk within the portfolio of investments.

The Company’s actual asset allocations are in line with target allocations. The Company rebalances asset allocations as appropriate, in order to stay within a range of allocation for each asset category.

The expected return on plan assets is based on the Company’s expectation of the long-term average rate of return of the capital markets in which the plans invest. The average market returns are adjusted, where appropriate, for active asset management returns. The expected return reflects the investment policy target asset mix and considers the historical returns earned for each asset category.
The Company’s plan assets at September 30, 2025 and 2024, by asset category, are as follows (in millions):

 Fair Value Measurements Using:
Asset CategoryTotal as of September 30, 2025Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
U.S. Pension
Cash and Cash Equivalents$43 $— $43 $— 
Equity Securities
Large-Cap19 19 — — 
Small-Cap19 19 — — 
International - Developed49 49 — — 
International - Emerging11 11 — — 
Fixed Income Securities
Government197 197 — — 
Corporate/Other706 704 2 — 
Total Investments in the Fair Value Hierarchy1,044 $999 $45 $— 
Investments Measured at Net Asset Value(1)
Alternative193 
Real Estate230 
Due to Broker(19)
Total Plan Assets$1,448 
Non-U.S. Pension
Cash and Cash Equivalents$18 $18 $— $— 
Equity Securities
Large-Cap185 5 180 — 
International - Developed91 5 86 — 
International - Emerging7 — 7 — 
Fixed Income Securities
Government685 10 675 
Corporate/Other260 170 90 
Hedge Fund— 
Real Estate4 4 
Total Investments in the Fair Value Hierarchy1,250 $212 $1,038 $— 
Real Estate Investments Measured at Net Asset Value(1)
24 
Total Plan Assets$1,274 
Postretirement
Cash and Cash Equivalents$1 $1 
Equity Securities - Global
99 99 
Total Investments in the Fair Value Hierarchy100 $1 $99 $— 
Multi-Credit Strategy Investments Measured at Net Asset Value(1)
75 
Total Plan Assets$175 
 Fair Value Measurements Using:
Asset CategoryTotal as of September 30, 2024Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
U.S. Pension
Cash and Cash Equivalents$23 $— $23 $— 
Equity Securities
Large-Cap19 19 — — 
Small-Cap23 23 — — 
International - Developed45 45 — — 
International - Emerging8 8 — — 
Fixed Income Securities
Government265 265 — — 
Corporate/Other786 784 2 — 
Total Investments in the Fair Value Hierarchy1,169 $1,144 $25 $— 
Investments Measured at Net Asset Value(1)
Alternative235
Real Estate266
Due to Broker(79)
Total Plan Assets$1,591 
Non-U.S. Pension
Cash and Cash Equivalents$42 $42 $— $— 
Equity Securities
Large-Cap88 9 79 — 
International - Developed64 10 54 — 
International - Emerging3 — 3 — 
Fixed Income Securities
Government789 26 763 — 
Corporate/Other417 282 135 — 
Hedge Fund22 — 22 — 
Real Estate11 11 — — 
Total Investments in the Fair Value Hierarchy1,436 $380 $1,056 $— 
Real Estate Investments Measured at Net Asset Value(1)
89 
Total Plan Assets$1,525 
Postretirement
Cash and Cash Equivalents$3 $3 $— $— 
Equity Securities - Global
89 — 89 — 
Total Investments in the Fair Value Hierarchy92 $3 $89 $— 
Multi-Credit Strategy Investments Measured at Net Asset Value(1)
69 
Total Plan Assets$161 

(1) The fair value of certain real estate, multi-credit strategy, and alternative investments do not have a readily determinable fair value and require the fund managers to independently arrive at fair value by calculating net asset value ("NAV") per share. In order to calculate NAV per share, the fund managers value the investments using any one, or a combination of, the following methods: independent third party appraisals, discounted cash flow analysis of net cash flows projected to be generated by the investment and recent sales of comparable investments. Assumptions used to revalue the investments are updated every quarter.
Due to the fact that the fund managers calculate NAV per share, the Company utilizes a practical expedient for measuring the fair value of its real estate, multi-credit strategy, and alternative investments, as provided for under ASC 820, "Fair Value Measurement." In applying the practical expedient, the Company is not required to further adjust the NAV provided by the fund manager in order to determine the fair value of its investments as the NAV per share is calculated in a manner consistent with the measurement principles of ASC 946, "Financial Services - Investment Companies," and as of the Company's measurement date. The Company believes this is an appropriate methodology to obtain the fair value of these assets. The fair value amounts presented in these tables are intended to permit reconciliation of total plan assets to the amounts presented in the notes to consolidated financial statements.

The following is a description of the valuation methodologies used for assets measured at fair value. Certain assets are held within commingled funds which are valued at the unitized NAV or percentage of the net asset value as determined by the manager of the fund. These values are based on the fair value of the underlying net assets owned by the fund.

Cash and Cash Equivalents: The fair value of cash and cash equivalents is valued at cost.

Equity Securities: The fair value of equity securities is determined by direct quoted market prices. The underlying holdings are direct quoted market prices on regulated financial exchanges.

Fixed Income Securities: The fair value of fixed income securities is determined by direct or indirect quoted market prices. If indirect quoted market prices are utilized, the value of assets held in separate accounts is not published, but the investment managers report daily the underlying holdings. The underlying holdings are direct quoted market prices on regulated financial exchanges.

Hedge Funds: The fair value of hedge funds is accounted for by the custodian. The custodian obtains valuations from underlying managers based on market quotes for the most liquid assets and alternative methods for assets that do not have sufficient trading activity to derive prices. The Company and custodian review the methods used by the underlying managers to value the assets. The Company believes this is an appropriate methodology to obtain the fair value of these assets. 

Real Estate: The fair value of real estate is determined by quoted market prices of the underlying Real Estate Investment Trusts
("REITs"), which are securities traded on an open exchange.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
Funded Status

The following table contains the ABO and reconciliations of the changes in the PBO, the changes in plan assets and the funded status (in millions):
 Pension BenefitsPostretirement
Benefits
 U.S. PlansNon-U.S. Plans
September 30,202520242025202420252024
Accumulated Benefit Obligation$1,473 $1,603 $1,335 $1,563 $63 $73 
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year$1,603 $1,564 $1,617 $1,473 $73 $77 
Service cost— — 17 17 — — 
Interest cost65 79 64 69 3 4 
Plan participant contributions— — 3 3 1 2 
Actuarial loss (gain)(62)104 (111)84 (5)4 
Benefits and settlements paid(133)(144)(96)(132)(9)(13)
Divestitures— — (131)(5)— — 
Other— — (3)2 — (1)
Currency translation adjustment— — 14 106 — — 
Projected benefit obligation at end of year$1,473 $1,603 $1,374 $1,617 $63 $73 
Change in Plan Assets
Fair value of plan assets at beginning of year$1,591 $1,499 $1,525 $1,388 $161 $144 
Actual return on plan assets(12)234 (25)137 20 26 
Employer and employee contributions2 2 32 26 3 4 
Benefits and settlements paid(133)(144)(96)(132)(9)(13)
Divestitures— — (168)— — — 
Other— — (2)1 — — 
Currency translation adjustment— — 8 105 — — 
Fair value of plan assets at end of year$1,448 $1,591 $1,274 $1,525 $175 $161 
Funded status$(25)$(12)$(100)$(92)$112 $88 
Amounts recognized in the consolidated statements of financial position consist of:
Other noncurrent assets$1 $2 $72 $62 $136 $118 
Noncurrent assets held for sale— — — 52 — — 
Accrued compensation and benefits(2)(2)(12)(12)(2)(2)
Pension and postretirement benefit obligations (24)(12)(157)(166)(22)(28)
Noncurrent liabilities held for sale— — (3)(28)— — 
Net amount recognized$(25)$(12)$(100)$(92)$112 $88 
Weighted Average Assumptions (1)
Discount rate (2)
4.98 %4.60 %5.17 %4.35 %4.77 %4.50 %
Rate of compensation increaseN/AN/A2.91 %3.01 %N/AN/A
Interest crediting rateN/AN/A1.75 %1.58 %N/AN/A

(1) Plan assets and obligations are determined based on a September 30 measurement date at September 30, 2025 and 2024.

(2) The Company considers the expected benefit payments on a plan-by-plan basis when setting assumed discount rates. As a result, the Company uses different discount rates for each plan depending on the plan jurisdiction, the demographics of participants and the expected timing of benefit payments. For the U.S. pension and postretirement plans, the Company uses a discount rate provided by an independent third party calculated based on an appropriate mix of high quality bonds. For the non-
U.S. pension and postretirement plans, the Company consistently uses the relevant country specific benchmark indices for determining the various discount rates. The Company has elected to utilize a full yield curve approach in the estimation of service and interest components of net periodic benefit cost (credit) for pension and other postretirement for plans that utilize a yield curve approach. The full yield curve approach applies the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

The fiscal 2025 net actuarial gains related to changes in the projected benefit obligation were primarily the result of the increase in discount rates globally. The fiscal 2024 net actuarial losses related to changes in the projected benefit obligation were primarily the result of the decrease in discount rates globally.

Net Periodic Benefit Cost

The following table contains the components of net periodic benefit costs, which are recorded in selling, general and administrative expenses or cost of sales consistent with the related employees' salaries in the consolidated statements of income (in millions):
 Pension BenefitsPostretirement Benefits
 U.S. PlansNon-U.S. Plans
Year ended September 30,202520242023202520242023202520242023
Components of Net Periodic Benefit Cost (Credit):
Service cost$— $— $— $17 $17 $16 $— $— $— 
Interest cost65 79 78 64 69 68 3 4 4 
Expected return on plan assets(98)(120)(131)(77)(72)(77)(11)(9)(9)
Net actuarial (gain) loss48 (9)28 (2)22 86 (14)(14)(5)
Settlement loss— — 1 (3)— 6 — — — 
Amortization of prior service credit— — — — — — (5)(5)(4)
Other— — — 1 1 — — — — 
Net periodic benefit cost (credit)$15 $(50)$(24)$— $37 $99 $(27)$(24)$(14)
Expense Assumptions:
Discount rate4.60 %5.48 %5.08 %4.35 %4.72 %4.36 %4.50 %5.42 %4.92 %
Expected return on plan assets6.50 %8.50 %8.25 %5.44 %5.26 %5.02 %6.64 %6.62 %6.64 %
Rate of compensation increaseN/AN/AN/A3.01 %2.90 %3.00 %N/AN/AN/A
Interest crediting rate6.00 %6.00 %N/A1.58 %1.63 %1.69 %N/AN/AN/A