FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of impact of the company's derivative instruments on comprehensive income

The following table summarizes the impact of the company’s derivatives instruments on comprehensive income for fiscal years ended September 30 (in millions): 

	Location of Gain (Loss)	2014		2013		2012
Derivatives designated as hedging instruments:
Amount of gain recognized in AOCL (effective portion)	AOCL	$	3	$	—	$	3
Amount of gain (loss) reclassified from AOCL into income (effective portion)	Cost of Sales	1		1		3
Derivatives not designated as hedging instruments: Amount of gain recognized in income	Cost of Sales	—		—		—

Summary of fair values of financial instruments

Fair values of financial instruments are summarized as follows (in millions): 

	September 30, 2014				September 30, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Cash and cash equivalents	$	247	$	247	$	318	$	318
Short-term debt	7		7		13		13
Long-term debt	965		1,143		1,125		1,266
Foreign exchange forward contracts (asset)	2		2		—		—
Foreign exchange forward contracts (liability)	—		—		1		1
Short-term foreign currency option contracts (asset)	2		2		—		—
Long-term foreign currency option contracts (asset)	1		1		—		—

Offsetting Assets And Liabilities

The following table reflects the offsetting of derivative assets and liabilities (in millions):

	September 30, 2014			September 30, 2013
	Gross Amounts Recognized	Gross Amounts Offset	Net Amounts Reported	Gross Amounts Recognized	Gross Amounts Offset	Net Amounts Reported
Derivative Asset
Foreign exchange forward contract	2	—	2	—	—	—
Derivative Liabilities
Foreign exchange forward contract	—	—	—	1	—	1

Fair value of financial instruments by the valuation hierarchy

Fair value of financial instruments by the valuation hierarchy at September 30, 2014 is as follows (in millions):

	Level 1		Level 2		Level 3
Cash and cash equivalents	$	247	$	—	$	—
Short-term debt	—		—		7
Long-term debt	—		1,093		50
Foreign exchange forward contracts (asset)	—		2		—
Short Term foreign currency option contracts	—		—		2
Long Term foreign currency option contracts	—		—		1