Financial Instruments (Tables)

6 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Financial Instruments

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

	March 31, 2021				September 30, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Cash and cash equivalents	$	321	$	321	$	315	$	315
Short-term debt	17		16		39		58
Long-term debt	1,186		1,307		1,188		1,259
Foreign currency option contracts (other assets)	—		—		1		1
Foreign exchange forward contracts (other assets)	2		2		—		—
Foreign exchange forward contracts (other liabilities)	—		—		1		1

Schedule of Offsetting of Derivative Assets and Liabilities

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

	March 31, 2021						September 30, 2020
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Reported		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Reported
Derivative Assets
Foreign currency option contracts	$	—	$	—	$	—	$	1	$	—	$	1
Foreign exchange forward contracts	2		—		2		—		—		—
Derivative Liabilities
Foreign exchange forward contracts	—		—		—		1		—		1

Schedule of Fair Value of Financial Instruments by Valuation Hierarchy

Fair value of financial instruments by the valuation hierarchy at March 31, 2021 is as follows (in millions):

	Level 1		Level 2		Level 3
Cash and cash equivalents	$	321	$	—	$	—
Short-term debt	—		—		16
Long-term debt	—		1,154		153
Foreign exchange forward contracts (other assets)	—		2		—
Foreign exchange forward contracts (other liabilities)	—		—		—

Fair value of financial instruments by the valuation hierarchy at September 30, 2020 is as follows (in millions):

	Level 1		Level 2		Level 3
Cash and cash equivalents	$	315	$	—	$	—
Short-term debt	—		43		15
Long-term debt	—		1,103		156
Foreign exchange forward contracts (other liabilities)	—		1		—
Foreign currency option contracts (other assets)	—		1		—