Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets and Liabilities Measured at Fair Value

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of September 30, 2021 and 2020 (in millions):

	Fair Value Measurements Using:
	Total as of September 30, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other current assets
Foreign currency exchange derivatives	$	32	$	—	$	32	$	—
Commodity derivatives	2		—		2		—
Other noncurrent assets
Deferred compensation plan assets	63		63		—		—
Exchange traded funds (fixed income)1	146		146		—		—
Exchange traded funds (equity)1	168		168		—		—
Equity swap	23		—		23		—
Total assets	$	434	$	377	$	57	$	—
Other current liabilities
Foreign currency exchange derivatives	$	17	$	—	$	17	$	—
Commodity derivatives	1		—		1		—
Contingent earn-out liabilities	32		—		$	—	32
Other noncurrent liabilities
Contingent earn-out liabilities	50		—		—		50
Total liabilities	$	100	$	—	$	18	$	82

	Fair Value Measurements Using:
	Total as of September 30, 2020		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other current assets
Foreign currency exchange derivatives	$	27	$	—	$	27	$	—
Exchange traded funds (fixed income)1	19		19		—		—
Commodity derivatives	2		—		2		—
Other noncurrent assets
Deferred compensation plan assets	63		63		—		—
Exchange traded funds (fixed income)1	143		143		—		—
Exchange traded funds (equity)1	129		129		—		—
Equity swap	58		—		58		—
Total assets	$	441	$	354	$	87	$	—
Other current liabilities
Foreign currency exchange derivatives	$	10	$	—	$	10	$	—
Total liabilities	$	10	$	—	$	10	$	—

 1Classified as restricted investments for payment of asbestos liabilities. See Note 23, "Commitments and Contingencies" of the notes to consolidated financial statements for further details.

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the portion of unrealized gains (losses) recognized in the consolidated statements of income for the years ended September 30, 2021 and 2020 that relate to equity securities still held at September 30, 2021 and 2020 (in millions):

	Year Ended September 30,
	2021		2020
Deferred compensation plan assets	$	7	$	1
Investments in exchange traded funds	37		21