Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

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 December 31, 2021 and September 30, 2021 (in millions):

	Fair Value Measurements Using:
	Total as of December 31, 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	$	44	$	—	$	44	$	—
Commodity derivatives	3		—		3		—
Other noncurrent assets
Deferred compensation plan assets	67		67		—		—
Exchange traded funds (fixed income)1	140		140		—		—
Exchange traded funds (equity)1	183		183		—		—
Equity swap	28		—		28		—
Total assets	$	465	$	390	$	75	$	—
Other current liabilities
Foreign currency exchange derivatives	$	25	$	—	$	25	$	—
Commodity derivatives	1		—		1		—
Contingent earn-out liabilities	48		—		—		48
Other noncurrent liabilities
Contingent earn-out liabilities	55		—		—		55
Total liabilities	$	129	$	—	$	26	$	103

The increases in the contingent earn-out liabilities during the three-month period ended December 31, 2021 were due to acquisitions.

	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

1 Classified as restricted investments for payment of asbestos liabilities. See Note 22, "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 recognized in the consolidated statements of income for the three months ended December 31, 2021 and 2020 that relate to equity securities still held at December 31, 2021 and 2020 (in millions):

	Three Months Ended December 31,
	2021		2020
Deferred compensation plan assets	$	3	$	5
Investments in exchange traded funds	14		21