Property, Plant and Equipment

12 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property, plant and equipment consisted of the following (in millions):


	September 30,
	2023		2022

Buildings and improvements	$	1,337	$	1,320
Subscriber systems	823		762
Machinery and equipment	4,227		3,745
Construction in progress	540		514
Land	194		197
Total property, plant and equipment	7,121		6,538
Less: Accumulated depreciation	(3,985)		(3,407)
Property, plant and equipment - net	$	3,136	$	3,131

During the fourth quarter of fiscal 2023, the Company determined that a triggering event had occurred in the asset group comprising the security subscriber business of Argentina, primarily as a result of the significant devaluation of the Argentine peso that occurred during the quarter and the resulting impact on operating results and cash flows. The Company conducted the two-step impairment test required in accordance with ASC 360, "Property, Plant & Equipment" and determined that the carrying amount of the asset group exceeded its fair value. A non-cash impairment charge to the subscriber system assets of $78 million was recorded and is included in restructuring and impairment costs in the consolidated statements of income. The Company used a discounted cash flow model to estimate the fair value of the asset group. The primary assumptions and inputs used in the model included management's internal projections of future cash flows, the weighted-average cost of capital and the long-term growth rate. The fair value measurement is classified as Level 3 within the fair value hierarchy as defined in ASC 820, "Fair Value Measurement" due to the unobservable inputs used.