Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2024

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 (in millions):

	Fair Value Measurements Using:
	Total as of March 31, 2024		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	$	25	$	—	$	25	$	—
Commodity derivatives	2		—		2		—
Other noncurrent assets
Cross-currency interest rate swap	7		—		7		—
Deferred compensation plan assets	53		53		—		—
Exchange traded funds (fixed income)(1)	81		81		—		—
Exchange traded funds (equity)(1)	186		186		—		—
Total assets	$	354	$	320	$	34	$	—
Other current liabilities
Foreign currency exchange derivatives	$	17	$	—	$	17	$	—
Contingent earn-out liabilities	63		—		—		63
Other noncurrent liabilities
Contingent earn-out liabilities	33		—		—		33
Total liabilities	$	113	$	—	$	17	$	96

	Fair Value Measurements Using:
	Total as of September 30, 2023		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	$	29	$	—	$	29	$	—
Interest rate swaps	22		—		22		—
Other noncurrent assets
Cross-currency interest rate swap	5		—		5		—
Deferred compensation plan assets	45		45		—		—
Exchange traded funds (fixed income)(1)	76		76		—		—
Exchange traded funds (equity)(1)	155		155		—		—
Total assets	$	332	$	276	$	56	$	—
Other current liabilities
Foreign currency exchange derivatives	$	25	$	—	$	25	$	—
Commodity derivatives	2		—		2		—
Contingent earn-out liabilities	48		—		—		48
Other noncurrent liabilities
Contingent earn-out liabilities	76		—		—		76
Total liabilities	$	151	$	—	$	27	$	124

(1) Classified as restricted investments for payment of asbestos liabilities. See Note 21, "Commitments and Contingencies," of the notes to the consolidated financial statements for further details.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes changes in contingent earn-out liabilities, which are valued using significant unobservable inputs (Level 3) (in millions):

Balance at September 30, 2023	$	124
Payments	(20)
Reduction for change in estimates	(8)
Balance at March 31, 2024	$	96

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

The following table presents the portion of unrealized gains recognized in the consolidated statements of income that relate to equity securities still held at March 31, 2024 and 2023 (in millions):

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Deferred compensation plan assets	$	3	$	2	$	7	$	5
Investments in exchange traded funds	17		12		39		23

Fair Value of Long-Term Debt

The fair value of long-term debt at March 31, 2024 and September 30, 2023 was as follows (in billions):

	March 31,		September 30,
	2024		2023
Public debt	$	7.6	$	7.1
Other long-term debt	0.4		0.4
Total fair value of long-term debt	$	8.0	$	7.5