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Investments | 6 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Our investments consist of (in millions):
|  | March 31, 2025 |  | September 30, 2024
Fixed income securities |  | $ | 6 |  |  | $ | — |
Equity securities (other) |  | 100 |  |  | 106 |
Other |  | 71 |  |  | 63 |
Total investments |  | 177 |  |  | 169 |
Less: Short-term investments (1) |  | (6) |  |  | — |
Long-term investments (2) |  | $ | 171 |  |  | $ | 169 |
(1) Short-term investments are included in Other current assets in the Consolidated Balance Sheet. (2) Long-term investments are included in Other assets in the Consolidated Balance Sheet. Equity Securities Equity securities (other) consist of various securities that do not have a readily determinable fair value, which we account for using the measurement alternative under U.S. GAAP. These securities are recorded at the investment cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer in the Consolidated Balance Sheet. Observable price changes are classified as level 2 in the fair value hierarchy, as described below. The carrying values at both March 31, 2025, and September 30, 2024, included cumulative upward adjustments from observed price changes of $23 million. The carrying values at March 31, 2025, and September 30, 2024, included cumulative downward adjustments from observed price changes and impairments of $11 million and $7 million, respectively. We record gains and losses on investments within the Change in fair value of investments line in the Consolidated Statement of Operations. Total net unrealized losses on investments were $3 million in both the three and six months ended March 31, 2025. Total net unrealized gains on equity securities were $3 million and $5 million in the three and six months ended March 31, 2024, respectively. U.S. GAAP defines fair value as the price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. U.S. GAAP also classifies the inputs used to measure fair value into the following hierarchy:
Level 1: |  | Quoted prices in active markets for identical assets or liabilities.
Level 2: |  | Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
Level 3: |  | Unobservable inputs for the asset or liability.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. We did not have any transfers between levels of fair value measurements during the periods presented.

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