Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2021

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 June 30, 2021 and September 30, 2020 (in millions):


	Fair Value Measurements Using:
	Total as of June 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	$	21	$	—	$	21	$	—

Commodity derivatives	4		—		4		—


Other noncurrent assets

Deferred compensation plan assets	64		64		—		—
Exchange traded funds (fixed income)1	151		151		—		—
Exchange traded funds (equity)1	169		169		—		—
Equity swap	23		—		23		—


Total assets	$	432	$	384	$	48	$	—
Other current liabilities
Foreign currency exchange derivatives	$	9	$	—	$	9	$	—
Interest rate swaps	13		—		13		—
Commodity derivatives	1		—		1		—
Contingent earn-out liability	33		—		—		33
Other noncurrent liabilities
Contingent earn-out liability	54		—		—		54
Total liabilities	$	110	$	—	$	23	$	87


	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	$	—

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 (losses) recognized in the consolidated statements of income for the three and nine months ended June 30, 2021 and 2020 that relate to equity securities still held at June 30, 2021 and 2020 (in millions):


	Three Months Ended June 30,				Nine Months Ended June 30,
	2021		2020		2021		2020
Deferred compensation plan assets	$	—	$	6	$	7	$	(1)
Investments in exchange traded funds	16		31		39		9