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Fair Value Measurements
 12 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
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 September 30, 2022Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Other current assets
Foreign currency exchange derivatives$54 $— $54 $— 
Exchange traded funds (fixed income)1
22 22 — — 
Other noncurrent assets
Deferred compensation plan assets46 46 — — 
Exchange traded funds (fixed income)1
86 86 — — 
Exchange traded funds (equity)1
131 131 — — 
Total assets$339 $285 $54 $— 
Other current liabilities
Foreign currency exchange derivatives$51 $— $51 $— 
Commodity derivatives10 — 10 — 
Contingent earn-out liabilities30 — — 30 
Other noncurrent liabilities
Contingent earn-out liabilities30 — — 30 
Total liabilities$121 $— $61 $60 

 Fair Value Measurements Using:
 Total as of September 30, 2021Quoted 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 derivatives2 — 2 — 
Other noncurrent assets
Deferred compensation plan assets63 63 — — 
Exchange traded funds (fixed income)1
146 146 — — 
Exchange traded funds (equity)1
168 168 — — 
Equity swap23 — 23 — 
Total assets$434 $377 $57 $— 
Other current liabilities
Foreign currency exchange derivatives$17 $— $17 $— 
Commodity derivatives1 — 1 — 
Contingent earn-out liabilities32 — — 32 
Other noncurrent liabilities
Contingent earn-out liabilities50 — — 50 
Total liabilities$100 $— $18 $82 
 1Classified as restricted investments for payment of asbestos liabilities. Refer to Note 21, "Commitments and Contingencies" of the notes to consolidated financial statements for further details.
The following table summarizes the changes in contingent earn-out liabilities, which are valued using significant unobservable inputs (Level 3) (in millions):

Balance at September 30, 2021$82 
Acquisitions29 
Payments(5)
Reduction for change in estimates(43)
Currency translation(3)
Balance at September 30, 2022$60 

Valuation Methods

Foreign currency exchange derivatives: The foreign currency exchange derivatives are valued under a market approach using publicized spot and forward prices.

Commodity derivatives: The commodity derivatives are valued under a market approach using publicized prices, where available, or dealer quotes.

Equity swaps: The equity swaps are valued under a market approach as the fair value of the swaps is equal to the Company’s stock price at the reporting period date.

Deferred compensation plan assets: Assets held in the deferred compensation plans will be used to pay benefits under certain of the Company's non-qualified deferred compensation plans. The investments primarily consist of mutual funds which are publicly traded on stock exchanges and are valued using a market approach based on the quoted market prices. Unrealized gains (losses) on the deferred compensation plan assets are recognized in the consolidated statements of income where they offset unrealized gains and losses on the related deferred compensation plan liability.

Investments in exchange traded funds: Investments in exchange traded funds are valued using a market approach based on quoted market prices, where available, or broker/dealer quotes of identical or comparable instruments. Refer to Note 21, "Commitments and Contingencies," of the notes to consolidated financial statements for further information.

Contingent earn-out liabilities: The contingent earn-out liabilities are typically established using a Monte Carlo simulation based on the forecasted operating results and the earn-out formulas specified in the purchase agreements.

The following table presents the portion of unrealized gains (losses) recognized in the consolidated statements of income that relate to equity securities still held at September 30, 2022 and 2021 (in millions):
Year Ended
September 30,
20222021
 Deferred compensation plan assets$(10)$7 
 Investments in exchange traded funds(55)37 

All of the gains and losses on investments in exchange traded funds related to restricted investments.
The fair values of cash and cash equivalents, accounts receivable, short-term debt and accounts payable approximate their carrying values. At September 30, 2022, the fair value of long-term debt was $7.3 billion, including public debt of $7.1 billion and other long-term debt of $0.2 billion. At September 30, 2021, the fair value of long-term debt was $8.5 billion, including public debt of $8.3 billion and other long-term debt of $0.2 billion. The fair value of public debt was determined primarily using market quotes which are classified as Level 1 inputs within the ASC 820 fair value hierarchy. The fair value of other long-term debt was determined using quoted market prices for similar instruments and are classified as Level 2 inputs within the ASC 820 fair value hierarchy.