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Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2022

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 June 30, 2022						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			$	64					$	—					$	64					$	—
Exchange traded funds (fixed income)1			23						23						—						—
Other noncurrent assets
Deferred compensation plan assets			48						48						—						—
Exchange traded funds (fixed income)1			95						95						—						—
Exchange traded funds (equity)1			137						137						—						—
Total assets			$	367					$	303					$	64					$	—
Other current liabilities
Foreign currency exchange derivatives			$	24					$	—					$	24					$	—
Commodity derivatives			10						—						10						—
Contingent earn-out liabilities			37						—						—						37
Other noncurrent liabilities
Contingent earn-out liabilities			30						—						—						30
Total liabilities			$	101					$	—					$	34					$	67

			Fair Value Measurements Using:
			Total as of September 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			$	32					$	—					$	32					$	—
Commodity derivatives			2						—						2						—
Other noncurrent assets
Deferred compensation plan assets			63						63						—						—
Exchange traded funds (fixed income)1			146						146						—						—
Exchange traded funds (equity)1			168						168						—						—
Equity swap			23						—						23						—
Total assets			$	434					$	377					$	57					$	—
Other current liabilities
Foreign currency exchange derivatives			$	17					$	—					$	17					$	—
Commodity derivatives			1						—						1						—
Contingent earn-out liabilities			32						—						—						32
Other noncurrent liabilities
Contingent earn-out liabilities			50						—						—						50
Total liabilities			$	100					$	—					$	18					$	82

1 Classified as restricted investments for payment of asbestos liabilities. See Note 22, "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 the changes in contingent earn-out liabilities, which are valued using significant unobservable inputs (Level 3) (in millions):

Balance at September 30, 2021			$	82
Acquisitions			29
Reduction for change in estimates			(43)
Currency translation			(1)
Balance at June 30, 2022			$	67

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 that relate to equity securities still held at June 30, 2022 and 2021 (in millions):

						Three Months Ended June 30,												Nine Months Ended June 30,
						2022						2021						2022						2021
Deferred compensation plan assets						$	(7)					$	—					$	(7)					$	7
Investments in exchange traded funds						(61)						16						(67)						39

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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