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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2023

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, 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			$	28					$	—					$	28					$	—
Interest rate swaps			5						—						5						—
Commodity derivatives			3						—						3						—
Exchange traded funds (fixed income)(1)			23						23						—						—
Other noncurrent assets
Deferred compensation plan assets			52						52						—						—
Exchange traded funds (fixed income)(1)			75						75						—						—
Exchange traded funds (equity)(1)			155						155						—						—
Total assets			$	341					$	305					$	36					$	—
Other current liabilities
Foreign currency exchange derivatives			$	48					$	—					$	48					$	—
Commodity derivatives			1						—						1						—
Contingent earn-out liabilities			29						—						—						29
Other noncurrent liabilities
Contingent earn-out liabilities			22						—						—						22
Total liabilities			$	100					$	—					$	49					$	51

			Fair Value Measurements Using:
			Total as of September 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			$	54					$	—					$	54					$	—
Exchange traded funds (fixed income)(1)			22						22						—						—
Other noncurrent assets
Deferred compensation plan assets			46						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 derivatives			10						—						10						—
Contingent earn-out liabilities			30						—						—						30
Other noncurrent liabilities
Contingent earn-out liabilities			30						—						—						30
Total liabilities			$	121					$	—					$	61					$	60

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

Balance at September 30, 2022			$	60
Acquisitions			25
Payments			(4)
Reduction for change in estimates			(30)
Balance at March 31, 2023			$	51

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 March 31, 2023 and 2022 (in millions):

						Three Months Ended March 31,												Six Months Ended March 31,
						2023						2022						2023						2022
Deferred compensation plan assets						$	2					$	(3)					$	5					$	—
Investments in exchange traded funds						12						(20)						23						(6)

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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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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