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Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2024

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 September 30, 2024						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			$	20					$	—					$	20					$	—
Commodity derivatives			2						—						2						—
Other noncurrent assets
Deferred compensation plan assets			56						56						—						—
Exchange traded funds (fixed income)1			81						81						—						—
Exchange traded funds (equity)1			200						200						—						—
Total assets			$	359					$	337					$	22					$	—
Other current liabilities
Foreign currency exchange derivatives			$	25					$	—					$	25					$	—
Commodity derivatives			1						—						1						—
Contingent earn-out liabilities			14						—						—						14
Other noncurrent liabilities
Contingent earn-out liabilities			14						—						—						14
Total liabilities			$	54					$	—					$	26					$	28

 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.

			Fair Value Measurements Using:
			Total as of September 30, 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			$	29					$	—					$	29					$	—
Interest rate swaps			22						—						22						—
Other noncurrent assets
Cross-currency interest rate swaps			5						—						5						—
Deferred compensation plan assets			45						45						—						—
Exchange traded funds (fixed income)1			76						76						—						—
Exchange traded funds (equity)1			155						155						—						—
Total assets			$	332					$	276					$	56					$	—
Other current liabilities
Foreign currency exchange derivatives			$	25					$	—					$	25					$	—
Commodity derivatives			2						—						2						—
Contingent earn-out liabilities			48						—						—						48
Other noncurrent liabilities
Contingent earn-out liabilities			76						—						—						76
Total liabilities			$	151					$	—					$	27					$	124

 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.

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, 2023			$	124
Payments			(26)
Reduction for change in estimates			(71)
Currency translation			1
Balance at September 30, 2024			$	28

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the portion of unrealized gains recognized in the consolidated statements of income that relate to equity securities still held at September 30, 2024 and 2023 (in millions):

						Year Ended September 30,
						2024						2023
Deferred compensation plan assets						$	10					$	5
Investments in exchange traded funds						58						24

Fair Value of Long-Term Debt

The fair value of long-term debt was as follows (in billions):

						September 30,
						2024						2023
Public debt						$	8.1					$	7.1
Other long-term debt						0.2						0.4
Total fair value of long-term debt						$	8.3					$	7.5

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

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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

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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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