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Fair Value Measurements (Tables) | 3 Months Ended
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Dec. 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 December 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 | $ | 14 |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |
Commodity derivatives | 1 |  |  | — |  |  | 1 |  |  | — |
Other noncurrent assets |  |  |  |  |  |  |
Deferred compensation plan assets | 47 |  |  | 47 |  |  | — |  |  | — |
Exchange traded funds (fixed income)(1) | 82 |  |  | 82 |  |  | — |  |  | — |
Exchange traded funds (equity)(1) | 169 |  |  | 169 |  |  | — |  |  | — |
Total assets | $ | 313 |  |  | $ | 298 |  |  | $ | 15 |  |  | $ | — |
Other current liabilities |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 61 |  |  | $ | — |  |  | $ | 61 |  |  | $ | — |
Interest rate swaps | 14 |  |  | — |  |  | 14 |  |  | — |
Contingent earn-out liabilities | 55 |  |  | — |  |  | — |  |  | 55 |
Other noncurrent liabilities |  |  |  |  |  |  |
Contingent earn-out liabilities | 50 |  |  | — |  |  | — |  |  | 50 |
Total liabilities | $ | 180 |  |  | $ | — |  |  | $ | 75 |  |  | $ | 105 |
| 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 swap | 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 |
(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, 2023 | $ | 124 |  |
Payments | (19) |  |
Reduction for change in estimates | (1) |  |
Currency translation | 1 |  |
Balance at December 31, 2023 | $ | 105 |  |
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 December 31, 2023 and 2022 (in millions):
|  | Three Months Ended December 31, |  |
| 2023 |  | 2022 |  |  |  |
Deferred compensation plan assets |  | $ | 4 |  |  | $ | 3 |  |  |  |  |
Investments in exchange traded funds |  | 22 |  |  | 11 |  |  |  |  |
Fair Value of Long-Term Debt | The fair value of long-term debt at December 31, 2023 and September 30, 2023 was as follows (in billions):
|  | December 31, |  | September 30, |
| 2023 |  | 2023 |
Public debt |  | $ | 7.8 |  |  | $ | 7.1 |  |
Other long-term debt |  | 0.4 |  |  | 0.4 |  |
Total fair value of long-term debt |  | $ | 8.2 |  |  | $ | 7.5 |  |

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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