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Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 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 December 31, 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			$	42					$	—					$	42					$	—
Other noncurrent assets
Deferred compensation plan assets			57						57						—						—
Exchange traded funds (fixed income)(1)			76						76						—						—
Exchange traded funds (equity)(1)			201						201						—						—
Total assets			$	376					$	334					$	42					$	—
Other current liabilities
Foreign currency exchange derivatives			$	92					$	—					$	92					$	—
Commodity derivatives			3						—						3						—
Contingent earn-out liabilities			13						—						—						13
Other noncurrent liabilities
Contingent earn-out liabilities			14						—						—						14
Total liabilities			$	122					$	—					$	95					$	27

(1) Classified as restricted investments for payment of asbestos liabilities. See Note 18, "Commitments and Contingencies," of the notes to the consolidated financial statements for further details.

			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

(1) Classified as restricted investments for payment of asbestos liabilities. See Note 18, "Commitments and Contingencies," of the notes to the consolidated financial statements for further details.

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 December 31, 2024 and 2023 (in millions):

						Three Months Ended December 31,
						2024						2023
Deferred compensation plan assets						$	(1)					$	4
Investments in exchange traded funds						(1)						22

Fair Value of Long-Term Debt

The fair value of long-term debt at December 31, 2024 and September 30, 2024 was as follows (in billions):

						December 31,						September 30,
						2024						2024
Public debt						$	8.4					$	8.1
Other long-term debt						0.2						0.2
Total fair value of long-term debt						$	8.6					$	8.3

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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- Definition

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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

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