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Fair Value Measurements
 3 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables show the fair value of the Company’s financial instruments that are required to be measured at fair value as of December 31, 2024 and September 30, 2024.
Fair Value Measurements as of December 31, 2024
(Level 1)(Level 2)(Level 3)Total
(in millions)
Other Current Assets:
Foreign Currency Forward Exchange Contracts (a)$— $15 $— $15 
Other current liabilities:
Foreign currency forward exchange contracts (a)
$— $(3)$— $(3)
Other noncurrent assets:
Equity investments with readily determinable fair value (b)
8 — — 8 

Fair Value Measurements as of September 30, 2024
(Level 1)(Level 2)(Level 3)Total
(in millions)
Other noncurrent assets:
Equity investment with readily determinable fair value (b)
9 — — 9 
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(a)The fair value of foreign currency forward exchange contracts is based on dealer quotes of market forward rates and reflects the amount that the Company would receive or pay at their maturity dates for contracts involving the same currencies and maturity dates.
(b)These represent equity investments with a readily determinable fair value. The Company has measured its investments to fair value in accordance with ASC 321, Investments—Equity Securities, based on quoted prices in active markets.
The majority of the Company’s non-financial instruments, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be re-measured to fair value on a recurring basis. These assets are evaluated for impairment if certain triggering events occur. If such evaluation indicates that impairment exists, the asset is written down to its fair value. In addition, an impairment analysis is performed at least annually for goodwill and indefinite-lived intangible assets.
Equity Investments Without Readily Determinable Fair Value
The Company evaluates its equity investments without readily determinable fair values for impairment if factors indicate that a significant decrease in value has occurred. The Company has elected to use the measurement alternative to fair value that will allow these investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. In each of the three month periods ended December 31, 2024 and 2023, the Company recorded approximately $1 million of impairment charges on these investments. In addition, there were no observable price changes events that were completed during the three months ended December 31, 2024 and 2023.
Fair Value of Debt
Based on the level of interest rates prevailing at December 31, 2024, the fair value of the Company’s debt was $3.751 billion. Based on the level of interest rates prevailing at September 30, 2024, the fair value of the Company’s debt was $3.836 billion. The fair value of the Company’s debt instruments is determined using quoted market prices from less active markets or by using quoted market prices for instruments with identical terms and maturities; both approaches are considered a Level 2 measurement.