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Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Subject to Recurring Fair Value Measurements

The following table summarizes financial instruments subject to recurring fair value measurements as of June 30, 2018.

	Carrying				Total fair				Quoted prices in active markets for identical assets				Significant other observable inputs				Significant unobservable inputs
(In millions)	value				value				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents	$	182			$	182			$	182			$	—			$	—
Restricted investments (a)		334				334				334				—				—
Deferred compensation investments (b)		162				162				—				162				—
Investment of captive insurance company		2				2				2				—				—
Foreign currency derivatives		2				2				—				2				—
Total assets at fair value	$	682			$	682			$	518			$	164			$	—
Liabilities
Foreign currency derivatives	$	3			$	3			$	—			$	3			$	—

(a) Included in restricted investments is $30 million classified in the other current assets caption on the Condensed Consolidated Balance Sheets.

(b) Included in other noncurrent assets in the Condensed Consolidated Balance Sheets.

The following table summarizes financial asset instruments subject to recurring fair value measurements as of September 30, 2017.  

	Carrying				Total fair				Quoted prices in active markets for identical assets				Significant other observable inputs				Significant unobservable inputs
(In millions)	value				value				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents	$	566			$	566			$	566			$	—			$	—
Restricted investments (a)		332				332				332				—				—
Deferred compensation investments (b)		158				158				—				158				—
Investment of captive insurance company		3				3				3				—				—
Foreign currency derivatives		2				2				—				2				—
Total assets at fair value	$	1,061			$	1,061			$	901			$	160			$	—
Liabilities
Foreign currency derivatives	$	36			$	36			$	—			$	36			$	—

(a) Included in restricted investments is $30 million classified in the other current assets caption on the Condensed Consolidated Balance Sheets.

(b) Included in other noncurrent assets in the Condensed Consolidated Balance Sheets.

Summary of Available-for-sale Securities Portfolio

The following table provides a summary of the available-for-sale securities portfolio as of June 30, 2018 and September 30, 2017:

(In millions)	June 30 2018				September 30 2017
Original cost	$	335			$	335
Accumulated adjustments, net		(38	)			(24	)
Adjusted cost, beginning of year (a)		297				311
Investment income (b)		6				9
Net unrealized gain		42				35
Realized gains		4				2
Settlement funds		10				2
Disbursements		(25	)			(27	)
Fair value	$	334			$	332

(a) The accumulated adjustments include investment income, realized gains, disbursements and settlements recorded in previous periods.

(b) Investment income for the demand deposit includes interest income as well as dividend income transferred from the equity and corporate bond mutual funds.

The following table presents gross unrealized gains and losses for the restricted investment available-for-sale securities as of June 30, 2018 and September 30, 2017:

					Gross				Gross
(In millions)	Adjusted Cost				Unrealized Gain				Unrealized Loss				Fair Value
As of June 30, 2018
Demand deposit	$	18			$	—			$	—			$	18
Equity mutual fund		154				47				—				201
Corporate bond mutual fund		120				—				(5	)			115
Fair value	$	292			$	47			$	(5	)		$	334
As of September 30, 2017
Demand deposit	$	9			$	—			$	—			$	9
Equity mutual fund		168				34				—				202
Corporate bond mutual fund		120				1				—				121
Fair value	$	297			$	35			$	—			$	332

Summary of Investment Income, Realized Gains and Disbursements Related to Investments

The following table presents the investment income, realized gains and disbursements related to the investments within the portfolio for the three and nine months ended June 30, 2018 and 2017.

	Three months ended								Nine months ended
	June 30								June 30
(In millions)	2018				2017				2018				2017
Investment income	$	2			$	2			$	6			$	7
Realized gains		—				—				4				2
Disbursements		(7	)			(7	)			(25	)			(19	)

Summary of Net Gains and Losses on Foreign Currency Derivatives

The following table summarizes the net gains and losses recognized during the three and nine months ended June 30, 2018 and 2017 within the Statements of Consolidated Comprehensive Income (Loss).

	Three months ended								Nine months ended
	June 30								June 30
(In millions)	2018				2017				2018				2017
Foreign currency derivative losses	$	(9	)		$	(1	)		$	(36	)		$	(1	)

Summary of Fair Values of Outstanding Foreign Currency Derivatives

The following table summarizes the fair values of the outstanding foreign currency derivatives as of June 30, 2018 and September 30, 2017 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets.

	June 30				September 30
(In millions)	2018				2017
Foreign currency derivative assets	$	2			$	2
Notional contract values		309				79
Foreign currency derivative liabilities	$	3			$	36
Notional contract values		460				1,601

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Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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