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v3.25.1

Fair Value Measurements (Tables) | 6 Months Ended
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Mar. 31, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Summary of Financial Instruments Subject to Recurring Fair Value Measurements | The following table summarizes financial instruments subject to recurring fair value measurements as of March 31, 2025:
(In millions) |  | Carrying value |  |  | Total fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 168 |  |  | $ | 168 |  |  | $ | 168 |  |  | $ | — |  |  | $ | — |
Restricted investments(a)(b) |  |  | 345 |  |  |  | 345 |  |  |  | 345 |  |  |  | — |  |  |  | — |
Investment of captive insurance company(c) |  |  | 9 |  |  |  | 9 |  |  |  | 9 |  |  |  | — |  |  |  | — |
Commodity derivatives(d) |  |  | 3 |  |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | — |
Total assets at fair value |  | $ | 525 |  |  | $ | 525 |  |  | $ | 522 |  |  | $ | 3 |  |  | $ | — |
(a) Includes $272 million within restricted investments and $73 million within other current assets in the Condensed Consolidated Balance Sheet. (b) Includes $222 million related to the Asbestos trust and $123 million related to the Environmental trust. (c) Included in other noncurrent assets in the Condensed Consolidated Balance Sheet. (d) Included in accounts receivable, net in the Condensed Consolidated Balance Sheet. The following table summarizes financial asset instruments subject to recurring fair value measurements as of September 30, 2024:
(In millions) |  | Carrying value |  |  | Total fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 300 |  |  | $ | 300 |  |  | $ | 300 |  |  | $ | — |  |  | $ | — |
Restricted investments(a)(b) |  |  | 368 |  |  |  | 368 |  |  |  | 368 |  |  |  | — |  |  |  | — |
Investment of captive insurance company(c) |  |  | 7 |  |  |  | 7 |  |  |  | 7 |  |  |  | — |  |  |  | — |
Foreign currency derivatives(d) |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | — |
Total assets at fair value |  | $ | 676 |  |  | $ | 676 |  |  | $ | 675 |  |  | $ | 1 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives(e) |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Commodity derivatives(e) |  |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  |  | — |
Total liabilities at fair value |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
(a) Includes $295 million within restricted investments and $73 million within other current assets in the Condensed Consolidated Balance Sheet. (b) Includes $248 million related to the Asbestos trust and $120 million related to the Environmental trust. (c) Included in other noncurrent assets in the Condensed Consolidated Balance Sheet. (d) Included in accounts receivable, net in the Condensed Consolidated Balance Sheet. (e) Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheet.
Summary of Restricted Investment Portfolio | The following table presents gross unrealized gains and losses for the restricted investments as of:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
(In millions) |  | Adjusted Cost |  |  | Unrealized Gain |  |  | Unrealized Loss |  |  | Fair Value |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Demand deposit |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
Equity mutual fund |  |  | 121 |  |  |  | 44 |  |  |  | — |  |  |  | 165 |
Fixed income mutual fund |  |  | 211 |  |  |  | — |  |  |  | (36 | ) |  |  | 175 |
Fair value |  | $ | 337 |  |  | $ | 44 |  |  | $ | (36 | ) |  | $ | 345 |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Demand deposit |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
Equity mutual fund |  |  | 124 |  |  |  | 56 |  |  |  | — |  |  |  | 180 |
Fixed income mutual fund |  |  | 211 |  |  |  | — |  |  |  | (28 | ) |  |  | 183 |
Fair value |  | $ | 340 |  |  | $ | 56 |  |  | $ | (28 | ) |  | $ | 368 |
Summary of Investment Income, Net Gains and Losses, Funds restricted for Specific Transactions and Disbursements Related to Investments | The following table presents the investment income, net gains and losses realized, funds restricted for specific transactions, and disbursements related to the investments within the restricted investments portfolio:
|  | Three months ended |  |  | Six months ended |
|  | March 31 |  |  | March 31 |
(In millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Investment income(a) |  | $ | 3 |  |  | $ | 3 |  |  | $ | 8 |  |  | $ | 9 |
Net gains (losses)(a) |  |  | 3 |  |  |  | 9 |  |  |  | (14 | ) |  |  | 39 |
Funds restricted for specific transactions |  |  | 8 |  |  |  | — |  |  |  | 8 |  |  |  | 5 |
Disbursements |  |  | (19 | ) |  |  | (21 | ) |  |  | (25 | ) |  |  | (37 | )
(a) Included in the net interest and other expense (income) caption within the Statements of Condensed Consolidated Comprehensive Income (Loss).
Summary of Net Gains and Losses on Foreign Currency Derivatives | The following table summarizes the gains and losses recognized within the Statements of Condensed Consolidated Comprehensive Income (Loss):
|  | Three months ended |  |  | Six months ended |
|  | March 31 |  |  | March 31 |
(In millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Foreign currency derivative gains (losses) |  | $ | 12 |  |  | $ | (2 | ) |  | $ | (3 | ) |  | $ | 1 |
Summary of Fair Values of Outstanding Foreign Currency Derivatives | The following table summarizes the fair values of the outstanding foreign currency derivatives included in accounts receivable, net and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets as of:
|  | March 31 |  |  | September 30 |
(In millions) |  | 2025 |  |  | 2024 |
Foreign currency derivative assets |  | $ | — |  |  | $ | 1 |
Notional contract values |  |  | 114 |  |  |  | 125 |
Foreign currency derivative liabilities |  | $ | — |  |  | $ | 1 |
Notional contract values |  |  | 317 |  |  |  | 184 |
Commodity Derivatives [Member] |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
Summary of Net Losses on Derivatives | The following table summarizes the net losses recognized within the cost of sales caption of the Statements of Condensed Consolidated Comprehensive Income (Loss):
|  | Three months ended |  |  | Six months ended |
|  | March 31 |  |  | March 31 |
(In millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Commodity derivative losses |  | $ | — |  |  | $ | (2 | ) |  | $ | (1 | ) |  | $ | (3 | )
Summary of Fair Values of Outstanding Derivatives | The following table summarizes the fair values of the outstanding commodity derivatives included in accounts receivable, net and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets as of:
|  | March 31 |  |  | September 30 |
(In millions) |  | 2025 |  |  | 2024 |
Commodity derivative assets |  | $ | 3 |  |  | $ | — |
Notional contract values |  |  | 11 |  |  |  | 3 |
Commodity derivative liabilities |  | $ | — |  |  | $ | 2 |
Notional contract values |  |  | 1 |  |  |  | 13 |

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