Investments

3 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Our investments consist of (in millions):

	December 31, 2021		September 30, 2021
Fixed income securities	$	0.6	$	0.6
Equity securities	1,282.0		1,267.6
Other	87.8		95.9
Total investments	1,370.4		1,364.1
Less: Short-term investments (1)	(0.6)		(0.6)
Long-term investments	$	1,369.8	$	1,363.5

(1) Short-term investments are included in Other current assets in the Consolidated Balance Sheet.

Equity Securities

Equity securities consist of 10,582,010 shares of PTC Inc. ("PTC") common stock (the "PTC Shares") at December 31, 2021, and September 30, 2021. The PTC Shares are classified as level 1 in the fair value hierarchy, as described below, and are recognized at fair value in the Consolidated Balance Sheet using the most recent closing price of PTC common stock quoted on Nasdaq. At December 31, 2021, and September 30, 2021, the fair value of the PTC Shares was $1,282.0 million and $1,267.6 million, respectively.

For the three months ended December 31, 2021, and 2020, we recorded gains of $14.4 million and $390.4 million, respectively, related to the PTC Shares. For the three months ended December 31, 2021, we also recorded an impairment loss of $6.8 million on an other investment. These gains and losses are recorded within Change in fair value of investments in the Consolidated Statement of Operations.

U.S. GAAP defines fair value as the price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. U.S. GAAP also classifies the inputs used to measure fair value into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3: Unobservable inputs for the asset or liability.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. We did not have any transfers between levels of fair value measurements during the period presented.