Investments

12 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Our investments consist of (in millions):

	September 30,
	2023		2022
Fixed income securities	$	0.6	$	12.6
Equity securities (level 1)	—		928.8
Equity securities (other)	96.0		76.4
Other	61.1		50.8
Total investments	157.7		1,068.6
Less: Short-term investments (1)	(0.6)		(12.6)
Long-term investments	$	157.1	$	1,056.0

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

Equity Securities

Equity securities (level 1) consisted of shares of PTC Inc. common stock (PTC Shares). As of September 30, 2023, all PTC Shares have been sold. 8,879,717 PTC Shares were owned at September 30, 2022. The PTC Shares were classified as level 1 in the fair value hierarchy, as described in Note 1, and were recognized at fair value in the Consolidated Balance Sheet using the most recent closing price of PTC common stock quoted on Nasdaq.

Equity securities (other) consist of various securities that do not have a readily determinable fair value, which we account for using the measurement alternative under U.S. GAAP. These securities are recorded at the investment cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer in the Consolidated Balance Sheet. Observable price changes are classified as level 2 in the fair value hierarchy, as described in Note 1. The carrying values at September 30, 2023 and 2022, include cumulative upward adjustments from observed price changes of $17.5 million and $17.2 million, respectively.

We record gains and losses on investments within the Change in fair value of investments line in the Consolidated Statement of Operations. The gains and losses on investments we recorded for the following periods were (in millions):

	2023		2022		2021
Net gain (loss) on equity securities (level 1)	$	281.7	$	(136.4)	$	392.3
Net (loss) gain on equity securities (other)	(1.3)		15.1		5.1
Equity method loss on Other investments	(1.1)		(15.6)		—
Change in fair value of investments	279.3		(136.9)		397.4
Total net realized gain on equity securities	281.7		44.6		—
Total net unrealized (loss) gain on equity securities	$	(1.3)	$	(165.9)	$	397.4

Refer to Note 1 for further information regarding levels in the fair value hierarchy. We did not have any transfers between levels of fair value measurements during the periods presented.