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Investments
 9 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Our investments consist of (in millions):
June 30, 2024September 30, 2023
Fixed income securities$0.3 $0.6 
Equity securities (other)105.8 96.0 
Other62.5 61.1 
Total investments168.6 157.7 
Less: Short-term investments (1)
(0.3)(0.6)
Long-term investments$168.3 $157.1 
(1) Short-term investments are included in Other current assets in the Consolidated Balance Sheet.
Equity Securities
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 below. The carrying values at June 30, 2024, and September 30, 2023, include cumulative upward adjustments from observed price changes of $22.5 million and $17.5 million, respectively. The carrying values at June 30, 2024, and September 30, 2023, include cumulative downward adjustments from impairments of $6.5 million and $1.5 million, respectively.
We record gains and losses on investments within the Change in fair value of investments line in the Consolidated Statement of Operations. The gains and losses on investments we recorded for the following periods were (in millions):
Three Months Ended
June 30,		Nine Months Ended
June 30,
 2024202320242023
Net gain on equity securities (level 1)$— $86.4 $— $290.4 
Net loss on equity securities (other)(5.0)— — — 
Equity method (loss) gain on Other investments— (0.7)0.9 (1.1)
Change in fair value of investments(5.0)85.7 0.9 289.3 
Total net realized gain on equity securities— 36.9 — 89.8 
Total net unrealized (loss) gain on equity securities$(5.0)$49.5 $— $200.6 
Net loss on equity securities (other) in the third quarter of 2024 was an impairment of an equity security. Net gain on equity securities (level 1) in the prior year consisted of the change in fair value and gain on sale of shares of PTC Inc. (PTC) common stock (PTC Shares). As of September 30, 2023, all PTC Shares have been sold.
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.