Investments

12 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Our investments consist of (in millions):

	September 30,
	2024		2023
Fixed income securities	$	0.3	$	0.6
Equity securities (other)	105.9		96.0
Other	62.8		61.1
Total investments	169.0		157.7
Less: Short-term investments (1)	(0.3)		(0.6)
Long-term investments	$	168.7	$	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 in Note 1. The carrying values at September 30, 2024 and 2023, include cumulative upward adjustments from observed price changes of $22.5 million and $17.5 million, respectively. The carrying values at September 30, 2024 and 2023, include cumulative downward adjustments from observed price changes of $7.3 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):

	2024		2023		2022
Net gain (loss) on equity securities (level 1)	$	—	$	281.7	$	(136.4)
Net (loss) gain on equity securities (other)	(0.8)		(1.3)		15.1
Equity method gain (loss) on Other investments	0.9		(1.1)		(15.6)
Change in fair value of investments	0.1		279.3		(136.9)
Total net realized gain on equity securities	—		281.7		44.6
Total net unrealized loss on equity securities	$	(0.8)	$	(1.3)	$	(165.9)

Net gain (loss) on equity securities (level 1) in 2023 and 2022 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 had been sold.

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.