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Investments
 12 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Our investments consist of (in millions):
September 30,
20252024
Equity securities (other)105 106 
Other77 63
Long-term investments$182 $169 
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 both September 30, 2025 and 2024, include cumulative upward adjustments from observed price changes of $23 million. The carrying values at September 30, 2025 and 2024, include cumulative downward adjustments from observed price changes and impairments of $10 million and $7 million, respectively.
We record gains and losses on investments within the Change in fair value of investments line in the Consolidated Statement of Operations. The gains and losses on investments we recorded for the following periods were (in millions):
 202520242023
Net gain on equity securities (level 1)$— $— $281 
Net loss on equity securities (other)(3)(1)(1)
Equity method gain (loss) on Other investments— 1 (1)
Change in fair value of investments(3)— 279 
Total net realized gain on equity securities— — 281 
Total net unrealized loss on equity securities$(3)$(1)$(1)
Net gain on equity securities (level 1) in 2023 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.