Financial Instruments (Tables)

6 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Financial Instruments

Fair values of financial instruments are summarized as follows (in millions):

	March 31, 2020				September 30, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Cash and cash equivalents	$	508	$	508	$	108	$	108
Short-term debt	138		144		41		60
Long-term debt	1,203		1,179		902		953
Foreign exchange forward contracts (other assets)	1		1		—		—
Foreign exchange forward contracts (other liabilities)	3		3		—		—
Cross-currency swaps (other assets)	—		—		10		10
Cross-currency swaps (other liabilities)	—		—		5		5

Schedule of Offsetting of Derivative Assets and Liabilities

The following table reflects the offsetting of derivative assets and liabilities (in millions):

	March 31, 2020				September 30, 2019
	Gross Amounts Recognized	Gross Amounts Offset		Net Amounts Reported	Gross Amounts Recognized	Gross Amounts Offset	Net Amounts Reported
Derivative Assets
Foreign exchange forward contracts	2	(1	)	1	—	—	—
Cross-currency swaps	—	—		—	10	—	10
Derivative Liabilities
Foreign exchange forward contracts	4	(1	)	3	—	—	—
Cross-currency swaps	—	—		—	5	—	5

Schedule of Fair Value of Financial Instruments by Valuation Hierarchy

Fair value of financial instruments by the valuation hierarchy at March 31, 2020 is as follows (in millions):

	Level 1		Level 2		Level 3
Cash and cash equivalents	$	508	$	—	$	—
Short-term debt	—		133		11
Long-term debt	—		709		470
Foreign exchange forward contracts (other assets)	—		1		—
Foreign exchange forward contracts (other liabilities)	—		3		—

Fair value of financial instruments by the valuation hierarchy at September 30, 2019 is as follows (in millions):

	Level 1		Level 2		Level 3
Cash and cash equivalents	$	108	$	—	$	—
Short-term debt	—		49		11
Long-term debt	—		782		171
Cross-currency swaps (other assets)	—		10		—
Cross-currency swaps (other liabilities)	—		5		—