In accordance with the fair value hierarchy, described above, the following tables show the fair value of the Company’s financial instruments that are required to be measured at fair value as of December 31, 2021 and September 30, 2021.


	Fair Value Measurements as of December 31, 2021
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Assets:
Foreign Currency Forward Exchange Contracts (a)	$	—	$	2	$	—	$	2
Other Current Liabilities:

Contractual Obligations (b)	—		—		(7)		(7)
Other Noncurrent Assets:

Equity Investments with Readily Determinable Fair Value (d)	72		—		—		72
Other Noncurrent Liabilities:
Contractual Obligations (b)	—		—		(10)		(10)
Interest Rate Swaps (e)	—		(13)		—		(13)
Total	$	72	$	(11)	$	(17)	$	44


	Fair Value Measurements as of September 30, 2021
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Liabilities:
Contractual Obligations (b)	$	—	$	—	$	(4)	$	(4)
Other Noncurrent Assets:
Equity Method Investment (c)	26		—		—		26
Equity Investment with Readily Determinable Fair Value (d)	37		—		—		37
Other Noncurrent Liabilities:
Contractual Obligations (b)	—		—		(15)		(15)
Interest Rate Swaps (e)	—		(22)		—		(22)
Total	$	63	$	(22)	$	(19)	$	22

(a)The fair value of foreign currency forward exchange contracts is based on dealer quotes of market forward rates and reflects the amount that the Company would receive or pay at their maturity dates for contracts involving the same currencies and maturity dates.

(b)This represents contingent consideration related to a fiscal 2020 acquisition. This is based on a probability weighted performance approach and it is adjusted to fair value on a recurring basis and any adjustments are typically included as a component of operating income in the consolidated statements of operations. This amount was mainly calculated using unobservable inputs such as future earnings performance of the acquiree and the expected timing of payments.

(c)This represents an equity method investment which was acquired in fiscal 2019 whereby the Company elected the fair value option under ASC 825, Financial Instruments (“ASC 825”). In November 2021, the investment was reclassified to an equity investment with a readily determinable fair value.

(d)These represent equity investments with a readily determinable fair value. The Company has measured its investments to fair value in accordance with ASC 321, Investments—Equity Securities, based on quoted prices in active markets.

(e)The fair value of the interest rate swaps is based on dealer quotes of market forward rates and reflects the amount that the Company would receive or pay as of December 31, 2021 for contracts involving the same attributes and maturity dates.