Fair Value Measurements

3 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The fair value of our marketable securities was $34 million and $80 million as of December 31, 2018 and September 30, 2018, respectively, which is included within Other assets, noncurrent on our Consolidated Balance Sheets, as determined utilizing a market approach based on quoted market prices in active markets at period end (Level 1 in the fair value hierarchy). The carrying value of non-marketable equity investments was $89 million as of December 31, 2018.

The fair value of our notes and debentures outstanding was approximately $8.9 billion and $10.5 billion as of December 31, 2018 and September 30, 2018, respectively. The valuation of our publicly traded debt is based on quoted prices in active markets (Level 1 in the fair value hierarchy).

The fair value of our foreign exchange contracts was a liability of $11 million and $8 million as of December 31, 2018 and September 30, 2018, respectively, as determined utilizing a market-based approach (Level 2 in the fair value hierarchy).

The notional value of all foreign exchange contracts was $670 million and $642 million as of December 31, 2018 and September 30, 2018, respectively. As of December 31, 2018, $455 million related to future production costs and $215 million related to our foreign currency balances. As of September 30, 2018, $345 million related to future production costs and $297 million related to our foreign currency balances.