Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and September 30, 2019 were as follows:

	March 31, 2020								September 30, 2019
	Fair Value Measurements Using								Fair Value Measurements Using
(In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investments in equity securities	$	89	$	89	$	—	$	—	$	—	$	—	$	—	$	—
Investments in debt securities	—		—		—		—		10		—		—		10
Foreign exchange contracts	1		—		1		—		1		—		1		—
Total assets	$	90	$	89	$	1	$	—	$	11	$	—	$	1	$	10
Liabilities:
Interest rate contracts	$	120	$	—	$	120	$	—	$	81	$	—	$	81	$	—
Spoken acquisition earn-outs	—		—		—		—		5		—		—		5
Foreign exchange contracts	6		—		6		—		—		—		—		—
Emergence Date Warrants	2		—		—		2		5		—		—		5
Total liabilities	$	128	$	—	$	126	$	2	$	91	$	—	$	81	$	10

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the activity for the Company's Level 3 assets and liabilities measured at fair value on a recurring basis:

(In millions)	Emergence Date Warrants		Spoken acquisition earn-outs		Investments in debt securities
Balance as of September 30, 2019	$	5	$	5	$	10
Change in fair value(1)	(3)		—		—
Impairment(2)	—		—		(10)
Settlement	—		(5)		—
Balance as of March 31, 2020	$	2	$	—	$	—

⁽¹⁾Changes in fair value of the Emergence Date Warrants are included in Other income, net.

(2)During the three and six months ended March 31, 2020, the Company recorded an other-than-temporary impairment charge for a $10 million credit loss on its investments in debt securities mainly driven by a decline in the macroeconomic environment due to the COVID-19 pandemic and a decline in the expected operating results and cash flows for the investment company. The impairment charge is included in Other income, net.

Fair Value, by Balance Sheet Grouping

The estimated fair values of the amounts borrowed under the Company's financing agreements as of March 31, 2020 and September 30, 2019 are as follows:

	March 31, 2020				September 30, 2019
(In millions)	Principal amount		Fair value		Principal amount		Fair value
Term Loan Credit Agreement due December 15, 2024	$	2,624	$	2,162	$	2,874	$	2,739
Convertible 2.25% senior notes due June 15, 2023	350		281		350		298
Total debt	$	2,974	$	2,443	$	3,224	$	3,037