Fair Value Measurements (Tables)

The following table presents, on a gross basis, our financial assets and liabilities, including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy:


	Asset (Liability)
	Level 1		Level 2		Level 3		Total
March 31, 2025:
Derivative instruments:
Assets:
Commodity contracts	$	213	$	28	$	—	$	241
Foreign currency contracts	$	—	$	14	$	—	$	14
Interest rate contracts	$	—	$	1	$	—	$	1

Liabilities:
Commodity contracts	$	(150)	$	(9)	$	—	$	(159)
Foreign currency contracts	$	—	$	(1)	$	—	$	(1)
Interest rate contracts	$	—	$	(11)	$	—	$	(11)

Non-qualified supplemental postretirement grantor trust investments (a)	$	32	$	—	$	—	$	32
September 30, 2024:
Derivative instruments:
Assets:
Commodity contracts	$	106	$	27	$	—	$	133
Foreign currency contracts	$	—	$	6	$	—	$	6
Interest rate contracts	$	—	$	1	$	—	$	1

Liabilities:
Commodity contracts	$	(120)	$	(32)	$	—	$	(152)
Foreign currency contracts	$	—	$	(9)	$	—	$	(9)
Interest rate contracts	$	—	$	(22)	$	—	$	(22)

Non-qualified supplemental postretirement grantor trust investments (a)	$	43	$	—	$	—	$	43
March 31, 2024:
Derivative instruments:
Assets:
Commodity contracts	$	107	$	39	$	—	$	146
Foreign currency contracts	$	—	$	16	$	—	$	16
Interest rate contracts	$	—	$	11	$	—	$	11

Liabilities:
Commodity contracts	$	(184)	$	(38)	$	—	$	(222)
Foreign currency contracts	$	—	$	(1)	$	—	$	(1)
Interest rate contracts	$	—	$	(3)	$	—	$	(3)

Non-qualified supplemental postretirement grantor trust investments (a)	$	41	$	—	$	—	$	41

(a)Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans.


	March 31, 2025		September 30, 2024		March 31, 2024
Carrying amount	$	6,670	$	6,733	$	6,826
Estimated fair value	$	6,642	$	6,663	$	6,647