The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis:


	Fair value measurements
	As of September 30, 2025
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	1,118	$	1,118	(a)	$	—	$	—
Redeemable noncontrolling interests	(53)		—			—		(53)		(b)
Total	$	1,065	$	1,118		$	—	$	(53)


	Fair value measurements
	As of June 30, 2025
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	1,249	$	1,249	(a)	$	—	$	—
Redeemable noncontrolling interests	(261)		—			—		(261)		(b)
Total	$	988	$	1,249		$	—	$	(261)


(a)			The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.
(b)			See Note 11—Additional Financial Information. The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.