Equity securities (other) consist of various securities that do not have a readily determinable fair value, which we account for using the measurement alternative under U.S. GAAP. These securities are recorded at the investment cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer in the Consolidated Balance Sheet. Observable price changes are classified as level 2 in the fair value hierarchy, as described in Note 1. The carrying values at both September 30, 2026 and 2025, include cumulative upward adjustments from observed price changes of $23 million. The carrying values at both September 30, 2026 and 2025, include cumulative downward adjustments from observed price changes and impairments of $17 million and $10 million, respectively.

We record gains and losses on investments within the Other income (expense) line in the Consolidated Statement of Operations. The gains and losses on investments we recorded for the following periods were (in millions):


	2026		2025		2024

Net loss on equity securities (other)	(7)		(3)		(1)
Equity method gain on Other investments	—		—		1
Gain or loss on fair value of investments	(7)		(3)		—


Total net unrealized loss on equity securities	$	(7)	$	(3)	$	(1)

Refer to Note 1 for further information regarding levels in the fair value hierarchy. We did not have any transfers between levels of fair value measurements during the periods presented.