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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Dec. 31, 2019
Derivative Instruments [Line Items] |
Outstanding Commodity Hedge Contracts | The Company had the following outstanding contracts to hedge forecasted commodity purchases (in metric tons):
|  | Volume Outstanding as of
Commodity |  | December 31, 2019 |  | September 30, 2019
Copper |  | 3,447 |  |  | 3,561 |
Aluminum |  | 2,691 |  |  | 2,967 |
Location and Fair Values of Derivative Instruments and Hedging Activities | The following table presents the location and fair values of derivative instruments and hedging activities included in the Company’s consolidated statements of financial position (in millions):
| Derivatives and Hedging Activities Designated as Hedging Instruments under ASC 815 |  | Derivatives and Hedging Activities Not Designated as Hedging Instruments under ASC 815
| December 31, |  | September 30, |  | December 31, |  | September 30,
| 2019 |  | 2019 |  | 2019 |  | 2019
Other current assets |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 10 |  |  | $ | 16 |  |  | $ | 37 |  |  | $ | 19 |
Commodity derivatives | 1 |  |  | — |  |  | — |  |  | — |
Other noncurrent assets |  |  |  |  |  |  |
Equity swap | — |  |  | — |  |  | 58 |  |  | 62 |
Total assets | $ | 11 |  |  | $ | 16 |  |  | $ | 95 |  |  | $ | 81 |
Other current liabilities |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 8 |  |  | $ | 23 |  |  | $ | 1 |  |  | $ | — |
Commodity derivatives | — |  |  | 1 |  |  | — |  |  | — |
Long-term debt |  |  |  |  |  |  |
Foreign currency denominated debt | 2,602 |  |  | 2,544 |  |  | — |  |  | — |
Total liabilities | $ | 2,610 |  |  | $ | 2,568 |  |  | $ | 1 |  |  | $ | — |
Offsetting Assets and Liabilities | The gross and net amounts of derivative assets and liabilities were as follows (in millions):
|  | Fair Value of Assets |  | Fair Value of Liabilities
|  | December 31, |  | September 30, |  | December 31, |  | September 30,
|  | 2019 |  | 2019 |  | 2019 |  | 2019
Gross amount recognized |  | $ | 106 |  |  | $ | 97 |  |  | $ | 2,611 |  |  | $ | 2,568 |
Gross amount eligible for offsetting |  | (7 | ) |  | (11 | ) |  | (7 | ) |  | (11 | )
Net amount |  | $ | 99 |  |  | $ | 86 |  |  | $ | 2,604 |  |  | $ | 2,557 |
Location and Amount of Gains and Losses Gross of Tax on Derivative Instruments and Related Hedge Items | The following table presents the pre-tax gains (losses) recorded in other comprehensive income (loss) related to cash flow hedges for the three months ended December 31, 2019 and 2018 (in millions):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Three Months Ended December 31,
| 2019 |  | 2018
Foreign currency exchange derivatives |  | $ | 9 |  |  | $ | — |
Commodity derivatives |  | 1 |  |  | (6 | )
Total |  | $ | 10 |  |  | $ | (6 | )
The following table presents the location and amount of the pre-tax gains (losses) on cash flow hedges reclassified from AOCI into the Company’s consolidated statements of income for the three months ended December 31, 2019 and 2018 (in millions):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Location of Gain (Loss) Reclassified from AOCI into Income |  | Three Months Ended December 31,
| 2019 |  | 2018
Foreign currency exchange derivatives |  | Cost of sales |  | $ | 1 |  |  | $ | — |
Foreign currency exchange derivatives |  | Income from discontinued operations |  | — |  |  | 1 |
Commodity derivatives |  | Cost of sales |  | (1 | ) |  | (2 | )
Commodity derivatives |  | Income from discontinued operations |  | — |  |  | (5 | )
Total |  |  |  | $ | — |  |  | $ | (6 | )
The following table presents the location and amount of pre-tax gains (losses) on derivatives not designated as hedging instruments recognized in the Company’s consolidated statements of income for the three months ended December 31, 2019 and 2018 (in millions):
|  |  |  | Amount of Gain (Loss) Recognized in Income on Derivative
Derivatives Not Designated as Hedging Instruments under ASC 815 |  | Location of Gain (Loss) Recognized in Income on Derivative |  | Three Months Ended December 31,
| 2019 |  | 2018
Foreign currency exchange derivatives |  | Cost of sales |  | $ | — |  |  | $ | (4 | )
Foreign currency exchange derivatives |  | Net financing charges |  | 59 |  |  | (21 | )
Foreign currency exchange derivatives |  | Income from discontinued operations |  | — |  |  | 26 |
Equity swap |  | Selling, general and administrative |  | (4 | ) |  | (9 | )
Total |  |  |  | $ | 55 |  |  | $ | (8 | )

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