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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Mar. 31, 2020
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 |  | March 31, 2020 |  | September 30, 2019
Copper |  | 3,719 |  |  | 3,561 |
Aluminum |  | 2,921 |  |  | 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
| March 31, |  | September 30, |  | March 31, |  | September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Other current assets |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 14 |  |  | $ | 16 |  |  | $ | 13 |  |  | $ | 19 |
Other noncurrent assets |  |  |  |  |  |  |
Equity swap | — |  |  | — |  |  | 38 |  |  | 62 |
Total assets | $ | 14 |  |  | $ | 16 |  |  | $ | 51 |  |  | $ | 81 |
Other current liabilities |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 22 |  |  | $ | 23 |  |  | $ | 27 |  |  | $ | — |
Commodity derivatives | 4 |  |  | 1 |  |  | — |  |  | — |
Long-term debt |  |  |  |  |  |  |
Foreign currency denominated debt | 2,556 |  |  | 2,544 |  |  | — |  |  | — |
Total liabilities | $ | 2,582 |  |  | $ | 2,568 |  |  | $ | 27 |  |  | $ | — |
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
|  | March 31, |  | September 30, |  | March 31, |  | September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Gross amount recognized |  | $ | 65 |  |  | $ | 97 |  |  | $ | 2,609 |  |  | $ | 2,568 |
Gross amount eligible for offsetting |  | (15 | ) |  | (11 | ) |  | (15 | ) |  | (11 | )
Net amount |  | $ | 50 |  |  | $ | 86 |  |  | $ | 2,594 |  |  | $ | 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 and six months ended March 31, 2020 and 2019 (in millions):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Three Months Ended March 31, |  | Six Months Ended March 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Foreign currency exchange derivatives |  | $ | (7 | ) |  | $ | 9 |  |  | $ | 2 |  |  | $ | 9 |
Commodity derivatives |  | (4 | ) |  | 9 |  |  | (3 | ) |  | 3 |
Total |  | $ | (11 | ) |  | $ | 18 |  |  | $ | (1 | ) |  | $ | 12 |
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 and six months ended March 31, 2020 and 2019 (in millions):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Location of Gain (Loss) Reclassified from AOCI into Income |  | Three Months Ended March 31, |  | Six Months Ended March 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Foreign currency exchange derivatives |  | Cost of sales |  | $ | 2 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 2 |
Foreign currency exchange derivatives |  | Income from discontinued operations |  | — |  |  | (1 | ) |  | — |  |  | — |
Commodity derivatives |  | Cost of sales |  | — |  |  | (1 | ) |  | (1 | ) |  | (3 | )
Commodity derivatives |  | Income from discontinued operations |  | — |  |  | (4 | ) |  | — |  |  | (9 | )
Total |  |  |  | $ | 2 |  |  | $ | (4 | ) |  | $ | 2 |  |  | $ | (10 | )
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 and six months ended March 31, 2020 and 2019 (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 March 31, |  | Six Months Ended March 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Foreign currency exchange derivatives |  | Cost of sales |  | $ | 4 |  |  | $ | (2 | ) |  | $ | 4 |  |  | $ | (6 | )
Foreign currency exchange derivatives |  | Net financing charges |  | (10 | ) |  | (3 | ) |  | 49 |  |  | (24 | )
Foreign currency exchange derivatives |  | Income from discontinued operations |  | — |  |  | 28 |  |  | — |  |  | 54 |
Equity swap |  | Selling, general and administrative |  | (20 | ) |  | 12 |  |  | (24 | ) |  | 3 |
Total |  |  |  | $ | (26 | ) |  | $ | 35 |  |  | $ | 29 |  |  | $ | 27 |

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