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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Dec. 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 |  | December 31, 2020 |  | September 30, 2020
Copper |  | 2,588 |  |  | 2,497 |
Aluminum |  | 2,438 |  |  | 3,036 |
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,
| 2020 |  | 2020 |  | 2020 |  | 2020
Other current assets |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 19 |  |  | $ | 10 |  |  | $ | 25 |  |  | $ | 17 |
Commodity derivatives | 3 |  |  | 2 |  |  | — |  |  | — |
Other noncurrent assets |  |  |  |  |  |  |
Equity swap | — |  |  | — |  |  | 64 |  |  | 58 |
Total assets | $ | 22 |  |  | $ | 12 |  |  | $ | 89 |  |  | $ | 75 |
Other current liabilities |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 16 |  |  | $ | 10 |  |  | $ | 21 |  |  | $ | — |
Long-term debt |  |  |  |  |  |  |
Foreign currency denominated debt | 3,146 |  |  | 3,010 |  |  | — |  |  | — |
Total liabilities | $ | 3,162 |  |  | $ | 3,020 |  |  | $ | 21 |  |  | $ | — |
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, |  |
|  | 2020 |  | 2020 |  |  |  | 2020 |  | 2020 |  |
Gross amount recognized |  | $ | 111 |  |  | $ | 87 |  |  |  |  | $ | 3,183 |  |  | $ | 3,020 |  |  |
Gross amount eligible for offsetting |  | (20) |  |  | (10) |  |  |  |  | (20) |  |  | (10) |  |  |
Net amount |  | $ | 91 |  |  | $ | 77 |  |  |  |  | $ | 3,163 |  |  | $ | 3,010 |  |  |
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 recorded in other comprehensive income (loss) related to cash flow hedges for the three months ended December 31, 2020 and 2019 (in millions):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Three Months Ended December 31, |  |
| 2020 |  | 2019 |  |  |  |
Foreign currency exchange derivatives |  | $ | 3 |  |  | $ | 9 |  |  |  |  |
Commodity derivatives |  | 1 |  |  | 1 |  |  |  |  |
Total |  | $ | 4 |  |  | $ | 10 |  |  |  |  |
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, 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 December 31, |  |
| 2020 |  | 2019 |  |  |  |
Foreign currency exchange derivatives |  | Cost of sales |  | $ | 2 |  |  | $ | 1 |  |  |  |  |
Commodity derivatives |  | Cost of sales |  | (1) |  |  | (1) |  |  |  |  |
Total |  |  |  | $ | 1 |  |  | $ | — |  |  |  |  |
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, 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 December 31, |  |
| 2020 |  | 2019 |  |  |  |
Foreign currency exchange derivatives |  | Cost of sales |  | $ | 6 |  |  | $ | — |  |  |  |  |
Foreign currency exchange derivatives |  | Selling, general and administrative |  | (2) |  |  | — |  |  |  |  |
Foreign currency exchange derivatives |  | Net financing charges |  | (41) |  |  | 59 |  |  |  |  |
Equity swap |  | Selling, general and administrative |  | 6 |  |  | (4) |  |  |  |  |
Total |  |  |  | $ | (31) |  |  | $ | 55 |  |  |  |  |

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