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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Mar. 31, 2022
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, 2022 |  | September 30, 2021
Copper |  | 3,496 |  |  | 2,656 |
Aluminum |  | 7,310 |  |  | 5,159 |
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
Other current assets |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 29 |  |  | $ | 15 |  |  | $ | 19 |  |  | $ | 17 |
Commodity derivatives | 9 |  |  | 2 |  |  | — |  |  | — |
Other noncurrent assets |  |  |  |  |  |  |
Equity swap | — |  |  | — |  |  | 22 |  |  | 23 |
Total assets | $ | 38 |  |  | $ | 17 |  |  | $ | 41 |  |  | $ | 40 |
Other current liabilities |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 9 |  |  | $ | 11 |  |  | $ | 25 |  |  | $ | 6 |
Commodity derivatives | — |  |  | 1 |  |  | — |  |  | — |
Long-term debt |  |  |  |  |  |  |
Foreign currency denominated debt | 2,795 |  |  | 2,918 |  |  | — |  |  | — |
Total liabilities | $ | 2,804 |  |  | $ | 2,930 |  |  | $ | 25 |  |  | $ | 6 |
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, |  |
|  | 2022 |  | 2021 |  |  |  | 2022 |  | 2021 |  |
Gross amount recognized |  | $ | 79 |  |  | $ | 57 |  |  |  |  | $ | 2,829 |  |  | $ | 2,936 |  |  |
Gross amount eligible for offsetting |  | (18) |  |  | (16) |  |  |  |  | (18) |  |  | (16) |  |  |
Net amount |  | $ | 61 |  |  | $ | 41 |  |  |  |  | $ | 2,811 |  |  | $ | 2,920 |  |  |
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 (in millions):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Three Months Ended March 31, |  | Six Months Ended March 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Foreign currency exchange derivatives |  | $ | 10 |  |  | $ | 10 |  |  | $ | 23 |  |  | $ | 13 |
Commodity derivatives |  | 6 |  |  | — |  |  | 4 |  |  | 1 |
Total |  | $ | 16 |  |  | $ | 10 |  |  | $ | 27 |  |  | $ | 14 |
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 (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,
| 2022 |  | 2021 |  | 2022 |  | 2021
Foreign currency exchange derivatives |  | Cost of sales |  | $ | 6 |  |  | $ | 1 |  |  | $ | 11 |  |  | $ | 3 |
Commodity derivatives |  | Cost of sales |  | (1) |  |  | (2) |  |  | (5) |  |  | (3) |
Interest rate swaps |  | Net financing charges |  | — |  |  | — |  |  | (1) |  |  | — |
Total |  |  |  | $ | 5 |  |  | $ | (1) |  |  | $ | 5 |  |  | $ | — |
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 (in millions):
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
Foreign currency exchange derivatives |  | Cost of sales |  | $ | (3) |  |  | $ | 2 |  |  | $ | 7 |  |  | $ | (4) |
Foreign currency exchange derivatives |  | Selling, general and administrative |  | — |  |  | 3 |  |  | — |  |  | 1 |
Foreign currency exchange derivatives |  | Net financing charges |  | 1 |  |  | 100 |  |  | 88 |  |  | 145 |
Equity swap |  | Selling, general and administrative |  | (6) |  |  | 18 |  |  | (1) |  |  | 24 |
Total |  |  |  | $ | (8) |  |  | $ | 123 |  |  | $ | 94 |  |  | $ | 166 |

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