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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding Commodity Hedge Contracts | The Company had the following outstanding contracts to hedge forecasted commodity purchases (in metric tons):
|  | Volume Outstanding as of September 30,
Commodity |  | 2023 |  | 2022
Copper |  | 2,812 |  |  | 3,629 |
Aluminum |  | 5,976 |  |  | 6,758 |
Schedule of Interest Rate Derivatives | The following table summarizes forward-starting interest rate swaps and the related anticipated note issuances (in millions):
|  | Year Ended September 30,
| 2023 |  | 2022
US dollar denominated |  |  |  |
Forward-starting interest swaps |  | $ | 600 |  |  | $ | 300 |
Anticipated note issuance |  | 800 |  |  | 400 |
Euro denominated |  |  |  |
Forward-starting interest swap |  | € | 400 |  |  | € | 200 |
Anticipated note issuance |  | 800 |  |  | 600 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table summarizes net investment hedges (in billions):
|  | September 30,
| 2023 |  | 2022
Euro-denominated bonds designated as net investment hedges in Europe |  | € | 2.9 |  |  | € | 2.9 |
Yen-denominated debt designated as a net investment hedge in Japan |  | ¥ | 30 |  |  | ¥ | 30 |
US dollar vs. Yen cross-currency interest rate swap designated as a net investment hedge in Japan |  | ¥ | 14 |  |  | ¥ | — |
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):
| Designated as Hedging Instruments |  | Not Designated as Hedging Instruments
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Other current assets |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 16 |  |  | $ | 30 |  |  | $ | 13 |  |  | $ | 24 |
Interest rate swaps | 22 |  |  | — |  |  | — |  |  | — |
Other noncurrent assets |  |  |  |  |  |  |
Cross-currency interest rate swap | 5 |  |  | — |  |  | — |  |  | — |
Total assets | $ | 43 |  |  | $ | 30 |  |  | $ | 13 |  |  | $ | 24 |
Other current liabilities |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 20 |  |  | $ | 24 |  |  | $ | 5 |  |  | $ | 27 |
Commodity derivatives | 2 |  |  | 10 |  |  | — |  |  | — |
Long-term debt |  |  |  |  |  |  |
Foreign currency denominated debt | 3,253 |  |  | 3,077 |  |  | — |  |  | — |
Total liabilities | $ | 3,275 |  |  | $ | 3,111 |  |  | $ | 5 |  |  | $ | 27 |
Derivative Assets and Liabilities, Eligible for Offsetting | The gross and net amounts of derivative assets and liabilities were as follows (in millions):
| Fair Value of Assets |  | Fair Value of Liabilities
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022 |
Gross amount recognized | $ | 56 |  |  | $ | 54 |  |  | $ | 3,280 |  |  | $ | 3,138 |  |
Gross amount eligible for offsetting | (19) |  |  | (42) |  |  | (19) |  |  | (42) |  |
Net amount | $ | 37 |  |  | $ | 12 |  |  | $ | 3,261 |  |  | $ | 3,096 |  |
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 (in millions):
Derivatives in Cash Flow Hedging Relationships |  | Year Ended September 30,
| 2023 |  | 2022 |  | 2021
Foreign currency exchange derivatives |  | $ | (13) |  |  | $ | 26 |  |  | $ | 15 |
Commodity derivatives |  | 1 |  |  | (21) |  |  | 4 |
Interest rate swaps |  | 27 |  |  | 16 |  |  | (21) |
Total |  | $ | 15 |  |  | $ | 21 |  |  | $ | (2) |
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 Cash Flow Hedging Relationships |  | Location of Gain (Loss) Reclassified from AOCI into Income |  | Year Ended September 30,
|  | 2023 |  | 2022 |  | 2021
Foreign currency exchange derivatives |  | Cost of sales |  | $ | (4) |  |  | $ | 25 |  |  | $ | 11 |
Commodity derivatives |  | Cost of sales |  | (8) |  |  | (7) |  |  | 3 |
Interest rate swaps |  | Net financing charges |  | — |  |  | (2) |  |  | — |
Total |  |  |  | $ | (12) |  |  | $ | 16 |  |  | $ | 14 |
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 |  | Location of Gain (Loss) Recognized in Income on Derivative |  | Year Ended September 30,
|  | 2023 |  | 2022 |  | 2021
Foreign currency exchange derivatives |  | Cost of sales |  | $ | (16) |  |  | $ | 10 |  |  | $ | (6) |
Foreign currency exchange derivatives |  | Net financing charges |  | (103) |  |  | 85 |  |  | 174 |
Foreign currency exchange derivatives |  | Selling, general and administrative |  | — |  |  | — |  |  | (2) |
Foreign currency exchange derivatives |  | Income tax provision |  | — |  |  | — |  |  | (1) |
Interest rate swaps |  | Net financing charges |  | 1 |  |  | — |  |  | — |
Equity swap |  | Selling, general and administrative |  | — |  |  | (5) |  |  | 28 |
Total |  |  |  | $ | (118) |  |  | $ | 90 |  |  | $ | 193 |

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