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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Jun. 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
Commodity |  | June 30, 2023 |  | September 30, 2022
Copper |  | 3,493 |  |  | 3,629 |
Aluminum |  | 7,860 |  |  | 6,758 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table summarizes net investment hedges (in billions):
|  | June 30, |  | 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 |
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
| June 30, |  | September 30, |  | June 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Other current assets |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 14 |  |  | $ | 30 |  |  | $ | 34 |  |  | $ | 24 |
Total assets | $ | 14 |  |  | $ | 30 |  |  | $ | 34 |  |  | $ | 24 |
Other current liabilities |  |  |  |  |  |  |
Foreign currency exchange derivatives | $ | 18 |  |  | $ | 24 |  |  | $ | 21 |  |  | $ | 27 |
Commodity derivatives | 4 |  |  | 10 |  |  | — |  |  | — |
Long-term debt |  |  |  |  |  |  |
Foreign currency denominated debt | 3,376 |  |  | 3,077 |  |  | — |  |  | — |
Total liabilities | $ | 3,398 |  |  | $ | 3,111 |  |  | $ | 21 |  |  | $ | 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 |  |
|  | June 30, |  | September 30, |  |  |  | June 30, |  | September 30, |  |
|  | 2023 |  | 2022 |  |  |  | 2023 |  | 2022 |  |
Gross amount recognized |  | $ | 48 |  |  | $ | 54 |  |  |  |  | $ | 3,419 |  |  | $ | 3,138 |  |  |
Gross amount eligible for offsetting |  | (16) |  |  | (42) |  |  |  |  | (16) |  |  | (42) |  |  |
Net amount |  | $ | 32 |  |  | $ | 12 |  |  |  |  | $ | 3,403 |  |  | $ | 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 ASC 815 Cash Flow Hedging Relationships |  | Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Foreign currency exchange derivatives |  | $ | 3 |  |  | $ | 3 |  |  | $ | (9) |  |  | $ | 26 |
Commodity derivatives |  | (6) |  |  | (24) |  |  | 1 |  |  | (20) |
Interest rate swaps |  | 1 |  |  | — |  |  | 6 |  |  | — |
Total |  | $ | (2) |  |  | $ | (21) |  |  | $ | (2) |  |  | $ | 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 (in millions):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Location of Gain (Loss) Reclassified from AOCI into Income |  | Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Foreign currency exchange derivatives |  | Cost of sales |  | $ | (6) |  |  | $ | 14 |  |  | $ | (2) |  |  | $ | 25 |
Commodity derivatives |  | Cost of sales |  | 1 |  |  | (4) |  |  | (7) |  |  | (9) |
Interest rate swaps |  | Net financing charges |  | — |  |  | (1) |  |  | — |  |  | (2) |
Total |  |  |  | $ | (5) |  |  | $ | 9 |  |  | $ | (9) |  |  | $ | 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 under ASC 815 |  | Location of Gain Recognized in Income on Derivative |  | Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Foreign currency exchange derivatives |  | Cost of sales |  | $ | (9) |  |  | $ | 1 |  |  | $ | (17) |  |  | $ | 8 |
Foreign currency exchange derivatives |  | Net financing charges |  | (54) |  |  | (16) |  |  | (118) |  |  | 72 |
Equity swap |  | Selling, general and administrative |  | — |  |  | (4) |  |  | — |  |  | (5) |
Total |  |  |  | $ | (63) |  |  | $ | (19) |  |  | $ | (135) |  |  | $ | 75 |

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