XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.23.3

Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts of the Company’s foreign currency-related derivative instruments as of September 30, 2023 and 2022 were as follows:
(Millions of dollars) | Hedge Designation |  | 2023 |  | 2022
Foreign exchange contracts (a) | Undesignated |  | $ | 3,146 |  |  | $ | 2,766 |
Foreign currency-denominated debt (b) | Net investment hedges |  | 1,056 |  |  | 2,140 |
Cross-currency swaps (c) | Net investment hedges |  | 2,119 |  |  | 910 |
(a)Represent hedges of transactional foreign exchange exposures resulting primarily from intercompany payables and receivables. Gains and losses on these instruments are recognized immediately in income. These gains and losses are largely offset by gains and losses on the underlying hedged items, as well as the hedging costs associated with the derivative instruments. Net amounts recognized in Other expense, net, during the years ending September 30, 2023, 2022 and 2021 are detailed in Note 19. (b)Represents foreign currency-denominated long-term notes outstanding which were effective as economic hedges of net investments in certain of the Company's foreign subsidiaries. (c)Represents cross-currency swaps which were effective as economic hedges of net investments in certain of the Company's foreign subsidiaries. The notional amounts of the Company’s interest rate-related derivative instruments as of September 30, 2023 and 2022 were as follows:
(Millions of dollars) | Hedge Designation |  | 2023 |  | 2022
Interest rate swaps (a) | Fair value hedges |  | $ | 700 |  |  | $ | 700 |
Forward starting interest rate swaps (b) | Cash flow hedges |  | 500 |  |  | 500 |
(a)Represents fixed-to-floating interest rate swap agreements the Company entered into to convert the interest payments on certain long-term notes from the fixed rate to a floating interest rate based on secured overnight financing rates ("SOFR"), which replaced LIBOR rates in fiscal year 2023. (b)Represents interest rate derivatives entered into to mitigate exposure to interest rate risk related to future debt issuances.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | Net (losses) gains recorded to Accumulated other comprehensive income (loss) relating to the Company's net investment hedges as of September 30, 2023, 2022 and 2021 were as follows:
(Millions of dollars) | 2023 |  | 2022 |  | 2021
Foreign currency-denominated debt | $ | (155) |  |  | $ | 320 |  |  | $ | 32 |
Cross-currency swaps (a) | (70) |  |  | 173 |  |  | (21) |
(a)The amounts in 2023, 2022 and 2021 include net of tax gains (losses) recognized on terminated cross-currency swaps of $13 million, $46 million and $(35) million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CCC -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CCC + Details
Name: | us-gaap_ScheduleOfNetInvestmentHedgesInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration