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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Dec. 31, 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 December 31, 2023 and September 30, 2023 were as follows:
(Millions of dollars) | Hedge Designation |  | December 31, 2023 |  | September 30, 2023
Foreign exchange contracts (a) | Undesignated |  | $ | 1,990 |  |  | $ | 3,146 |
Foreign currency-denominated debt (b) | Net investment hedges |  | 1,095 |  |  | 1,056 |
Cross-currency swaps (c) | Net investment hedges |  | 2,119 |  |  | 2,119 |
(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 three months ended December 31, 2023 and 2022 were immaterial to the Company's consolidated financial results. (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 December 31, 2023 and September 30, 2023 were as follows:
(Millions of dollars) | Hedge Designation |  | December 31, 2023 |  | September 30, 2023
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”). (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 recorded to Accumulated other comprehensive income (loss) relating to the Company's net investment hedges for the three-month periods were as follows:
| Three Months Ended December 31, |  |
(Millions of dollars) | 2023 |  | 2022 |  |  |  |
Foreign currency-denominated debt | $ | (29) |  |  | $ | (142) |  |  |  |  |
Cross-currency swaps | (55) |  |  | (80) |  |  |  |  |

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- 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
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- 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
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