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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
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 DesignationDecember 31, 2023September 30, 2023
Foreign exchange contracts (a)Undesignated$1,990 $3,146 
Foreign currency-denominated debt (b)Net investment hedges1,095 1,056 
Cross-currency swaps (c)Net investment hedges2,119 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 DesignationDecember 31, 2023September 30, 2023
Interest rate swaps (a)Fair value hedges$700 $700 
Forward starting interest rate swaps (b)Cash flow hedges500 500 
(a)Represents fixed-to-floating interest rate swap agreements the Company entered into to convert the interest payments on certain long-term notes from the fixed rate to a floating interest rate based on secured overnight financing rates (“SOFR”).
(b)Represents interest rate derivatives entered into to mitigate exposure to interest rate risk related to future debt issuances.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
Net losses recorded to Accumulated other comprehensive income (loss) relating to the Company's net investment hedges for the three-month periods were as follows:
 Three Months Ended
December 31,
(Millions of dollars)20232022
Foreign currency-denominated debt$(29)$(142)
Cross-currency swaps(55)(80)