Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Cash and Cash Equivalents

The following reconciles cash and equivalents and restricted cash reported within the Company's consolidated balance sheets at September 30, 2021 and 2020 to the total of these amounts shown on the Company's consolidated statements of cash flows:

(Millions of dollars)	2021		2020
Cash and equivalents	$	2,283	$	2,825
Restricted cash	109		92
Cash and equivalents and restricted cash	$	2,392	$	2,917

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The fair values of the Company’s financial instruments are as follows:

(Millions of dollars)	Basis of fair value measurement (See Note 1)	2021		2020
Institutional money market accounts and ultra-short bond fund (a)	Level 1	$	200	$	1,549
Current portion of long-term debt (b)	Level 2	503		702
Long-term debt (b)	Level 2	18,537		18,970

(a)These financial instruments are recorded within Cash and equivalents on the consolidated balance sheets. The institutional money market accounts permit daily redemption. Remaining cash and equivalents, excluding restricted cash, were $2.083 billion and $1.276 billion at September 30, 2021 and 2020, respectively.

(b)Long-term debt is recorded at amortized cost. The fair value of long-term debt is measured based upon quoted prices in active markets for similar instruments

Transfer of Financial Assets Accounted for as Sales

The amounts transferred and yet to be remitted under factoring arrangements in 2021 and 2020 are provided below. The Company’s transfers of trade receivables during fiscal year 2019 were not material to its consolidated financial results.

(Millions of dollars)	2021		2020
Trade receivables transferred to third parties under factoring arrangements	$	1,302	$	2,163
Amounts yet to be collected and remitted to the third parties	130		256