Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Cash and Cash Equivalents

The following reconciles cash and equivalents and restricted cash reported within the Company's condensed consolidated balance sheets at June 30, 2023 and September 30, 2022 to the total of these amounts shown on the Company's condensed consolidated statements of cash flows:

(Millions of dollars)	June 30, 2023		September 30, 2022
Cash and equivalents	$	923	$	1,006
Restricted cash	101		153
Cash and equivalents and restricted cash	$	1,024	$	1,159

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	June 30, 2023		September 30, 2022
Institutional money market accounts (a)	Level 1	$	100	$	1
Current portion of long-term debt (b)	Level 2	1,554		1,927
Long-term debt (b)	Level 2	13,457		12,119

(a)These financial instruments are recorded within Cash and equivalents on the condensed consolidated balance sheets. The institutional money market accounts permit daily redemption. The fair values of these investments are based upon the quoted prices in active markets provided by the holding financial institutions.

(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 are provided below.

	Three Months Ended June 30,				Nine Months Ended June 30,
(Millions of dollars)	2023		2022		2023		2022
Trade receivables transferred to third parties under factoring arrangements	$	762	$	215	$	2,252	$	650

	June 30, 2023		September 30, 2022
Amounts yet to be collected and remitted to the third parties	$	345	$	323