New Accounting Guidance

12 Months Ended

Sep. 30, 2023

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Guidance

NEW ACCOUNTING GUIDANCE

Accounting Guidance Implemented in Fiscal Year 2023

Government Assistance

In November 2021, the Financial Accounting Standards Board ("FASB") issued disclosure guidance to increase the transparency of transactions an entity has with a government that are accounted for by applying a grant or contribution accounting model. We adopted the annual disclosure guidance on a prospective basis in fiscal year 2023. Refer to Note 1, Basis of Presentation and Major Accounting Policies, for additional information.

Reference Rate Reform

In March 2020, the FASB issued an update to provide practical expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This update is primarily applicable to our contracts and hedging relationships that reference the London Inter-Bank Offered Rate ("LIBOR"). In December 2022, the FASB extended the date through which the amendments may be applied to impacted contracts and hedges to 31 December 2024. In fiscal year 2023, we amended our remaining interest rate swaps that referenced LIBOR to use a daily compounded Secured Overnight Financing Rate ("SOFR"). There were no financial statement impacts from the amendment.