Long-term and Short-term Debt

12 Months Ended

Sep. 30, 2014

Long-term debt consists of (in millions):



	September 30,
	2014			2013
5.65% notes, payable in December 2017	$	250.0		$	250.0
6.70% debentures, payable in January 2028	250.0			250.0
6.25% debentures, payable in December 2037	250.0			250.0
5.20% debentures, payable in January 2098	200.0			200.0
Unamortized discount and other	(44.4		)	(44.9		)
Long-term debt	$	905.6		$	905.1

At September 30, 2014 and 2013, our total borrowing capacity under our five year unsecured revolving credit facility expiring in May 2018 was $750.0 million. We can increase the aggregate amount of this credit facility by up to $250.0 million, subject to the consent of the banks in the credit facility. We have not borrowed against this credit facility during the years ended September 30, 2014 and 2013. Borrowings under this credit facility bear interest based on short-term money market rates in effect during the period borrowings are outstanding. The terms of this credit facility contain covenants under which we would be in default if our debt-to-total-capital ratio was to exceed 60 percent. Separate short-term unsecured credit facilities of approximately $126.6 million at September 30, 2014 were available to non-U.S. subsidiaries. Borrowings under our non-U.S. credit facilities during fiscal 2014 and 2013 were not significant. We were in compliance with all covenants under our credit facilities during the years ended September 30, 2014 and 2013. There were no significant commitment fees or compensating balance requirements under any of our credit facilities.

Our short-term debt obligations are primarily comprised of commercial paper borrowings. Commercial paper borrowings outstanding were $325.0 million at September 30, 2014 and $179.0 million at September 30, 2013. The weighted average interest rate of the commercial paper outstanding was 0.17 percent at September 30, 2014 and 2013.

Interest payments were $58.1 million during 2014, $59.7 million during 2013 and $59.0 million during 2012.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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