Short-Term and Long-Term Debt

3 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt

Our Short-term debt as of December 31, 2022, and September 30, 2022, includes commercial paper borrowings of $462.0 million and $317.0 million, respectively, with weighted average interest rates of 4.40 percent and 3.03 percent, respectively, and weighted average maturity periods of 22 days at both December 31, 2022, and September 30, 2022. During the quarter ended December 31, 2022, Sensia entered into an unsecured $75.0 million line of credit and borrowed $50.0 million, with an interest rate of 5.35 percent, which is also included in Short-term debt. Also included in Short-term debt as of December 31, 2022, and September 30, 2022, is $23.5 million and $42.3 million, respectively, of interest-bearing loans from Schlumberger (SLB) to Sensia due December 29, 2023.

The following table presents the carrying amounts and estimated fair values of Long-term debt in the Consolidated Balance Sheet (in millions):

	December 31, 2022				September 30, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Current portion of long-term debt	$	608.5	$	592.6	$	609.1	$	589.1
Long-term debt	2,866.9		2,503.6		2,867.8		2,485.4

We base the fair value of Long-term debt upon quoted market prices for the same or similar issues and therefore consider this a level 2 fair value measurement. The fair value of Long-term debt considers the terms of the debt excluding the impact of derivative and hedging activity. Refer to Note 9 for further information regarding levels in the fair value hierarchy. The carrying value of our Short-term debt approximates fair value.