Short-Term and Long-Term Debt

6 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt

Our Short-term debt as of March 31, 2023, and September 30, 2022, includes commercial paper borrowings of $434.5 million and $317.0 million, respectively, with weighted average interest rates of 4.84 percent and 3.03 percent, respectively, and weighted average maturity periods of 13 days and 22 days, respectively. In December 2022, Sensia entered into an unsecured $75.0 million line of credit. As of March 31, 2023, included in Short-term debt was $50.0 million borrowed against the line of credit with an interest rate of 5.78 percent. Also included in Short-term debt as of March 31, 2023, 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):

	March 31, 2023				September 30, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Current portion of long-term debt	$	608.8	$	598.6	$	609.1	$	589.1
Long-term debt	2,868.1		2,638.2		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.