Short-Term and Long-Term Debt

9 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt

Our Short-term debt as of June 30, 2023, and September 30, 2022, includes commercial paper borrowings of $183.0 million and $317.0 million, respectively, with weighted average interest rates of 5.10 percent and 3.03 percent, respectively, and weighted average maturity periods of 9 days and 22 days, respectively. In December 2022, Sensia entered into an unsecured $75.0 million line of credit. As of June 30, 2023, included in Short-term debt was $65.0 million borrowed against the line of credit with an interest rate of 6.14 percent. Also included in Short-term debt as of June 30, 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):

	June 30, 2023				September 30, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Current portion of long-term debt	$	608.3	$	605.0	$	609.1	$	589.1
Long-term debt	2,866.9		2,585.8		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.