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Debt
12 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt DEBT
The table below summarizes our total outstanding debt as reflected on our consolidated balance sheets:
30 September20222021
Short-term borrowings(A)
$10.7 $2.4 
Current portion of long-term debt548.3 484.5 
Long-term debt6,433.8 6,875.7 
Long-term debt – related party652.0 274.6 
Total Debt$7,644.8 $7,637.2 
(A)Includes bank obligations with weighted average interest rates of 4.2% and 0.6% as of 30 September 2022 and 2021, respectively.
Related Party Debt
Total debt owed to related parties was $781.0 and $358.4 as of 30 September 2022 and 30 September 2021, respectively. "Current portion of long-term debt" includes amounts owed to related parties of $129.0 and $83.8 as of 30 September 2022 and 2021, respectively. Our related party debt includes loans with joint venture partners, including Lu’An Clean Energy Company, as well as shareholder loans associated with the NEOM project. Refer to Note 22, Supplemental Information, for additional information.
Summary of Debt Instruments
The table below summarizes the coupon interest rates, fiscal year maturities, and carrying amounts of our long-term debt, including current portion and amounts owed to related parties:
30 SeptemberMaturities20222021
Payable in U.S. Dollars
Medium-term Notes (weighted average rate)
Series E 7.6%2026$17.2 $17.2 
Senior Notes
Note 3.0%2022 400.0 
Note 2.75%2023400.0 400.0 
Note 3.35%2024400.0 400.0 
Note 1.50%2026550.0 550.0 
Note 1.85%2027650.0 650.0 
Note 2.05%2030900.0 900.0 
Note 2.70%2040750.0 750.0 
Note 2.80%2050950.0 950.0 
Other (weighted average rate)
Variable-rate industrial revenue bonds 1.59%2035 to 2050618.9 618.9 
Other variable-rate 3.42%2024 to 203241.4 14.4 
Payable in Other Currencies
Eurobonds 1.0%2025294.1 347.4 
Eurobonds 0.50%2028490.1 579.1 
Eurobonds 0.80%2032490.1 579.1 
Saudi Riyal Loan Facility variable-rate 4.10%2023195.6 — 
New Taiwan Dollar Loan Facility 1.86%2023 to 2028189.0 161.8 
New Taiwan Dollar Loan Facility 2.66%2026 to 202931.5 — 
Other20230.1 0.3 
Related Party Debt
Chinese Renminbi 5.5%2023 to 2027321.5 355.0 
Chinese Renminbi 5.7%203312.2 3.4 
Finance Lease Obligations (weighted average rate)
Foreign 11.3%2023 to 20367.6 8.1 
Total Principal Amount$7,309.3 $7,684.7 
Plus: Related party shareholder loans to NGHC447.3 — 
Less: Unamortized discount and debt issuance costs(45.4)(50.4)
Less: Fair value hedge accounting adjustments(A)
(77.1)0.5 
Total Long-term Debt$7,634.1 $7,634.8 
Less: Current portion of long-term debt(548.3)(484.5)
Less: Long-term debt – related party(652.0)(274.6)
Long-term Debt$6,433.8 $6,875.7 
(A)Refer to Note 12, Financial Instruments, for additional information.
Principal maturities of long-term debt, including current portion and amounts owed to related parties, in each of the next five years and thereafter are as follows:
2023(A)
$744.0 
2024496.8 
2025398.4 
2026673.6 
2027725.0 
Thereafter4,271.5 
Total$7,309.3 
(A)Principal maturities in fiscal year 2023 include the 4.10% Saudi Riyal Loan Facility of $195.6, which is presented within long-term debt on our consolidated balance sheet as of 30 September 2022 as we entered into a Saudi Riyal Loan Facility in October 2022 and utilized the proceeds to repay the outstanding balance. The new facility is due in 2027.
Cash paid for interest, net of amounts capitalized, was $128.5, $150.4, and $67.2 in fiscal years 2022, 2021, and 2020, respectively.
In November 2021, we repaid the 3.0% Senior Note of $400, plus interest, on its maturity date.
Debt Covenants
Various debt agreements to which we are a party include financial covenants and other restrictions, including restrictions pertaining to the ability to create property liens and enter into certain sale and leaseback transactions. As of 30 September 2022, we are in compliance with all the financial and other covenants under our debt agreements.
Credit Facilities
2021 Credit Agreement
On 31 March 2021, we entered into a five-year $2,500 revolving credit agreement with a syndicate of banks (the “2021 Credit Agreement”), under which senior unsecured debt is available to us and certain of our subsidiaries. On 31 March 2022, we amended the 2021 Credit Agreement to exercise our option to increase the maximum borrowing capacity to $2,750 and transition the benchmark rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). All other terms remain unchanged from the original agreement. The 2021 Credit Agreement provides a source of liquidity and supports our commercial paper program. The only financial covenant in the 2021 Credit Agreement is a maximum ratio of total debt to capitalization (equal to total debt plus total equity) not to exceed 70%. No borrowings were outstanding under the 2021 Credit Agreement as of 30 September 2022.
Other
We have credit facilities available to certain of our foreign subsidiaries totaling $749.0, of which $457.5 was borrowed and outstanding as of 30 September 2022. The amount borrowed and outstanding as of 30 September 2021 was $176.2.
2020 Debt Issuance
In fiscal year 2020, we issued U.S. Dollar- and Euro-denominated fixed-rate notes with aggregate principal amounts of $3.8 billion and €1.0 billion, respectively. Our consolidated statement of cash flows for the fiscal year ended 30 September 2020 includes long-term debt proceeds of $4,895.8 from these issuances.