Debt and Financing Arrangements

6 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt and Financing Arrangements

Debt and Financing Arrangements

Short-term debt consisted of the following (in millions):

	March 31,			September 30,
	2023			2022
Bank borrowings	$	20		$	10
Commercial paper	1,554			172
Term loans	163			487
	$	1,737		$	669
Weighted average interest rate on short-term debt outstanding	2.9		%	0.5		%

As of March 31, 2023, the Company had a syndicated $2.5 billion committed revolving credit facility, which is scheduled to expire in December 2024, and a syndicated $500 million committed revolving credit facility, which is scheduled to expire in November 2023. As of March 31, 2023, there were no draws on the facilities.

Financing Activity

In October 2022, the Company repaid a €200 million ($196 million as of September 30, 2022) term loan with an interest rate of EURIBOR plus 0.5% and entered into a €150 million ($163 million as of March 31, 2023) term loan with an interest rate of EURIBOR plus 0.7% which is due in April 2024.

In January 2023, the Company repaid $32 million of outstanding 4.625% Notes due 2023.

In March 2023, the Company repaid a €150 million ($147 million as of September 30, 2022) term loan with an interest rate of 0.0%, repaid a €135 million ($133 million as of September 30, 2022) term loan with an interest rate of EURIBOR plus 0.5% and entered into a €150 million ($163 million as of March 31, 2023) term loan with an interest rate of EURIBOR plus 0.4% which is due March 2024.

Net Financing Charges

Net financing charges consisted of the following (in millions):

	Three Months Ended March 31,				Six Months Ended March 31,
	2023		2022		2023		2022
Interest expense, net of capitalized interest costs	$	71	$	56	$	140	$	111
Other financing charges	11		5		21		10
Interest income	(3)		(1)		(7)		(3)
Net foreign exchange results for financing activities	(8)		(9)		(16)		(14)
Net financing charges	$	71	$	51	$	138	$	104