Debt and Financing Arrangements

12 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

DEBT AND FINANCING ARRANGEMENTS

DEBT AND FINANCING ARRANGEMENTS

Short-Term Debt

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

	September 30,
	2023			2022
Bank borrowings	$	26		$	10
Commercial paper	200			172
Term loans	159			487
	$	385		$	669
Weighted average interest rate on short-term debt outstanding	5.1		%	0.5		%

Long-Term Debt

Long-term debt consisted of the following (in millions; due dates by fiscal year):

					Carrying Value
Issuer	Interest Rate	Due Date	Par Value		September 30, 2023		September 30, 2022
JCI plc	4.625%	2023	$	25	$	—	$	25
TIFSA1	4.625%	2023	$	7	—		7
JCI plc	1.00%	2023	€	846	—		830
JCI plc	3.625%	2024	$	453	453		453
JCI Inc.	3.625%	2024	$	31	31		31
JCI plc	EURIBOR plus 0.70%	2024	€	150	159		—
JCI plc	1.375%	2025	€	423	450		419
TIFSA1	1.375%	2025	€	54	57		53
JCI plc	3.90%	2026	$	487	499		505
TIFSA1	3.90%	2026	$	51	50		51
JCI plc	TORF plus 0.40%	2027	¥	30,000	202		208
JCI plc and TFSCA2	0.375%	2027	€	500	528		488
JCI plc and TFSCA2	3.00%	2028	€	600	634		586
JCI plc and TFSCA2	1.75%	2030	$	625	624		623
JCI plc and TFSCA2	2.00%	2031	$	500	497		496
JCI plc and TFSCA2	1.00%	2032	€	500	529		489
JCI plc and TFSCA2	4.90%	2032	$	400	394		394
JCI plc and TFSCA2	4.25%	2035	€	800	839		—
JCI plc	6.00%	2036	$	342	339		339
JCI Inc.	6.00%	2036	$	8	8		8
JCI plc	5.70%	2041	$	190	189		189
JCI Inc.	5.70%	2041	$	30	30		30
JCI plc	5.25%	2042	$	155	155		155
JCI Inc.	5.25%	2042	$	6	6		6
JCI plc	4.625%	2044	$	444	442		441
JCI Inc.	4.625%	2044	$	6	6		6
JCI plc	5.125%	2045	$	477	431		557
TIFSA1	5.125%	2045	$	23	23		23
JCI plc	6.95%	2046	$	32	32		32
JCI Inc.	6.95%	2046	$	4	4		4
JCI plc	4.50%	2047	$	500	496		496
JCI plc	4.95%	2064	$	341	340		340
JCI Inc.	4.95%	2064	$	15	15		15
Other					36		25
Gross long-term debt					8,498		8,324
Less: current portion					645		865
Less: debt issuance costs					35		33
Long-term debt					$	7,818	$	7,426

1 TIFSA = Tyco International Finance S.A.

2 TFSCA = Tyco Fire & Security Finance S.C.A.

The following table presents maturities of long-term debt as of September 30, 2023 (in millions):

2024	$	646
2025	508
2026	550
2027	731
2028	634
After 2028	5,429
Total	$	8,498

Other

As of September 30, 2023, the Company had a syndicated $2.5 billion committed revolving credit facility, which was scheduled to expire in December 2024, and a syndicated $500 million committed revolving credit facility, which expired in November 2023. Both credit facilities were renewed on December 11, 2023. The $2.5 billion facility is now scheduled to expire in December 2028 and the $500 million facility is now scheduled to expire in December 2024. There were no draws on the facilities as of September 30, 2023.

As of September 30, 2023, the Company was in compliance with all financial covenants set forth in its credit agreements and the indentures governing its outstanding notes, and expects to remain in compliance for the foreseeable future.

Total interest paid on both short and long-term debt for the years ended September 30, 2023, 2022 and 2021 was $298 million, $226 million and $242 million, respectively.