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Debt and Financing Arrangements (Notes) | 12 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
DEBT AND FINANCING ARRANGEMENTS | DEBT AND FINANCING ARRANGEMENTS Short-term debt consisted of the following (in millions):
| September 30,
| 2019 |  | 2018
Bank borrowings and commercial paper | $ | 10 |  |  | $ | 1,306 |
Weighted average interest rate on short-term debt outstanding | 2.0 | % |  | 2.8 | %
The Company had no commercial paper outstanding as of September 30, 2019 and $879 million as of September 30, 2018. In June 2019, TSarl, a subsidiary of the Company, terminated its $1.25 billion committed revolving credit facility scheduled to expire in August 2020. In connection with the termination, the Company repaid all of the outstanding obligations in respect of principal, interest and fees under the credit facility. In relation to the termination of the credit facility, TSarl completed all of its obligations under the Term Loan Credit Agreement, dated as of March 10, 2016 (the "Term Facility") by repaying all of the outstanding obligations under the Term Facility, which included $364 million term loan scheduled to mature in March 2020. Other debt held at TSarl was also repaid, including a 364-day $250 million floating rate term loan scheduled to mature in March 2020 and an 18-month 215 million euro floating rate euro term loan scheduled to mature in July 2019. No amounts remain outstanding on the $4.0 billion TSarl merger-related debt as of September 30, 2019. In March 2019, a 364-day $250 million committed revolving credit facility expired. The Company entered into a new $250 million committed revolving credit facility scheduled to expire in March 2020. As of September 30, 2019 there were no draws on the facility. In February 2019, a 364-day $150 million committed revolving credit facility expired. The Company entered into a new $150 million committed revolving credit facility scheduled to expire in February 2020. As of September 30, 2019 there were no draws on the facility. In February 2019, a 364-day $150 million committed revolving credit facility expired. The Company entered into a new $150 million committed revolving credit facility scheduled to expire in February 2020. As of September 30, 2019 there were no draws on the facility. In January 2019, the Company entered into a $750 million term loan due the earlier of January 2020 or five business days from the closing on the sale of the Power Solutions business. Proceeds from the term loan were used for general corporate purposes. Following the sale of the Power Solutions business, the loan was repaid in May 2019. In January 2019, a 364-day $200 million committed revolving credit facility expired. The Company entered into a new $350 million committed revolving credit facility scheduled to expire in January 2020. Following the sale of the Power Solutions business, the facility was reduced to $200 million. As of September 30, 2019 there were no draws on the facility. Long-term debt consisted of the following (in millions; due dates by fiscal year):
| September 30,
| 2019 |  | 2018
Unsecured notes |  |  |
JCI plc - 5.00% due in 2020 ($453 million par value) | 453 |  |  | 452 |
JCI Inc. - 5.00% due in 2020 ($47 million par value) | 47 |  |  | 47 |
JCI plc - 0.00% due in 2021 (€750 million par value) | 818 |  |  | 868 |
JCI plc - 4.25% due in 2021 ($204 million par value) | 204 |  |  | 446 |
JCI Inc. - 4.25% due in 2021 ($53 million par value) | 53 |  |  | 53 |
JCI plc - 3.75% due in 2022 ($171 million par value) | 171 |  |  | 427 |
JCI Inc. - 3.75% due in 2022 ($22 million par value) | 22 |  |  | 22 |
JCI plc - 4.625% due in 2023 ($25 million par value) | 26 |  |  | 37 |
Tyco International Finance S.A. ("TIFSA") - 4.625% due in 2023 ($7 million par value) | 7 |  |  | 8 |
JCI plc - 1.00% due in 2023 (€888 million par value) | 967 |  |  | 1,154 |
JCI plc - 3.625% due in 2024 ($453 million par value) | 453 |  |  | 468 |
JCI Inc. - 3.625% due in 2024 ($31 million par value) | 31 |  |  | 31 |
JCI plc - 1.375% due in 2025 (€423 million par value) | 471 |  |  | 501 |
TIFSA - 1.375% due in 2025 (€54 million par value) | 60 |  |  | 69 |
JCI plc - 3.90% due in 2026 ($487 million par value) | 521 |  |  | 755 |
TIFSA - 3.90% due in 2026 ($51 million par value) | 51 |  |  | 52 |
JCI plc - 6.00% due in 2036 ($342 million par value) | 339 |  |  | 388 |
JCI Inc. - 6.00% due in 2036 ($8 million par value) | 8 |  |  | 8 |
JCI plc - 5.70% due in 2041 ($190 million par value) | 189 |  |  | 269 |
JCI Inc. - 5.70% due in 2041 ($30 million par value) | 30 |  |  | 30 |
JCI plc - 5.25% due in 2042 ($155 million par value) | 155 |  |  | 242 |
JCI Inc. - 5.25% due in 2042 ($6 million par value) | 6 |  |  | 8 |
JCI plc - 4.625% due in 2044 ($444 million par value) | 441 |  |  | 441 |
JCI Inc. - 4.625% due in 2044 ($6 million par value) | 6 |  |  | 6 |
JCI plc - 5.125% due in 2045 ($477 million par value) | 567 |  |  | 867 |
TIFSA - 5.125% due in 2045 ($23 million par value) | 22 |  |  | 23 |
JCI plc - 6.95% due in 2046 ($32 million par value) | 32 |  |  | 121 |
JCI Inc. - 6.95% due in 2046 ($4 million par value) | 4 |  |  | 4 |
JCI plc - 4.50% due in 2047 ($500 million par value) | 496 |  |  | 496 |
JCI plc - 4.95% due in 2064 ($341 million par value) | 340 |  |  | 434 |
JCI Inc. - 4.95% due in 2064 ($15 million par value) | 15 |  |  | 15 |
TSarl - Term Loan A - LIBOR plus 1.25% due in 2020 | — |  |  | 364 |
TSarl - Term Loan B - €215 million; EURIBOR plus 0.62% due in 2020 | — |  |  | 250 |
JCI plc - Term Loan - 25 billion yen; LIBOR JPY plus 0.40% due in 2022 | 232 |  |  | 309 |
Other | 3 |  |  | 3 |
Gross long-term debt | 7,240 |  |  | 9,668 |
Less: current portion | 501 |  |  | 1 |
Less: debt issuance costs | 31 |  |  | 44 |
Net long-term debt | $ | 6,708 |  |  | $ | 9,623 |
The installments of long-term debt maturing in subsequent fiscal years are: 2020 - $501 million; 2021 - $1,075 million; 2022 - $425 million; 2023 - $1,001 million; 2024 - $485 million; 2025 and thereafter - $3,753 million. The Company’s long-term debt includes various financial covenants, none of which are expected to restrict future operations. Total interest paid on both short and long-term debt for continuing operations for the fiscal years ended September 30, 2019, 2018 and 2017 was $369 million, $401 million and $432 million, respectively. Financing Arrangements In June 2019, the Company repurchased at par, $2.5 million of its 5.25% fixed rate notes, plus accrued interest, scheduled to mature in 2041. In May 2019, the Company completed the debt tender offer to purchase up to $1.5 billion in aggregate principal amount of certain of its outstanding notes for $1.6 billion total consideration. The Company recognized a loss on the extinguishment of debt of $60 million, which was recorded within net financing charges in the consolidated statements of income. In May 2019, the Company repaid 10 billion yen of the 35 billion yen five-year syndicated floating rate term loan, plus accrued interest, scheduled to mature in September 2022. In April 2019, the Company repurchased at a discount, 4.7 million euro of its 1.375% fixed rate euro notes, plus accrued interest, scheduled to mature in 2025. In February 2019, the Company repurchased at a discount, $12 million of its 3.9% fixed rate notes, plus accrued interest, scheduled to mature in 2026. Net Financing Charges The Company's net financing charges line item in the consolidated statements of income for the years ended September 30, 2019, 2018 and 2017 contained the following components (in millions):
| Year Ended September 30,
| 2019 |  | 2018 |  | 2017
Interest expense, net of capitalized interest costs | $ | 335 |  |  | $ | 409 |  |  | $ | 446 |
Banking fees and bond cost amortization | 28 |  |  | 30 |  |  | 49 |
Loss on debt extinguishment | 60 |  |  | — |  |  | — |
Interest income | (61 | ) |  | (13 | ) |  | (11 | )
Net foreign exchange results for financing activities | (12 | ) |  | (25 | ) |  | (18 | )
Net financing charges | $ | 350 |  |  | $ | 401 |  |  | $ | 466 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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