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Debt and Financing Arrangements

6 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt and Financing Arrangements

Debt and Financing Arrangements

On May 1, 2019, the Company announced that it has commenced a cash tender offer to purchase up to $1.5 billion in aggregate principal amount of certain of its outstanding notes.

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 March 31, 2019 there were no draws on the facility.

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.

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 March 31, 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 March 31, 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.

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. As of March 31, 2019 there were no draws on the facility.

Net Financing Charges

The Company's net financing charges line item in the consolidated statements of income for the three and six months ended March 31, 2019 and 2018 contained the following components (in millions):

	Three Months Ended March 31,								Six Months Ended March 31,
	2019				2018				2019				2018
Interest expense, net of capitalized interest costs	$	97			$	99			$	188			$	201
Banking fees and bond cost amortization	7				8				13				15
Interest income	(6		)		(1		)		(13		)		(8		)
Net foreign exchange results for financing activities	—				1				(5		)		1
Net financing charges	$	98			$	107			$	183			$	209

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- References

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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

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