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Debt and Financing Arrangements (Notes)
 12 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
DEBT AND FINANCING ARRANGEMENTS DEBT AND FINANCING ARRANGEMENTS
Short-term debt consisted of the following (in millions):
 September 30,
 20202019
Bank borrowings$31 $10 
Weighted average interest rate on short-term debt outstanding3.4 %2.0 %

The Company had no commercial paper outstanding as of September 30, 2020 and 2019.

In December 2019, the Company entered into 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 December 2020.  Additionally, the Company terminated its syndicated 5-year $2 billion committed revolving credit facility and four 364-day revolving credit facilities with total committed capacity of $750 million. As of September 30, 2020, there were no draws on the revolving credit facilities.
Long-term debt consisted of the following (in millions; due dates by fiscal year):
 September 30,
 20202019
Unsecured notes
JCI plc - 5.00% due in 2020 ($453 million par value)
$— $453 
JCI Inc. - 5.00% due in 2020 ($47 million par value)
— 47 
JCI plc - 0.00% due in 2021 (€750 million par value)
— 818 
JCI plc - 4.25% due in 2021 ($204 million par value)
204 204 
JCI Inc. - 4.25% due in 2021 ($53 million par value)
53 53 
JCI plc - 3.75% due in 2022 ($171 million par value)
171 171 
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 26 
Tyco International Finance S.A. ("TIFSA") - 4.625% due in 2023 ($7 million par value)
7 7 
JCI plc - 1.00% due in 2023 (€888 million par value)
1,039 967 
JCI plc - 3.625% due in 2024 ($453 million par value)
453 453 
JCI Inc. - 3.625% due in 2024 ($31 million par value)
31 31 
JCI plc - 1.375% due in 2025 (€423 million par value)
503 471 
TIFSA - 1.375% due in 2025 (€54 million par value)
64 60 
JCI plc - 3.90% due in 2026 ($487 million par value)
516 521 
TIFSA - 3.90% due in 2026 ($51 million par value)
51 51 
JCI plc and Tyco Fire & Security Finance S.C.A. ("TFSCA") - 0.375% due in 2027 (€500 million par value)
583 — 
JCI plc and TFSCA - 1.75% due in 2030 ($625 million par value)
623 — 
JCI plc and TFSCA - 1.00% due in 2032 (€500 million par value)
584 — 
JCI plc - 6.00% due in 2036 ($342 million par value)
339 339 
JCI Inc. - 6.00% due in 2036 ($8 million par value)
8 8 
JCI plc - 5.70% due in 2041 ($190 million par value)
189 189 
JCI Inc. - 5.70% due in 2041 ($30 million par value)
30 30 
JCI plc - 5.25% due in 2042 ($155 million par value)
155 155 
JCI Inc. - 5.25% due in 2042 ($6 million par value)
6 6 
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)
564 567 
TIFSA - 5.125% due in 2045 ($23 million par value)
22 22 
JCI plc - 6.95% due in 2046 ($32 million par value)
32 32 
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)
340 340 
JCI Inc. - 4.95% due in 2064 ($15 million par value)
15 15 
JCI plc - Term Loan - ¥25 billion; LIBOR JPY plus 0.40% due in 2022
237 232 
Other8 3 
Gross long-term debt7,822 7,240 
Less: current portion262 501 
Less: debt issuance costs34 31 
Net long-term debt$7,526 $6,708 
The installments of long-term debt maturing in subsequent fiscal years are: 2021 - $262 million; 2022 - $432 million; 2023 - $1,073 million; 2024 - $484 million; 2025 - $567 million; 2026 and thereafter - $5,004 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, 2020, 2019 and 2018 was $247 million, $369 million and $401 million, respectively.

Financing Arrangements

In September 2020, the Company and its wholly owned subsidiary, TFSCA issued €500 million aggregate principal amount of their 0.375% Senior Notes due 2027 and €500 million aggregate principal amount of their 1.000% Senior Notes due 2032. A portion of the proceeds were used to repay €750 million of notes which were due in December 2020 and the short-term debt which was issued in April 2020, including $675 million of European financing arrangements which were due in September 2020 and $275 million of bank term loans which were due in April 2021. The remainder of the proceeds is to be used for general corporate purposes. In July 2020, the Company repaid $300 million of a bank term loan that was issued in April 2020.

In September 2020, the Company and its wholly owned subsidiary, TFSCA issued $625 million of green bonds with an interest rate of 1.750% which are due in 2030. The net proceeds are being used to support projects that focus on sustainability and support the Company's 2025 sustainability goals.

In March 2020, the Company retired $500 million in principal amount, plus accrued interest, of its 5.0% fixed rate notes that expired in March 2020.

Net Financing Charges

The Company's net financing charges line item in the consolidated statements of income for the years ended September 30, 2020, 2019 and 2018 contained the following components (in millions):
Year Ended September 30,
202020192018
Interest expense, net of capitalized interest costs$240 $335 $409 
Banking fees and bond cost amortization26 28 30 
Loss on debt extinguishment— 60 — 
Interest income(23)(61)(13)
Net foreign exchange results for financing activities(12)(12)(25)
Net financing charges$231 $350 $401