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Debt and Financing Arrangements

6 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt and Financing Arrangements

Debt and Financing Arrangements

Net Financing Charges

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

			Three Months Ended March 31,												Six Months Ended March 31,
			2021						2020						2021						2020
Interest expense, net of capitalized interest costs			$	53					$	62					$	112					$	124
Banking fees and bond cost amortization			4						5						12						10
Interest income			(3)						(5)						(6)						(18)
Net foreign exchange results for financing activities			(10)						(3)						(15)						(5)
Net financing charges			$	44					$	59					$	103					$	111

In March 2021, the Company entered into a bank term loan arrangement totaling $235 million due in March 2022 and retired $257 million in principal amount, plus accrued interest, of its 4.25% fixed rate notes that expired in March 2021.

As of March 31, 2021, 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 was renewed in December 2020 and is now scheduled to expire in December 2021. As of March 31, 2021, there were no draws on the facilities.

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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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