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Debt and Financing Arrangements | 12 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
DEBT AND FINANCING ARRANGEMENTS | DEBT AND FINANCING ARRANGEMENTS Short-term debt consisted of the following (in millions):
| September 30,
| 2022 |  | 2021
Bank borrowings | $ | 10 |  |  | $ | 8 |
Commercial paper | 172 |  |  | — |
Term loans | 487 |  |  | — |
| $ | 669 |  |  | $ | 8 |
Weighted average interest rate on short-term debt outstanding | 0.5 | % |  | 0.2 | %
As of September 30, 2022, 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 is scheduled to expire in December 2022. There were no draws on the facilities as of September 30, 2022. Long-term debt consisted of the following (in millions; due dates by fiscal year):
| September 30,
| 2022 |  | 2021
Unsecured notes |  |  |
JCI plc - Term Loan -¥25 billion; LIBOR JPY plus 0.40% due in 2022 | $ | — |  |  | $ | 223 |
JCI plc - 4.625% due in 2023 ($25 million par value) | 25 |  |  | 25 |
Tyco International Finance S.A. ("TIFSA") - 4.625% due in 2023 ($7 million par value) | 7 |  |  | 7 |
JCI plc - 1.00% due in 2023 (€846 million par value) | 830 |  |  | 980 |
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) | 419 |  |  | 496 |
TIFSA - 1.375% due in 2025 (€54 million par value) | 53 |  |  | 63 |
JCI plc - 3.90% due in 2026 ($487 million par value) | 505 |  |  | 510 |
TIFSA - 3.90% due in 2026 ($51 million par value) | 51 |  |  | 51 |
JCI plc - Term Loan - ¥30 billion; TORF plus 0.40% due in 2027 | 208 |  |  | — |
JCI plc and Tyco Fire & Security Finance S.C.A. ("TFSCA") - 0.375% due in 2027 (€500 million par value) | 488 |  |  | 577 |
JCI plc and TFSCA - 3.00% due in 2028 (€600 million par value) | 586 |  |  | — |
JCI plc and TFSCA - 1.75% due in 2030 ($625 million par value) | 623 |  |  | 623 |
JCI plc and TFSCA - 2.00% due in 2031 ($500 million par value) | 496 |  |  | 496 |
JCI plc and TFSCA - 1.00% due in 2032 (€500 million par value) | 489 |  |  | 578 |
JCI plc and TFSCA - 4.90% due in 2032 ($400 million par value) | 394 |  |  | — |
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) | 557 |  |  | 560 |
TIFSA - 5.125% due in 2045 ($23 million par value) | 23 |  |  | 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 |
Other | 25 |  |  | 8 |
Gross long-term debt | 8,324 |  |  | 7,764 |
Less: current portion | 865 |  |  | 226 |
Less: debt issuance costs | 33 |  |  | 32 |
Long-term debt | $ | 7,426 |  |  | $ | 7,506 |
The following table presents maturities of long-term debt as of September 30, 2022 (in millions):
2023 |  | $ | 865 |
2024 |  | 485 |
2025 |  | 473 |
2026 |  | 557 |
2027 |  | 697 |
After 2027 |  | 5,247 |
Total |  | $ | 8,324 |
As of September 30, 2022, 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, 2022, 2021 and 2020 was $226 million, $242 million and $247 million, respectively. Financing Arrangements In November 2021, the Company entered into a €200 million ($196 million as of September 30, 2022) bank term loan which had an interest rate of EURIBOR plus 0.5% and was due in October 2022. In March 2022, the Company entered into two bank term loans totaling €285 million ($280 million as of September 30, 2022) which both have an interest rate of EURIBOR plus 0.5% and are due in March 2023. In September 2022, the Company and its wholly owned subsidiary, TFSCA issued €600 million ($589 million as of September 30, 2022) of bonds with an interest rate of 3.0%, which are due in September 2028 and $400 million of bonds with an interest rate of 4.9%, which are due in December 2032. In September 2022, the Company repaid a ¥25 billion ($181 million) term loan and entered into a ¥30 billion ($208 million as of September 30, 2022) term loan which is due in September 2027. The new ¥30 billion loan has an interest rate of TORF plus 0.4%. The original ¥25 billion loan had an interest rate of LIBOR JPY plus 0.4%. Net Financing Charges The Company's net financing charges line item in the consolidated statements of income contained the following components (in millions):
| Year Ended September 30,
| 2022 |  | 2021 |  | 2020
Interest expense, net of capitalized interest costs | $ | 225 |  |  | $ | 219 |  |  | $ | 240 |
Other financing charges | 27 |  |  | 25 |  |  | 26 |
Interest income | (6) |  |  | (9) |  |  | (23) |
Net foreign exchange results for financing activities | (33) |  |  | (29) |  |  | (12) |
Net financing charges | $ | 213 |  |  | $ | 206 |  |  | $ | 231 |

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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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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