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Debt and Financing Arrangements
 12 Months Ended
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,
 20222021
Bank borrowings$10 $8 
Commercial paper172 — 
Term loans487 — 
$669 $8 
Weighted average interest rate on short-term debt outstanding0.5 %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,
 20222021
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 
Other25 8 
Gross long-term debt8,324 7,764 
Less: current portion865 226 
Less: debt issuance costs33 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 
2024485 
2025473 
2026557 
2027697 
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,
202220212020
Interest expense, net of capitalized interest costs$225 $219 $240 
Other financing charges27 25 26 
Interest income(6)(9)(23)
Net foreign exchange results for financing activities(33)(29)(12)
Net financing charges$213 $206 $231