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Debt and Financing Arrangements | 12 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
DEBT AND FINANCING ARRANGEMENTS | DEBT AND FINANCING ARRANGEMENTS Short-Term Debt Short-term debt consisted of the following (in millions):
| September 30,
| 2023 |  | 2022
Bank borrowings | $ | 26 |  |  | $ | 10 |
Commercial paper | 200 |  |  | 172 |
Term loans | 159 |  |  | 487 |
| $ | 385 |  |  | $ | 669 |
Weighted average interest rate on short-term debt outstanding | 5.1 | % |  | 0.5 | %
Long-Term Debt Long-term debt consisted of the following (in millions; due dates by fiscal year):
|  |  |  | Carrying Value
Issuer | Interest Rate | Due Date | Par Value | September 30, 2023 | September 30, 2022
JCI plc | 4.625% | 2023 | $ | 25 |  | $ | — |  | $ | 25 |
TIFSA 1 | 4.625% | 2023 | $ | 7 |  | — |  | 7 |
JCI plc | 1.00% | 2023 | € | 846 |  | — |  | 830 |
JCI plc | 3.625% | 2024 | $ | 453 |  | 453 | 453 |
JCI Inc. | 3.625% | 2024 | $ | 31 |  | 31 | 31 |
JCI plc | EURIBOR plus 0.70% | 2024 | € | 150 |  | 159 |  | — |
JCI plc | 1.375% | 2025 | € | 423 |  | 450 | 419 |
TIFSA 1 | 1.375% | 2025 | € | 54 |  | 57 | 53 |
JCI plc | 3.90% | 2026 | $ | 487 |  | 499 | 505 |
TIFSA 1 | 3.90% | 2026 | $ | 51 |  | 50 | 51 |
JCI plc | TORF plus 0.40% | 2027 | ¥ | 30,000 |  | 202 | 208 |
JCI plc and TFSCA 2 | 0.375% | 2027 | € | 500 |  | 528 | 488 |
JCI plc and TFSCA 2 | 3.00% | 2028 | € | 600 |  | 634 | 586 |
JCI plc and TFSCA 2 | 1.75% | 2030 | $ | 625 |  | 624 | 623 |
JCI plc and TFSCA 2 | 2.00% | 2031 | $ | 500 |  | 497 | 496 |
JCI plc and TFSCA 2 | 1.00% | 2032 | € | 500 |  | 529 | 489 |
JCI plc and TFSCA 2 | 4.90% | 2032 | $ | 400 |  | 394 | 394 |
JCI plc and TFSCA 2 | 4.25% | 2035 | € | 800 |  | 839 | — |
JCI plc | 6.00% | 2036 | $ | 342 |  | 339 | 339 |
JCI Inc. | 6.00% | 2036 | $ | 8 |  | 8 | 8 |
JCI plc | 5.70% | 2041 | $ | 190 |  | 189 | 189 |
JCI Inc. | 5.70% | 2041 | $ | 30 |  | 30 | 30 |
JCI plc | 5.25% | 2042 | $ | 155 |  | 155 | 155 |
JCI Inc. | 5.25% | 2042 | $ | 6 |  | 6 | 6 |
JCI plc | 4.625% | 2044 | $ | 444 |  | 442 | 441 |
JCI Inc. | 4.625% | 2044 | $ | 6 |  | 6 | 6 |
JCI plc | 5.125% | 2045 | $ | 477 |  | 431 | 557 |
TIFSA 1 | 5.125% | 2045 | $ | 23 |  | 23 | 23 |
JCI plc | 6.95% | 2046 | $ | 32 |  | 32 | 32 |
JCI Inc. | 6.95% | 2046 | $ | 4 |  | 4 | 4 |
JCI plc | 4.50% | 2047 | $ | 500 |  | 496 | 496 |
JCI plc | 4.95% | 2064 | $ | 341 |  | 340 | 340 |
JCI Inc. | 4.95% | 2064 | $ | 15 |  | 15 | 15 |
Other |  |  |  | 36 |  | 25 |
Gross long-term debt |  |  |  | 8,498 |  | 8,324 |
Less: current portion |  |  |  | 645 |  | 865 |
Less: debt issuance costs |  |  |  | 35 |  | 33 |
Long-term debt |  |  |  | $ | 7,818 |  | $ | 7,426 |
1 TIFSA = Tyco International Finance S.A. 2 TFSCA = Tyco Fire & Security Finance S.C.A. The following table presents maturities of long-term debt as of September 30, 2023 (in millions):
2024 |  | $ | 646 |
2025 |  | 508 |
2026 |  | 550 |
2027 |  | 731 |
2028 |  | 634 |
After 2028 |  | 5,429 |
Total |  | $ | 8,498 |
Other As of September 30, 2023, the Company had a syndicated $2.5 billion committed revolving credit facility, which was scheduled to expire in December 2024, and a syndicated $500 million committed revolving credit facility, which expired in November 2023. Both credit facilities were renewed on December 11, 2023. The $2.5 billion facility is now scheduled to expire in December 2028 and the $500 million facility is now scheduled to expire in December 2024. There were no draws on the facilities as of September 30, 2023. As of September 30, 2023, 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, 2023, 2022 and 2021 was $298 million, $226 million and $242 million, respectively.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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