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Debt and Financing Arrangements | 12 Months Ended
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Sep. 30, 2024
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,
| 2024 |  | 2023
Term loans | $ | 603 |  |  | $ | 159 |
Commercial paper | 350 |  |  | 200 |
Bank borrowings | — |  |  | 2 |
| $ | 953 |  |  | $ | 361 |
Weighted average interest rate on short-term debt outstanding | 4.8 | % |  | 4.9 | %
Long-Term Debt Long-term debt consisted of the following (in millions; due dates by fiscal year):
|  |  |  |  |  |  | September 30,
Issuer |  | Interest Rate |  | Due Date |  |  | 2024 |  | 2023
US dollar debt |  |  |  |  |  |  |  |  |
JCI plc |  | 3.625% |  | 2024 |  |  | $ | — |  |  | $ | 453 |
JCI Inc. |  | 3.625% |  | 2024 |  |  | — |  |  | 31 |
JCI plc |  | 3.90% |  | 2026 |  |  | 487 |  | 487 |
TIFSA 1 |  | 3.90% |  | 2026 |  |  | 51 |  | 51 |
JCI plc and TFSCA 2 |  | 5.50% |  | 2029 |  |  | 700 |  | — |
JCI plc and TFSCA 2 |  | 1.75% |  | 2030 |  |  | 625 |  | 625 |
JCI plc and TFSCA 2 |  | 2.00% |  | 2031 |  |  | 500 |  | 500 |
JCI plc and TFSCA 2 |  | 4.90% |  | 2033 |  |  | 400 |  | 400 |
JCI plc |  | 6.00% |  | 2036 |  |  | 342 |  | 342 |
JCI Inc. |  | 6.00% |  | 2036 |  |  | 8 |  | 8 |
JCI plc |  | 5.70% |  | 2041 |  |  | 190 |  | 190 |
JCI Inc. |  | 5.70% |  | 2041 |  |  | 30 |  | 30 |
JCI plc |  | 5.25% |  | 2042 |  |  | 155 |  | 155 |
JCI Inc. |  | 5.25% |  | 2042 |  |  | 6 |  | 6 |
JCI plc |  | 4.625% |  | 2044 |  |  | 444 |  | 444 |
JCI Inc. |  | 4.625% |  | 2044 |  |  | 6 |  | 6 |
JCI plc |  | 5.125% |  | 2045 |  |  | 253 |  | 372 |
TIFSA 1 |  | 5.125% |  | 2045 |  |  | 23 |  | 23 |
JCI plc |  | 6.95% |  | 2046 |  |  | 32 |  | 32 |
JCI Inc. |  | 6.95% |  | 2046 |  |  | 4 |  | 4 |
JCI plc |  | 4.50% |  | 2047 |  |  | 500 |  | 500 |
JCI plc |  | 4.95% |  | 2064 |  |  | 341 |  | 341 |
JCI Inc. |  | 4.95% |  | 2064 |  |  | 15 |  | 15 |
Euro debt |  |  |  |  |  |  |  |  |
JCI plc |  | EURIBOR plus 0.70% |  | 2024 |  |  | — |  |  | 159 |
JCI plc |  | 1.375% |  | 2025 |  |  | 472 |  | 448 |
TIFSA 1 |  | 1.375% |  | 2025 |  |  | 60 |  | 57 |
JCI plc and TFSCA 2 |  | 0.375% |  | 2027 |  |  | 559 |  | 530 |
JCI plc and TFSCA 2 |  | 3.00% |  | 2028 |  |  | 670 |  | 636 |
JCI plc and TFSCA 2 |  | 1.00% |  | 2032 |  |  | 559 |  | 530 |
JCI plc and TFSCA 2 |  | 4.25% |  | 2035 |  |  | 894 |  | 849 |
Japanese yen debt |  |  |  |  |  |  |  |  |
JCI plc |  | TORF plus 0.40% |  | 2027 |  |  | 211 |  | 202 |
Other |  |  |  |  |  |  | 31 |  |  | 36 |
Gross long-term debt |  |  |  |  |  |  | 8,568 |  |  | 8,462 |
Less: |  |  |  |  |  |  |  |  |
Debt issuance costs |  |  |  |  |  |  | 38 |  |  | 35 |
Net unamortized discount |  |  |  |  | 38 |  |  | 41 |
Net purchase accounting adjustments |  |  |  |  | (48) |  |  | (77) |
|  |  |  |  |  |  | 8,540 |  |  | 8,463 |
Less: Current portion |  |  |  |  |  |  | 536 |  |  | 645 |
Long-term debt |  |  |  |  |  |  | $ | 8,004 |  |  | $ | 7,818 |
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, 2024 (in millions):
2025 |  | $ | 536 |
2026 |  | 544 |
2027 |  | 776 |
2028 |  | 676 |
2029 |  | 707 |
After 2029 |  | 5,329 |
Total |  | $ | 8,568 |
Other As of September 30, 2024, the Company had syndicated committed revolving credit facilities of $2.5 billion which is scheduled to expire in December 2028 and $500 million which is scheduled to expire in December 2024. There were no draws on the facilities as of September 30, 2024. As of September 30, 2024, 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, 2024, 2023 and 2022 was $361 million, $288 million and $222 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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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