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Debt and Financing Arrangements (Tables) | 12 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of long term debt | Long-term and short-term debt consisted of the following:
|  | September 30,
(in millions) |  | 2020 |  | 2019
Long-term debt: |  |  |  |
Term Loan B - LIBOR plus 4.00% due in 2024 |  | $ | 790 |  |  | $ | 798 |
4.875% Notes due in 2026 |  | 797 |  |  | 900 |
3.50% Notes due in 2024 |  | 1,173 |  |  | 1,094 |
7.00% Notes due in 2026 |  | 800 |  |  | 800 |
9.00% Notes due in 2025 |  | 600 |  |  | — |
European Investment Bank Loan - EURIBOR plus 1.58% due in 2022 |  | — |  |  | 180 |
Less: debt issuance costs |  | (55) |  |  | (56) |
Gross long-term debt |  | 4,105 |  |  | 3,716 |
Less: current portion |  | 8 |  |  | 8 |
Net long-term debt |  | $ | 4,097 |  |  | $ | 3,708 |
Short-term debt: |  |  |  |
European Investment Bank Loan - EURIBOR plus 1.58% due in 2022 |  | $ | 194 |  |  | $ | — |
Other bank borrowings (1) |  | 8 |  |  | 22 |
Total short-term debt |  | $ | 202 |  |  | $ | 22 |
(1) The weighted average interest rates on short-term debts, based on levels of debt maintained in various jurisdictions, were 1.6% and 2.9% at September 30, 2020 and 2019, respectively.
Schedule of maturities of long-term debt | Principal payments required on long-term debt during the next five years are as follows:
|  | Year Ended September 30,
(in millions) |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025
Principal payments |  | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 1,939 |  |  | $ | 600 |
Schedule of net financing charges | Adient's net financing charges in the consolidated statements of income (loss) contained the following components:
|  | Year Ended September 30,
(in millions) |  | 2020 |  | 2019 |  | 2018
Interest expense, net of capitalized interest costs |  | $ | 216 |  |  | $ | 167 |  |  | $ | 142 |
Banking fees and debt issuance cost amortization |  | 18 |  |  | 26 |  |  | 7 |
Interest income |  | (11) |  |  | (11) |  |  | (5) |
Gain on partial extinguishment of debt |  | (3) |  |  | — |  |  | — |
Net financing charges |  | $ | 220 |  |  | $ | 182 |  |  | $ | 144 |

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