Long-term and Short-term Debt

12 Months Ended

Sep. 30, 2012

Long-term debt consists of (in millions):



	September 30,
	2012			2011
5.65% notes, payable in 2017	$	250.0		$	250.0
6.70% debentures, payable in 2028	250.0			250.0
6.25% debentures, payable in 2037	250.0			250.0
5.20% debentures, payable in 2098	200.0			200.0
Unamortized discount and other	(45.0		)	(45.0		)
Long-term debt	$	905.0		$	905.0

At September 30, 2012 and 2011, our total current borrowing capacity under our unsecured revolving credit facility, which expires in March 2015, was $750.0 million. We have not borrowed against this credit facility at September 30, 2012 or 2011. Borrowings under this credit facility bear interest based on short-term money market rates in effect during the period the borrowings are outstanding. The terms of this credit facility contain covenants under which we would be in default if our debt-to-total-capital ratio was to exceed 60 percent. We were in compliance with all covenants under this credit facility at September 30, 2012 and 2011. Separate short-term unsecured credit facilities of approximately $120.6 million at September 30, 2012 were available to non-U.S. subsidiaries. There were no significant commitment fees or compensating balance requirements under any of our credit facilities. Borrowings under our credit facilities during fiscal 2012 and 2011 were not significant.

Our short-term debt obligations primarily relate to commercial paper borrowings. At September 30, 2012, commercial paper outstanding was $157.0 million. At September 30, 2012 the weighted average interest rate and maturity period of the commercial paper outstanding were 0.27 percent and six days, respectively. At September 30, 2011, we had no commercial paper borrowings outstanding.

Interest payments were $59.0 million during 2012, $60.1 million during 2011 and $59.4 million during 2010.

- 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.

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