Long-term and Short-term Debt

12 Months Ended

Sep. 30, 2013

Long-term debt consists of (in millions):



	September 30,
	2013			2012
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	(44.9		)	(45.0		)
Long-term debt	$	905.1		$	905.0

On May 22, 2013, we replaced our former four-year $750.0 million unsecured revolving credit facility expiring in March 2015 with a new five-year $750.0 million unsecured revolving credit facility expiring in May 2018. We can increase the aggregate amount of this credit facility by up to $250.0 million, subject to the consent of the banks in the credit facility. We did not incur early termination penalties in connection with the termination of the former credit facility. We have not borrowed against these credit facilities during the years ended September 30, 2013 and 2012. Borrowings under these credit facilities bear interest based on short-term money market rates in effect during the period the borrowings are outstanding. The terms of these credit facilities contain covenants under which we would be in default if our debt-to-total-capital ratio was to exceed 60 percent. Separate short-term unsecured credit facilities of approximately $121.6 million at September 30, 2013 were available to non-U.S. subsidiaries. Borrowings under our non-U.S. credit facilities during fiscal 2013 and 2012 were not significant. We were in compliance with all covenants under our credit facilities during the years ended September 30, 2013 and 2012. There were no significant commitment fees or compensating balance requirements under any of our credit facilities.

Our short-term debt obligations primarily relate to commercial paper borrowings. Commercial paper borrowings outstanding were $179.0 million at September 30, 2013 and $157.0 million at September 30, 2012. At September 30, 2013 the weighted average interest rate and maturity period of the commercial paper outstanding were 0.17 percent and five days, respectively. 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.

Interest payments were $59.7 million during 2013, $59.0 million during 2012 and $60.1 million during 2011.

- 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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