Short-Term and Long-Term Debt

9 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt

Our Short-term debt as of June 30, 2022, and September 30, 2021, includes $578.0 million and $484.0 million, respectively, of commercial paper borrowings with weighted average interest rates of 1.57 percent and 0.18 percent, respectively. Also included in Short-term debt as of June 30, 2022, and September 30, 2021, is $23.5 million of interest-bearing loans from Schlumberger to Sensia due December 31, 2022. The short-term loans from Schlumberger were entered into following the formation of Sensia in fiscal 2020.

The following table presents the carrying amounts and estimated fair values of Long-term debt in the Consolidated Balance Sheet (in millions):

	June 30, 2022				September 30, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	3,464.1	$	3,232.2	$	3,464.6	$	3,874.8

We base the fair value of long-term debt upon quoted market prices for the same or similar issues and therefore consider this a level 2 fair value measurement. The fair value of long-term debt considers the terms of the debt excluding the impact of derivative and hedging activity. Refer to Note 9 for further information regarding levels in the fair value hierarchy. The carrying value of our short-term debt approximates fair value.