Short-Term and Long-Term Debt

6 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt

Our Short-term debt as of March 31, 2024, includes commercial paper borrowings of $707.0 million, with a weighted average interest rate of 5.38 percent, and a weighted average maturity period of 19 days. We had no commercial paper borrowings as of September 30, 2023. In December 2022, Sensia entered into an unsecured $75.0 million line of credit. As of March 31, 2024, and September 30, 2023, included in Short-term debt was $70.0 million borrowed against the line of credit with an interest rate of 6.21 percent and 6.29 percent, respectively. Also included in Short-term debt as of September 30, 2023, was $23.5 million of interest-bearing loans from Schlumberger (SLB) to Sensia. The loans were extended to April 15, 2025, and are included in Long-term debt as of March 31, 2024. On April 25, 2024, $18.8 million of new interest-bearing loans from SLB to Sensia were entered into and are due August 28, 2024.

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

	March 31, 2024				September 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Current portion of long-term debt	$	309.4	$	302.9	$	8.6	$	8.6
Long-term debt	2,584.5		2,275.9		2,862.9		2,442.6

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.