Debt

12 Months Ended

Sep. 30, 2018

DEBT

The tables below summarize our outstanding debt at 30 September 2018 and 2017:

Total Debt



30 September	2018		2017
Short-term borrowings		$54.3		$144.0
Current portion of long-term debt	406.6		416.4
Long-term debt	2,967.4		3,402.4
Long-term debt – related party^(A)	384.3		—
Total Debt		$3,812.6		$3,962.8


^(A)	Refer to Note 6, Acquisitions, for additional information regarding related party debt.

Short-term Borrowings

Short-term borrowings consisted of bank obligations of $54.3 and $144.0 at 30 September 2018 and 2017, respectively. The weighted average interest rate of short-term borrowings outstanding at 30 September 2018 and 2017 was 5.0% and 4.6%, respectively.

Long-term Debt



30 September	Fiscal Year Maturities	2018			2017
Payable in U.S. Dollars
Debentures
8.75%	2021		$18.4			$18.4
Medium-term Notes (weighted average rate)
Series E 7.6%	2026	17.2			17.2
Senior Notes
Note 1.2%	2018	—			400.0
Note 4.375%	2019	400.0			400.0
Note 3.0%	2022	400.0			400.0
Note 2.75%	2023	400.0			400.0
Note 3.35%	2024	400.0			400.0
Other (weighted average rate)
Variable-rate industrial revenue bonds 1.51%	2035 to 2050	631.9			631.9
Other .25%	2019 to 2022	.9			10.9
Payable in Other Currencies
Eurobonds 2.0%	2020	348.1			354.4
Eurobonds .375%	2021	406.2			413.5
Eurobonds 1.0%	2025	348.1			354.4
Other 4.3%	2019 to 2023	8.0			25.8
Related Party^(A)
Chinese Renminbi 5.5%	2020 to 2026	384.3			—
Capital Lease Obligations
United States 5.0%	2018	—			.2
Foreign 10.4%	2019 to 2036	10.5			10.6
Total Principal Amount		3,773.6			3,837.3
Less: Unamortized discount and debt issuance costs		(15.3		)	(18.5		)
Total Long-term Debt		3,758.3			3,818.8
Less: Current portion of long-term debt		(406.6		)	(416.4		)
Less: Long-term debt – related party		(384.3		)	—
Long-term Debt			$2,967.4			$3,402.4


^(A)	Refer to Note 6, Acquisitions, for additional information regarding related party debt.

Maturities of long-term debt, including related party, in each of the next five years and beyond are as follows:



2019		$406.6
2020	380.9
2021	473.9
2022	448.3
2023	448.8
Thereafter	1,615.1
Total		$3,773.6

Various debt agreements to which we are a party include financial covenants and other restrictions, including restrictions pertaining to the ability to create property liens and enter into certain sale and leaseback transactions. As of 30 September 2018, we are in compliance with all the financial and other covenants under our debt agreements.

Additional commitments totaling $7.0 are maintained by our foreign subsidiaries, all of which were borrowed and outstanding at 30 September 2018.

Cash paid for interest, net of amounts capitalized, was $123.1, $125.9, and $120.6 in fiscal years 2018, 2017, and 2016, respectively.

2017 Credit Agreement

On 31 March 2017, we entered into a five-year $2,500.0 revolving credit agreement maturing 31 March 2022 with a syndicate of banks (the “2017 Credit Agreement”), under which senior unsecured debt is available to both the Company and certain of its subsidiaries. On 28 September 2018, we amended the 2017 Credit Agreement to reduce the maximum borrowing capacity to $2,300.0. No other terms were impacted by the amendment.

The 2017 Credit Agreement provides a source of liquidity for the Company and supports its commercial paper program. The Company’s only financial covenant under the 2017 Credit Agreement is a maximum ratio of total debt to total capitalization (total debt plus total equity) no greater than 70%. No borrowings were outstanding under the 2017 Credit Agreement as of 30 September 2018.

Loss on Extinguishment of Debt

In September 2016, we exchanged notes issued to us by Versum in anticipation of the spin-off. The exchange resulted in a loss of $6.9. Refer to Note 4, Materials Technologies Separation, for additional information.