Debt

12 Months Ended

Sep. 30, 2019

DEBT

The tables below summarize our outstanding debt at 30 September 2019 and 2018:

Total Debt



30 September	2019		2018
Short-term borrowings		$58.2		$54.3
Current portion of long-term debt^(A)(B)	40.4		406.6
Long-term debt	2,907.3		2,967.4
Long-term debt – related party^(B)	320.1		384.3
Total Debt		$3,326.0		$3,812.6


^(A)	Fiscal year 2019 includes the current portion of long-term debt owed to a related party of $37.8.


^(B)	Refer to Note 7, Acquisitions, for additional information regarding related party debt.

Short-term Borrowings

Short-term borrowings consisted of bank obligations of $58.2 and $54.3 at 30 September 2019 and 2018, respectively. The weighted average interest rate of short-term borrowings outstanding at 30 September 2019 and 2018 was 3.7% and 5.0%, respectively.

Long-term Debt



30 September	Fiscal Year Maturities	2019			2018
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 4.375%	2019	—			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 1.44%	2035 to 2050	631.9			631.9
Other .25%^(A)		—			.9
Payable in Other Currencies
Eurobonds 2.0%	2020	327.0			348.1
Eurobonds .375%	2021	381.5			406.2
Eurobonds 1.0%	2025	327.0			348.1
Other 2.9%	2020 to 2023	3.8			8.0
Related Party^(B)
Chinese Renminbi 5.5%	2020 to 2026	357.9			384.3
Capital Lease Obligations
Foreign 10.3%	2020 to 2036	10.1			10.5
Total Principal Amount		3,274.8			3,773.6
Less: Unamortized discount and debt issuance costs		(12.2		)	(15.3		)
Less: Fair value hedge accounting adjustments^(A)		5.2			—
Total Long-term Debt		3,267.8			3,758.3
Less: Current portion of long-term debt		(40.4		)	(406.6		)
Less: Long-term debt – related party		(320.1		)	(384.3		)
Long-term Debt			$2,907.3			$2,967.4

^(A)

The Company has entered into LIBOR-based interest rate swap arrangements with various counterparty financial institutions on certain of our outstanding fixed-rate senior notes, which have maturity dates between 2019 and 2022. These interest rate swaps have been designated as fair value hedges of the notes. Refer to Note 14, Financial Instruments, for additional information. The fiscal year 2018 fair value hedge accounting adjustment is reflected as "Other" senior notes in the table above.


^(B)	Refer to Note 7, 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:



2020		$367.4
2021	440.2
2022	439.3
2023	453.7
2024	453.4
Thereafter	1,120.8
Total		$3,274.8

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 2019, we are in compliance with all the financial and other covenants under our debt agreements.

As of 30 September 2019, we classified our 2.0% Eurobond of €300.0 million ($327.0) maturing in August 2020 as long-term debt because we have the ability to refinance the debt under the 2017 Credit Agreement. Our current intent is to refinance this debt via the U.S. or European public or private placement markets.

Additional commitments totaling $2.3 are maintained by our foreign subsidiaries, all of which were borrowed and outstanding at 30 September 2019.

Cash paid for interest, net of amounts capitalized, was $155.9, $123.1, and $125.9 in fiscal years 2019, 2018, and 2017, respectively.

2017 Credit Agreement

On 31 March 2017, we entered into a five-year $2,500 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. No other terms were impacted by the amendment.

The 2017 Credit Agreement provides a source of liquidity for the Company and supports our 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 2019.