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Debt
 12 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt DEBT
The table below summarizes our total outstanding debt as reflected on our consolidated balance sheets:
30 September20212020
Short-term borrowings(A)
$2.4 $7.7 
Current portion of long-term debt(B)
484.5 470.0 
Long-term debt6,875.7 7,132.9 
Long-term debt – related party274.6 297.2 
Total Debt$7,637.2 $7,907.8 
(A)Includes bank obligations with weighted average interest rates of 0.6% and 1.6% as of 30 September 2021 and 2020, respectively.
(B)Includes current portion of long-term debt owed to a related party of $83.8 and $41.3 as of 30 September 2021 and 2020, respectively.
Total related party debt, including the current portion, was $358.4 and $338.5 as of 30 September 2021 and 30 September 2020, respectively. This debt primarily relates to a loan with our joint venture partner, Lu’An Clean Energy Company, which partially funded the acquisition of their assets by a consolidated joint venture in 2018.
The table below summarizes the coupon interest rates, fiscal year maturities, and carrying amounts of our long-term debt, including current portion and amounts owed to related parties:
30 SeptemberMaturities20212020
Payable in U.S. Dollars
Debentures
8.75%2021$— $18.4 
Medium-term Notes (weighted average rate)
Series E 7.6%202617.2 17.2 
Senior Notes
Note 3.0%2022400.0 400.0 
Note 2.75%2023400.0 400.0 
Note 3.35%2024400.0 400.0 
Note 1.50%2026550.0 550.0 
Note 1.85%2027650.0 650.0 
Note 2.05%2030900.0 900.0 
Note 2.70%2040750.0 750.0 
Note 2.80%2050950.0 950.0 
Other (weighted average rate)
Variable-rate industrial revenue bonds 0.02%2035 to 2050618.9 631.9 
Other 1.57%2024 to 203214.4 — 
Payable in Other Currencies
Eurobonds 0.375%2021— 410.3 
Eurobonds 1.0%2025347.4 351.7 
Eurobonds 0.50%2028579.1 586.2 
Eurobonds 0.80%2032579.1 586.2 
New Taiwan Dollar 1.86%2023 to 2028161.8 — 
Other20230.3 0.6 
Related Party
Chinese Renminbi 5.5%2022 to 2027355.0 338.5 
Chinese Renminbi 5.7%20333.4 — 
Capital Lease Obligations (weighted average rate)
Foreign 11.6%2022 to 20368.1 9.2 
Total Principal Amount7,684.7 7,950.2 
Less: Unamortized discount and debt issuance costs(50.4)(55.8)
Less: Fair value hedge accounting adjustments(A)
0.5 5.7 
Total Long-term Debt7,634.8 7,900.1 
Less: Current portion of long-term debt(484.5)(470.0)
Less: Long-term debt – related party(274.6)(297.2)
Long-term Debt$6,875.7 $7,132.9 
(A)We entered into LIBOR-based interest rate swaps with various financial institutions to hedge a portion of the 3.0% Senior Note maturing in fiscal year 2022. These interest rate swaps have been designated as fair value hedges of the Note. Refer to Note 12, Financial Instruments, for additional information.
Principal maturities of long-term debt, including current portion and amounts owed to related parties, in each of the next five years and thereafter are as follows:
2022$484.0 
2023475.8 
2024492.5 
2025449.2 
2026662.7 
Thereafter5,120.5 
Total$7,684.7 
Cash paid for interest, net of amounts capitalized, was $150.4, $67.2, and $155.9 in fiscal years 2021, 2020, and 2019, respectively.
Subsequent Event
In November 2021, we repaid the 3.0% Senior Note of $400, plus interest, on its maturity date.
Debt Covenants
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 2021, we are in compliance with all the financial and other covenants under our debt agreements.
Credit Facilities
On 31 March 2021, we entered into a five-year $2,500 revolving credit agreement with a syndicate of banks (the “2021 Credit Agreement”), under which senior unsecured debt is available to us and certain of our subsidiaries. The 2021 Credit Agreement provides a source of liquidity and supports our commercial paper program. The only financial covenant in the 2021 Credit Agreement is a maximum ratio of total debt to capitalization (equal to total debt plus total equity) not to exceed 70%. No borrowings were outstanding under the 2021 Credit Agreement as of 30 September 2021.
The 2021 Credit Agreement replaced our previous five-year $2,300 revolving credit agreement, which was to have matured on 31 March 2022. No borrowings were outstanding under the previous agreement as of 30 September 2020 or at the time of its termination. No early termination penalties were incurred.
We have credit facilities available to certain of our foreign subsidiaries totaling $296.7, of which $176.2 was borrowed and outstanding as of 30 September 2021.
2020 Debt Issuance
In fiscal year 2020, we issued U.S. Dollar- and Euro-denominated fixed-rate notes with aggregate principal amounts of $3.8 billion and €1.0 billion, respectively. Our consolidated statement of cash flows for the fiscal year ended 30 September 2020 includes long-term debt proceeds of $4,895.8 from these issuances.