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Debt (Tables)
 12 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Total Debt
The table below summarizes our total outstanding debt as reflected on our consolidated balance sheets:
30 September20232022
Short-term borrowings(A)
$259.5 $10.7 
Current portion of long-term debt615.0 548.3 
Long-term debt9,280.6 6,433.8 
Long-term debt – related party150.7 652.0 
Total Debt$10,305.8 $7,644.8 
(A)Balances reflect bank obligations with weighted average interest rates of 5.2% and 4.2% as of 30 September 2023 and 2022, respectively. The increase from fiscal year 2022 primarily relates to commercial paper.
Schedule of Long-term Debt Instruments
The joint venture completed its first drawdown on the project financing in July 2023. The table below summarizes the interest rate, maturity, and carrying amount of borrowings associated with NGHC as of 30 September 2023:
Fiscal Year Maturities
30 September 2023
Payable in U.S. Dollars
U.S. Dollar variable-rate facilities 6.62%(A)
2027 to 2053
$1,094.9 
U.S. Dollar stated-rate facility 5.00%
2027 to 2053
138.5 
Total Payable in U.S. Dollars
$1,233.4 
Payable in Other Currencies
Saudi Riyal Loan Facility variable-rate 6.69%(B)
2027131.4 
Total Principal Amount
$1,364.8 
Less: Unamortized discount and debt issuance costs(C)
(90.4)
Total NGHC Long-term Debt
$1,274.4 
(A)Reflects a daily compounded SOFR as of 30 September 2023 plus an annual margin of 1.31%. This does not include the impact of our floating-to-fixed interest rate swaps, which result in an overall lower interest rate for the borrowings. These derivative instruments, which had a notional principal amount of $1,182.5 and an average pay rate of 2.82% as of 30 September 2023, are reflected within the table provided in Note 14, Financial Instruments, on page 85 .
(B)Based on the Saudi Arabian Interbank Offered Rate ("SAIBOR") plus an annual margin of 0.8%.
(C)Our consolidated balance sheet as of 30 September 2023 also includes $58.8 for remaining project financing fees that are eligible for deferral as a noncurrent asset until additional borrowings are drawn, at which time the unamortized balance will be reclassified as an offset to the outstanding debt.
Summary of Long-Term Debt Instruments
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. Variable rates are determined as of 30 September 2023.
30 SeptemberMaturities20232022
Payable in U.S. Dollars
Medium-term Notes (weighted average rate)
Series E 7.6%2026$17.2 $17.2 
Senior Notes
Note 2.75%
2023— 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 4.800%2033600.0 — 
Note 2.70%2040750.0 750.0 
Note 2.80%2050950.0 950.0 
Other (weighted average rate)
Variable-rate industrial revenue bonds 3.55%2035 to 2050618.9 618.9 
Other variable-rate 6.78%2024 to 203241.4 41.4 
Payable in Other Currencies
Eurobonds 1.000%2025317.2 294.1 
Eurobonds 0.500%2028528.6 490.1 
Eurobonds 0.800%2032528.6 490.1 
Eurobonds 4.000%2035740.1 — 
Saudi Riyal Loan Facility variable-rate 4.10%2023— 195.6 
Saudi Riyal Loan Facility variable-rate 7.00%2027451.1 — 
Saudi Riyal Loan Facility 2.00%2034192.1 — 
New Taiwan Dollar Loan Facility 1.86%2024 to 2028167.5 189.0 
New Taiwan Dollar Loan Facility 2.66%2026 to 2029186.1 31.5 
New Taiwan Dollar Loan Facility variable-rate 2.55%2026 to 20303.1 — 
Other2023— 0.1 
Related Party Debt
Chinese Renminbi 5.5%2024 to 2027313.5 321.5 
Chinese Renminbi 5.7%203314.8 12.2 
Non-Recourse Debt Associated With NGHC(A)
2027 to 20531,364.8 — 
Finance Lease Obligations (weighted average rate)
Foreign 11.4%2025 to 20367.5 7.6 
Total Principal Amount$10,292.5 $7,309.3 
Plus: Related party shareholder loans to NGHC— 447.3 
Less: Unamortized discount and debt issuance costs(165.7)(45.4)
Less: Fair value hedge accounting adjustments(B)
(80.5)(77.1)
Total Long-term Debt$10,046.3 $7,634.1 
Less: Current portion of long-term debt(615.0)(548.3)
Less: Long-term debt – related party(150.7)(652.0)
Long-term Debt$9,280.6 $6,433.8 
(A)Refer to the "NEOM Green Hydrogen Project Financing" section below for additional information.
(B)Refer to Note 14, Financial Instruments, for additional information.
Schedule of Maturities of Long-term Debt
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:
2024
$615.3 
2025419.5 
2026701.4 
20271,362.8 
2028632.2 
Thereafter6,561.3 
Total$10,292.5 
Reconciliation of Interest Incurred to Interest Expense
The table below reconciles interest incurred to interest expense as presented on our consolidated income statements. Capitalized interest represents the portion of interest incurred that we include in the cost of new plant and equipment that we build during the year.
Fiscal Year Ended 30 September202320222021
Interest incurred$292.9 $169.0 $170.1 
Less: Capitalized interest115.4 41.0 28.3 
Interest expense$177.5 $128.0 $141.8