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Debt (Tables)
 12 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Total Debt
The table below summarizes our total outstanding debt as reflected on our consolidated balance sheets:
30 September20242023
Short-term borrowings(A)
$83.5 $259.5 
Current portion of long-term debt611.4 615.0 
Long-term debt13,428.6 9,280.6 
Long-term debt – related party104.4 150.7 
Total Debt$14,227.9 $10,305.8 
(A)Balances reflect bank obligations with weighted average interest rates of 4.0% and 5.2% as of 30 September 2024 and 2023, respectively. The decrease from fiscal year 2023 is primarily due to the repayment of commercial paper.
Schedule of Long-term Debt Instruments
NGHC completed its first drawdown on the project financing in July 2023. As of 30 September 2024 and 2023, total principal borrowings were $3,323.4 and $1,364.8, respectively. The balance as of 30 September 2024 includes short-term borrowings of $51.6 from a 6.21% variable rate Saudi Riyal facility. The remaining borrowings include the long-term facilities below, which are reflected net of unamortized discounts and debt issuance costs within "Long-term debt" on our consolidated balance sheets.
30 SeptemberFiscal Year Maturities20242023
Payable in U.S. Dollars
U.S. Dollar variable-rate facilities 6.17%(A)
2027 to 2053$1,945.2 $1,094.9 
U.S. Dollar variable-rate facility 5.82%(A)
2027 to 2041
345.5 — 
U.S. Dollar stated-rate facility 5.00%
2027 to 2053245.9 138.5 
Total Payable in U.S. Dollars
$2,536.6 $1,233.4 
Payable in Other Currencies
Saudi Riyal Loan Facility variable-rate 6.69%(B)
2025 to 2027
— 131.4 
Saudi Riyal Loan Facility stated-rate facility 2.00%
2028 to 2041735.2 — 
Total Principal Amount
$3,271.8 $1,364.8 
Less: Unamortized discount and debt issuance costs(C)
218.5 90.4 
Total NGHC Long-term Debt$3,053.3 $1,274.4 
(A)Reflects a daily compounded SOFR as of 30 September 2024 plus an annual margin of 1.31% and 0.96%, respectively. These rates do not include the impact of our floating-to-fixed interest rate swaps, which result in an overall lower interest rate for the borrowings. Additional information is provided below.
(B)Based on the Saudi Arabian Interbank Offered Rate ("SAIBOR") plus an annual margin of 0.80%.
(C)Our consolidated balance sheets as of 30 September 2024 and 2023 also included $4.6 and $58.8, respectively, for remaining project financing fees that were eligible for deferral as a noncurrent asset. Once additional borrowings are drawn, the unamortized balance is 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 2024.
30 SeptemberMaturities20242023
Payable in U.S. Dollars
Medium-term Notes (weighted average rate)
Series E 7.6%2026$17.2 $17.2 
Senior Notes
Note 3.35%2024— 400.0 
Note 1.50%2026550.0 550.0 
Note 1.85%2027650.0 650.0 
Note 4.60%2029750.0 — 
Note 2.05%2030900.0 900.0 
Note 4.75%2031600.0 — 
Note 4.80%2033600.0 600.0 
Note 4.85%20341,150.0 — 
Note 2.70%2040750.0 750.0 
Note 2.80%2050950.0 950.0 
Other (weighted average rate)
Variable-rate industrial revenue bonds 3.38%2035 to 2050618.9 618.9 
Other variable-rate 7.11%202538.8 41.4 
Payable in Other Currencies
Eurobonds 1.000%2025334.0 317.2 
Eurobonds 0.500%2028556.7 528.6 
Eurobonds 0.800%2032556.7 528.6 
Eurobonds 4.000%2035779.4 740.1 
Saudi Riyal Loan Facility variable-rate 7.35%2027451.1 451.1 
Saudi Riyal Loan Facility 2.00%2026 to 2034222.2 192.1 
New Taiwan Dollar Loan Facility 1.86%2025 to 2028131.5 167.5 
New Taiwan Dollar Loan Facility 2.66%2026 to 2029190.6 186.1 
New Taiwan Dollar Loan Facility variable-rate 2.72%2026 to 203094.8 3.1 
Other 4.07% (weighted average rate)
2033 to 20349.4 — 
Related Party Debt
Chinese Renminbi 5.5%2025 to 2027279.8 313.5 
Chinese Renminbi 5.7%203324.6 14.8 
Non-Recourse Debt Associated With NGHC(A)
2027 to 2053
3,271.8 1,364.8 
Finance Lease Obligations (weighted average rate)
Foreign 10.8%2025 to 20368.0 7.5 
Total Principal Amount$14,485.5 $10,292.5 
Less: Unamortized discount and debt issuance costs304.5 165.7 
Less: Fair value hedge accounting adjustments(B)
36.6 80.5 
Total Long-term Debt$14,144.4 $10,046.3 
Less: Current portion of long-term debt611.4 615.0 
Less: Long-term debt – related party104.4 150.7 
Long-term Debt$13,428.6 $9,280.6 
(A)Refer to Note 3, Variable Interest Entities, for additional information.
(B)Refer to Note 15, Financial Instruments, for additional information.
Issuance of Green Senior Notes
In February 2024, we issued green senior notes with an aggregate principal amount of $2.5 billion in a registered public offering. The proceeds from the notes were reduced by deferred financing charges and discounts of approximately $20, which are being amortized through interest expense over the life of the underlying bonds. We intend to use the net proceeds to finance or refinance existing or future projects that are expected to have environmental benefits as defined under our Green Finance Framework.
The interest rate, maturity, and carrying amount as of 30 September 2024 for each of these notes are summarized in the table below:
Fiscal Year
Maturities		30 September 2024
Senior Note 4.600%
2029$750.0 
Senior Note 4.750%
2031600.0 
Senior Note 4.850%
20341,150.0 
Total$2,500.0 
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:
2025
$611.6 
2026716.3 
20271,292.5 
2028760.5 
2029977.7 
Thereafter10,126.9 
Total$14,485.5 
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 September202420232022
Interest incurred$507.9 $292.9 $169.0 
Less: Capitalized interest289.1 115.4 41.0 
Interest expense$218.8 $177.5 $128.0