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Debt
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt DEBT
The table below summarizes our total outstanding debt as reflected on our consolidated balance sheets:
30 September20252024
Short-term borrowings(A)
$34.7 $83.5 
Current portion of long-term debt(B)
716.3 611.4 
Long-term debt16,769.9 13,428.6 
Long-term debt – related party177.5 104.4 
Total Debt$17,698.4 $14,227.9 
(A)Short-term borrowings include bank obligations with weighted average interest rates of 5.0% and 4.0% as of 30 September 2025 and 2024, respectively.
(B)Current portion of long-term debt includes amounts of $59.0 and $200.0 owed to related parties as of 30 September 2025 and 2024, respectively.
Related Party Debt
As of 30 September 2025, total debt owed to related parties was $236.5, consisting of shareholder loans with our joint venture partner, Lu’An Clean Energy Company. As of 30 September 2024, total debt owed to related parties was $304.4.
Fiscal Year 2025 Registered Public Offerings
In February 2025, we issued Euro-denominated senior fixed-rate notes with an aggregate principal amount of €1.0 billion (approximately $1.0 billion) in a registered public offering (the "February 2025 Offering"). The related proceeds were reduced by deferred financing charges and discounts of approximately $8. In June 2025, we issued U.S. Dollar- and Euro-denominated senior fixed-rate notes with aggregate principal amounts of $1.1 billion and €500 million (approximately $570), respectively, in registered public offerings (the "June 2025 Offerings"). The related proceeds were reduced by deferred financing charges and discounts of approximately $12. Deferred financing charges and discounts are amortized through interest expense over the life of the underlying bonds.
We used the net proceeds from the February 2025 Offering to repay commercial paper obligations, including those incurred prior to the closing of the February 2025 Offering that were used to repay €300 million (approximately $311) aggregate principal amount outstanding of our 1.000% Euro-denominated senior fixed-rate notes at maturity, plus accrued interest, and for general corporate purposes. We used the net proceeds from the June 2025 Offerings to repay commercial paper obligations and for general corporate purposes.
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 2025.
30 SeptemberMaturities20252024
Payable in U.S. Dollars
7.6% Medium-term Series E Notes (weighted average rate)2026$17.2 $17.2 
1.500% Senior Notes(A)
2026550.0 550.0 
1.850% Senior Notes2027650.0 650.0 
4.300% Senior Notes2028600.0 — 
4.600% Senior Notes(B)
2029750.0 750.0 
2.050% Senior Notes2030900.0 900.0 
4.750% Senior Notes(B)
2031600.0 600.0 
4.800% Senior Notes2033600.0 600.0 
4.900% Senior Notes2033500.0 — 
4.850% Senior Notes(B)
20341,150.0 1,150.0 
2.700% Senior Notes2040750.0 750.0 
2.800% Senior Notes2050950.0 950.0 
2.802% Industrial Revenue Bonds (weighted average variable-rate)2035 to 2050618.9 618.9 
7.11% Other (variable-rate)2025— 38.8 
Payable in Other Currencies
1.000% Euro-denominated Notes 2025— 334.0 
0.500% Euro-denominated Notes 2028586.8 556.7 
2.950% Euro-denominated Notes 2031586.8 — 
0.800% Euro-denominated Notes 2032586.8 556.7 
3.250% Euro-denominated Notes 2032586.8 — 
4.000% Euro-denominated Notes 2035821.5 779.4 
3.450% Euro-denominated Notes 2037586.8 — 
7.35% Saudi Riyal Loan Facility (variable-rate)(C)
2027— 451.1 
2.00% Saudi Riyal Loan Facility(C)
2026 to 2034— 222.2 
1.86% New Taiwan Dollar Loan Facility2026 to 202898.5 131.5 
2.66% New Taiwan Dollar Loan Facility 2026 to 2029197.0 190.6 
2.75% New Taiwan Dollar Loan Facility (variable-rate)2026 to 203098.5 94.8 
4.07% Other (weighted average rate)2030 to 203410.0 9.4 
Related Party Debt
5.5% Chinese Renminbi 2026 to 2030236.5 279.8 
5.7% Chinese Renminbi 2033— 24.6 
Non-Recourse Debt Associated With NGHC(D)
2027 to 20534,909.7 3,271.8 
Finance Lease Obligations
Foreign 11.5% (weighted average rate)2026 to 205254.2 8.0 
Total Principal Amount$17,996.0 $14,485.5 
Less: Unamortized discount and debt issuance costs308.9 304.5 
Less: Fair value hedge accounting adjustments(E)
23.4 36.6 
Total Long-term Debt$17,663.7 $14,144.4 
Less: Current portion of long-term debt716.3 611.4 
Less: Long-term debt – related party177.5 104.4 
Long-term Debt$16,769.9 $13,428.6 
(A)Subsequent to the balance sheet date, we repaid at maturity $550.0 aggregate principal amount of our 1.50% senior notes due October 2025, plus accumulated and unpaid interest through the maturity date.
(B)In February 2024, we issued green senior notes with an aggregate principal amount of $2.5 billion in a registered public offering. All proceeds have been disbursed or allocated to eligible projects that are expected to have environmental benefits as defined under our Green Finance Framework.
(C)Borrowings derecognized during the second quarter of fiscal year 2025 following the deconsolidation of BHIG. For additional information, refer to the Credit Facilities discussion on page 118.
(D)Refer to Note 3, Variable Interest Entities, for additional information.
(E)Refer to Note 15, 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:
2026
$716.6 
2027906.5 
20281,405.3 
20291,114.0 
20301,141.2 
Thereafter12,712.4 
Total$17,996.0 
Interest
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 September202520242023
Interest incurred$615.8 $507.9 $292.9 
Less: Capitalized interest401.8 289.1 115.4 
Interest expense$214.0 $218.8 $177.5 
Cash paid for interest, net of amounts capitalized, was $192.2, $198.2, and $131.5 in fiscal years 2025, 2024, and 2023, respectively.
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 2025, we were in compliance with all the financial and other covenants under our debt agreements.
Committed Credit Facilities
During the second quarter of fiscal year 2025, we refinanced our existing 364-day $500 revolving credit agreement to extend its maturity date from 27 March 2025 to 26 March 2026 (the “364-Day Credit Agreement”). All other terms remain consistent with the original 364-Day Credit Agreement. Fees incurred in connection with the refinancing were not material.
We also maintain a five-year $3.0 billion revolving credit agreement that matures on 31 March 2029 (the “Five-Year Credit Agreement”). Both the 364-Day Credit Agreement and the Five-Year Credit Agreement are syndicated committed facilities that provide a source of liquidity and support our commercial paper program through the availability of senior unsecured debt to us and certain of our subsidiaries. No borrowings were outstanding under either of the 364-Day Credit Agreement or the Five-Year Credit Agreement as of 30 September 2025 or 30 September 2024.
Separately, certain of our foreign subsidiaries maintain access to committed credit facilities. As of 30 September 2025, the amount available under foreign committed credit facilities totaled $394.0, all of which was borrowed and outstanding.
As of 30 September 2024, these facilities had a combined maximum borrowing capacity of $1.2 billion, of which $1.1 billion was borrowed and outstanding. During the second quarter of fiscal year 2025, we derecognized long-term borrowings from two Saudi Riyal-denominated facilities upon deconsolidation of BHIG. These borrowings had been drawn from a 7.35% variable-rate facility and a 2.00% fixed-rate facility, which had carrying values of $451.1 and $222.2 as of 30 September 2024, respectively. As further discussed in Note 6, Acquisitions and Divestitures, we continue to have exposure to BHIG's borrowings through our equity method investment in the entity.