Variable Interest Entities (Tables)

12 Months Ended

Sep. 30, 2025

Consolidated Variable Interest Entities Disclosure [Abstract]

A summary of NGHC's long-term borrowings is provided in the table below:


30 September	Fiscal Year Maturities	2025	2024
Payable in U.S. Dollars
U.S. Dollar variable-rate facilities 5.49%(A)	2027 to 2053	$2,911.0	$1,945.2
U.S. Dollar variable-rate facility 5.14%(A)	2027 to 2041	630.6	345.5
U.S. Dollar stated-rate facility 5.00%	2027 to 2053	368.0	245.9
Total Payable in U.S. Dollars		$3,909.6	$2,536.6
Payable in Other Currencies
Saudi Riyal stated-rate facility 2.00%	2028 to 2041	1,000.1	735.2
Total Principal Amount		$4,909.7	$3,271.8
Less: Unamortized discount and debt issuance costs(B)		232.1	218.5
Total NGHC Long-term Debt		$4,677.6	$3,053.3

(A)Reflects a daily compounded SOFR as of 30 September 2025 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 regarding these instruments is provided below.

(B)Our consolidated balance sheets as of 30 September 2025 and 2024 also included $3.8 and $4.6, respectively, for remaining project financing fees that were eligible for deferral as a noncurrent asset. As 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 2025.


30 September	Maturities	2025	2024
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)	2026	550.0	550.0
1.850% Senior Notes	2027	650.0	650.0
4.300% Senior Notes	2028	600.0	—
4.600% Senior Notes(B)	2029	750.0	750.0
2.050% Senior Notes	2030	900.0	900.0
4.750% Senior Notes(B)	2031	600.0	600.0
4.800% Senior Notes	2033	600.0	600.0
4.900% Senior Notes	2033	500.0	—
4.850% Senior Notes(B)	2034	1,150.0	1,150.0
2.700% Senior Notes	2040	750.0	750.0
2.800% Senior Notes	2050	950.0	950.0
2.802% Industrial Revenue Bonds (weighted average variable-rate)	2035 to 2050	618.9	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	2028	586.8	556.7
2.950% Euro-denominated Notes	2031	586.8	—
0.800% Euro-denominated Notes	2032	586.8	556.7
3.250% Euro-denominated Notes	2032	586.8	—
4.000% Euro-denominated Notes	2035	821.5	779.4
3.450% Euro-denominated Notes	2037	586.8	—
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 Facility	2026 to 2028	98.5	131.5
2.66% New Taiwan Dollar Loan Facility	2026 to 2029	197.0	190.6
2.75% New Taiwan Dollar Loan Facility (variable-rate)	2026 to 2030	98.5	94.8
4.07% Other (weighted average rate)	2030 to 2034	10.0	9.4
Related Party Debt
5.5% Chinese Renminbi	2026 to 2030	236.5	279.8
5.7% Chinese Renminbi	2033	—	24.6
Non-Recourse Debt Associated With NGHC(D)	2027 to 2053	4,909.7	3,271.8
Finance Lease Obligations

Foreign 11.5% (weighted average rate)	2026 to 2052	54.2	8.0
Total Principal Amount		$17,996.0	$14,485.5
Less: Unamortized discount and debt issuance costs		308.9	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 debt		716.3	611.4
Less: Long-term debt – related party		177.5	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.

Schedule of Derivative Instruments Unrealized Gain (Loss) on De-designated Cash Flow Hedging Instruments

Interest Rate Swaps

In May 2023, NGHC entered into floating-to-fixed interest rate swaps designed to hedge the long-term variable rate debt facilities available under the project financing during the construction period of the project. We discontinued cash flow hedge accounting for certain swaps during the third quarter of fiscal year 2024 due to changes in the anticipated drawdown timeline for the hedged borrowings. As a result of the de-designation, unrealized gains and losses are recorded to "Other non-operating income (expense), net" on our consolidated income statements as summarized in the table below:




Fiscal Year Ended 30 September	2025	2024	2023
Gain (loss) on de-designation of cash flow hedges	$27.0	($16.3)	$—
Amount attributable to noncontrolling partners in NGHC	17.6	(10.6)	—
Amount attributable to Air Products after tax	7.2	(4.3)	—

Schedule of Variable Interest Entities (NGHC)

The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets:


	30 September	30 September
	2025	2024
Assets
Cash and cash items	$40.3	$34.5

Trade receivables, net	1.1	6.7

Prepaid expenses	20.7	31.2
Other receivables and current assets	107.2	120.6
Total Current Assets	$169.3	$193.0



Plant and equipment, net	6,593.9	3,929.9


Operating lease right-of-use assets, net	218.0	233.9


Other noncurrent assets	153.5	37.1
Total Noncurrent Assets	$6,965.4	$4,200.9
Total Assets	$7,134.7	$4,393.9
Liabilities
Payables and accrued liabilities	$201.7	$308.4
Accrued income taxes	1.2	2.0
Short-term borrowings	24.0	51.6

Total Current Liabilities	$226.9	$362.0
Long-term debt	4,677.6	3,053.3

Noncurrent operating lease liabilities	17.8	24.5
Other noncurrent liabilities	1.6	30.4
Deferred income taxes	13.8	3.2
Total Noncurrent Liabilities	$4,710.8	$3,111.4
Total Liabilities	$4,937.7	$3,473.4
Equity
Accumulated other comprehensive income	$38.3	$13.8
Noncontrolling interests	1,493.6	937.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details