XML 73 R53.htm IDEA: XBRL DOCUMENT v3.25.3
Debt (Tables)
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Total 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.
Schedule of Interest Rate, Maturity, and Carrying Amount of Debt Issued A summary of NGHC's long-term borrowings is provided in the table below:
30 SeptemberFiscal Year Maturities20252024
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 2041630.6 345.5 
U.S. Dollar stated-rate facility 5.00%
2027 to 2053368.0 245.9 
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 20411,000.1 735.2 
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 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.
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:
2026
$716.6 
2027906.5 
20281,405.3 
20291,114.0 
20301,141.2 
Thereafter12,712.4 
Total$17,996.0 
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 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