Short-Term Borrowings And Lines Of Credit

12 Months Ended

Sep. 30, 2023

Short-Term Borrowings And Lines Of Credit

SHORT-TERM BORROWINGS AND LINES OF CREDIT

Short-term borrowings and current maturities of long-term debt are as follows:


	2022		2023
Current maturities of long-term debt	$	516	546
Commercial paper and other short-term borrowings	1,599		1
Total	$	2,115	547

Interest rate for weighted-average short-term borrowings at year end	2.8%		0.4%

In February 2023, the Company entered into a $3.5 billion five-year revolving backup credit facility with various banks, which replaced the May 2018 $3.5 billion facility. The credit facility is maintained to support general corporate purposes, including commercial paper borrowings. The Company has not incurred any borrowings under this or previous facilities. The credit facility contains no financial covenants and is not subject to termination based on a change of credit rating or material adverse changes. The facility is unsecured and may be accessed under various interest rate alternatives at the Company’s option. Fees to maintain the facility are immaterial.