Debt and Financing Arrangements

9 Months Ended

Jun. 30, 2020

Net Financing Charges

The Company's net financing charges line item in the consolidated statements of income for the three and nine months ended June 30, 2020 and 2019 contained the following components (in millions):


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019

Interest expense, net of capitalized interest costs	$	58	$	81	$	182	$	269
Banking fees and bond cost amortization	8		7		18		20
Loss on debt extinguishment	—		60		—		60
Interest income	(3)		(28)		(21)		(41)
Net foreign exchange results for financing activities	(5)		(1)		(10)		(6)
Net financing charges	$	58	$	119	$	169	$	302

In April 2020, the Company entered into various European financing arrangements totaling $675 million which are due in September 2020 and $575 million of bank term loans which are due in April 2021. In July 2020, a $300 million bank term loan was repaid, reducing bank term loans outstanding to $275 million.

In March 2020, the Company retired $500 million in principal amount, plus accrued interest, of its 5.0% fixed rate notes that expired in March 2020.

In December 2019, the Company entered into a syndicated $2.5 billion committed revolving credit facility, which is scheduled to expire in December 2024, and a syndicated $500 million committed revolving credit facility, which is scheduled to expire in December 2020. As of June 30, 2020, there were no draws on the facilities.

In December 2019, the Company terminated its syndicated 5-year $2 billion committed revolving credit facility and four 364-day revolving credit facilities with total committed capacity of $750 million.