Debt
 6 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Debt
Debt

Short-term Debt
(in millions, except weighted average amounts)
March 31,
2016
 
September 30,
2015
Short-term commercial paper borrowings outstanding (1)
$
820

 
$
448

Current portion of long-term debt
300

 
—

Short-term debt
$
1,120

 
$
448

Weighted average interest rate of commercial paper borrowings
0.76
%
 
0.52
%
Weighted average maturity period of commercial paper borrowings (days)
17

 
25

(1) The maximum amount of short-term commercial paper borrowings outstanding during the six months ended March 31, 2016 was $929 million

Commercial Paper Program
Under the Company’s commercial paper program, the Company may sell up to $1.2 billion face amount of unsecured short-term promissory notes in the commercial paper market. The commercial paper program is supported by the Company's $1 billion five-year and $200 million 364-day revolving credit facilities.

Revolving Credit Facilities
The Company has a five-year $1 billion credit facility that expires in December 2018 and a 364-day $200 million credit facility that was executed in February 2016 and expires in February 2017. At March 31, 2016 and September 30, 2015, there were no outstanding borrowings under these revolving credit facilities.

The credit facilities include one financial covenant requiring the Company to maintain a consolidated debt to total capitalization ratio of not greater than 60 percent (excluding the equity impact on accumulated other comprehensive loss related to defined benefit retirement plans). The ratio was 41 percent at March 31, 2016. The credit facilities also contain covenants that require the Company to satisfy certain conditions in order to incur debt secured by liens, engage in sale/leaseback transactions or merge or consolidate with another entity.

Short-term credit facilities available to non-U.S. subsidiaries were $39 million as of March 31, 2016, of which $8 million was utilized to support commitments in the form of commercial letters of credit. At March 31, 2016 and September 30, 2015, there were no borrowings outstanding under these credit facilities.

At March 31, 2016 and September 30, 2015, there were no significant commitment fees or compensating balance requirements under any of the Company’s credit facilities.

Long-term Debt
The principal amount of long-term debt, net of discount, is summarized as follows:
(in millions, except interest rate figures)
Interest Rate
 
March 31,
2016
 
September 30,
2015
Fixed-rate notes due:
 
 
 
 
 
December 2043
4.80%
 
$
398

 
$
398

December 2023
3.70%
 
399

 
399

November 2021
3.10%
 
250

 
250

July 2019
5.25%
 
299

 
299

Variable-rate note due:
 
 
 
 
 
December 2016
3 month LIBOR + 0.35% (1)
 
300

 
300

Fair value swap adjustment (see Notes 13 and 14)
 
 
37

 
34

Total
 
 
1,683

 
1,680

Less current portion of long-term debt
 
 
300

 
—

Long-term Debt, Net
 
 
$
1,383

 
$
1,680

(1) The three-month LIBOR rate at March 31, 2016 was approximately 0.63 percent

The notes listed above are included in the Condensed Consolidated Statement of Financial Position, net of any unamortized discount, within the caption Long-term Debt, Net. Debt issuance costs are capitalized within Other Assets on the Condensed Consolidated Statement of Financial Position. Debt issuance costs and any discounts are amortized over the life of the debt and recorded in Interest expense.

Interest paid on debt for the six months ended March 31, 2016 and 2015 was $28 million and $27 million, respectively.