Emerson 2014 Annual Report Download - page 46

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2014 Emerson > 42
(8) Short-Term Borrowings and Lines of Credit
Short-term borrowings and current maturities of long-term debt are as follows:
2013 2014
Current maturities of long-term debt $ 267 522
Commercial paper 1,304 1,938
Payable to banks 16 5
Total $1,587 2,465
Weighted-average interest rate for short-term borrowings at year end 0.2% 0.2%
The Company routinely issues commercial paper as a source of short-term financing. In April 2014, the Company
entered into a $3.5 billion five-year revolving backup credit facility with various banks, which replaced the December
2010 $2.75 billion facility. The credit facility is maintained to support general corporate purposes, including
commercial paper borrowing. 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 and currency
denomination alternatives at the Company’s option. Fees to maintain the facility are immaterial.
(9) Long-Term Debt
Long-term debt is summarized as follows:
2013 2014
5.625% notes due November 2013 $ 250 —
5.0% notes due December 2014 250 250
4.125% notes due April 2015 250 250
4.75% notes due October 2015 250 250
5.125% notes due December 2016 250 250
5.375% notes due October 2017 250 250
5.25% notes due October 2018 400 400
5.0% notes due April 2019 250 250
4.875% notes due October 2019 500 500
4.25% notes due November 2020 300 300
2.625% notes due February 2023 500 500
6.0% notes due August 2032 250 250
6.125% notes due April 2039 250 250
5.25% notes due November 2039 300 300
Other 72 81
Long-term debt 4,322 4,081
Less: Current maturities 267 522
Total, net $4,055 3,559
Long-term debt maturing during each of the four years after 2015 is $304, $251, $251 and $651, respectively. Total
interest paid on all debt was approximately $210, $226 and $234 in 2014, 2013 and 2012, respectively. During the
year, the Company repaid $250 of 5.625% notes that matured in November 2013. In 2013, the Company repaid
$250 of 4.625% notes that matured in October 2012 and $250 of 4.5% notes that matured in May 2013, and also
issued $500 of 2.625% notes due February 2023.
The Company maintains a universal shelf registration statement on file with the SEC under which it can issue debt
securities, preferred stock, common stock, warrants, share purchase contracts or share purchase units without a
predetermined limit. Securities can be sold in one or more separate offerings with the size, price and terms to be
determined at the time of sale.