Johnson Controls 2011 Annual Report Download - page 41

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41
enhance the Company’s strategic footprint primarily in Mexico and Southeast Asia, and information technology
infrastructure investments.
Capitalization
September 30,
September 30,
(in millions)
2011
2010
Change
Total debt
$
5,146
$
3,389
52%
Shareholders' equity
attributable to Johnson Controls, Inc.
11,042
10,071
10%
Total capitalization
$
16,188
$
13,460
20%
Total debt as a % of
total capitalization
32%
25%
The Company believes the percentage of total debt to total capitalization is useful to understanding the
Company’s financial condition as it provides a review of the extent to which the Company relies on external
debt financing for its funding and is a measure of risk to its shareholders.
In fiscal 2008, the Company entered into new committed revolving credit facilities totaling 350 million euro
with 100 million euro expiring in May 2009, 150 million euro expiring in May 2011 and 100 million euro
expiring in August 2011. In May 2009, the 100 million euro revolving facility expired and the Company entered
into a new one year committed revolving credit facility in the amount of 50 million euro expiring in May 2010.
In May 2010, the 50 million euro revolving facility expired and the Company entered into a new one year
committed revolving facility in the amount of 50 million euro expiring in May 2011. In July 2011, the Company
entered into a new 50 million euro committed revolving facility scheduled to mature in July 2012. In August
2011, the Company entered into a new 100 million euro committed revolving facility scheduled to mature in
August 2014. In September 2011, the Company entered into three new committed revolving facilities, totaling
73 million euro and an additional $50 million, scheduled to mature in September 2012. As of September 30,
2011 there were no draws on any of the revolving facilities.
In December 2009, the Company retired its 7 billion yen, three-year, floating rate loan agreement that was
scheduled to mature on January 18, 2011. The Company used cash to repay the note.
In December 2009, the Company retired its 12 billion yen, three-year, floating rate loan agreement that matured.
The Company used cash to repay the note.
In December 2009, the Company retired approximately $13 million in principal amount of its fixed rate notes
that was scheduled to mature on January 15, 2011. The Company used cash to fund the repurchase.
In February 2010, the Company retired approximately $30 million in principal amount of its fixed rate notes
that was scheduled to mature on January 15, 2011. The Company used cash to fund the repurchase.
In February 2010, the Company retired its 18 billion yen, three-year, floating rate loan agreement that was
scheduled to mature on January 18, 2011. The Company used cash to repay the note.
In March 2010, the Company issued $500 million aggregate principal amount of 5.0% senior unsecured fixed
rate notes due in fiscal 2020. Net proceeds from the issue were used for general corporate purposes including
the retirement of short-term debt.
In March 2010, the Company retired approximately $31 million in principal amount of its fixed rate notes that
was scheduled to mature on January 15, 2011. The Company used cash to fund the repurchase.
In May 2010, the Company retired approximately $18 million in principal amount of its fixed rate notes
scheduled to mature on January 15, 2011. The Company used cash to fund the repurchases.
In September 2010, the Company entered into a new, $100 million committed revolving facility scheduled to
mature in December 2011. In February 2011, the Company retired the committed facility. There were no draws
on the facility.
In November 2010, the Company repaid debt of $82 million which was acquired as part of an acquisition in the
first quarter of fiscal 2011. The Company used cash to repay the debt.
In January 2011, the Company retired $654 million in principal amount, plus accrued interest, of its 5.25%
fixed rate notes that matured on January 15, 2011. The Company used cash to fund the payment.