Johnson Controls 2014 Annual Report Download - page 76

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76
9. DEBT AND FINANCING ARRANGEMENTS
Short-term debt consisted of the following (in millions):
September 30,
2014 2013
Bank borrowings and commercial paper $ 183 $ 119
Weighted average interest rate on short-term debt outstanding 3.8% 4.6%
During fiscal 2013, the Company replaced its $2.5 billion committed four-year credit facility, scheduled to mature in February
2015, with a $2.5 billion committed five-year credit facility scheduled to mature in August 2018. The facility is used to support
the Company’s outstanding commercial paper. There were no draws on the committed credit facilities during the fiscal years ended
September 30, 2014 and 2013. Average outstanding commercial paper for the fiscal year ended September 30, 2014 was $1,252
million, and there was none outstanding at September 30, 2014. Average outstanding commercial paper for the fiscal year ended
September 30, 2013 was $1,123 million, and there was none outstanding at September 30, 2013.
Long-term debt consisted of the following (in millions; due dates by fiscal year):
September 30,
2014 2013
Unsecured notes
Floating rate notes due in 2014 ($350 million par value) $ — $ 350
1.75% due in 2014 ($450 million par value) — 452
7.7% due in 2015 ($125 million par value) 125 125
5.5% due in 2016 ($800 million par value) 802 802
7.125% due in 2017 ($150 million par value) 156 159
2.6% due in 2017 ($400 million par value) 400 400
2.355% due in 2017 ($46 million par value) 46 46
1.4% due in 2018 ($300 million par value) 298 —
5.0% due in 2020 ($500 million par value) 499 498
4.25% due 2021 ($500 million par value) 498 497
3.75% due in 2022 ($450 million par value) 448 448
3.625% due in 2024 ($500 million par value) 500 —
6.0% due in 2036 ($400 million par value) 395 395
5.7% due in 2041 ($300 million par value) 299 299
5.25% due in 2042 ($250 million par value) 250 250
4.625% due in 2044 ($450 million par value) 447 —
6.95% due in 2046 ($125 million par value) 125 125
4.95% due in 2064 ($450 million par value) 449 —
Capital lease obligations 55 65
Foreign-denominated debt
Euro 663 426
Other 42 42
Gross long-term debt 6,497 5,379
Less: current portion 140 819
Net long-term debt $ 6,357 $ 4,560
At September 30, 2014, the Company’s euro-denominated long-term debt was at fixed rates with a weighted-average interest rate
of 2.0%. At September 30, 2013, the Company’s euro-denominated long-term debt was at fixed rates with a weighted-average
interest rate of 3.1%.