Johnson Controls 2015 Annual Report Download - page 76

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76
Long-term debt consisted of the following (in millions; due dates by fiscal year):
September 30,
2015 2014
Unsecured notes
7.7% due in 2015 ($125 million par value) $ — $ 125
5.5% due in 2016 ($800 million par value) 800 802
7.125% due in 2017 ($150 million par value) 153 156
2.6% due in 2017 ($400 million par value) 404 400
2.355% due in 2017 ($46 million par value) 46 46
1.4% due in 2018 ($300 million par value) 303 298
5.0% due in 2020 ($500 million par value) 499 499
4.25% due 2021 ($500 million par value) 498 498
3.75% due in 2022 ($450 million par value) 448 448
3.625% due in 2024 ($500 million par value) 500 500
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) 447 447
6.95% due in 2046 ($125 million par value) 125 125
4.95% due in 2064 ($450 million par value) 449 449
Capital lease obligations 48 55
Foreign-denominated debt
Euro 529 663
Japanese Yen 308 —
Other 57 42
Gross long-term debt 6,558 6,497
Less: current portion 813 140
Net long-term debt $ 5,745 $ 6,357
At September 30, 2015, the Company’s euro-denominated long-term debt was at fixed and floating rates with a weighted-average
interest rate of 1.5%. At September 30, 2014, the Company’s euro-denominated long-term debt was at fixed and floating rates
with a weighted-average interest rate of 2.0%.
The installments of long-term debt maturing in subsequent fiscal years are: 2016 - $813 million; 2017 - $769 million; 2018 - $358
million; 2019 - $248 million; 2020 - $905 million; 2021 and thereafter - $3,465 million. The Company’s long-term debt includes
various financial covenants, none of which are expected to restrict future operations.
Total interest paid on both short and long-term debt for the fiscal years ended September 30, 2015, 2014 and 2013 was $373
million, $314 million and $300 million, respectively. The Company uses financial instruments to manage its interest rate exposure
(see Note 10, "Derivative Instruments and Hedging Activities," and Note 11, "Fair Value Measurements," of the notes to consolidated
financial statements). These instruments affect the weighted average interest rate of the Company’s debt and interest expense.
Financing Arrangements
At September 30, 2015 and 2014, the Company had committed bilateral euro denominated revolving credit facilities totaling 237
million euro. Additionally, at September 30, 2015 and 2014, the Company had committed bilateral U.S. dollar denominated
revolving credit facilities totaling $135 million and $185 million, respectively. In December 2014, the Company terminated a $50
million committed revolving credit facility initially scheduled to mature in September 2015. As of September 30, 2015, facilities
in the amount of 237 million euro and $135 million are scheduled to expire in fiscal 2016. There were no draws on any of these
revolving facilities in fiscal 2015.