Total Debt (Carrying Amount)
Total Debt (Fair Value)
Weighted-average Interest Rate on Debt

Emerson Electric Co., balance sheet: debt

US$ in millions

	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016	Sep 30, 2015	Sep 30, 2014
Short-term borrowings and current maturities of long-term debt	1,444)	1,623)	862)	2,584)	2,553)	2,465)
Long-term debt, excluding current maturities	4,277)	3,137)	3,794)	4,062)	4,289)	3,559)
Total debt (carrying amount)	5,721)	4,760)	4,656)	6,646)	6,842)	6,024)

Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).

Short-term Borrowings and Current Maturities of Long-term Debt: The short-term borrowings and current maturities of long-term debt exhibited a decline from 2014 to 2017, decreasing from $2,465 million in 2014 to a low of $862 million in 2017. This was followed by an increase in 2018 to $1,623 million, before a slight reduction to $1,444 million in 2019. Overall, this category shows volatility with a notable dip in 2017 and partial recovery thereafter.
Long-term Debt, Excluding Current Maturities: Long-term debt initially grew from $3,559 million in 2014 to a peak of $4,289 million in 2015. Subsequently, there was a downward trend until 2018, reaching $3,137 million. However, in 2019, long-term debt surged to $4,277 million, nearly returning to its earlier peak. This pattern indicates fluctuations with a significant increase in 2019 after a period of decline.
Total Debt (Carrying Amount): Total debt followed a somewhat similar pattern to the other categories. It increased from $6,024 million in 2014 to a peak of $6,842 million in 2015, then decreased significantly to $4,656 million in 2017. Thereafter, total debt rose modestly to $4,760 million in 2018 and further to $5,721 million in 2019. The overall trend reflects a peak in 2015, a subsequent decline through 2017, and a recovery trend into 2019.
Summary of Debt Trends: The data reveals a common cycle of an increase in debt levels in 2015 followed by a notable reduction by 2017 across both short-term and long-term obligations. Starting in 2018, the company appears to have increased both short-term and long-term borrowings, leading to a rise in total debt by 2019. The changes may suggest strategic debt management actions, possibly driven by financing needs, refinancing decisions, or operational requirements during the analyzed period.

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	Sep 30, 2019
Selected Financial Data (US$ in millions)
Commercial paper	929)
Payable to banks	—)
Total short-term borrowings (fair value)	929)
Long-term debt, including current maturities	5,261)
Total debt (fair value)	6,190)
Financial Ratio
Debt, fair value to carrying amount ratio	1.08

Based on: 10-K (reporting date: 2019-09-30).

Interest rate for weighted-average debt: 3.06%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.88%	500)	24)
4.25%	300)	13)
2.63%	500)	13)
2.63%	500)	13)
0.38%	545)	2)
3.15%	500)	16)
1.25%	545)	7)
2.00%	545)	11)
6.00%	250)	15)
6.13%	250)	15)
5.25%	300)	16)
Total	4,735)	145)
3.06%

Based on: 10-K (reporting date: 2019-09-30).

¹ US$ in millions

² Weighted-average interest rate = 100 × 145 ÷ 4,735 = 3.06%

Emerson Electric Co. (NYSE:EMR)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt