Analysis of Debt
Total Debt (Carrying Amount)
Johnson Controls International plc, balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30).
- Short-term debt
- The short-term debt exhibits significant fluctuations over the analyzed period. Beginning at a high level in 2018, it drastically decreased in 2019 and 2021, with minimal amounts reported. However, a marked increase occurs in 2022, reaching 669 million USD, before declining again in 2023 to 385 million USD. This pattern indicates occasional short-term liquidity needs or refinancing activities within certain years.
- Current portion of long-term debt
- This component shows a general upward trend despite some volatility. Starting from 26 million USD in 2018, the figure increased sharply to over 500 million USD in 2019, then decreased slightly in the following two years. In 2022, it peaks at 865 million USD, followed by a reduction to 645 million USD in 2023. The fluctuations suggest a dynamic schedule of long-term debt principal repayments becoming due in the short term.
- Long-term debt, less current portion
- Long-term debt, excluding current portions, generally trends downward from 2018 to 2019, dropping from 9,654 million to 6,708 million USD. Subsequently, it rose moderately in 2020 and stabilized around 7,500 million USD through 2021 to 2023 with a slight increase in the latest period. This reflects relative stability in the company's long-term debt obligations after an initial significant reduction.
- Total debt (carrying amount)
- The total carrying amount of debt decreased considerably from 10,995 million USD in 2018 to 7,219 million USD in 2019, showing a substantial deleveraging effort. Post-2019, total debt exhibits moderate increases, reaching 8,960 million USD in 2022 before slightly declining to 8,848 million USD in 2023. This pattern indicates an overall reduction in total debt from the base year, with some rebuilding of debt levels in recent years.
Total Debt (Fair Value)
| Sep 30, 2023 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term debt | 385) |
| Long-term debt | 7,500) |
| Total debt (fair value) | 7,885) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.89 |
Based on: 10-K (reporting date: 2023-09-30).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 3.49%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 5.10% | 385) | 20) | |
| 3.63% | 453) | 16) | |
| 3.63% | 31) | 1) | |
| 1.38% | 450) | 6) | |
| 1.38% | 57) | 1) | |
| 3.90% | 499) | 19) | |
| 3.90% | 50) | 2) | |
| 0.38% | 528) | 2) | |
| 3.00% | 634) | 19) | |
| 1.75% | 624) | 11) | |
| 2.00% | 497) | 10) | |
| 1.00% | 529) | 5) | |
| 4.90% | 394) | 19) | |
| 4.25% | 839) | 36) | |
| 6.00% | 339) | 20) | |
| 6.00% | 8) | —) | |
| 5.70% | 189) | 11) | |
| 5.70% | 30) | 2) | |
| 5.25% | 155) | 8) | |
| 5.25% | 6) | —) | |
| 4.63% | 442) | 20) | |
| 4.63% | 6) | —) | |
| 5.13% | 431) | 22) | |
| 5.13% | 23) | 1) | |
| 6.95% | 32) | 2) | |
| 6.95% | 4) | —) | |
| 4.50% | 496) | 22) | |
| 4.95% | 340) | 17) | |
| 4.95% | 15) | 1) | |
| Total | 8,486) | 296) | |
| 3.49% | |||
Based on: 10-K (reporting date: 2023-09-30).
1 US$ in millions
2 Weighted-average interest rate = 100 × 296 ÷ 8,486 = 3.49%