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).
Total debt exhibited a significant reduction between 2018 and 2019, falling from 10,995 million US$ to 7,219 million US$. Following this contraction, the carrying amount remained relatively stable through 2021, before experiencing a moderate increase to 8,960 million US$ in 2022 and a slight subsequent decline to 8,848 million US$ by September 30, 2023.
- Total Debt Trajectory
- The most pronounced shift in the debt profile occurred between 2018 and 2019, representing a decrease of approximately 34%. After a period of relative stability between 2020 and 2021, a renewed increase in total liabilities was observed in 2022, though the level remained well below the 2018 peak.
- Long-term Debt Analysis
- Long-term debt, excluding the current portion, serves as the primary driver of the total debt balance. Following a sharp decline from 9,654 million US$ in 2018 to 6,708 million US$ in 2019, this component stabilized and trended slightly upward to 7,818 million US$ by 2023, suggesting a consistent reliance on long-term financing to support the capital structure.
- Current Obligations and Liquidity Patterns
- Short-term debt displayed significant volatility, decreasing from 1,315 million US$ in 2018 to nominal levels between 2019 and 2021, before spiking to 669 million US$ in 2022. Similarly, the current portion of long-term debt fluctuated, reaching a peak of 865 million US$ in 2022. This indicates a periodic increase in near-term repayment obligations, particularly in the 2022 fiscal year.
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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) | |
| 3.62% | 453) | 16) | |
| 3.62% | 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%