Johnson Controls International plc
For the period ended Sep 30, 2024. Filed Nov 19, 2024.
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FY2024 · Filed Nov 19, 2024
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10. Debt and Financing Arrangements
- DEBT AND FINANCING ARRANGEMENTS
Short-Term Debt
Short-term debt consisted of the following (in millions):
| September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Term loans | $603 | $159 |
| Commercial paper | 350 | 200 |
| Bank borrowings | — | 2 |
| $953 | $361 | |
| Weighted average interest rate on short-term debt outstanding | 4.8% | 4.9% |
Long-Term Debt
Long-term debt consisted of the following (in millions; due dates by fiscal year):
| September 30, | ||||||
|---|---|---|---|---|---|---|
| Issuer · Interest Rate · Due Date · 2024 · 2023 | ||||||
| US dollar debt | ||||||
| JCI plc | 3.625% | 2024 | $— | $453 | ||
| JCI Inc. | 3.625% | 2024 | — | 31 | ||
| JCI plc | 3.90% | 2026 | 487 | 487 | ||
| TIFSA1 | 3.90% | 2026 | 51 | 51 | ||
| JCI plc and TFSCA2 | 5.50% | 2029 | 700 | — | ||
| JCI plc and TFSCA2 | 1.75% | 2030 | 625 | 625 | ||
| JCI plc and TFSCA2 | 2.00% | 2031 | 500 | 500 | ||
| JCI plc and TFSCA2 | 4.90% | 2033 | 400 | 400 | ||
| JCI plc | 6.00% | 2036 | 342 | 342 | ||
| JCI Inc. | 6.00% | 2036 | 8 | 8 | ||
| JCI plc | 5.70% | 2041 | 190 | 190 | ||
| JCI Inc. | 5.70% | 2041 | 30 | 30 | ||
| JCI plc | 5.25% | 2042 | 155 | 155 | ||
| JCI Inc. | 5.25% | 2042 | 6 | 6 | ||
| JCI plc | 4.625% | 2044 | 444 | 444 | ||
| JCI Inc. | 4.625% | 2044 | 6 | 6 | ||
| JCI plc | 5.125% | 2045 | 253 | 372 | ||
| TIFSA1 | 5.125% | 2045 | 23 | 23 | ||
| JCI plc | 6.95% | 2046 | 32 | 32 | ||
| JCI Inc. | 6.95% | 2046 | 4 | 4 | ||
| JCI plc | 4.50% | 2047 | 500 | 500 | ||
| JCI plc | 4.95% | 2064 | 341 | 341 | ||
| JCI Inc. | 4.95% | 2064 | 15 | 15 | ||
| Euro debt | ||||||
| JCI plc | EURIBOR plus 0.70% | 2024 | — | 159 | ||
| JCI plc | 1.375% | 2025 | 472 | 448 | ||
| TIFSA1 | 1.375% | 2025 | 60 | 57 | ||
| JCI plc and TFSCA2 | 0.375% | 2027 | 559 | 530 | ||
| JCI plc and TFSCA2 | 3.00% | 2028 | 670 | 636 | ||
| JCI plc and TFSCA2 | 1.00% | 2032 | 559 | 530 | ||
| JCI plc and TFSCA2 | 4.25% | 2035 | 894 | 849 | ||
| Japanese yen debt | ||||||
| JCI plc | TORF plus 0.40% | 2027 | 211 | 202 | ||
| Other | 31 | 36 | ||||
| Gross long-term debt | 8,568 | 8,462 | ||||
| Less: | ||||||
| Debt issuance costs | 38 | 35 | ||||
| Net unamortized discount | 38 | 41 | ||||
| Net purchase accounting adjustments | (48) | (77) | ||||
| 8,540 | 8,463 | |||||
| Less: Current portion | 536 | 645 | ||||
| Long-term debt | $8,004 | $7,818 | ||||
1 TIFSA = Tyco International Finance S.A.
2 TFSCA = Tyco Fire & Security Finance S.C.A.
The following table presents maturities of long-term debt as of September 30, 2024 (in millions):
| 2025 | $536 |
| 2026 | 544 |
| 2027 | 776 |
| 2028 | 676 |
| 2029 | 707 |
| After 2029 | 5,329 |
| Total | $8,568 |
Other
As of September 30, 2024, the Company had syndicated committed revolving credit facilities of $2.5 billion which is scheduled to expire in December 2028 and $500 million which is scheduled to expire in December 2024. There wereno draws on the facilities as of September 30, 2024.
As of September 30, 2024, the Company was in compliance with all financial covenants set forth in its credit agreements and the indentures governing its outstanding notes, and expects to remain in compliance for the foreseeable future.
Total interest paid on both short and long-term debt for the years ended September 30, 2024, 2023 and 2022 was $361 million, $288 million and $222 million, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.