Table:
|  |  | Sep 30, |  |
| --- | --- | --- | --- |
| (in millions of €) | 2019 | 2018 | % Change |
| Short-term debt and current maturities of long-term debt | 6,034 | 5,057 | 19 % |
| Trade payables | 11,409 | 10,716 | 6 % |
| Other current financial liabilities | 1,743 | 1,485 | 17 % |
| Contract liabilities | 16,452 | 14,464 | 14 % |
| Current provisions | 3,682 | 3,931 | (6) % |
| Current income tax liabilities | 2,378 | 3,102 | (23) % |
| Other current liabilities | 9,023 | 9,118 | (1) % |
| Liabilities associated with assets classified as held for disposal | 2 | 1 | 54 % |
| Total current liabilities | 50,723 | 47,874 | 6 % |
| Long-term debt | 30,414 | 27,120 | 12 % |
| Provisions for pensions and similar obligations | 9,896 | 7,684 | 29 % |
| Deferred tax liabilities | 1,305 | 1,092 | 19 % |
| Provisions | 3,714 | 4,216 | (12) % |
| Other financial liabilities | 986 | 685 | 44 % |
| Other liabilities | 2,226 | 2,198 | 1 % |
| Total non-current liabilities | 48,541 | 42,995 | 13 % |
| Total liabilities | 99,265 | 90,869 | 9 % |
| Debt ratio | 66 % | 65 % |  |
| Total equity attributable to shareholders of Siemens AG | 48,125 | 45,474 | 6 % |
| Equity ratio | 34 % | 35 % |  |
| Non-controlling interests | 2,858 | 2,573 | 11 % |
| Total liabilities and equity | 150,248 | 138,915 | 8 % |
|  |  |  |  |
Paragraphs:
A.6.1 Capital structure
The increase in short-term debt and current maturities of long-term debt was due mainly to reclassifications of long-term euro and U. S. dollar instruments totaling € 3.9 billion from longterm debt. This was partly offset by € 3.3 billion resulting from the repayment of U. S. dollar instruments.
The decrease in current income tax liabilities was driven mainly by the reversal of income tax provisions outside Germany and tax payments in the context of the carve-out activities related to Siemens Healthineers.
Long-term debt increased due primarily to the issuance of euro instruments totaling € 6.5 billion and currency translation effects for bonds issued in the U. S. dollar. This was partly offset by the above-mentioned reclassifications of euro and U. S. dollar instruments.
The increase in provisions for pensions and similar obligations was due mainly to a lower discount rate. This effect was partly offset by a positive return on plan assets, among other factors.
The main factors for the increase in total equity attributable to shareholders of Siemens AG were € 5.2 billion in net income attributable to shareholders of Siemens AG; the re-issuance of treasury shares of € 1.6 billion; and positive other comprehensive income, net of income taxes of € 0.4 billion, resulting mainly from positive currency translation effects of € 1.8 billion, partly offset by negative effects from remeasurements of defined benefit plans of € 1.1 billion. This increase was partly offset by dividend payments of € 3.1 billion (for fiscal 2018) and the repurchase of 13,532,557 treasury shares at an average cost per share of € 99.78, totaling € 1.4 billion (including incidental transaction charges).
Question:
What caused the long-term debt to increase?
Answer: Long-term debt increased due primarily to the issuance of euro instruments totaling € 6.5 billion and currency translation effects for bonds issued in the U. S. dollar. This was partly offset by the above-mentioned reclassifications of euro and U. S. dollar instruments.