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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From _____ To _____
Commission File Number: 001-13836 
 
JOHNSON CONTROLS INTERNATIONAL PLC
(Exact name of registrant as specified in its charter
Ireland98-0390500
(Jurisdiction of Incorporation)(I.R.S. Employer Identification No.)
One Albert Quay, Cork, Ireland, T12 X8N6
(353) 21-423-5000
(Address of Principal Executive Offices and Postal Code)(Registrant's Telephone Number)
Securities Registered Pursuant to Section 12(b) of the Exchange Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Ordinary Shares, Par Value $0.01JCINew York Stock Exchange
 4.625% Notes due 2023  JCI23 New York Stock Exchange
 1.000% Senior Notes due 2023  JCI23A New York Stock Exchange
 3.625% Senior Notes due 2024  JCI24A New York Stock Exchange
 1.375% Notes due 2025  JCI25A New York Stock Exchange
 3.900% Notes due 2026  JCI26A New York Stock Exchange
0.375% Senior Notes due 2027JCI27New York Stock Exchange
1.750% Senior Notes due 2030JCI30New York Stock Exchange
2.000% Sustainability-Linked Senior Notes due 2031JCI31New York Stock Exchange
1.000% Senior Notes due 2032JCI32New York Stock Exchange
 6.000% Notes due 2036  JCI36A New York Stock Exchange
 5.70% Senior Notes due 2041  JCI41B New York Stock Exchange
 5.250% Senior Notes due 2041  JCI41C New York Stock Exchange
 4.625% Senior Notes due 2044  JCI44A New York Stock Exchange
 5.125% Notes due 2045  JCI45B New York Stock Exchange
 6.950% Debentures due December 1, 2045  JCI45A New York Stock Exchange
 4.500% Senior Notes due 2047  JCI47 New York Stock Exchange
 4.950% Senior Notes due 2064  JCI64A New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filerSmaller reporting company
Non-accelerated filer¨Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOrdinary Shares Outstanding at March 31, 2022
Ordinary Shares, $0.01 par value per share695,668,895



JOHNSON CONTROLS INTERNATIONAL PLC
FORM 10-Q
Report Index
  
Page
Part I. Financial Information
Item 1. Financial Statements (unaudited)
Consolidated Statements of Financial Position at March 31, 2022 and September 30, 2021
Consolidated Statements of Income for the Three and Six Month Periods Ended March 31, 2022 and 2021
Consolidated Statements of Comprehensive Income for the Three and Six Month Periods Ended March 31, 2022 and 2021
Consolidated Statements of Cash Flows for the Six Month Periods Ended March 31, 2022 and 2021
Consolidated Statements of Shareholders' Equity for the
       Three and Six Month Periods Ended March 31, 2022 and 2021
Notes to Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Signatures



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Johnson Controls International plc
Consolidated Statements of Financial Position
(in millions, except par value; unaudited)
March 31, 2022September 30, 2021
Assets
Cash and cash equivalents$1,787 $1,336 
Accounts receivable - net5,689 5,613 
Inventories2,515 2,057 
Current assets held for sale 386  
Other current assets1,235 992 
Current assets11,612 9,998 
Property, plant and equipment - net3,103 3,228 
Goodwill18,029 18,335 
Other intangible assets - net4,889 5,549 
Investments in partially-owned affiliates1,073 1,066 
Noncurrent assets held for sale 1,079 156 
Other noncurrent assets3,206 3,558 
Total assets$42,991 $41,890 
Liabilities and Equity
Short-term debt$2,044 $8 
Current portion of long-term debt240 226 
Accounts payable4,101 3,746 
Accrued compensation and benefits708 1,008 
Deferred revenue1,971 1,637 
Current liabilities held for sale326  
Other current liabilities2,264 2,473 
Current liabilities11,654 9,098 
Long-term debt7,366 7,506 
Pension and postretirement benefits492 628 
Noncurrent liabilities held for sale228  
Other noncurrent liabilities5,563 5,905 
Long-term liabilities13,649 14,039 
Commitments and contingencies (Note 22)
Ordinary shares, $0.01 par value
7 7 
Ordinary A shares, €1.00 par value
  
Preferred shares, $0.01 par value
  
Ordinary shares held in treasury, at cost(1,200)(1,152)
Capital in excess of par value17,174 17,116 
Retained earnings900 2,025 
Accumulated other comprehensive loss(345)(434)
Shareholders’ equity attributable to Johnson Controls16,536 17,562 
Noncontrolling interests1,152 1,191 
Total equity17,688 18,753 
Total liabilities and equity$42,991 $41,890 

The accompanying notes are an integral part of the consolidated financial statements.
3



Johnson Controls International plc
Consolidated Statements of Income
(in millions, except per share data; unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
2022202120222021
Net sales
Products and systems$4,617 $4,032 $9,037 $7,831 
Services1,481 1,562 2,923 3,104 
6,098 5,594 11,960 10,935 
Cost of sales
Products and systems3,294 2,751 6,447 5,470 
Services847 900 1,665 1,794 
4,141 3,651 8,112 7,264 
Gross profit1,957 1,943 3,848 3,671 
Selling, general and administrative expenses(1,454)(1,253)(2,823)(2,547)
Restructuring and impairment costs(384)(96)(433)(96)
Net financing charges(51)(44)(104)(103)
Equity income42 56 112 114 
Income from continuing operations before income taxes110 606 600 1,039 
Income tax provision58 209 129 270 
Income from continuing operations52 397 471 769 
Income from discontinued operations, net of tax (Note 4)   124 
Net income 52 397 471 893 
Income from continuing operations attributable to noncontrolling
   interests
41 54 79 99 
Net income attributable to Johnson Controls$11 $343 $392 $794 
Amounts attributable to Johnson Controls ordinary shareholders:
Income from continuing operations$11 $343 $392 $670 
        Income from discontinued operations   124 
Net income$11 $343 $392 $794 
Basic earnings per share attributable to Johnson Controls
Continuing operations$0.02 $0.48 $0.56 $0.93 
Discontinued operations   0.17 
Net income$0.02 $0.48 $0.56 $1.10 
Diluted earnings per share attributable to Johnson Controls
Continuing operations$0.02 $0.48 $0.56 $0.93 
Discontinued operations   0.17 
Net income $0.02 $0.48 $0.56 $1.10 
The accompanying notes are an integral part of the consolidated financial statements.
4



Johnson Controls International plc
Consolidated Statements of Comprehensive Income
(in millions; unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
 2022202120222021
Net income $52 $397 $471 $893 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(16)63 70 371 
Realized and unrealized gains on derivatives10 8 17 9 
Pension and postretirement plans(1) (2)(1)
Other comprehensive income (loss)(7)71 85 379 
Total comprehensive income45 468 556 1,272 
Comprehensive income attributable to noncontrolling interests:
Net income41 54 79 99 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(10)(25)(8)11 
Realized and unrealized gains on derivatives1 2 4 2 
Other comprehensive income (loss)(9)(23)(4)13 
Comprehensive income attributable to noncontrolling interests32 31 75 112 
Comprehensive income attributable to Johnson Controls$13 $437 $481 $1,160 

The accompanying notes are an integral part of the consolidated financial statements.
5


Johnson Controls International plc
Consolidated Statements of Cash Flows
(in millions; unaudited)
Six Months Ended March 31,
 20222021
Operating Activities of Continuing Operations
Net income from continuing operations attributable to Johnson Controls$392 $670 
Income from continuing operations attributable to noncontrolling interests79 99 
Net income from continuing operations471 769 
Adjustments to reconcile net income from continuing operations to cash provided by operating activities:
Depreciation and amortization432 419 
Pension and postretirement benefit income(51)(299)
Pension and postretirement contributions(76)(25)
Equity in earnings of partially-owned affiliates, net of dividends received20 (107)
Deferred income taxes(97)25 
Noncash restructuring and impairment charges361 54 
Equity-based compensation57 32 
Other - net(64)(64)
Changes in assets and liabilities, excluding acquisitions and divestitures:
Accounts receivable(306)167 
Inventories(619)(211)
Other assets(206)(90)
Restructuring reserves(19)(24)
Accounts payable and accrued liabilities489 510 
Accrued income taxes(68)4 
Cash provided by operating activities from continuing operations324 1,160 
Investing Activities of Continuing Operations
Capital expenditures(260)(197)
Sale of property, plant and equipment35 54 
Acquisition of businesses, net of cash acquired(124)(10)
Business divestitures, net of cash divested16 19 
Changes in long-term investments1 15 
Cash used by investing activities from continuing operations(332)(119)
Financing Activities of Continuing Operations
Increase in short-term debt - net2,061 225 
Repayment of long-term debt(2)(258)
Stock repurchases and retirements(1,035)(661)
Payment of cash dividends(430)(377)
Proceeds from the exercise of stock options13 133 
Employee equity-based compensation withholding taxes(49)(29)
Change in noncontrolling interest share (14)
Dividends paid to noncontrolling interests(118)(101)
Other - net4 3 
Cash provided (used) by financing activities from continuing operations444 (1,079)
Discontinued Operations
Cash used by operating activities(4)(37)
Cash used by discontinued operations(4)(37)
Effect of exchange rate changes on cash, cash equivalents and restricted cash46 9 
Increase (decrease) in cash, cash equivalents and restricted cash478 (66)
Cash, cash equivalents and restricted cash at beginning of period1,342 1,960 
Cash, cash equivalents and restricted cash at end of period1,820 1,894 
Less: Restricted cash33 11 
Cash and cash equivalents at end of period$1,787 $1,883 

The accompanying notes are an integral part of the consolidated financial statements.
6


Johnson Controls International plc
Consolidated Statements of Shareholders' Equity
(in millions, except per share data; unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
 2022202120222021
Shareholders' Equity Attributable to Johnson Controls
Beginning Balance$17,249 $17,656 $17,562 $17,447 
Ordinary Shares
Beginning balance7 7 7 8 
Repurchases and retirements of ordinary shares   (1)
Ending balance7 7 7 7 
Ordinary Shares Held in Treasury, at Cost
Beginning balance(1,199)(1,146)(1,152)(1,119)
Other, including options exercised(1)(2)(48)(29)
Ending balance(1,200)(1,148)(1,200)(1,148)
Capital in Excess of Par Value
Beginning balance17,150 16,917 17,116 16,865 
Change in noncontrolling interest share (8) (8)
Other, including options exercised24 125 58 177 
Ending balance17,174 17,034 17,174 17,034 
Retained Earnings
Beginning balance1,638 2,382 2,025 2,469 
Net income attributable to Johnson Controls11 343 392 794 
Cash dividends declared(240)(195)(482)(384)
Repurchases and retirements of ordinary shares(509)(315)(1,035)(660)
Adoption of ASU 2016-13   (4)
Ending balance900 2,215 900 2,215 
Accumulated Other Comprehensive Income (Loss)
Beginning balance(347)(504)(434)(776)
Other comprehensive income2 94 89 366 
Ending balance(345)(410)(345)(410)
Ending Balance16,536 17,698 16,536 17,698 
Shareholders' Equity Attributable to Noncontrolling Interests
Beginning Balance1,241 1,167 1,191 1,086 
Comprehensive income attributable to noncontrolling interests32 31 75 112 
Dividends attributable to noncontrolling interests(121)(133)(121)(133)
Change in noncontrolling interest share (6)7 (6)
Ending Balance1,152 1,059 1,152 1,059 
Total Shareholders' Equity$17,688 $18,757 $17,688 $18,757 
Cash Dividends Declared per Ordinary Share$0.35 $0.27 $0.69 $0.53 

The accompanying notes are an integral part of the consolidated financial statements.
7


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2022
(unaudited)

1.Basis of Presentation

The consolidated financial statements include the consolidated accounts of Johnson Controls International plc, a public limited company organized under the laws of Ireland, and its subsidiaries (Johnson Controls International plc and all its subsidiaries, hereinafter collectively referred to as the "Company" or "Johnson Controls"). In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which include normal recurring adjustments) necessary to state fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC"). These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2021 filed with the SEC on November 15, 2021. The results of operations for the three and six month periods ended March 31, 2022 are not necessarily indicative of results for the Company’s 2022 fiscal year because of seasonal and other factors.

Nature of Operations

Johnson Controls International plc, headquartered in Cork, Ireland, is a global leader in smart, healthy and sustainable buildings, serving a wide range of customers in more than 150 countries. The Company’s products, services, systems and solutions advance the safety, comfort and intelligence of spaces to serve people, places and the planet. The Company is committed to helping its customers win and creating greater value for all of its stakeholders through its strategic focus on buildings.

The Company is a global leader in engineering, manufacturing, commissioning and retrofitting building products and systems, including residential and commercial heating, ventilating, air-conditioning ("HVAC") equipment, industrial refrigeration systems, controls, security systems, fire-detection systems and fire-suppression solutions. The Company further serves customers by providing technical services, including maintenance, management and repair of equipment (in the HVAC, industrial refrigeration, security and fire-protection space), energy-management consulting and data-driven “smart building” services and solutions powered by its OpenBlue software platform and capabilities. The Company partners with customers by leveraging its broad product portfolio and digital capabilities powered by OpenBlue, together with its direct channel service and solutions capabilities, to deliver outcome-based solutions across the lifecycle of a building that address customers’ needs to improve energy efficiency and reduce greenhouse gas emissions.

Principles of Consolidation

The consolidated financial statements include the consolidated accounts of Johnson Controls International plc and its subsidiaries that are consolidated in conformity with U.S. GAAP. All significant intercompany transactions have been eliminated. The results of companies acquired or disposed of during the reporting period are included in the consolidated financial statements from the effective date of acquisition or up to the date of disposal. Investments in partially-owned affiliates are accounted for by the equity method when the Company’s interest exceeds 20% and the Company does not have a controlling interest.

The Company consolidates variable interest entities ("VIE") in which the Company has the power to direct the significant activities of the entity and the obligation to absorb losses or receive benefits from the entity that may be significant. The Company did not have a significant variable interest in any consolidated or nonconsolidated VIEs in its continuing operations for the presented reporting periods.

Restricted Cash

At March 31, 2022 and September 30, 2021, the Company held restricted cash of approximately $33 million and $6 million, respectively, all of which was recorded within other current assets in the consolidated statements of financial position. These amounts were related to cash restricted for payment of asbestos liabilities and certain litigation and environmental matters.
8


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2022
(unaudited)

Retrospective Changes

Effective October 1, 2021, the Company's marine businesses, which were previously included in the Building Solutions Asia Pacific and Global Products segments, became part of the Building Solutions EMEA/LA segment. Historical information has been re-cast to present the comparative periods on a consistent basis. This change was not material to the segment presentation. Refer to Note 8, "Goodwill and Other Intangible Assets," and Note 20, “Segment Information,” of the notes to the consolidated financial statements for further information.

2.      New Accounting Standards

Recently Adopted Accounting Pronouncements

In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities (e.g. deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, “Revenue from Contracts with Customers.” Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The guidance is applied prospectively to acquisitions occurring on or after the effective date. During the quarter ended December 31, 2021, the Company early adopted ASU No. 2021-08. The adoption of the new standard did not have a material impact on the Company's consolidated financial statements.

Recently Issued Accounting Pronouncements

Recently issued accounting pronouncements are not expected to have a material impact on the Company's consolidated financial statements.

3.Acquisitions and Divestitures

During the first six months of fiscal 2022, the Company completed certain acquisitions for a combined purchase price, net of cash acquired, of $160 million, of which $124 million was paid as of March 31, 2022. In connection with the acquisitions, the Company recorded goodwill of $45 million within the Building Solutions Asia Pacific segment, $29 million within the Building Solutions EMEA/LA segment and $24 million within the Building Solutions North America segment.

During the first six months of fiscal 2022, the Company completed a divestiture within the Buildings Solutions EMEA/LA segment. The selling price, net of cash divested, was $18 million, of which $16 million was received as of March 31, 2022. In connection with the divestiture, the Company reduced goodwill by $5 million.

During the first six months of fiscal 2021, the Company completed certain acquisitions for a combined purchase price, net of cash acquired, of $15 million, of which $10 million was paid as of March 31, 2021. In connection with the acquisitions, the Company recorded goodwill of $13 million within the Building Solutions EMEA/LA segment.

During the first six months of fiscal 2021, the Company completed certain divestitures within the Buildings Solutions Asia Pacific segment. The combined selling price was $23 million, of which $19 million was received as of March 31, 2021. In connection with the divestitures, the Company reduced goodwill by $6 million.

Acquisitions and divestitures were not material to the Company's consolidated financial statements in the first six months of fiscal 2022 or 2021.

9


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2022
(unaudited)
4.     Discontinued Operations & Assets and Liabilities Held for Sale

On April 30, 2019, the Company completed the sale of its Power Solutions business. In December 2020, the favorable resolution of certain post-closing working capital and net debt adjustments resulted in income from discontinued operations, net of tax, of $124 million due to a reversal of a reserve established in connection with the sale.

The following table summarizes the results of Power Solutions which are classified as discontinued operations (in millions):
 Six Months Ended March 31, 2021
Net sales$ 
Income from discontinued operations before income taxes150 
Provision for income taxes on discontinued operations
(26)
Income from discontinued operations attributable to noncontrolling interests, net of tax
 
Income from discontinued operations$124 

There is no Power Solutions related activity for the three and six months ended March 31, 2022 and the three months ended March 31, 2021.

Assets and Liabilities Held for Sale

During the second quarter of fiscal 2022, the Company determined that its Global Retail business within its Building Solutions North America, Building Solutions Asia Pacific and Building Solutions EMEA/LA segments met the criteria to be classified as held for sale. The assets and liabilities of this business are presented as held for sale in the consolidated statements of financial position as of March 31, 2022. Assets and liabilities held for sale are required to be recorded at the lower of carrying value or fair value, less costs to sell in accordance with ASC 360-10-15, "Impairment or Disposal of Long-Lived Assets". The carrying amount of any assets, including goodwill, that are part of the disposal group, but not in the scope of ASC 360-10, should be tested for impairment under the relevant guidance prior to measuring the disposal group at fair value, less cost to sell. Accordingly, the Company recorded a non-cash impairment charge of $235 million within restructuring and impairment costs in the consolidated statements of income to write down the goodwill related to its North America Retail reporting unit. Refer to Note 8, "Goodwill and Other Intangible Assets," of the notes to the consolidated financial statements for further information regarding the goodwill impairment charges. Additionally, the Company has recorded total impairment charges of $86 million within restructuring and impairment costs in the consolidated statements of income to write down the disposal group to its estimated fair value, less costs to sell. Refer to Note 18, "Impairment of Long-Lived Assets," of the notes to the consolidated financial statements for further information regarding the impairment charges. The divestiture of the business held for sale could result in a gain or loss on sale to the extent the ultimate selling price differs from the current carrying value of the net assets recorded, which could be material. The business did not meet the criteria to be classified as a discontinued operation as the divestiture of the business does not represent a strategic shift that will have a major effect on the Company's operations and financial results.
10


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2022
(unaudited)
The following table summarizes the carrying value of the Global Retail assets and liabilities held for sale (in millions):
 March 31, 2022
Accounts receivable - net$195 
Inventories142
Other current assets49
Current assets held for sale$386 
Property, plant and equipment - net$90 
Goodwill7 
Other intangible assets - net 544 
Other noncurrent assets279 
Noncurrent assets held for sale$920 
Accounts payable$132 
Accrued compensation and benefits32
Deferred revenue46
Other current liabilities 116
Current liabilities held for sale$326 
Other noncurrent liabilities$228 
Noncurrent liabilities held for sale$228 

During the third quarter of fiscal 2020, the Company determined that certain noncurrent assets of the Building Solutions Asia Pacific segment met the criteria to be classified as held for sale. The estimated fair value, less costs to sell, of these assets was $159 million at March 31, 2022 and $156 million at September 30, 2021.

5.     Revenue Recognition

Disaggregated Revenue

The following tables present the Company's revenues disaggregated by segment and by Products & Systems and Services revenue (in millions):
Three Months Ended
March 31, 2022
Three Months Ended
March 31, 2021
Products & SystemsServicesTotalProducts & SystemsServicesTotal
Building Solutions North America$1,343 $884 $2,227 $1,272 $820 $2,092 
Building Solutions EMEA/LA536 422 958 466 468 934 
Building Solutions Asia Pacific448 175 623 320 274 594 
Global Products2,290  2,290 1,974  1,974 
Total$4,617 $1,481 $6,098 $4,032 $1,562 $5,594 
11


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2022
(unaudited)
Six Months Ended
March 31, 2022
Six Months Ended
March 31, 2021
Products & SystemsServicesTotalProducts & SystemsServicesTotal
Building Solutions North America$2,642 $1,737 $4,379 $2,514 $1,612 $4,126 
Building Solutions EMEA/LA1,080 837 1,917 934 948 1,882 
Building Solutions Asia Pacific949 349 1,298 654 544 1,198 
Global Products4,366  4,366 3,729  3,729 
Total$9,037 $2,923 $11,960 $7,831 $3,104 $10,935 

The following table presents further disaggregation of Global Products segment revenues by product type (in millions):
Three Months Ended
March 31,
Six Months Ended
March 31,
2022202120222021
HVAC$1,658 $1,374 $3,141 $2,592 
Fire & Security578 537 1,122 1,025 
Industrial Refrigeration54 63 103 112 
Total$2,290 $1,974 $