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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, 2024
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
 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
3.000% Senior Notes due 2028JCI28New 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
4.900% Senior Notes due 2032JCI32ANew York Stock Exchange
4.250% Senior Notes due 2035JCI35New 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, 2024
Ordinary Shares, $0.01 par value per share673,675,568



JOHNSON CONTROLS INTERNATIONAL PLC
FORM 10-Q
Report Index
  
Page
Part I. Financial Information
Item 1. Financial Statements (unaudited)
Consolidated Statements of Income for the Three and Six Month Periods Ended March 31, 2024 and 2023
Consolidated Statements of Comprehensive Income for the
      Three and Six Month Periods Ended March 31, 2024 and 2023
Consolidated Statements of Financial Position at March 31, 2024 and September 30, 2023
Consolidated Statements of Cash Flows for the Three and Six Month Periods Ended March 31, 2024 and 2023
Consolidated Statements of Shareholders' Equity for the
      Three and Six Month Periods Ended March 31, 2024 and 2023
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 5. Other Information
Item 6. Exhibits
Signatures



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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,
2024202320242023
Net sales
Products and systems$4,985 $5,083 $9,474 $9,639 
Services1,714 1,603 3,319 3,115 
6,699 6,686 12,793 12,754 
Cost of sales
Products and systems3,459 3,516 6,621 6,629 
Services1,059 929 1,999 1,793 
4,518 4,445 8,620 8,422 
Gross profit2,181 2,241 4,173 4,332 
Selling, general and administrative expenses2,251 1,579 3,764 3,150 
Restructuring and impairment costs254 418 293 763 
Net financing charges93 71 192 138 
Equity income56 50 118 112 
Income (loss) before income taxes(361)223 42 393 
Income tax (benefit) provision(127)49 (128)63 
Net income (loss)(234)174 170 330 
Less: Income attributable to noncontrolling interests43 41 73 79 
Net income (loss) attributable to Johnson Controls$(277)$133 $97 $251 
Earnings (loss) per share attributable to Johnson Controls
Basic$(0.41)$0.19 $0.14 $0.37 
Diluted(0.41)0.19 0.14 0.36 




















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


Johnson Controls International plc
Consolidated Statements of Comprehensive Income
(in millions; unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
 2024202320242023
Net income (loss)$(234)$174 $170 $330 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(95)10 (33)100 
Realized and unrealized gains (losses) on derivatives27 20 (15)3 
Pension and postretirement plans(1) (2)(1)
Other comprehensive income (loss)(69)30 (50)102 
Total comprehensive income (loss)(303)204 120 432 
Comprehensive income attributable to noncontrolling interests:
Net income43 41 73 79 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(3)11 (2)42 
Realized and unrealized losses on derivatives4 1  (5)
Other comprehensive income (loss)1 12 (2)37 
Comprehensive income attributable to noncontrolling interests44 53 71 116 
Comprehensive income (loss) attributable to Johnson Controls$(347)$151 $49 $316 




























The accompanying notes are an integral part of the consolidated financial statements.
4


Johnson Controls International plc
Consolidated Statements of Financial Position
(in millions, except par value; unaudited)
March 31, 2024September 30, 2023
Assets
Cash and cash equivalents$843 $835 
Accounts receivable, less allowance for
      expected credit losses of $118 and $90, respectively
6,688 6,006 
Inventories2,991 2,776 
Other current assets1,355 1,120 
Current assets11,877 10,737 
Property, plant and equipment - net3,104 3,136 
Goodwill17,757 17,936 
Other intangible assets - net4,717 4,888 
Investments in partially-owned affiliates1,172 1,056 
Other noncurrent assets4,830 4,489 
Total assets$43,457 $42,242 
Liabilities and Equity
Short-term debt$2,210 $385 
Current portion of long-term debt1,165 645 
Accounts payable4,019 4,268 
Accrued compensation and benefits779 958 
Deferred revenue2,331 1,996 
Other current liabilities3,095 2,832 
Current liabilities13,599 11,084 
Long-term debt7,348 7,818 
Pension and postretirement benefits251 278 
Other noncurrent liabilities5,418 5,368 
Long-term liabilities13,017 13,464 
Commitments and contingencies (Note 21)
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(1,264)(1,240)
Capital in excess of par value17,411 17,349 
Retained earnings507 1,384 
Accumulated other comprehensive loss(1,003)(955)
Shareholders’ equity attributable to Johnson Controls15,658 16,545 
Noncontrolling interests1,183 1,149 
Total equity16,841 17,694 
Total liabilities and equity$43,457 $42,242 








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,
 20242023
Operating Activities
Net income attributable to Johnson Controls$97 $251 
Income attributable to noncontrolling interests73 79 
Net income170 330 
Adjustments to reconcile net income to cash provided (used) by operating activities:
Depreciation and amortization467 409 
Pension and postretirement benefit income(20)(3)
Pension and postretirement contributions(13)(26)
Equity in earnings of partially-owned affiliates, net of dividends received(102)(55)
Deferred income taxes(400)(168)
Noncash restructuring and impairment charges253 691 
Equity-based compensation56 61 
Other - net(38)(87)
Changes in assets and liabilities, excluding acquisitions and divestitures:
Accounts receivable(659)(360)
Inventories(228)(493)
Other assets(204)(169)
Restructuring reserves(60)(17)
Accounts payable and accrued liabilities358 (155)
Accrued income taxes(29)60 
Cash provided (used) by operating activities(449)18 
Investing Activities
Capital expenditures(225)(255)
Acquisition of businesses, net of cash acquired1 (89)
Other - net13 30 
Cash used by investing activities(211)(314)
Financing Activities
Net proceeds from borrowings with maturities less than three months1,519 1,288 
Proceeds from debt422 316 
Repayments of debt(163)(536)
Stock repurchases and retirements(474)(247)
Payment of cash dividends(504)(481)
Employee equity-based compensation withholding taxes(24)(32)
Dividends paid to noncontrolling interests(51)(72)
Other - net(48)26 
Cash provided by financing activities677 262 
Effect of exchange rate changes on cash, cash equivalents and restricted cash19 8 
Increase (decrease) in cash, cash equivalents and restricted cash36 (26)
Cash, cash equivalents and restricted cash at beginning of period924 2,066 
Cash, cash equivalents and restricted cash at end of period960 2,040 
Less: Restricted cash117 65 
Cash and cash equivalents at end of period$843 $1,975 



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,
 2024202320242023
Shareholders' Equity Attributable to Johnson Controls
Beginning Balance$16,698 $16,046 $16,545 $16,268 
Ordinary Shares - Beginning and ending balance
7 7 7 7 
Ordinary Shares Held in Treasury, at Cost
Beginning balance(1,263)(1,233)(1,240)(1,203)
Employee equity-based compensation withholding taxes(1)(2)(24)(32)
Ending balance(1,264)(1,235)(1,264)(1,235)
Capital in Excess of Par Value
Beginning balance17,381 17,262 17,349 17,224 
Share-based compensation expense20 25 40 44 
Other, including options exercised10 8 22 27 
Ending balance17,411 17,295 17,411 17,295 
Retained Earnings
Beginning balance1,506 874 1,384 1,151 
Net income (loss) attributable to Johnson Controls(277)133 97 251 
Cash dividends declared(248)(245)(500)(486)
Repurchases and retirements of ordinary shares(474)(93)(474)(247)
Ending balance507 669 507 669 
Accumulated Other Comprehensive Income (Loss)
Beginning balance(933)(864)(955)(911)
Other comprehensive income (loss)(70)18 (48)65 
Ending balance(1,003)(846)(1,003)(846)
Ending Balance15,658 15,890 15,658 15,890 
Shareholders' Equity Attributable to Noncontrolling Interests
Beginning Balance1,176 1,197 1,149 1,134 
Comprehensive income attributable to noncontrolling interests44 53 71 116 
Dividends attributable to noncontrolling interests(39)(62)(39)(62)
Other, including options exercised2 — 2 — 
Ending Balance1,183 1,188 1,183 1,188 
Total Shareholders' Equity$16,841 $17,078 $16,841 $17,078 
Cash Dividends Declared per Ordinary Share$0.37 $0.36 $0.74 $0.71 












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


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(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, 2023 filed with the SEC on December 14, 2023. The results of operations for the three and six month periods ended March 31, 2024 are not necessarily indicative of results for the Company’s 2024 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, repair, retrofit and replacement of equipment (in the HVAC, industrial refrigeration, controls, 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, enhance security, create healthy environments 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 exercises significant influence, which typically occurs when its ownership interest exceeds 20%, and the Company does not have a controlling interest.

The Company consolidates variable interest entities ("VIE") when it 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 any material consolidated or nonconsolidated VIE's for the presented reporting periods.

2.      NEW ACCOUNTING STANDARDS

Recently Adopted Accounting Pronouncements

In September 2022, the FASB issued ASU 2022-04, "Disclosure of Supplier Finance Program Obligations," which is intended to enhance the transparency surrounding the use of supplier finance programs. Supplier finance programs may
8


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
also be referred to as reverse factoring, payables finance, or structured payables arrangements. The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period, and associated rollforward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The Company adopted the new disclosures, other than the rollforward disclosure, as required at the beginning of fiscal 2024. The rollforward disclosure will be adopted as required at the beginning of fiscal 2025.

The Company maintains agreements with third-party financial institutions who offer voluntary supply chain financing ("SCF") programs to its suppliers. The SCF programs enable suppliers to sell their receivables to third-party financial institutions and receive payments earlier than the negotiated commercial terms between the suppliers and the Company, which generally range from 90 to 120 days. Suppliers sell receivables to third-party financial institutions on terms negotiated between the supplier and the respective third-party financial institution. The Company remains obligated to make payments under the terms of the original commercial arrangement regardless of whether the supplier receivable is sold, and does not pledge any assets as security or provide other forms of guarantees for the committed payment to the third-party financial institutions.

Amounts outstanding related to SCF programs are included in accounts payable in the consolidated statements of financial position. Accounts payable included in the SCF programs were approximately $561 million and $566 million as of March 31, 2024, and September 30, 2023, respectively.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments require that on an annual basis, entities disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments require that entities disclose additional information about income taxes paid as well as additional disclosures of pretax income and income tax expense, and remove the requirement to disclose certain items that are no longer considered cost beneficial or relevant. The Company expects to adopt the new annual disclosures as required for fiscal 2026.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The Company expects to adopt the new annual disclosures as required for fiscal 2025 and the interim disclosures as required beginning with the first quarter of fiscal 2026.

Other 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 six months ended March 31, 2023, the Company completed certain acquisitions for a combined purchase price, net of cash acquired, of $115 million, of which $89 million was paid as of March 31, 2023. In connection with the acquisitions, the Company recorded goodwill of $53 million within the Global Products segment and $14 million within the Building Solutions EMEA/LA segment.


9


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
4.     ASSETS AND LIABILITIES HELD FOR SALE

During the three and six months ended March 31, 2023, the Company recorded impairment charges primarily due to reductions in the estimated fair value of its Global Retail business of $210 million and $438 million, respectively. During the six months ended March 31, 2023, the Company also recorded an impairment charge for a business in the Building Solutions Asia Pacific segment of $60 million. Both businesses were classified as held for sale as of March 31, 2023. All of the impairments were recorded within restructuring and impairment costs in the consolidated statements of income.
No assets and liabilities were classified as held for sale as of March 31, 2024 or September 30, 2023.

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,
20242023
Products & SystemsServicesTotalProducts & SystemsServicesTotal
Building Solutions North America$1,700 $1,039 $2,739 $1,554 $966 $2,520 
Building Solutions EMEA/LA572 492 1,064 582 449 1,031 
Building Solutions Asia Pacific308 183 491 479 188 667 
Global Products2,405  2,405 2,468  2,468 
Total$4,985 $1,714 $6,699 $5,083 $1,603 $6,686 

Six Months Ended March 31,
20242023
Products & SystemsServicesTotalProducts & SystemsServicesTotal
Building Solutions North America$3,218 $2,008 $5,226 $3,005 $1,882 $4,887 
Building Solutions EMEA/LA1,144 958 2,102 1,134 872 2,006 
Building Solutions Asia Pacific645 353 998 952 361 1,313 
Global Products4,467  4,467 4,548  4,548 
Total$9,474 $3,319 $12,793 $9,639 $3,115 $12,754 

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,
2024202320242023
HVAC$1,683 $1,757 $3,101 $3,197 
Fire & Security607 623 1,154 1,193 
Industrial Refrigeration115 88 212 158 
Total$2,405 $2,468 $4,467 $4,548 

10


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
Contract Balances

Contract assets relate to the Company’s right to consideration for performance obligations satisfied but not billed. Contract liabilities relate to customer payments received in advance of satisfaction of performance obligations under the contract. Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period. 

The following table presents the location and amount of contract balances in the Company's consolidated statements of financial position (in millions):
Location of contract balancesMarch 31, 2024September 30, 2023
Contract assets - currentAccounts receivable - net$2,063 $2,370 
Contract assets - noncurrentOther noncurrent assets5 12 
Contract liabilities - currentDeferred revenue2,331 1,996 
Contract liabilities - noncurrentOther noncurrent liabilities310 297 

For the three months ended March 31, 2024 and 2023, the Company recognized revenue of $372 million and $319 million, respectively, that was included in the contract liability balance at the end of the prior fiscal year. For the six months ended March 31, 2024 and 2023, the Company recognized revenue of $1,261 million and $1,165 million, respectively, that was included in the contract liability balance at the end of the prior fiscal year.

Performance Obligations

A performance obligation is a distinct good, service, or a bundle of goods and services promised in a contract. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. When contracts with customers require significant and complex integration, contain goods or services which are highly interdependent or interrelated, or are goods or services which significantly modify or customize other promises in the contracts and, therefore, are not distinct, then the entire contract is accounted for as a single performance obligation. For any contracts with multiple performance obligations, the contract’s transaction price is allocated to each performance obligation based on the estimated relative standalone selling price of each distinct good or service in the contract. For product sales, each product sold to a customer typically represents a distinct performance obligation.

Performance obligations are satisfied at a point in time or over time. The timing of satisfying the performance obligation is typically stipulated by the terms of the contract. As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $21.2 billion, of which approximately 66% is expected to be recognized as revenue over the next two years. The remaining performance obligations expected to be recognized in revenue beyond two years primarily relate to large, multi-purpose contracts to construct hospitals, schools and other governmental buildings, which include services to be performed over the building's lifetime, with initial contract terms of 25 to 35 years. Future contract modifications could affect both the timing and the amount of the remaining performance obligations. The Company excludes the value of remaining performance obligations for service contracts with an original expected duration of one year or less.

Costs to Obtain or Fulfill a Contract

The Company recognizes the incremental costs incurred to obtain or fulfill a contract with a customer as an asset when these costs are recoverable. These costs consist primarily of sales commissions and design costs that relate to a contract or an anticipated contract that the Company expects to recover. Costs to obtain or fulfill a contract are capitalized and amortized over the period of contract performance.

11


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
The following table presents the location and amount of costs to obtain or fulfill a contract recorded in the Company's consolidated statements of financial position (in millions):

March 31, 2024September 30, 2023
Other current assets$204 $156 
Other noncurrent assets263 224 
Total$467 $380 

During the three months ended March 31, 2024 and 2023, the Company recognized amortization expense of $77 million and $61 million, respectively, related to costs to obtain or fulfill a contract. During the six months ended March 31, 2024 and 2023, the Company recognized amortization expense of $134 million and $122 million, respectively, related to costs to obtain or fulfill a contract. There were no impairment losses recognized in the three and six months ended March 31, 2024 and 2023.

6.    ACCOUNTS RECEIVABLE

The Company sold $702 million of accounts receivable under factoring agreements during the six months ended March 31, 2024. No amounts were sold during the three months ended March 31, 2024 as the Company discontinued its receivable factoring program. The Company sold $427 million and $836 million of accounts receivable during the three and six months ended March 31, 2023, respectively. Previously sold receivables still outstanding were $82 million and $681 million as of March 31, 2024 and September 30, 2023, respectively.

7.     INVENTORIES

Inventories consisted of the following (in millions):
March 31, 2024September 30, 2023
Raw materials and supplies$1,218 $1,203 
Work-in-process267 226 
Finished goods1,506 1,347 
Inventories$2,991 $2,776 

8.    GOODWILL AND OTHER INTANGIBLE ASSETS

The following table summarizes changes in the carrying amount of goodwill in each of the Company’s reportable segments (in millions):
Building Solutions North AmericaBuilding Solutions EMEA/LABuilding Solutions Asia PacificGlobal ProductsTotal
Goodwill$10,040 $1,932 $1,179 $5,750 18,901 
Accumulated impairment loss(659)(47) (259)(965)
Balance at September 30, 20239,381 1,885 1,179 5,491 17,936 
Impairments (230)  (230)
Foreign currency translation and other (1)
11 44 1 (5)51 
Balance at March 31, 2024$9,392 $1,699 $1,180 $5,486 $17,757 
(1) Includes measurement period adjustments

The Company tests goodwill for impairment annually as of July 31 or more frequently if events or changes in circumstances indicate the asset might be impaired. During the second quarter of fiscal 2024, the Company determined a
12


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
triggering event had occurred for one of its reporting units due to year-to-date results and projections for the remainder of fiscal 2024 being lower than the forecast used in the previous annual goodwill impairment test, and a quantitative test of goodwill for possible impairment was necessary. As a result of the goodwill impairment test, the Company recorded a non-cash impairment charge of $230 million within restructuring and impairment cost in the consolidated statements of income, which was determined by comparing the carrying amount of the reporting unit to its fair value. The Company used a discounted cash flow model to estimate the fair value of the reporting unit. The primary assumptions used in the model were management's internal projections of future cash flows, the weighted-average cost of capital and the long-term growth rate, which are classified as Level 3 inputs within the fair value hierarchy as defined in ASC 820, "Fair Value Measurement." The reporting unit whose goodwill was impaired was previously disclosed as being at risk of impairment in the Company’s Annual Report on Form 10-K for the year-ended September 30, 2023. It is possible that future changes in circumstances, including an increase in the discount rate or a decrease in the revenue growth rates, could result in an additional non-cash impairment charge of the remaining $215 million of goodwill for this reporting unit. There were no other triggering events requiring an impairment assessment be conducted in the six months ended March 31, 2024.

Other intangible assets, primarily from business acquisitions, consisted of (in millions):
 March 31, 2024September 30, 2023
 Gross
Carrying
Amount
Accumulated
Amortization
NetGross
Carrying
Amount
Accumulated
Amortization
Net
Definite-lived intangible assets
Technology$1,592 $(884)$708 $1,575 $(806)$769 
Customer relationships3,056 (1,616)1,440 3,047 (1,496)1,551 
Miscellaneous938 (487)451 889 (435)454 
5,586 (2,987)2,599 5,511 (2,737)2,774 
Indefinite-lived intangible assets
Trademarks/trade names2,118  2,118 2,114  2,114 
Total intangible assets$7,704 $(2,987)$4,717 $7,625 $(2,737)$4,888 

Amortization of other intangible assets for the three months ended March 31, 2024 and 2023 was $125 million and $104 million, respectively. Amortization of other intangible assets for the six months ended March 31, 2024 and 2023 was $247 million and $208 million, respectively.

9.    LEASES

The following table presents supplemental consolidated statement of financial position information (in millions):
Location of lease balancesMarch 31, 2024September 30, 2023
Operating lease right-of-use assets
Other noncurrent assets
$1,342 $1,389 
Operating lease liabilities - current
Other current liabilities
317 318 
Operating lease liabilities - noncurrent
Other noncurrent liabilities
1,039 1,086 

The following table presents supplemental noncash operating lease activity (in millions):
Six Months Ended
March 31,
20242023
Right-of-use assets obtained in exchange for operating lease liabilities$135 $215 

13


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
10.    DEBT AND FINANCING ARRANGEMENTS

Short-term debt consisted of the following (in millions):
 March 31,September 30,
 20242023
Commercial paper$1,784 $200 
Term loans424 159 
Bank borrowings2 26 
$2,210 $385 
Weighted average interest rate on short-term debt outstanding4.7 %5.1 %

As of March 31, 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 were no draws on the facilities as of March 31, 2024.

In April 2024, the Company and its wholly-owned subsidiary, Tyco Fire & Security Finance S.C.A, co-issued $700 million unsecured, unsubordinated senior notes with an interest rate of 5.50% which is due April 2029.

11.    DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company selectively uses derivative instruments to reduce market risk associated with changes in foreign currency, commodities and interest rates. Under Company policy, the use of derivatives is restricted to those intended for hedging purposes; the use of any derivative instrument for speculative purposes is strictly prohibited. A description of each type of derivative utilized by the Company to manage risk is included in the following paragraphs. In addition, refer to Note 12, "Fair Value Measurements," of the notes to the consolidated financial statements for information related to the fair value measurements and valuation methods utilized by the Company for each derivative type.

Cash Flow Hedges

The Company has global operations and participates in foreign exchange markets to minimize its risk of loss from fluctuations in foreign currency exchange rates. The Company selectively hedges anticipated transactions that are subject to foreign exchange rate risk primarily using foreign currency exchange forward contracts. The Company hedges 70% to 90% of the notional amount of each of its known foreign exchange transactional exposures.

The Company enters into forward-starting interest-rate swaps in conjunction with anticipated note issuances. Forward-starting interest-rate swaps are terminated when the anticipated notes are issued. Accumulated amounts recorded in accumulated other comprehensive income (loss) ("AOCI") as of the date of the note issuance are amortized to interest expense over the life of the related note to reflect the difference between the swap's reference rate and the fixed rate of the note.

During the three months ended March 31, 2024, the Company terminated $600 million of forward-starting interest-rate swaps related to an anticipated note issuance that was no longer highly likely to occur. Accumulated amounts previously recorded in AOCI were not material and were recognized as net financing charges in the consolidated statements of income when the swaps were terminated.

The Company selectively hedges anticipated transactions that are subject to commodity price risk, primarily using commodity hedge contracts, to minimize overall price risk associated with the Company’s purchases of copper and aluminum in cases where commodity price risk cannot be naturally offset or hedged through supply base fixed price contracts. Commodity risks are systematically managed pursuant to policy guidelines. The maturities of the commodity hedge contracts coincide with the expected purchase of the commodities.

14


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
The Company had the following outstanding contracts to hedge forecasted commodity purchases (in metric tons):
 Volume Outstanding as of
CommodityMarch 31, 2024September 30, 2023
Copper3,447 2,812 
Aluminum 7,085 5,976 

Cash flow hedges under ASC 815, "Derivatives and Hedging," that hedge gains or losses due to changes in fair value are initially recorded as a component of AOCI and are subsequently reclassified into earnings when the hedged transactions occur and affect earnings. These contracts were highly effective in hedging the variability in future cash flows attributable to changes in currency exchange rates and commodity prices during the three and six months ended March 31, 2024 and 2023.

Net Investment Hedges

The Company enters into cross-currency interest rate swaps and foreign currency denominated debt obligations to selectively hedge portions of its net investment in non-U.S. subsidiaries. The currency effects of the cross-currency interest rate swaps and debt obligations are reflected in the AOCI account within shareholders’ equity attributable to Johnson Controls ordinary shareholders where they offset gains and losses recorded on the Company’s net investments globally.

The following table summarizes net investment hedges (in billions):
March 31,September 30,
20242023
Euro-denominated bonds designated as net investment hedges in Europe2.9 2.9 
Yen-denominated debt designated as a net investment hedge in Japan¥30 ¥30 
US dollar vs. Yen cross-currency interest rate swap designated as a net investment hedge in Japan¥14 ¥14 

Derivatives Not Designated as Hedging Instruments

The Company holds certain foreign currency forward contracts not designated as hedging instruments under ASC 815 to hedge foreign currency exposure resulting from monetary assets and liabilities denominated in nonfunctional currencies. The changes in fair value of these foreign currency forward exchange derivatives are recorded in the consolidated statements of income where they offset foreign currency transactional gains and losses on the nonfunctional currency denominated assets and liabilities being hedged.

15


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
Fair Value of Derivative Instruments

The following table presents the location and fair values of derivative instruments and hedging activities included in the Company’s consolidated statements of financial position (in millions):
 Derivatives and Hedging Activities 
Designated
as Hedging Instruments
Derivatives and Hedging Activities
Not Designated
as Hedging Instruments
 March 31,September 30,March 31,September 30,
2024202320242023
Other current assets
Foreign currency exchange derivatives$18 $16 $7 $13 
Interest rate swaps 22   
Commodity derivatives2    
Other noncurrent assets
Cross-currency interest rate swap7 5   
Total assets$27 $43 $7 $13 
Other current liabilities
Foreign currency exchange derivatives$17 $20 $ $5 
        Commodity derivatives 2   
Long-term debt
Foreign currency denominated debt3,302 3,253   
Total liabilities$3,319 $3,275 $ $5 

Counterparty Credit Risk

The use of derivative financial instruments exposes the Company to counterparty credit risk. The Company has established policies and procedures to limit the potential for counterparty credit risk, including establishing limits for credit exposure and continually assessing the creditworthiness of counterparties. As a matter of practice, the Company deals with major banks worldwide having strong investment grade long-term credit ratings. To further reduce the risk of loss, the Company generally enters into International Swaps and Derivatives Association ("ISDA") master netting agreements with substantially all of its counterparties. The Company enters into ISDA master netting agreements with counterparties that permit the net settlement of amounts owed under the derivative contracts. The master netting agreements generally provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event. The Company has not elected to offset the fair value positions of the derivative contracts recorded in the consolidated statements of financial position.

The Company's derivative contracts do not contain any credit risk related contingent features and do not require collateral or other security to be furnished by the Company or the counterparties. The Company's exposure to credit risk associated with its derivative instruments is measured on an individual counterparty basis, as well as by groups of counterparties that share similar attributes. The Company does not anticipate any non-performance by any of its counterparties, and the concentration of risk with financial institutions does not present significant credit risk to the Company.

16


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
The gross and net amounts of derivative assets and liabilities were as follows (in millions):
 Fair Value of AssetsFair Value of Liabilities
 March 31,September 30,March 31,September 30,
2024202320242023
Gross amount recognized$34 $56 $3,319 $3,280 
Gross amount eligible for offsetting(10)(19)(10)(19)
Net amount$24 $37 $3,309 $3,261 
Derivatives Impact on the Statements of Income and Statements of Comprehensive Income

The following table presents the pre-tax gains (losses) recorded in other comprehensive income (loss) related to cash flow hedges (in millions):    
Derivatives in Cash Flow
 Hedging Relationships
Three Months Ended March 31,Six Months Ended March 31,
2024202320242023
Foreign currency exchange derivatives$15 $9 $2 $(12)
Commodity derivatives 3 1 7 
Interest rate swaps14 5 (21)5 
Total$29 $17 $(18)$ 

The following table presents the location and amount of the pre-tax gains (losses) on cash flow hedges reclassified from AOCI into the Company’s consolidated statements of income (in millions):
Derivatives in Cash Flow Hedging RelationshipsLocation of Gain (Loss) Reclassified from AOCI into IncomeThree Months Ended
March 31,
Six Months Ended
March 31,
2024202320242023
Foreign currency exchange derivativesCost of sales$(2)$(5)$(3)$4 
Commodity derivativesCost of sales(1)(2)(4)(8)
Total$(3)$(7)$(7)$(4)

The following table presents the location and amount of pre-tax gains (losses) on derivatives not designated as hedging instruments recognized in the Company’s consolidated statements of income (in millions):
Derivatives Not Designated as Hedging InstrumentsLocation of Gain (Loss)
Recognized in Income on Derivative
Three Months Ended
March 31,
Six Months Ended
March 31,
2024202320242023
Foreign currency exchange derivativesCost of sales$2 $(6)$(3)$(8)
Foreign currency exchange derivativesSG&A(1) (1) 
Foreign currency exchange derivativesNet financing charges59 15 16 (64)
Total$60 $9 $12 $(72)

17


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
The following table presents pre-tax gains (losses) on net investment hedges recorded as foreign currency translation adjustments ("CTA") within other comprehensive income (loss) (in millions):
Three Months Ended
March 31,
Six Months Ended
March 31,
2024202320242023
Net investment hedges$98 $(60)$(47)$(329)
No gains or losses were reclassified from CTA into income during the three and six months ended March 31, 2024 and 2023.

12.    FAIR VALUE MEASUREMENTS

ASC 820, "Fair Value Measurement," defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows:

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions.

ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
18


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
Recurring Fair Value Measurements

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value (in millions):
 Fair Value Measurements Using:
 Total as of
March 31, 2024
Quoted Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Other current assets
Foreign currency exchange derivatives$25 $ $25 $ 
       Commodity derivatives2  2  
Other noncurrent assets
Cross-currency interest rate swap7  7  
Deferred compensation plan assets53 53   
Exchange traded funds (fixed income)(1)
81 81   
Exchange traded funds (equity)(1)
186 186   
Total assets$354 $320 $34 $ 
Other current liabilities
Foreign currency exchange derivatives$17 $ $17 $ 
Contingent earn-out liabilities63   63 
Other noncurrent liabilities
Contingent earn-out liabilities33   33 
Total liabilities$113 $ $17 $96 

 



19


Johnson Controls International plc
Notes to Consolidated Financial Statements
March 31, 2024
(unaudited)
 Fair Value Measurements Using:
 Total as of September 30, 2023Quoted Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Other current assets
Foreign currency exchange derivatives$29 $ $29 $ 
Interest rate swaps
22  22  
Other noncurrent assets
Cross-currency interest rate swap5  5  
Deferred compensation plan assets45 45   
Exchange traded funds (fixed income)(1)
76 76   
Exchange traded funds (equity)(1)
155 155   
Total assets$332 $276 $56 $ 
Other current liabilities
Foreign currency exchange derivatives$25 $ $25 $ 
Commodity derivatives2  2  
Contingent earn-out liabilities48   48 
Other noncurrent liabilities
Contingent earn-out liabilities76