Company Quick10K Filing
Johnson Controls
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 902 $36,566
10-Q 2020-01-31 Quarter: 2019-12-31
10-K 2019-11-21 Annual: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-Q 2019-02-01 Quarter: 2018-12-31
10-K 2018-11-20 Annual: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-05-03 Quarter: 2018-03-31
10-Q 2018-02-02 Quarter: 2017-12-31
10-K 2017-11-21 Annual: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-04 Quarter: 2017-03-31
10-Q 2017-02-08 Quarter: 2016-12-31
10-K 2016-11-23 Annual: 2016-09-30
10-Q 2016-07-29 Quarter: 2016-06-24
10-Q 2016-04-29 Quarter: 2016-03-25
10-Q 2016-01-29 Quarter: 2015-12-25
10-K 2015-11-13 Annual: 2015-09-25
10-Q 2015-07-31 Quarter: 2015-06-26
10-Q 2015-04-24 Quarter: 2015-03-27
10-Q 2015-01-30 Quarter: 2014-12-26
10-K 2014-11-14 Annual: 2014-09-26
10-Q 2014-07-25 Quarter: 2014-06-27
10-Q 2014-04-25 Quarter: 2014-03-28
10-Q 2014-01-31 Quarter: 2013-12-27
10-K 2013-11-14 Annual: 2013-09-27
10-Q 2013-07-26 Quarter: 2013-06-28
10-Q 2013-04-26 Quarter: 2013-03-29
10-Q 2013-01-29 Quarter: 2012-12-28
10-K 2012-11-16 Annual: 2012-09-28
10-Q 2012-07-31 Quarter: 2012-06-29
10-Q 2012-04-26 Quarter: 2012-03-30
10-Q 2012-01-31 Quarter: 2011-12-30
10-K 2011-11-16 Annual: 2011-09-30
10-Q 2011-07-28 Quarter: 2011-06-24
10-Q 2011-04-28 Quarter: 2011-03-25
10-Q 2011-01-27 Quarter: 2010-12-24
10-K 2010-11-12 Annual: 2010-09-24
10-Q 2010-07-29 Quarter: 2010-06-25
10-Q 2010-04-27 Quarter: 2010-03-26
10-Q 2010-01-28 Quarter: 2009-12-25
8-K 2020-01-31 Earnings, Exhibits
8-K 2019-12-05 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-11-07 Officers, Exhibits
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-08-21 Other Events
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-23 Officers, Other Events, Exhibits
8-K 2019-07-02 Leave Agreement, Other Events
8-K 2019-06-05 Other Events
8-K 2019-05-29 Other Events, Exhibits
8-K 2019-05-15 Other Events, Exhibits
8-K 2019-05-03 Other Events
8-K 2019-05-03 Suspend Trading, Exhibits
8-K 2019-05-01 M&A, Earnings, Other Events, Exhibits
8-K 2019-03-15 Regulation FD
8-K 2019-03-07 Regulation FD, Exhibits
8-K 2019-03-07 Shareholder Vote
8-K 2019-02-01 Earnings, Exhibits
8-K 2019-01-11 Off-BS Arrangement, Exhibits
8-K 2018-12-05 Officers, Exhibits
8-K 2018-11-13 Enter Agreement, Exhibits
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-06-13 Officers, Exhibits
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-03-12 Regulation FD, Other Events, Exhibits
8-K 2018-03-08 Shareholder Vote
8-K 2018-02-02 Other Events
8-K 2018-01-31 Earnings, Exhibits
8-K 2018-01-09 Officers
JCI 2019-12-31
Part I. Financial Information
Item 1. 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
EX-10.3 q1ex103fy2010-q.htm
EX-31.1 q1ex311fy2010-q.htm
EX-31.2 q1ex312fy2010-q.htm
EX-32.1 q1ex32fy2010-q.htm

Johnson Controls Earnings 2019-12-31

JCI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
JCI 36,566 43,069 21,660 17,932 8,232 6,004 7,709 39,669 46% 5.1 14%
HLG 23,963 2,503 814 0 0 0 0 23,962 0%
IT 14,680 6,730 5,766 4,052 2,573 220 591 16,642 64% 28.2 3%
EDU 14,566 4,647 2,121 0 0 0 0 13,245 0%
BFAM 8,832 3,193 2,315 1,980 500 172 380 9,856 25% 26.0 5%
SCI 8,410 13,360 11,616 3,210 759 414 898 11,791 24% 13.1 3%
SERV 7,173 4,806 2,477 1,393 616 -48 212 8,109 44% 38.3 -1%
TAL 6,605 3,735 1,205 0 0 0 0 5,342 0%
LOPE 5,652 1,678 350 747 0 234 321 5,794 0% 18.0 14%
HRB 4,859 3,110 2,819 3,100 1,335 425 727 5,694 43% 7.8 14%

Document
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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 December 31, 2019
Commission File Number: 001-13836 
 
 
 
 
 
 
JOHNSON CONTROLS INTERNATIONAL PLC
(Exact name of registrant as specified in its charter
 
 
 
 
 
 
Ireland
98-0390500
(Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
One Albert Quay, Cork, Ireland, T12 X8N6
(Address of principal executive offices and postal code)
(353)
21-423-5000
Not Applicable
(Registrant’s telephone number)
(Former name, former address and former fiscal year, if changed since last report) 
Securities Registered Pursuant to Section 12(b) of the Exchange Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Ordinary Shares, Par Value $0.01
JCI
New York Stock Exchange
 5.000% Senior Notes due 2020
 JCI20A
New York Stock Exchange
 0.000% Senior Notes due 2020
 JCI20B
New York Stock Exchange
 4.25% Senior Notes due 2021
 JCI21B
New York Stock Exchange
 3.750% Senior Notes due 2021
 JCI21C
New 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
 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 filer
þ
Accelerated filer
Smaller 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.
Class
 
Ordinary Shares Outstanding at December 31, 2019
Ordinary Shares, $0.01 par value per share
 
764,047,226
 
 
 
 
 



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 December 31, 2019 and September 30, 2019
 
 
Consolidated Statements of Income for the Three Month Periods Ended December 31, 2019 and 2018
 
 
Consolidated Statements of Comprehensive Income (Loss) for the Three Month Periods Ended December 31, 2019 and 2018
 
 
Consolidated Statements of Cash Flows for the Three Month Periods Ended December 31, 2019 and 2018
 
 
Consolidated Statements of Shareholders' Equity Attributable to
       Johnson Controls Ordinary Shareholders for the
       Three Month Periods Ended December 31, 2019 and 2018
 
 
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)
 
 
 
 
 
December 31, 2019
 
September 30, 2019
Assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
2,160

 
$
2,805

Accounts receivable - net
5,612

 
5,770

Inventories
1,953

 
1,814

Assets held for sale
87

 
98

Other current assets
1,508

 
1,906

Current assets
11,320

 
12,393

 
 
 
 
Property, plant and equipment - net
3,341

 
3,348

Goodwill
18,351

 
18,178

Other intangible assets - net
5,610

 
5,632

Investments in partially-owned affiliates
865

 
853

Noncurrent assets held for sale
46

 
60

Other noncurrent assets
2,980

 
1,823

Total assets
$
42,513

 
$
42,287

 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
Short-term debt
$
20

 
$
10

Current portion of long-term debt
1,342

 
501

Accounts payable
3,336

 
3,582

Accrued compensation and benefits
844

 
953

Deferred revenue
1,495

 
1,407

Liabilities held for sale
44

 
44

Other current liabilities
2,611

 
2,573

Current liabilities
9,692

 
9,070

 
 
 
 
Long-term debt
5,920

 
6,708

Pension and postretirement benefits
1,013

 
1,044

Other noncurrent liabilities
5,457

 
4,636

Long-term liabilities
12,390

 
12,388

 
 
 
 
Commitments and contingencies (Note 21)


 


 
 
 
 
Ordinary shares, $0.01 par value
8

 
8

Ordinary A shares, €1.00 par value

 

Preferred shares, $0.01 par value

 

Ordinary shares held in treasury, at cost
(1,116
)
 
(1,086
)
Capital in excess of par value
16,848

 
16,812

Retained earnings
4,129

 
4,827

Accumulated other comprehensive loss
(540
)
 
(795
)
Shareholders’ equity attributable to Johnson Controls
19,329

 
19,766

Noncontrolling interests
1,102

 
1,063

Total equity
20,431

 
20,829

Total liabilities and equity
$
42,513

 
$
42,287


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
December 31,
 
2019
 
2018
Net sales
 
 
 
Products and systems
$
4,036

 
$
3,922

Services
1,540

 
1,542

 
5,576

 
5,464

Cost of sales
 
 
 
Products and systems
2,866

 
2,824

Services
907

 
915

 
3,773

 
3,739

 
 
 
 
Gross profit
1,803

 
1,725

 
 
 
 
Selling, general and administrative expenses
(1,427
)
 
(1,438
)
Restructuring and impairment costs
(111
)
 

Net financing charges
(52
)
 
(85
)
Equity income
43

 
42

 
 
 
 
Income from continuing operations before income taxes
256

 
244

 
 
 
 
Income tax provision
65

 
108

 
 
 
 
Income from continuing operations
191

 
136

 
 
 
 
Income from discontinued operations, net of tax (Note 4)

 
263

 
 
 
 
Net income
191

 
399

 
 
 
 
Income from continuing operations attributable to noncontrolling
   interests
32

 
29

 
 
 
 
Income from discontinued operations attributable to noncontrolling
   interests

 
15

 
 
 
 
Net income attributable to Johnson Controls
$
159

 
$
355

 
 
 
 
Amounts attributable to Johnson Controls ordinary shareholders:
 
 
 
Income from continuing operations
$
159

 
$
107

        Income from discontinued operations

 
248

Net income
$
159

 
$
355

 
 
 
 
Basic earnings per share attributable to Johnson Controls
 
 
 
Continuing operations
$
0.21

 
$
0.12

Discontinued operations

 
0.27

Net income
$
0.21

 
$
0.39

 
 
 
 
Diluted earnings per share attributable to Johnson Controls
 
 
 
Continuing operations
$
0.21

 
$
0.12

Discontinued operations

 
0.27

Net income *
$
0.21

 
$
0.38

*
Certain items do not sum due to rounding.

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

4



Johnson Controls International plc
Consolidated Statements of Comprehensive Income (Loss)
(in millions; unaudited)
 
 
 
 
 
Three Months Ended
December 31,
 
2019
 
2018
 
 
 
 
Net income
$
191

 
$
399

 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
Foreign currency translation adjustments
261

 
(118
)
Realized and unrealized gains on derivatives
7

 
2

Pension and postretirement plans
(1
)
 

 
 
 
 
Other comprehensive income (loss)
267

 
(116
)
 
 
 
 
Total comprehensive income
458

 
283

 
 
 
 
Comprehensive income attributable to noncontrolling interests
44

 
54

 
 
 
 
Comprehensive income attributable to Johnson Controls
$
414

 
$
229


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)
 
Three Months Ended December 31,
 
2019
 
2018
Operating Activities of Continuing Operations
 
 
 
Net income from continuing operations attributable to Johnson Controls
$
159

 
$
107

Income from continuing operations attributable to noncontrolling interests
32

 
29

Net income from continuing operations
191

 
136

Adjustments to reconcile net income from continuing operations to cash provided (used) by operating activities:
 
 
 
Depreciation and amortization
207

 
211

Pension and postretirement benefit income
(40
)
 
(29
)
Pension and postretirement contributions
(12
)
 
(21
)
Equity in earnings of partially-owned affiliates, net of dividends received
8

 
(36
)
Deferred income taxes
(3
)
 
43

Noncash restructuring and impairment charges
54

 

Equity-based compensation
23

 
18

Other - net
(7
)
 
10

Changes in assets and liabilities, excluding acquisitions and divestitures:
 
 
 
Accounts receivable
237

 
146

Inventories
(114
)
 
(222
)
Other assets
(92
)
 
(63
)
Restructuring reserves
33

 
(25
)
Accounts payable and accrued liabilities
(498
)
 
(226
)
Accrued income taxes
524

 
(21
)
Cash provided (used) by operating activities from continuing operations
511

 
(79
)
 
 
 
 
Investing Activities of Continuing Operations
 
 
 
Capital expenditures
(126
)
 
(153
)
Sale of property, plant and equipment
1

 
2

Acquisition of businesses, net of cash acquired
(48
)
 
(13
)
Business divestitures, net of cash divested

 
6

Proceeds for equity swap

 
7

Changes in long-term investments

 
15

Cash used by investing activities from continuing operations
(173
)
 
(136
)
 
 
 
 
Financing Activities of Continuing Operations
 
 
 
Increase in short-term debt - net
10

 
1,014

Debt financing costs
(4
)
 

Stock repurchases and retirements
(651
)
 
(467
)
Payment of cash dividends
(203
)
 
(240
)
Proceeds from the exercise of stock options
21

 
13

Employee equity-based compensation withholding taxes
(20
)
 
(21
)
Dividends paid to noncontrolling interests
(5
)
 
(43
)
Other - net
2

 

Cash provided (used) by financing activities from continuing operations
(850
)
 
256

 
 
 
 
Discontinued Operations
 
 
 
Cash provided (used) by operating activities
(194
)
 
193

Cash used by investing activities

 
(66
)
Cash used by financing activities

 
(11
)
Cash provided (used) by discontinued operations
(194
)
 
116

Effect of exchange rate changes on cash, cash equivalents and restricted cash
57

 
(43
)
Change in cash held for sale

 
(2
)
Increase (decrease) in cash, cash equivalents and restricted cash
(649
)
 
112

Cash, cash equivalents and restricted cash at beginning of period
2,821

 
200

Cash, cash equivalents and restricted cash at end of period
2,172

 
312

Less: Restricted cash
12

 
20

Cash and cash equivalents at end of period
$
2,160

 
$
292


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

6




Johnson Controls International plc
Consolidated Statements of Shareholders' Equity Attributable to Johnson Controls Ordinary Shareholders
(in millions, except per share data; unaudited)

 
Three Months Ended December 31, 2018
 
Total
 
Ordinary
Shares
 
Capital in Excess 
of Par Value
 
Retained
Earnings
 
Treasury Stock,
at Cost
 
Accumulated Other
Comprehensive Loss
At September 30, 2018
$
21,164

 
$
10

 
$
16,549

 
$
6,604

 
$
(1,053
)
 
$
(946
)
Comprehensive income (loss)
229

 

 

 
355

 

 
(126
)
Cash dividends
Ordinary ($0.26 per share)
(240
)
 

 

 
(240
)
 

 

Repurchases of ordinary shares
(467
)
 

 

 

 
(467
)
 

Adoption of ASC 606
(45
)
 

 

 
(45
)
 

 

Adoption of ASU 2016-01

 

 

 
8

 

 
(8
)
Adoption of ASU 2016-16
(546
)
 

 

 
(546
)
 

 

Other, including options exercised
7

 

 
30

 

 
(23
)
 

At December 31, 2018
$
20,102

 
$
10

 
$
16,579

 
$
6,136

 
$
(1,543
)
 
$
(1,080
)

 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2019
 
Total
 
Ordinary
Shares
 
Capital in Excess 
of Par Value
 
Retained
Earnings
 
Treasury Stock,
at Cost
 
Accumulated Other
Comprehensive Loss
At September 30, 2019
$
19,766

 
$
8

 
$
16,812

 
$
4,827

 
$
(1,086
)
 
$
(795
)
Comprehensive income
414

 

 

 
159

 

 
255

Cash dividends
Ordinary ($0.26 per share)
(201
)
 

 

 
(201
)
 

 

Repurchases and retirements of ordinary shares
(651
)
 

 

 
(651
)
 

 

Adoption of ASC 842
(5
)
 

 

 
(5
)
 

 

Other, including options exercised
6

 

 
36

 

 
(30
)
 

At December 31, 2019
$
19,329

 
$
8

 
$
16,848

 
$
4,129

 
$
(1,116
)
 
$
(540
)
 
 
 
 
 
 
 
 
 
 
 
 

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

7


Johnson Controls International plc
Notes to Consolidated Financial Statements
December 31, 2019
(unaudited)


1.
Financial Statements

The consolidated financial statements include the consolidated accounts of Johnson Controls International plc, a corporation 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, 2019 filed with the SEC on November 21, 2019. The results of operations for the three month period ended December 31, 2019 are not necessarily indicative of results for the Company’s 2020 fiscal year because of seasonal and other factors.

Nature of Operations

Johnson Controls International plc, headquartered in Cork, Ireland, is a global diversified technology and multi industrial leader serving a wide range of customers in more than 150 countries. The Company creates intelligent buildings, efficient energy solutions and integrated infrastructure that work seamlessly together to deliver on the promise of smart cities and communities. 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 market leader in engineering, developing, manufacturing and installing building products and systems around the world, including heating, ventilating, air-conditioning ("HVAC") equipment, HVAC controls, energy-management systems, security systems, fire detection systems and fire suppression solutions. The Company further serves customers by providing technical services (in the HVAC, security and fire-protection space), energy-management consulting and data-driven solutions via its data-enabled business. Finally, the Company has a strong presence in the North American residential air conditioning and heating systems market and is a global market leader in industrial refrigeration products.

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 year 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 December 31, 2019 and September 30, 2019, the Company held restricted cash of approximately $12 million and $16 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.


8


Johnson Controls International plc
Notes to Consolidated Financial Statements
December 31, 2019
(unaudited)

2. 
New Accounting Standards

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." ASU No. 2016-02 requires recognition of operating leases as lease assets and liabilities on the balance sheet, and disclosure of key information about leasing arrangements. The Company adopted Topic 842 and the related amendments using a modified-retrospective approach as of October 1, 2019 and applied the new guidance to all leases through a cumulative-effect adjustment to beginning retained earnings. The comparative periods have not been recast and continue to be reported under the previous lease accounting guidance. The Company has elected to apply the package of transitional practical expedients, under which the Company did not reassess prior conclusions about lease identification, lease classification, and initial direct costs of existing leases as of the date of adoption. The adoption of the new guidance resulted in recognition of a right-of-use asset and related lease liabilities of $1.1 billion, with an immaterial impact to retained earnings. Refer to Note 6, “Leases,” for additional lease disclosures.

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 first quarter of fiscal 2020, the Company completed certain acquisitions for a combined purchase price, net of cash acquired, of $54 million, of which $48 million was paid as of December 31, 2019. In connection with the acquisitions, the Company recorded goodwill of $17 million within the Global Products segment and $12 million within the Building Solutions EMEA/LA segment.

During the first quarter of fiscal 2019, the Company completed an acquisition for a purchase price of $13 million, all of which was paid as of December 31, 2018. In connection with the acquisition, the Company recorded goodwill of $9 million within the Global Products segment.

During the first quarter of fiscal 2019, the Company completed certain divestitures within the Global Products business. The combined selling price was $6 million, all of which was received as of December 31, 2018.

Acquisitions and divestitures were not material to the Company's consolidated financial statements in either the first quarter of fiscal 2020 or 2019.

4.
Discontinued Operations

On November 13, 2018, the Company entered into a Stock and Asset Purchase Agreement (“Purchase Agreement”) with BCP Acquisitions LLC (“Purchaser”). The Purchaser is a newly-formed entity controlled by investment funds managed by Brookfield Capital Partners LLC. Pursuant to the Purchase Agreement, on the terms and subject to the conditions therein, the Company agreed to sell, and Purchaser agreed to acquire, the Company’s Power Solutions business for a purchase price of $13.2 billion. The transaction closed on April 30, 2019 with net cash proceeds of $11.6 billion after tax and transaction-related expenses.

During the first quarter of fiscal 2019, the Company determined that its Power Solutions business met the criteria to be classified as a discontinued operation and, as a result, Power Solutions' historical financial results are reflected in the Company's consolidated financial statements as a discontinued operation, and assets and liabilities were retrospectively reclassified as assets and liabilities held for sale. The Company did not allocate any general corporate overhead to discontinued operations.


9


Johnson Controls International plc
Notes to Consolidated Financial Statements
December 31, 2019
(unaudited)

The following table summarizes the results of Power Solutions reclassified as discontinued operations for the three month period ended December 31, 2018 (in millions).
 
Three Months Ended
December 31,
 
2018
 
 
Net sales
$
2,427

 
 
Income from discontinued operations before income taxes
390

Provision for income taxes on discontinued operations
(127
)
Income from discontinued operations attributable to noncontrolling interests, net of tax
(15
)
Income from discontinued operations
$
248



For the three months ended December 31, 2018, income from discontinued operations before income taxes included transaction costs of $28 million and a favorable impact of $32 million for ceasing depreciation and amortization expense as the business was held for sale.

For the three months ended December 31, 2018, the effective tax rate was more than the Irish statutory rate of 12.5% primarily due the establishment of a deferred tax liability on the outside basis difference of the Company's investment in certain subsidiaries related to the planned divestiture of the business and tax rate differentials.

Assets and Liabilities Held for Sale

During the third quarter of fiscal 2019, the Company determined that a business within its Global Products segment 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 December 31, 2019 and September 30, 2019. Assets and liabilities held for sale are required to be recorded at the lower of carrying value or fair value less any costs to sell. Accordingly, the Company has recorded total impairment charges of $250 million within restructuring and impairment costs in the consolidated statements of income to write down the carrying value of the assets held for sale to fair value less any costs to sell. Of the $250 million total impairment charges, $235 million was recorded during the third quarter of fiscal 2019, and $15 million was recorded during the first quarter of fiscal 2020. Refer to Note 18, "Impairment of Long-Lived Assets" of the notes to 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. The business did not meet the criteria to be classified as a discontinued operation as the divestiture of the business will not have a major effect on the Company's operations and financial results.


10


Johnson Controls International plc
Notes to Consolidated Financial Statements
December 31, 2019
(unaudited)

5.
Revenue Recognition

Disaggregated Revenue

The following table presents the Company's revenues disaggregated by segment and by products and systems versus services revenue for the three months ended December 31, 2019 and 2018 (in millions):

 
 
Three Months Ended
December 31, 2019
 
Three Months Ended
December 31, 2018
 
 
Products & Systems
 
Services
 
Total
 
Products & Systems
 
Services
 
Total
Building Solutions North America
 
$
1,356

 
$
811

 
$
2,167

 
$
1,321

 
$
795

 
$
2,116

Building Solutions EMEA/LA
 
457

 
471

 
928

 
417

 
490

 
907

Building Solutions Asia Pacific
 
371

 
258

 
629

 
356

 
257

 
613

Global Products
 
1,852

 

 
1,852

 
1,828

 

 
1,828

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
4,036