Date of Report (Date of Earliest Event Reported): |
(State or Other Jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Not Applicable | ||||||||
(Registrant’s telephone number) | (Former name, former address and former fiscal year, if changed since last report) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
| | |||||||
| | |||||||
| | |||||||
| | |||||||
| | |||||||
| | |||||||
| | |||||||
| | |||||||
| | |||||||
| | |||||||
| | |||||||
| | |||||||
| | |||||||
| |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||||
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. | ☐ |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: April 30, 2021 | By: | /s/ Robert M. VanHimbergen | ||||||||||||
Name: | Robert M. VanHimbergen | |||||||||||||
Title: | Vice President and Corporate Controller |
Fiscal Q2 | |||||||||||||||||||||||||||||
GAAP | Adjusted | ||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||||||||
Sales | $5,444 | $5,594 | $5,444 | $5,594 | |||||||||||||||||||||||||
Segment EBITA | 617 | 711 | 619 | 711 | |||||||||||||||||||||||||
EBIT | 308 | 650 | 440 | 537 | |||||||||||||||||||||||||
Net income from continuing operations | 213 | 343 | 317 | 373 | |||||||||||||||||||||||||
Diluted EPS from continuing operations | $0.28 | $0.48 | $0.42 | $0.52 |
Fiscal Q2 | |||||||||||||||||||||||||||||
GAAP | Adjusted | ||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||||||||
Sales | $2,175 | $2,092 | $2,175 | $2,092 | |||||||||||||||||||||||||
Segment EBITA | 251 | 266 | 253 | 266 | |||||||||||||||||||||||||
Segment EBITA Margin % | 11.5% | 12.7% | 11.6% | 12.7% |
Fiscal Q2 | |||||||||||||||||||||||||||||
GAAP | Adjusted | ||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||||||||
Sales | $850 | $897 | $850 | $897 | |||||||||||||||||||||||||
Segment EBITA | 85 | 86 | 85 | 86 | |||||||||||||||||||||||||
Segment EBITA Margin % | 10.0% | 9.6% | 10.0% | 9.6% |
Fiscal Q2 | |||||||||||||||||||||||||||||
GAAP | Adjusted | ||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||||||||
Sales | $525 | $603 | $525 | $603 | |||||||||||||||||||||||||
Segment EBITA | 65 | 74 | 65 | 74 | |||||||||||||||||||||||||
Segment EBITA Margin % | 12.4% | 12.3% | 12.4% | 12.3% |
Fiscal Q2 | |||||||||||||||||||||||||||||
GAAP | Adjusted | ||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||||||||
Sales | $1,894 | $2,002 | $1,894 | $2,002 | |||||||||||||||||||||||||
Segment EBITA | 216 | 285 | 216 | 285 | |||||||||||||||||||||||||
Segment EBITA Margin % | 11.4% | 14.2% | 11.4% | 14.2% |
Fiscal Q2 | |||||||||||||||||||||||||||||
GAAP | Adjusted | ||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||||||||
Corporate Expense | ($118) | ($70) | ($82) | ($70) |
INVESTOR CONTACTS: | MEDIA CONTACTS: | ||||
Antonella Franzen | Chaz Bickers | ||||
Direct: 609.720.4665 | Direct: 224.307.0655 | ||||
Email: antonella.franzen@jci.com | Email: charles.norman.bickers@jci.com | ||||
Ryan Edelman | Michael Isaac | ||||
Direct: 609.720.4545 | Direct: +41 52 6330374 | ||||
Email: ryan.edelman@jci.com | Email: michael.isaac@jci.com |
JOHNSON CONTROLS INTERNATIONAL PLC CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share data; unaudited) | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Net sales | $ | 5,594 | $ | 5,444 | ||||||||||||||||
Cost of sales | 3,651 | 3,643 | ||||||||||||||||||
Gross profit | 1,943 | 1,801 | ||||||||||||||||||
Selling, general and administrative expenses | (1,253) | (1,451) | ||||||||||||||||||
Restructuring and impairment costs | (96) | (62) | ||||||||||||||||||
Net financing charges | (44) | (59) | ||||||||||||||||||
Equity income | 56 | 20 | ||||||||||||||||||
Income from continuing operations before income taxes | 606 | 249 | ||||||||||||||||||
Income tax provision | 209 | 13 | ||||||||||||||||||
Income from continuing operations | 397 | 236 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | — | ||||||||||||||||||
Net income | 397 | 236 | ||||||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | 54 | 23 | ||||||||||||||||||
Less: Income from discontinued operations attributable to noncontrolling interests | — | — | ||||||||||||||||||
Net income attributable to JCI | $ | 343 | $ | 213 | ||||||||||||||||
Income from continuing operations | $ | 343 | $ | 213 | ||||||||||||||||
Income from discontinued operations | — | — | ||||||||||||||||||
Net income attributable to JCI | $ | 343 | $ | 213 | ||||||||||||||||
Diluted earnings per share from continuing operations | $ | 0.48 | $ | 0.28 | ||||||||||||||||
Diluted earnings per share from discontinued operations | — | — | ||||||||||||||||||
Diluted earnings per share | $ | 0.48 | $ | 0.28 | ||||||||||||||||
Diluted weighted average shares | 721.3 | 757.1 | ||||||||||||||||||
Shares outstanding at period end | 716.7 | 743.9 |
JOHNSON CONTROLS INTERNATIONAL PLC CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share data; unaudited) | |||||||||||||||||
Six Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Net sales | $ | 10,935 | $ | 11,020 | |||||||||||||
Cost of sales | 7,264 | 7,416 | |||||||||||||||
Gross profit | 3,671 | 3,604 | |||||||||||||||
Selling, general and administrative expenses | (2,547) | (2,878) | |||||||||||||||
Restructuring and impairment costs | (96) | (173) | |||||||||||||||
Net financing charges | (103) | (111) | |||||||||||||||
Equity income | 114 | 63 | |||||||||||||||
Income from continuing operations before income taxes | 1,039 | 505 | |||||||||||||||
Income tax provision | 270 | 78 | |||||||||||||||
Income from continuing operations | 769 | 427 | |||||||||||||||
Income from discontinued operations, net of tax | 124 | — | |||||||||||||||
Net income | 893 | 427 | |||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | 99 | 55 | |||||||||||||||
Less: Income from discontinued operations attributable to noncontrolling interests | — | — | |||||||||||||||
Net income attributable to JCI | $ | 794 | $ | 372 | |||||||||||||
Income from continuing operations | $ | 670 | $ | 372 | |||||||||||||
Income from discontinued operations | 124 | — | |||||||||||||||
Net income attributable to JCI | $ | 794 | $ | 372 | |||||||||||||
Diluted earnings per share from continuing operations | $ | 0.93 | $ | 0.49 | |||||||||||||
Diluted earnings per share from discontinued operations | 0.17 | — | |||||||||||||||
Diluted earnings per share | $ | 1.10 | $ | 0.49 | |||||||||||||
Diluted weighted average shares | 723.9 | 765.6 | |||||||||||||||
Shares outstanding at period end | 716.7 | 743.9 |
JOHNSON CONTROLS INTERNATIONAL PLC CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in millions; unaudited) | ||||||||||||||
March 31, 2021 | September 30, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | $ | 1,883 | $ | 1,951 | ||||||||||
Accounts receivable - net | 5,167 | 5,294 | ||||||||||||
Inventories | 1,994 | 1,773 | ||||||||||||
Other current assets | 1,160 | 1,035 | ||||||||||||
Current assets | 10,204 | 10,053 | ||||||||||||
Property, plant and equipment - net | 3,015 | 3,059 | ||||||||||||
Goodwill | 18,124 | 17,932 | ||||||||||||
Other intangible assets - net | 5,259 | 5,356 | ||||||||||||
Investments in partially-owned affiliates | 1,045 | 914 | ||||||||||||
Noncurrent assets held for sale | 179 | 147 | ||||||||||||
Other noncurrent assets | 3,354 | 3,354 | ||||||||||||
Total assets | $ | 41,180 | $ | 40,815 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Short-term debt and current portion of long-term debt | $ | 444 | $ | 293 | ||||||||||
Accounts payable and accrued expenses | 4,234 | 3,958 | ||||||||||||
Other current liabilities | 4,062 | 3,997 | ||||||||||||
Current liabilities | 8,740 | 8,248 | ||||||||||||
Long-term debt | 7,323 | 7,526 | ||||||||||||
Other noncurrent liabilities | 6,360 | 6,508 | ||||||||||||
Shareholders' equity attributable to JCI | 17,698 | 17,447 | ||||||||||||
Noncontrolling interests | 1,059 | 1,086 | ||||||||||||
Total liabilities and equity | $ | 41,180 | $ | 40,815 |
JOHNSON CONTROLS INTERNATIONAL PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited) | |||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||||||
Net income attributable to JCI from continuing operations | $ | 343 | $ | 213 | |||||||||||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | 54 | 23 | |||||||||||||||||||||||||||
Net income from continuing operations | 397 | 236 | |||||||||||||||||||||||||||
Adjustments to reconcile net income from continuing operations to cash provided by | |||||||||||||||||||||||||||||
operating activities: | |||||||||||||||||||||||||||||
Depreciation and amortization | 212 | 207 | |||||||||||||||||||||||||||
Pension and postretirement benefit income | (253) | (40) | |||||||||||||||||||||||||||
Pension and postretirement contributions | (8) | (15) | |||||||||||||||||||||||||||
Equity in earnings of partially-owned affiliates, net of dividends received | (55) | (19) | |||||||||||||||||||||||||||
Deferred income taxes | 84 | (58) | |||||||||||||||||||||||||||
Non-cash restructuring and impairment costs | 54 | 62 | |||||||||||||||||||||||||||
Other - net | (7) | 40 | |||||||||||||||||||||||||||
Changes in assets and liabilities, excluding acquisitions and divestitures: | |||||||||||||||||||||||||||||
Accounts receivable | (57) | 7 | |||||||||||||||||||||||||||
Inventories | (113) | (147) | |||||||||||||||||||||||||||
Other assets | (20) | (58) | |||||||||||||||||||||||||||
Restructuring reserves | 10 | (71) | |||||||||||||||||||||||||||
Accounts payable and accrued liabilities | 419 | (107) | |||||||||||||||||||||||||||
Accrued income taxes | (18) | 118 | |||||||||||||||||||||||||||
Cash provided by operating activities from continuing operations | 645 | 155 | |||||||||||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||||||
Capital expenditures | (106) | (124) | |||||||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (10) | (10) | |||||||||||||||||||||||||||
Business divestitures, net of cash divested | 8 | — | |||||||||||||||||||||||||||
Other - net | 26 | 19 | |||||||||||||||||||||||||||
Cash used by investing activities from continuing operations | (82) | (115) | |||||||||||||||||||||||||||
Financing Activities | |||||||||||||||||||||||||||||
Decrease in short and long-term debt - net | (13) | (177) | |||||||||||||||||||||||||||
Stock repurchases | (315) | (816) | |||||||||||||||||||||||||||
Payment of cash dividends | (187) | (199) | |||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (101) | — | |||||||||||||||||||||||||||
Proceeds from the exercise of stock options | 102 | 18 | |||||||||||||||||||||||||||
Cash paid to acquire a noncontrolling interest | (14) | — | |||||||||||||||||||||||||||
Employee equity-based compensation withholding | (8) | (12) | |||||||||||||||||||||||||||
Other - net | 4 | — | |||||||||||||||||||||||||||
Cash used by financing activities from continuing operations | (532) | (1,186) | |||||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||||||
Net cash used by operating activities | (1) | (14) | |||||||||||||||||||||||||||
Net cash used by investing activities | — | — | |||||||||||||||||||||||||||
Net cash used by financing activities | — | — | |||||||||||||||||||||||||||
Net cash flows used by discontinued operations | (1) | (14) | |||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 20 | 7 | |||||||||||||||||||||||||||
Changes in cash held for sale | — | — | |||||||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | $ | 50 | $ | (1,153) |
JOHNSON CONTROLS INTERNATIONAL PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited) | |||||||||||||||||||||||||||||
Six Months Ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||||||
Net income attributable to JCI from continuing operations | $ | 670 | $ | 372 | |||||||||||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | 99 | 55 | |||||||||||||||||||||||||||
Net income from continuing operations | 769 | 427 | |||||||||||||||||||||||||||
Adjustments to reconcile net income from continuing operations to cash provided by | |||||||||||||||||||||||||||||
operating activities: | |||||||||||||||||||||||||||||
Depreciation and amortization | 419 | 414 | |||||||||||||||||||||||||||
Pension and postretirement benefit income | (299) | (80) | |||||||||||||||||||||||||||
Pension and postretirement contributions | (25) | (27) | |||||||||||||||||||||||||||
Equity in earnings of partially-owned affiliates, net of dividends received | (107) | (11) | |||||||||||||||||||||||||||
Deferred income taxes | 25 | (61) | |||||||||||||||||||||||||||
Non-cash restructuring and impairment costs | 54 | 116 | |||||||||||||||||||||||||||
Other - net | (32) | 56 | |||||||||||||||||||||||||||
Changes in assets and liabilities, excluding acquisitions and divestitures: | |||||||||||||||||||||||||||||
Accounts receivable | 167 | 244 | |||||||||||||||||||||||||||
Inventories | (211) | (261) | |||||||||||||||||||||||||||
Other assets | (90) | (150) | |||||||||||||||||||||||||||
Restructuring reserves | (24) | (38) | |||||||||||||||||||||||||||
Accounts payable and accrued liabilities | 510 | (605) | |||||||||||||||||||||||||||
Accrued income taxes | 4 | 642 | |||||||||||||||||||||||||||
Cash provided by operating activities from continuing operations | 1,160 | 666 | |||||||||||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||||||
Capital expenditures | (197) | (250) | |||||||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (10) | (58) | |||||||||||||||||||||||||||
Business divestitures, net of cash divested | 19 | — | |||||||||||||||||||||||||||
Other - net | 69 | 20 | |||||||||||||||||||||||||||
Cash used by investing activities from continuing operations | (119) | (288) | |||||||||||||||||||||||||||
Financing Activities | |||||||||||||||||||||||||||||
Decrease in short and long-term debt - net | (33) | (167) | |||||||||||||||||||||||||||
Stock repurchases | (661) | (1,467) | |||||||||||||||||||||||||||
Payment of cash dividends | (377) | (402) | |||||||||||||||||||||||||||
Proceeds from the exercise of stock options | 133 | 39 | |||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (101) | (5) | |||||||||||||||||||||||||||
Cash paid to acquire a noncontrolling interest | (14) | — | |||||||||||||||||||||||||||
Employee equity-based compensation withholding | (29) | (32) | |||||||||||||||||||||||||||
Other - net | 3 | (2) | |||||||||||||||||||||||||||
Cash used by financing activities from continuing operations | (1,079) | (2,036) | |||||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||||||
Net cash used by operating activities | (37) | (208) | |||||||||||||||||||||||||||
Net cash used by investing activities | — | — | |||||||||||||||||||||||||||
Net cash used by financing activities | — | — | |||||||||||||||||||||||||||
Net cash flows used by discontinued operations | (37) | (208) | |||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 9 | 64 | |||||||||||||||||||||||||||
Changes in cash held for sale | — | — | |||||||||||||||||||||||||||
Decrease in cash, cash equivalents and restricted cash | $ | (66) | $ | (1,802) |
(in millions; unaudited) | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Actual | Adjusted Non-GAAP | Actual | Adjusted Non-GAAP | ||||||||||||||||||||
Net sales | |||||||||||||||||||||||
Building Solutions North America | $ | 2,092 | $ | 2,092 | $ | 2,175 | $ | 2,175 | |||||||||||||||
Building Solutions EMEA/LA | 897 | 897 | 850 | 850 | |||||||||||||||||||
Building Solutions Asia Pacific | 603 | 603 | 525 | 525 | |||||||||||||||||||
Global Products | 2,002 | 2,002 | 1,894 | 1,894 | |||||||||||||||||||
Net sales | $ | 5,594 | $ | 5,594 | $ | 5,444 | $ | 5,444 | |||||||||||||||
Segment EBITA (1) | |||||||||||||||||||||||
Building Solutions North America | $ | 266 | $ | 266 | $ | 251 | $ | 253 | |||||||||||||||
Building Solutions EMEA/LA | 86 | 86 | 85 | 85 | |||||||||||||||||||
Building Solutions Asia Pacific | 74 | 74 | 65 | 65 | |||||||||||||||||||
Global Products | 285 | 285 | 216 | 216 | |||||||||||||||||||
Segment EBITA | 711 | 711 | 617 | 619 | |||||||||||||||||||
Corporate expenses (2) | (70) | (70) | (118) | (82) | |||||||||||||||||||
Amortization of intangible assets | (104) | (104) | (97) | (97) | |||||||||||||||||||
Net mark-to-market adjustments (3) | 209 | — | (32) | — | |||||||||||||||||||
Restructuring and impairment costs (4) | (96) | — | (62) | — | |||||||||||||||||||
EBIT (5) | 650 | 537 | 308 | 440 | |||||||||||||||||||
EBIT margin | 11.6 | % | 9.6 | % | 5.7 | % | 8.1 | % | |||||||||||||||
Net financing charges | (44) | (44) | (59) | (59) | |||||||||||||||||||
Income from continuing operations before income taxes | 606 | 493 | 249 | 381 | |||||||||||||||||||
Income tax provision (6) | (209) | (66) | (13) | (52) | |||||||||||||||||||
Income from continuing operations | 397 | 427 | 236 | 329 | |||||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | (54) | (54) | (23) | (12) | |||||||||||||||||||
Net income from continuing operations attributable to JCI | $ | 343 | $ | 373 | $ | 213 | $ | 317 |
(in millions; unaudited) | Six Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Actual | Adjusted Non-GAAP | Actual | Adjusted Non-GAAP | ||||||||||||||||||||
Net sales | |||||||||||||||||||||||
Building Solutions North America | $ | 4,126 | $ | 4,126 | $ | 4,342 | $ | 4,342 | |||||||||||||||
Building Solutions EMEA/LA | 1,803 | 1,803 | 1,778 | 1,778 | |||||||||||||||||||
Building Solutions Asia Pacific | 1,218 | 1,218 | 1,154 | 1,154 | |||||||||||||||||||
Global Products | 3,788 | 3,788 | 3,746 | 3,746 | |||||||||||||||||||
Net sales | $ | 10,935 | $ | 10,935 | $ | 11,020 | $ | 11,020 | |||||||||||||||
Segment EBITA (1) | |||||||||||||||||||||||
Building Solutions North America | $ | 521 | $ | 521 | $ | 509 | $ | 512 | |||||||||||||||
Building Solutions EMEA/LA | 181 | 181 | 175 | 175 | |||||||||||||||||||
Building Solutions Asia Pacific | 153 | 153 | 137 | 137 | |||||||||||||||||||
Global Products | 498 | 498 | 419 | 420 | |||||||||||||||||||
Segment EBITA | 1,353 | 1,353 | 1,240 | 1,244 | |||||||||||||||||||
Corporate expenses (2) | (137) | (137) | (236) | (163) | |||||||||||||||||||
Amortization of intangible assets | (208) | (208) | (193) | (193) | |||||||||||||||||||
Net mark-to-market adjustments (3) | 230 | — | (22) | — | |||||||||||||||||||
Restructuring and impairment costs (4) | (96) | — | (173) | — | |||||||||||||||||||
EBIT (5) | 1,142 | 1,008 | 616 | 888 | |||||||||||||||||||
EBIT margin | 10.4 | % | 9.2 | % | 5.6 | % | 8.1 | % | |||||||||||||||
Net financing charges | (103) | (103) | (111) | (111) | |||||||||||||||||||
Income from continuing operations before income taxes | 1,039 | 905 | 505 | 777 | |||||||||||||||||||
Income tax provision (6) | (270) | (122) | (78) | (105) | |||||||||||||||||||
Income from continuing operations | 769 | 783 | 427 | 672 | |||||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | (99) | (99) | (55) | (49) | |||||||||||||||||||
Net income from continuing operations attributable to JCI | $ | 670 | $ | 684 | $ | 372 | $ | 623 |
(in millions) | Building Solutions North America | Building Solutions EMEA/LA | Building Solutions Asia Pacific | Global Products | Consolidated JCI plc | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment EBITA as reported | $ | 266 | $ | 251 | $ | 86 | $ | 85 | $ | 74 | $ | 65 | $ | 285 | $ | 216 | $ | 711 | $ | 617 | |||||||||||||||||||||||||||||||||||||||
Segment EBITA margin as reported | 12.7 | % | 11.5 | % | 9.6 | % | 10.0 | % | 12.3 | % | 12.4 | % | 14.2 | % | 11.4 | % | 12.7 | % | 11.3 | % | |||||||||||||||||||||||||||||||||||||||
Adjusting items: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Integration costs | — | 2 | — | — | — | — | — | — | — | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted segment EBITA | $ | 266 | $ | 253 | $ | 86 | $ | 85 | $ | 74 | $ | 65 | $ | 285 | $ | 216 | $ | 711 | $ | 619 | |||||||||||||||||||||||||||||||||||||||
Adjusted segment EBITA margin | 12.7 | % | 11.6 | % | 9.6 | % | 10.0 | % | 12.3 | % | 12.4 | % | 14.2 | % | 11.4 | % | 12.7 | % | 11.4 | % | |||||||||||||||||||||||||||||||||||||||
(in millions) | Building Solutions North America | Building Solutions EMEA/LA | Building Solutions Asia Pacific | Global Products | Consolidated JCI plc | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment EBITA as reported | $ | 521 | $ | 509 | $ | 181 | $ | 175 | $ | 153 | $ | 137 | $ | 498 | $ | 419 | $ | 1,353 | $ | 1,240 | |||||||||||||||||||||||||||||||||||||||
Segment EBITA margin as reported | 12.6 | % | 11.7 | % | 10.0 | % | 9.8 | % | 12.6 | % | 11.9 | % | 13.1 | % | 11.2 | % | 12.4 | % | 11.3 | % | |||||||||||||||||||||||||||||||||||||||
Adjusting items: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Integration costs | — | 3 | — | — | — | — | — | 1 | — | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted segment EBITA | $ | 521 | $ | 512 | $ | 181 | $ | 175 | $ | 153 | $ | 137 | $ | 498 | $ | 420 | $ | 1,353 | $ | 1,244 | |||||||||||||||||||||||||||||||||||||||
Adjusted segment EBITA margin | 12.6 | % | 11.8 | % | 10.0 | % | 9.8 | % | 12.6 | % | 11.9 | % | 13.1 | % | 11.2 | % | 12.4 | % | 11.3 | % |
Net Income Attributable to JCI plc | Net Income Attributable to JCI plc from Continuing Operations | Net Income Attributable to JCI plc | Net Income Attributable to JCI plc from Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
Earnings per share as reported for JCI plc | $ | 0.48 | $ | 0.28 | $ | 0.48 | $ | 0.28 | $ | 1.10 | $ | 0.49 | $ | 0.93 | $ | 0.49 | |||||||||||||||||||||||||||||||
Adjusting items: | |||||||||||||||||||||||||||||||||||||||||||||||
Integration costs | — | 0.05 | — | 0.05 | — | 0.10 | — | 0.10 | |||||||||||||||||||||||||||||||||||||||
Related tax impact | — | (0.01) | — | (0.01) | — | (0.01) | — | (0.01) | |||||||||||||||||||||||||||||||||||||||
Net mark-to-market adjustments | (0.29) | 0.04 | (0.29) | 0.04 | (0.32) | 0.03 | (0.32) | 0.03 | |||||||||||||||||||||||||||||||||||||||
Related tax impact | 0.07 | (0.01) | 0.07 | (0.01) | 0.08 | (0.01) | 0.08 | (0.01) | |||||||||||||||||||||||||||||||||||||||
Restructuring and impairment costs | 0.13 | 0.08 | 0.13 | 0.08 | 0.13 | 0.23 | 0.13 | 0.23 | |||||||||||||||||||||||||||||||||||||||
Related tax impact | (0.02) | (0.01) | (0.02) | (0.01) | (0.02) | (0.03) | (0.02) | (0.03) | |||||||||||||||||||||||||||||||||||||||
NCI impact of restructuring and impairment | — | — | — | — | — | (0.01) | — | (0.01) | |||||||||||||||||||||||||||||||||||||||
Power Solutions divestiture reserve adjustment | — | — | — | — | (0.21) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Related tax impact | — | — | — | — | 0.04 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Discrete tax items | 0.15 | (0.03) | 0.15 | (0.03) | 0.15 | 0.01 | 0.15 | 0.01 | |||||||||||||||||||||||||||||||||||||||
NCI impact of discrete tax items | — | 0.01 | — | 0.01 | — | 0.01 | — | 0.01 | |||||||||||||||||||||||||||||||||||||||
Adjusted earnings per share for JCI plc* | $ | 0.52 | $ | 0.42 | $ | 0.52 | $ | 0.42 | $ | 0.94 | $ | 0.81 | $ | 0.94 | $ | 0.81 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Weighted average shares outstanding for JCI plc | |||||||||||||||||||||||
Basic weighted average shares outstanding | 717.1 | 754.8 | 720.1 | 762.4 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Stock options, unvested restricted stock | |||||||||||||||||||||||
and unvested performance share awards | 4.2 | 2.3 | 3.8 | 3.2 | |||||||||||||||||||
Diluted weighted average shares outstanding | 721.3 | 757.1 | 723.9 | 765.6 |
(in millions) | Net Sales for the Three Months Ended March 31, 2020 | Base Year Adjustments - Divestitures and Other | Base year Adjustments - Foreign Currency | Adjusted Base Net Sales for the Three Months Ended March 31, 2020 | Acquisitions | Organic Growth | Net Sales for the Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building Solutions North America | $ | 2,175 | $ | — | — | $ | 13 | 1 | % | $ | 2,188 | $ | — | — | $ | (96) | -4 | % | $ | 2,092 | -4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Building Solutions EMEA/LA | 850 | — | — | 42 | 5 | % | 892 | 4 | — | 1 | — | 897 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building Solutions Asia Pacific | 525 | (2) | — | 30 | 6 | % | 553 | — | — | 50 | 9 | % | 603 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total field | 3,550 | (2) | — | 85 | 2 | % | 3,633 | 4 | — | (45) | -1 | % | 3,592 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Products | 1,894 | (62) | -3 | % | 51 | 3 | % | 1,883 | — | — | 119 | 6 | % | 2,002 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net sales | $ | 5,444 | $ | (64) | -1 | % | $ | 136 | 2 | % | $ | 5,516 | $ | 4 | — | $ | 74 | 1 | % | $ | 5,594 | 3 | % |
(in millions) | Net Sales for the Six Months Ended March 31, 2020 | Base Year Adjustments - Divestitures and Other | Base year Adjustments - Foreign Currency | Adjusted Base Net Sales for the Six Months Ended March 31, 2020 | Acquisitions | Organic Growth | Net Sales for the Six Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building Solutions North America | $ | 4,342 | $ | — | — | $ | 16 | — | $ | 4,358 | $ | — | — | $ | (232) | -5 | % | $ | 4,126 | -5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Building Solutions EMEA/LA | 1,778 | — | — | 63 | 4 | % | 1,841 | 13 | 1 | % | (51) | -3 | % | 1,803 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building Solutions Asia Pacific | 1,154 | (4) | — | 58 | 5 | % | 1,208 | — | — | 10 | 1 | % | 1,218 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total field | 7,274 | (4) | — | 137 | 2 | % | 7,407 | 13 | — | (273) | -4 | % | 7,147 | -2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Products | 3,746 | (133) | -4 | % | 88 | 2 | % | 3,701 | — | — | 87 | 2 | % | 3,788 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net sales | $ | 11,020 | $ | (137) | -1 | % | $ | 225 | 2 | % | $ | 11,108 | $ | 13 | — | $ | (186) | -2 | % | $ | 10,935 | -1 | % |
(in millions) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Six Months Ended March 31, 2021 | Six Months Ended March 31, 2020 | |||||||||||||||||||
Cash provided by operating activities from continuing operations | $ | 645 | $ | 155 | $ | 1,160 | $ | 666 | |||||||||||||||
Capital expenditures | (106) | (124) | (197) | (250) | |||||||||||||||||||
Adjusted free cash flow | $ | 539 | $ | 31 | $ | 963 | $ | 416 |
(in millions) | March 31, 2021 | ||||
Short-term debt and current portion of long-term debt | $ | 444 | |||
Long-term debt | 7,323 | ||||
Total debt | 7,767 | ||||
Less: cash and cash equivalents | 1,883 | ||||
Total net debt | $ | 5,884 | |||
Last twelve months adjusted EBITDA | $ | 3,312 | |||
Total net debt to adjusted EBITDA | 1.8x |
(in millions) | Last Twelve Months Ended March 31, 2021 | ||||
Income from continuing operations | $ | 1,137 | |||
Income tax provision | 300 | ||||
Net financing charges | 223 | ||||
EBIT | 1,660 | ||||
Adjusting items: | |||||
Integration costs | 58 | ||||
Net mark-to-market adjustments | 22 | ||||
Restructuring and impairment costs | 706 | ||||
Acquisition related compensation charge | 39 | ||||
Adjusted EBIT (1) | 2,485 | ||||
Depreciation and amortization | 827 | ||||
Adjusted EBITDA (1) | $ | 3,312 |
(in millions) | March 31, 2021 | March 31, 2020 | |||||||||
Current assets | $ | 10,204 | $ | 9,955 | |||||||
Current liabilities | (8,740) | (9,509) | |||||||||
Total working capital | 1,464 | 446 | |||||||||
Less: cash and cash equivalents | (1,883) | (1,006) | |||||||||
Less: assets held for sale | — | (91) | |||||||||
Less: other current assets | (1,160) | (1,336) | |||||||||
Add: short-term debt | 248 | 344 | |||||||||
Add: current portion of long-term debt | 196 | 1,086 | |||||||||
Add: accrued compensation and benefits | 817 | 694 | |||||||||
Add: liabilities held for sale | — | 39 | |||||||||
Add: other current liabilities | 2,352 | 2,627 | |||||||||
Trade working capital | $ | 2,034 | $ | 2,803 | |||||||
Last twelve months net sales | $ | 22,232 | $ | 23,745 | |||||||
Trade working capital as a percentage of net sales | 9.1 | % | 11.8 | % |
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end
.?6O6)#T'G(;652@/J6/R22F#;$P P&_;=J*=2Y<8^!&X-I'@42=^@#X6G
ME@-:$7P>)@OS";%W$82 K2 UFE[H#3@_:GC=IW^9!KO_X_K;1_;?_[CX=G_U
MC5W&2?_O'Y,_O7U<4W]OL_KC]>W%Q>[1*1\S)]^= V6S@Q%5L'7Z4+JT"Z
M@#^5EK6OPTKP7 J3K?KV. [Y(9(V=S&0L]DYWV)N!Y121LYDE*%THR18VX=%
M[48BB9H&.3.4]FDHA!O,Y3,FXN^,^.MCJX$'@8-=8/IPXL&^>7#U]0XV/4P+
MS8*14!< 9"B&B:.O4U,[+_QB@A#JGJ..Y8M ;9=&%Y^!C98LGPW ^A%G"F-#9%H@'E<)'<-\%-$)C :^+\0WCBJZSJBLY
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M'?$6@:I)V \@+ZU\,K!
MX6[BE[^BHM?%/$=&9W;NTS\'_@1C#^*TYPO^_93W@79GW'GBS\'LK(?23;[2
M,*OM)HQD<;8ZM&1V3<&L'3X*Q%GRR[DM@Y'#G\^DJ\:N7CH?
P_
M?>[NS9@\K.'??2\(L%Q67X;I3V]?&(*6/6C5*ZWV^F"!+ 5I[>KDM4CLJZT7
MSWMG7U9,Q6PV+9"VV']%24IST)I]
M >+7DJ!"NVG$,KZBJG>/?.]1XK% ;R$ EAA[%,9Z8_4RR4CP)\%6X
M0;+X1UX0^B*4OE#5\'K"%7V9;.M%E08G9K/^GB3!$1G0J.V3_B0$7B4$E%,<
M'>5%=JN<=$@"')/\1I,DP'%9<*5S.$B7">Z[,.X +\JLKEA6408_-+$E&O*N
M': O0,A'81=62#3WBE*2$ANE1)>DQ+'=!7WA^R (8D]?R'_D+MM2ZLEVZ(3\
MZ#PX:>Y5,Z,UG^*\U7-/E<\>PV'\R HC7WF)P520PQ&7?FPF4*P,28(]\N
MV:XW2(-E5Y?*W)*$YV;4ZBR5>:RVGGZ+;I-5=$3R;\@D3EK28=AP.>#N@U!E
MWN-*TJ@@3:7\JC#QPW(B6Y^P_SN2.DN*;F=++!0O0;6B0_
-:U5CY[%C=-E)UN]SU9RSZ_KHI JAF%\YX^6A4__I+#YM,H^L8
M$.A6FXWV*@BL)WB[U7T1JZC7_?2Z;@DTN]5Z,]T2V*9;PZQVNZL?OY0&M6JS
MV8 9S6<5C #3@IYF$5A.D3*LP0\&1F=7IF?6$
M(P6(.@ :O#A^+6Z*G8%JU8\]%'B])[5D'K"
MA64X)<4 (/YF6:Q&U)SLWNG(E5+E.@ZQ.ADCUA;&S
JJZNKIJ751E4[!L -W_R[APL:IE4Y%L&D6P
MV+[8+[U.3#S\&H30Y^U]D#"=_(M)=IQ'\G84K&\..< 4,/0(""!O62YO>@7K
MHB"((F8 ?]L!4F5"D+%2D)!IS$'=P6#\-'P!T07T2^1@-ELK:FG(?#H'@O Y
M@% 02<>G'&3 )?/21QJ$LD5!RQ5A\P6)4I@:S&H(?41P$0D,(R+CG:9YS3
M)!L83%+P,3R3?
E_=H
M\O^.+7C9B5E#^ Y6S?PTSR5$4C'FDD5 [!];-'TZ56$+T!:U2IA,H=6>\+MA
M?]UWI/=KC+F1UA]/EJSRFCX^>S([W+_T3]%_]N3_4$L#!!0 ( "\XGE)-
M&)73 10 %/8 4 :F-I+3(P,C$P-#,P7VQA8BYX;6S575N3V[:2?L^O
MX,YYV:TR9@ 0) %7XE->.]ERK9.X8F=SZKA.J7 =:Z.1IB1-;/_[!2EI1A=2
MN)""N7EP9!EH=']B?^P&FLWO__[E;I;]I9>KZ6+^PQ6ZAE>9GLN%FLYO?[CZ
M_<-/@%[]_<5WWWW_;P#\XS]_>YN]7LB'.SU?9Z^6FJ^URCY/UY^R/Y1>_9F9
MY>(N^V.Q_'/Z%P?@13/IU>+^ZW)Z^VF=88C1\;\NGS-