Stock-Based Compensation

3 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

On March 10, 2021, the shareholders of the Company approved the Johnson Controls International plc 2021 Equity and Incentive Plan (the "Plan"). The Plan authorizes stock options, stock appreciation rights, restricted (non-vested) stock/units, performance share units and other stock-based awards. The Compensation and Talent Development Committee of the Company's Board of Directors determines the types of awards to be granted to individual participants and the terms and conditions of the awards. Awards are typically granted annually in the Company’s fiscal first quarter.

A summary of the stock-based awards granted is presented below:

	Three Months Ended December 31,
	2022			2021
	Number Granted	Weighted Average Grant Date Fair Value		Number Granted	Weighted Average Grant Date Fair Value
Restricted stock/units	1,614,493	$	66.73	1,170,634	$	79.54
Performance shares	339,191	79.54		438,476	84.27
Stock options	570,140	18.21		548,398	18.59

Performance Share Awards

The following table summarizes the assumptions used in determining the fair value of performance share units granted:

	Three Months Ended December 31,
	2022	2021
Risk-free interest rate	4.04%	0.99%
Expected volatility of the Company’s stock	33.5%	30.0%

Stock Options

The following table summarizes the assumptions used in determining the fair value of stock options granted:

	Three Months Ended December 31,
	2022	2021
Expected life of option (years)	5.8	6.0
Risk-free interest rate	3.59%	1.35%
Expected volatility of the Company’s stock	29.4%	27.8%
Expected dividend yield on the Company’s stock	2.10%	1.71%