EX-12.1 13 a2230387zex-12_1.htm EX-12.1

Exhibit 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES

 

The following table sets forth Johnson Controls International plc’s (“Johnson Controls”) historical ratio of earnings to fixed charges for the periods indicated, together with a pro forma ratio of earnings to fixed charges for the year ended September 30, 2016, giving effect to the merger of Johnson Controls, Inc. and Tyco International plc, the spin-off of Adient plc and the transactions related thereto and completion of the exchange offers, assuming all of the Subsidiary Notes (as defined in the Registration Statement on Form S-4 filed with the Securities and Exchange Commission by Johnson Controls on November 28, 2016 (the “Registration Statement”)) are validly tendered for exchange for JCI plc Notes (as defined in the Registration Statement) before the Early Consent Date (as defined in the Registration Statement) and accepted, as if they had occurred on October 1, 2015.  This information should be read in conjunction with the consolidated financial statements and the accompanying notes incorporated by reference in the Registration Statement and the unaudited pro forma consolidated financial information included or incorporated by reference in the Registration Statement.

 

 

 

Pro Forma

 

As Reported

 

 

 

 

 

 

 

 

 

(Dollars in millions)

 

2016

 

2016

 

2015

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations attributable to Johnson Controls

 

$

1,121

 

$

(868

)

$

1,439

 

$

1,404

 

$

992

 

$

1,003

 

Income tax provision

 

264

 

2,238

 

600

 

407

 

674

 

108

 

Income attributable to noncontrolling interests

 

129

 

216

 

112

 

105

 

102

 

119

 

Income from equity affiliates

 

(286

)

(531

)

(375

)

(395

)

(399

)

(338

)

Distributed income of equity affiliates

 

78

 

277

 

231

 

204

 

210

 

190

 

Amortization of previously capitalized interest

 

12

 

16

 

16

 

16

 

18

 

9

 

Fixed charges less capitalized interest

 

862

 

450

 

425

 

406

 

414

 

387

 

Earnings

 

$

2,180

 

$

1,798

 

$

2,448

 

$

2,147

 

$

2,011

 

$

1,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest incurred and amortization of debt expense

 

$

685

 

$

335

 

$

316

 

$

286

 

$

305

 

$

298

 

Estimated portion of interest in rent expense

 

194

 

134

 

134

 

148

 

151

 

144

 

Fixed charges

 

879

 

469

 

450

 

434

 

456

 

442

 

Less: Interest capitalized during the period

 

(17

)

(19

)

(25

)

(28

)

(42

)

(55

)

Fixed charges less capitalized interest

 

$

862

 

$

450

 

$

425

 

$

406

 

$

414

 

$

387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.5

 

3.8

 

5.4

 

4.9

 

4.4

 

3.3