þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Ireland | 98-0390500 | |
(Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) | |
One Albert Quay | ||
Cork, Ireland | ||
(Address of principal executive offices) |
Large accelerated filer | þ | Accelerated filer | ¨ | ||
Non-accelerated filer | ¨ | (Do not check if a smaller | Smaller reporting company | ¨ | |
reporting company) | 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. | ¨ |
Class | Ordinary Shares Outstanding at June 30, 2017 | |
Ordinary Shares, $0.01 par value per share | 932,398,758 |
Page | |
Part I. Financial Information | |
Item 1. Financial Statements (unaudited) | |
Consolidated Statements of Financial Position at June 30, 2017 and September 30, 2016 | |
Consolidated Statements of Income for the Three and Nine Month Periods Ended June 30, 2017 and 2016 | |
Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Month Periods Ended June 30, 2017 and 2016 | |
Consolidated Statements of Cash Flows for the Nine Month Periods Ended June 30, 2017 and 2016 | |
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 |
Johnson Controls International plc Consolidated Statements of Financial Position (in millions, except par value; unaudited) | |||||||
June 30, 2017 | September 30, 2016 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 458 | $ | 579 | |||
Accounts receivable - net | 6,443 | 6,394 | |||||
Inventories | 3,384 | 2,888 | |||||
Assets held for sale | 2,082 | 5,812 | |||||
Other current assets | 1,595 | 1,436 | |||||
Current assets | 13,962 | 17,109 | |||||
Property, plant and equipment - net | 5,870 | 5,632 | |||||
Goodwill | 19,619 | 21,024 | |||||
Other intangible assets - net | 6,727 | 7,540 | |||||
Investments in partially-owned affiliates | 1,159 | 990 | |||||
Noncurrent assets held for sale | — | 7,374 | |||||
Other noncurrent assets | 3,349 | 3,510 | |||||
Total assets | $ | 50,686 | $ | 63,179 | |||
Liabilities and Equity | |||||||
Short-term debt | $ | 1,956 | $ | 1,078 | |||
Current portion of long-term debt | 543 | 628 | |||||
Accounts payable | 3,764 | 4,000 | |||||
Accrued compensation and benefits | 1,004 | 1,333 | |||||
Liabilities held for sale | 247 | 4,276 | |||||
Other current liabilities | 4,001 | 5,016 | |||||
Current liabilities | 11,515 | 16,331 | |||||
Long-term debt | 11,772 | 11,053 | |||||
Pension and postretirement benefits | 1,330 | 1,550 | |||||
Noncurrent liabilities held for sale | — | 3,888 | |||||
Other noncurrent liabilities | 5,265 | 5,033 | |||||
Long-term liabilities | 18,367 | 21,524 | |||||
Commitments and contingencies (Note 22) | |||||||
Redeemable noncontrolling interests | 189 | 234 | |||||
Ordinary shares, $0.01 par value | 9 | 9 | |||||
Ordinary A shares, €1.00 par value | — | — | |||||
Preferred shares, $0.01 par value | — | — | |||||
Ordinary shares held in treasury, at cost | (481 | ) | (20 | ) | |||
Capital in excess of par value | 16,343 | 16,105 | |||||
Retained earnings | 4,589 | 9,177 | |||||
Accumulated other comprehensive loss | (729 | ) | (1,153 | ) | |||
Shareholders’ equity attributable to Johnson Controls | 19,731 | 24,118 | |||||
Noncontrolling interests | 884 | 972 | |||||
Total equity | 20,615 | 25,090 | |||||
Total liabilities and equity | $ | 50,686 | $ | 63,179 |
Johnson Controls International plc Consolidated Statements of Income (in millions, except per share data; unaudited) | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net sales | |||||||||||||||
Products and systems* | $ | 5,825 | $ | 4,196 | $ | 16,578 | $ | 11,879 | |||||||
Services* | 1,858 | 958 | 5,458 | 2,704 | |||||||||||
7,683 | 5,154 | 22,036 | 14,583 | ||||||||||||
Cost of sales | |||||||||||||||
Products and systems* | 4,132 | 3,068 | 11,919 | 8,759 | |||||||||||
Services* | 1,120 | 664 | 3,291 | 1,858 | |||||||||||
5,252 | 3,732 | 15,210 | 10,617 | ||||||||||||
Gross profit | 2,431 | 1,422 | 6,826 | 3,966 | |||||||||||
Selling, general and administrative expenses | (1,609 | ) | (895 | ) | (4,905 | ) | (2,641 | ) | |||||||
Restructuring and impairment costs | (49 | ) | (27 | ) | (226 | ) | (87 | ) | |||||||
Net financing charges | (124 | ) | (65 | ) | (376 | ) | (202 | ) | |||||||
Equity income | 69 | 45 | 177 | 127 | |||||||||||
Income from continuing operations before income taxes | 718 | 480 | 1,496 | 1,163 | |||||||||||
Income tax provision | 89 | 78 | 570 | 202 | |||||||||||
Income from continuing operations | 629 | 402 | 926 | 961 | |||||||||||
Income (loss) from discontinued operations, net of tax (Note 5) | — | 57 | (34 | ) | (481 | ) | |||||||||
Net income | 629 | 459 | 892 | 480 | |||||||||||
Income from continuing operations attributable to noncontrolling interests | 74 | 55 | 147 | 116 | |||||||||||
Income from discontinued operations attributable to noncontrolling interests | — | 21 | 9 | 61 | |||||||||||
Net income attributable to Johnson Controls | $ | 555 | $ | 383 | $ | 736 | $ | 303 | |||||||
Amounts attributable to Johnson Controls ordinary shareholders: | |||||||||||||||
Income from continuing operations | $ | 555 | $ | 347 | $ | 779 | $ | 845 | |||||||
Income (loss) from discontinued operations | — | 36 | (43 | ) | (542 | ) | |||||||||
Net income | $ | 555 | $ | 383 | $ | 736 | $ | 303 | |||||||
Basic earnings (loss) per share attributable to Johnson Controls | |||||||||||||||
Continuing operations | $ | 0.59 | $ | 0.54 | $ | 0.83 | $ | 1.31 | |||||||
Discontinued operations | 0.00 | 0.06 | (0.05 | ) | (0.84 | ) | |||||||||
Net income ** | $ | 0.59 | $ | 0.59 | $ | 0.79 | $ | 0.47 | |||||||
Diluted earnings (loss) per share attributable to Johnson Controls | |||||||||||||||
Continuing operations | $ | 0.59 | $ | 0.53 | $ | 0.82 | $ | 1.30 | |||||||
Discontinued operations | 0.00 | 0.06 | (0.05 | ) | (0.83 | ) | |||||||||
Net income ** | $ | 0.59 | $ | 0.59 | $ | 0.78 | $ | 0.47 |
* | Products and systems consist of Building Technologies & Solutions and Power Solutions products and systems. Services are Building Technologies & Solutions technical services. |
** | Certain items do not sum due to rounding. |
Johnson Controls International plc Consolidated Statements of Comprehensive Income (Loss) (in millions; unaudited) | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 629 | $ | 459 | $ | 892 | $ | 480 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency translation adjustments | 285 | (141 | ) | (166 | ) | (115 | ) | ||||||||
Realized and unrealized gains (losses) on derivatives | (9 | ) | 4 | (13 | ) | 6 | |||||||||
Realized and unrealized gains (losses) on marketable securities | (3 | ) | — | 6 | — | ||||||||||
Other comprehensive income (loss) | 273 | (137 | ) | (173 | ) | (109 | ) | ||||||||
Total comprehensive income | 902 | 322 | 719 | 371 | |||||||||||
Comprehensive income attributable to noncontrolling interests | 89 | 74 | 140 | 185 | |||||||||||
Comprehensive income attributable to Johnson Controls | $ | 813 | $ | 248 | $ | 579 | $ | 186 |
Nine Months Ended June 30, | |||||||
2017 | 2016 | ||||||
Operating Activities | |||||||
Net income attributable to Johnson Controls | $ | 736 | $ | 303 | |||
Income from continuing operations attributable to noncontrolling interests | 147 | 116 | |||||
Income from discontinued operations attributable to noncontrolling interests | 9 | 61 | |||||
Net income | 892 | 480 | |||||
Adjustments to reconcile net income to cash provided (used) by operating activities: | |||||||
Depreciation and amortization | 919 | 680 | |||||
Pension and postretirement benefit income | (184 | ) | (47 | ) | |||
Pension and postretirement contributions | (275 | ) | (94 | ) | |||
Equity in earnings of partially-owned affiliates, net of dividends received | (166 | ) | (202 | ) | |||
Deferred income taxes | 1,056 | 336 | |||||
Non-cash restructuring and impairment charges | 70 | 80 | |||||
Gain on divestitures | — | (14 | ) | ||||
Fair value adjustment of equity investment | — | (4 | ) | ||||
Equity-based compensation | 114 | 76 | |||||
Other | 3 | (4 | ) | ||||
Changes in assets and liabilities, excluding acquisitions and divestitures: | |||||||
Accounts receivable | (319 | ) | (113 | ) | |||
Inventories | (585 | ) | (233 | ) | |||
Other assets | (258 | ) | (47 | ) | |||
Restructuring reserves | 22 | 68 | |||||
Accounts payable and accrued liabilities | (608 | ) | (43 | ) | |||
Accrued income taxes | (2,002 | ) | (223 | ) | |||
Cash provided (used) by operating activities | (1,321 | ) | 696 | ||||
Investing Activities | |||||||
Capital expenditures | (996 | ) | (822 | ) | |||
Sale of property, plant and equipment | 23 | 28 | |||||
Acquisition of businesses, net of cash acquired | (6 | ) | (133 | ) | |||
Business divestitures | 180 | 54 | |||||
Changes in long-term investments | (33 | ) | — | ||||
Other | — | 2 | |||||
Cash used by investing activities | (832 | ) | (871 | ) | |||
Financing Activities | |||||||
Increase in short-term debt - net | 887 | 2,085 | |||||
Increase in long-term debt | 1,553 | — | |||||
Repayment of long-term debt | (972 | ) | (824 | ) | |||
Debt financing costs | (18 | ) | — | ||||
Stock repurchases | (426 | ) | (475 | ) | |||
Payment of cash dividends | (469 | ) | (544 | ) | |||
Proceeds from the exercise of stock options | 130 | 34 | |||||
Change in noncontrolling interest share | 8 | (2 | ) | ||||
Dividends paid to noncontrolling interests | (78 | ) | (240 | ) | |||
Dividend from Adient spin-off | 2,050 | — | |||||
Cash transferred to Adient related to spin-off | (665 | ) | — | ||||
Cash paid related to prior acquisitions | (75 | ) | — | ||||
Other | (10 | ) | 6 | ||||
Cash provided by financing activities | 1,915 | 40 | |||||
Effect of exchange rate changes on cash and cash equivalents | 12 | 5 | |||||
Cash held for sale | 105 | (76 | ) | ||||
Decrease in cash and cash equivalents | (121 | ) | (206 | ) | |||
Cash and cash equivalents at beginning of period | 579 | 553 | |||||
Cash and cash equivalents at end of period | $ | 458 | $ | 347 |
1. | Financial Statements |
June 30, 2017 | September 30, 2016 | ||||||
Current assets | $ | 2 | $ | 284 | |||
Noncurrent assets | 53 | 98 | |||||
Total assets | $ | 55 | $ | 382 | |||
Current liabilities | $ | 4 | $ | 230 | |||
Noncurrent liabilities | 43 | 29 | |||||
Total liabilities | $ | 47 | $ | 259 |
2. | New Accounting Standards |
3. | Merger Transaction |
(in millions, except for share consolidation ratio and share data) | ||||
Number of Tyco shares outstanding at September 2, 2016 | 427,181,743 | |||
Tyco share consolidation ratio | 0.955 | |||
Tyco ordinary shares outstanding following the share consolidation and immediately prior to the Merger | 407,958,565 | |||
JCI Inc. converted share price (1) | $ | 47.67 | ||
Fair value of equity portion of the Merger consideration | $ | 19,447 | ||
Fair value of Tyco equity awards | 224 | |||
Total fair value of consideration transferred | $ | 19,671 |
(1) | Amount equals JCI Inc. closing share price and market capitalization at September 2, 2016 ($45.45 and $29,012 million, respectively) adjusted for the Tyco $3,864 million cash contribution used to purchase 110.8 million shares of JCI Inc. common stock for $34.88 per share. |
Cash and cash equivalents | $ | 489 | ||
Accounts receivable | 2,084 | |||
Inventories | 815 | |||
Other current assets | 610 | |||
Property, plant, and equipment - net | 1,219 | |||
Goodwill | 16,203 | |||
Intangible assets - net | 6,304 | |||
Other noncurrent assets | 536 | |||
Total assets acquired | $ | 28,260 | ||
Short-term debt | $ | 462 | ||
Accounts payable | 725 | |||
Accrued compensation and benefits | 312 | |||
Other current liabilities | 1,444 | |||
Long-term debt | 6,416 | |||
Long-term deferred tax liabilities | 847 | |||
Long-term pension and postretirement benefits | 774 | |||
Other noncurrent liabilities | 1,436 | |||
Total liabilities acquired | $ | 12,416 | ||
Noncontrolling interests | 37 | |||
Net assets acquired | $ | 15,807 | ||
Cash consideration paid to JCI Inc. shareholders | 3,864 | |||
Total fair value of consideration transferred | $ | 19,671 |
Preliminary Fair Value (in millions) | Weighted Average Life (in years) | |||||
Customer relationships | $ | 2,280 | 12 | |||
Completed technology | 1,580 | 11 | ||||
Other definite-lived intangibles | 214 | 7 | ||||
Indefinite-lived trademarks | 2,080 | |||||
Other indefinite-lived intangibles | 90 | |||||
In-process research and development | 60 | |||||
Total identifiable intangible assets | $ | 6,304 |
4. | Acquisitions and Divestitures |
5. | Discontinued Operations |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||
2016 | 2017 | 2016 | |||||||||
Net sales | $ | 4,362 | $ | 1,434 | $ | 12,893 | |||||
Income from discontinued operations before income taxes | 185 | 1 | 520 | ||||||||
Provision for income taxes on discontinued operations | 128 | 35 | 1,001 | ||||||||
Income from discontinued operations attributable to noncontrolling interests, net of tax | 21 | 9 | 61 | ||||||||
Income (loss) from discontinued operations | $ | 36 | $ | (43 | ) | $ | (542 | ) |
September 30, 2016 | ||||
Cash | $ | 105 | ||
Cash in escrow related to Adient debt | 2,034 | |||
Accounts receivable - net | 2,071 | |||
Inventories | 672 | |||
Other current assets | 756 | |||
Assets held for sale | $ | 5,638 | ||
Property, plant and equipment - net | $ | 2,240 | ||
Goodwill | 2,385 | |||
Other intangible assets - net | 113 | |||
Investments in partially-owned affiliates | 1,745 | |||
Other noncurrent assets | 891 | |||
Noncurrent assets held for sale | $ | 7,374 | ||
Short-term debt | $ | 41 | ||
Current portion of long-term debt | 38 | |||
Accounts payable | 2,764 | |||
Accrued compensation and benefits | 430 | |||
Other current liabilities | 975 | |||
Liabilities held for sale | $ | 4,248 | ||
Long-term debt | $ | 3,441 | ||
Pension and postretirement benefits | 188 | |||
Other noncurrent liabilities | 259 | |||
Noncurrent liabilities held for sale | $ | 3,888 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||
2016 | 2017 | 2016 | |||||||||
Depreciation and amortization | $ | 86 | $ | 29 | $ | 257 | |||||
Equity in earnings of partially-owned affiliates | (89 | ) | (31 | ) | (260 | ) | |||||
Deferred income taxes | (9 | ) | 562 | 756 | |||||||
Non-cash restructuring and impairment charges | 1 | — | 15 | ||||||||
Equity-based compensation | 4 | 1 | 11 | ||||||||
Accrued income taxes | — | (808 | ) | — | |||||||
Capital expenditures | (96 | ) | (91 | ) | (271 | ) |
June 30, 2017 | September 30, 2016 | ||||||
Accounts receivable - net | $ | 101 | $ | 9 | |||
Inventories | 73 | 7 | |||||
Other current assets | 8 | 3 | |||||
Property, plant and equipment - net | 76 | 15 | |||||
Goodwill | 1,270 | 89 | |||||
Other intangible assets - net | 554 | 30 | |||||
Other noncurrent assets | — | 4 | |||||
Assets held for sale | $ | 2,082 | $ | 157 | |||
Accounts payable | $ | 34 | $ | 9 | |||
Accrued compensation and benefits | 10 | — | |||||
Other current liabilities | 22 | 19 | |||||
Other noncurrent liabilities | 181 | — | |||||
Liabilities held for sale | $ | 247 | $ | 28 |
6. | Percentage-of-Completion Contracts |
7. | Inventories |
June 30, 2017 | September 30, 2016 | ||||||
Raw materials and supplies | $ | 800 | $ | 852 | |||
Work-in-process | 683 | 503 | |||||
Finished goods | 1,901 | 1,533 | |||||
Inventories | $ | 3,384 | $ | 2,888 |
8. | Goodwill and Other Intangible Assets |
Business Acquisitions | Business Divestitures | Currency Translation and Other | |||||||||||||||||
September 30, | June 30, | ||||||||||||||||||
2016 | 2017 | ||||||||||||||||||
Building Technologies & Solutions | |||||||||||||||||||
Building Efficiency | |||||||||||||||||||
Systems and Service North America | $ | 975 | $ | — | $ | — | $ | — | $ | 975 | |||||||||
Products North America | 1,697 | 1 | — | 2 | 1,700 | ||||||||||||||
Asia | 657 | — | — | (23 | ) | 634 | |||||||||||||
Rest of World | 301 | 1 | — | 4 | 306 | ||||||||||||||
Tyco | 16,308 | (160 | ) | (1,270 | ) | 40 | 14,918 | ||||||||||||
Power Solutions | 1,086 | — | — | — | 1,086 | ||||||||||||||
Total | $ | 21,024 | $ | (158 | ) | $ | (1,270 | ) | $ | 23 | $ | 19,619 |
June 30, 2017 | September 30, 2016 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Amortized intangible assets | |||||||||||||||||||||||
Technology | $ | 1,231 | $ | (129 | ) | $ | 1,102 | $ | 1,528 | $ | (24 | ) | $ | 1,504 | |||||||||
Customer relationships | 3,116 | (397 | ) | 2,719 | 3,168 | (226 | ) | 2,942 | |||||||||||||||
Miscellaneous | 526 | (244 | ) | 282 | 519 | (130 | ) | 389 | |||||||||||||||
Total amortized intangible assets | 4,873 | (770 | ) | 4,103 | 5,215 | (380 | ) | 4,835 | |||||||||||||||
Unamortized intangible assets | |||||||||||||||||||||||
Trademarks/trade names | 2,497 | — | 2,497 | 2,555 | — | 2,555 | |||||||||||||||||
Miscellaneous | 127 | — | 127 | 150 | — | 150 | |||||||||||||||||
Total intangible assets | $ | 7,497 | $ | (770 | ) | $ | 6,727 | $ | 7,920 | $ | (380 | ) | $ | 7,540 |
9. | Significant Restructuring and Impairment Costs |
Employee Severance and Termination Benefits | Long-Lived Asset Impairments | Other | Total | ||||||||||||
Original reserve | $ | 62 | $ | 15 | $ | 1 | $ | 78 | |||||||
Utilized—noncash | — | (15 | ) | (1 | ) | (16 | ) | ||||||||
Balance at December 31, 2016 | $ | 62 | $ | — | $ | — | $ | 62 | |||||||
Additional restructuring costs | 67 | 23 | 9 | 99 | |||||||||||
Utilized—cash | (13 | ) | — | — | (13 | ) | |||||||||
Utilized—noncash | — | (23 | ) | — | (23 | ) | |||||||||
Balance at March 31, 2017 | $ | 116 | $ | — | $ | 9 | $ | 125 | |||||||
Additional restructuring costs | 16 | 31 | 2 | 49 | |||||||||||
Utilized—cash | (34 | ) | — | — | (34 | ) | |||||||||
Utilized—noncash | — | (31 | ) | (1 | ) | (32 | ) | ||||||||
Balance at June 30, 2017 | $ | 98 | $ | — | $ | 10 | $ | 108 |
Employee Severance and Termination Benefits | Long-Lived Asset Impairments | Other | Currency Translation | Total | |||||||||||||||
Original reserve | $ | 368 | $ | 190 | $ | 62 | $ | — | $ | 620 | |||||||||
Acquired Tyco restructuring reserves | 78 | — | — | — | 78 | ||||||||||||||
Utilized—cash | (32 | ) | — | — | — | (32 | ) | ||||||||||||
Utilized—noncash | — | (190 | ) | (32 | ) | 1 | (221 | ) | |||||||||||
Balance at September 30, 2016 | $ | 414 | $ | — | $ | 30 | $ | 1 | $ | 445 | |||||||||
Adient spin-off impact | (194 | ) | — | (22 | ) | — | (216 | ) | |||||||||||
Utilized—cash | (56 | ) | — | (2 | ) | — | (58 | ) | |||||||||||
Utilized—noncash | — | — | — | (1 | ) | (1 | ) | ||||||||||||
Transfer to liabilities held for sale | (3 | ) | — | — | — | (3 | ) | ||||||||||||
Adjustment to acquired Tyco restructuring reserves | (4 | ) | — | — | — | (4 | ) | ||||||||||||
Balance at June 30, 2017 | $ | 157 | $ | — | $ | 6 | $ | — | $ | 163 |
10. | Income Taxes |
Tax Jurisdiction | Tax Years Covered | |
Belgium | 2015 - 2016 | |
Brazil | 2011 - 2012 | |
Canada | 2012 - 2014 | |
France | 2010 - 2015 | |
Germany | 2007 - 2015 | |
Spain | 2010 - 2014 | |
United Kingdom | 2011 - 2014 |
11. | Pension and Postretirement Plans |
U.S. Pension Plans | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | 4 | $ | 4 | $ | 13 | $ | 12 | |||||||
Interest cost | 28 | 26 | 85 | 76 | |||||||||||
Expected return on plan assets | (57 | ) | (47 | ) | (174 | ) | (139 | ) | |||||||
Net actuarial (gain) loss | 45 | — | (90 | ) | — | ||||||||||
Settlement (gain) loss | 1 | — | (8 | ) | — | ||||||||||
Net periodic benefit cost (credit) | $ | 21 | $ | (17 | ) | $ | (174 | ) | $ | (51 | ) |
Non-U.S. Pension Plans | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | 8 | $ | 4 | $ | 24 | $ | 9 | |||||||
Interest cost | 13 | 7 | 36 | 19 | |||||||||||
Expected return on plan assets | (23 | ) | (7 | ) | (68 | ) | (22 | ) | |||||||
Net periodic benefit cost (credit) | $ | (2 | ) | $ | 4 | $ | (8 | ) | $ | 6 |
Postretirement Benefits | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | — | $ | 1 | $ | 1 | $ | 1 | |||||||
Interest cost | 1 | 2 | 4 | 5 | |||||||||||
Expected return on plan assets | (2 | ) | (3 | ) | (7 | ) | (7 | ) | |||||||
Amortization of prior service credit | — | — | — | (1 | ) | ||||||||||
Net periodic benefit credit | $ | (1 | ) | $ | — | $ | (2 | ) | $ | (2 | ) |
12. | Debt and Financing Arrangements |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest expense, net of capitalized interest costs | $ | 115 | $ | 66 | $ | 343 | $ | 203 | |||||||
Banking fees and bond cost amortization | 14 | 7 | 55 | 19 | |||||||||||
Interest income | (4 | ) | (4 | ) | (16 | ) | (8 | ) | |||||||
Net foreign exchange results for financing activities | (1 | ) | (4 | ) | (6 | ) | (12 | ) | |||||||
Net financing charges | $ | 124 | $ | 65 | $ | 376 | $ | 202 |
13. | Stock-Based Compensation |
Nine Months Ended June 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Number Granted | Weighted Average Grant Date Fair Value | Number Granted | Weighted Average Grant Date Fair Value | ||||||||||
Stock options | 2,841,686 | $ | 7.81 | 961,705 | $ | 13.14 | |||||||
Stock appreciation rights | 15,693 | 8.28 | 54,749 | 13.15 | |||||||||
Restricted stock/units | 1,671,677 | 41.75 | 2,290,575 | 43.68 | |||||||||
Performance shares | 846,725 | 48.40 | — | — |
Nine Months Ended June 30, | |||
2017 | 2016 | ||
Expected life of option (years) | 4.75 & 6.5 | 6.4 | |
Risk-free interest rate | 1.23% - 1.93% | 1.64% | |
Expected volatility of the Company’s stock | 24.60% | 36.00% | |
Expected dividend yield on the Company’s stock | 2.21% | 2.11% |
Nine Months Ended June 30, 2017 | |
Risk-free interest rate | 1.40% |
Expected volatility of the Company’s stock | 21.00% |
14. | Earnings Per Share |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Income Available to Ordinary Shareholders | |||||||||||||||
Income from continuing operations | $ | 555 | $ | 347 | $ | 779 | $ | 845 | |||||||
Income (loss) from discontinued operations | — | 36 | (43 | ) | (542 | ) | |||||||||
Basic and diluted income available to shareholders | $ | 555 | $ | 383 | $ | 736 | $ | 303 | |||||||
Weighted Average Shares Outstanding | |||||||||||||||
Basic weighted average shares outstanding | 935.4 | 644.9 | 937.2 | 647.0 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Stock options, unvested restricted stock and unvested performance share awards | 9.0 | 4.8 | 9.6 | 4.5 | |||||||||||
Diluted weighted average shares outstanding | 944.4 | 649.7 | 946.8 | 651.5 | |||||||||||
Antidilutive Securities | |||||||||||||||
Options to purchase shares | 0.1 | 0.1 | 0.1 | 0.2 |
15. | Equity and Noncontrolling Interests |
Three Months Ended June 30, 2017 | Three Months Ended June 30, 2016 | ||||||||||||||||||||||
Equity Attributable to Johnson Controls International plc | Equity Attributable to Noncontrolling Interests | Total Equity | Equity Attributable to Johnson Controls International plc | Equity Attributable to Noncontrolling Interests | Total Equity | ||||||||||||||||||
Beginning balance, March 31 | $ | 19,388 | $ | 813 | $ | 20,201 | $ | 9,984 | $ | 898 | $ | 10,882 | |||||||||||
Total comprehensive income (loss): | |||||||||||||||||||||||
Net income | 555 | 66 | 621 | 383 | 59 | 442 | |||||||||||||||||
Foreign currency translation adjustments | 268 | 3 | 271 | (141 | ) | 3 | (138 | ) | |||||||||||||||
Realized and unrealized gains (losses) on derivatives | (7 | ) | (1 | ) | (8 | ) | 6 | (2 | ) | 4 | |||||||||||||
Realized and unrealized losses on marketable securities | (3 | ) | — | (3 | ) | — | — | — | |||||||||||||||
Other comprehensive income (loss) | 258 | 2 | 260 | (135 | ) | 1 | (134 | ) | |||||||||||||||
Comprehensive income | 813 | 68 | 881 | 248 | 60 | 308 | |||||||||||||||||
Other changes in equity: | |||||||||||||||||||||||
Cash dividends—ordinary shares | (234 | ) | — | (234 | ) | (189 | ) | — | (189 | ) | |||||||||||||
Dividends attributable to noncontrolling interests | — | — | — | — | (35 | ) | (35 | ) | |||||||||||||||
Repurchases of ordinary shares | (307 | ) | — | (307 | ) | (475 | ) | — | (475 | ) | |||||||||||||
Change in noncontrolling interest share | — | 3 | 3 | — | 1 | 1 | |||||||||||||||||
Other, including options exercised | 71 | — | 71 | 31 | — | 31 | |||||||||||||||||
Ending balance, June 30 | $ | 19,731 | $ | 884 | $ | 20,615 | $ | 9,599 | $ | 924 | $ | 10,523 |
Nine Months Ended June 30, 2017 | Nine Months Ended June 30, 2016 | ||||||||||||||||||||||
Equity Attributable to Johnson Controls International plc | Equity Attributable to Noncontrolling Interests | Total Equity | Equity Attributable to Johnson Controls International plc | Equity Attributable to Noncontrolling Interests | Total Equity | ||||||||||||||||||
Beginning balance, September 30 | $ | 24,118 | $ | 972 | $ | 25,090 | $ | 10,376 | $ | 163 | $ | 10,539 | |||||||||||
Total comprehensive income (loss): | |||||||||||||||||||||||
Net income | 736 | 127 | 863 | 303 | 129 | 432 | |||||||||||||||||
Foreign currency translation adjustments | (150 | ) | (22 | ) | (172 | ) | (126 | ) | 12 | (114 | ) | ||||||||||||
Realized and unrealized gains (losses) on derivatives | (13 | ) | 1 | (12 | ) | 9 | (1 | ) | 8 | ||||||||||||||
Realized and unrealized gains on marketable securities | 6 | — | 6 | — | — | — | |||||||||||||||||
Other comprehensive income (loss) | (157 | ) | (21 | ) | (178 | ) | (117 | ) | 11 | (106 | ) | ||||||||||||
Comprehensive income | 579 | 106 | 685 | 186 | 140 | 326 | |||||||||||||||||
Other changes in equity: | |||||||||||||||||||||||
Cash dividends—ordinary shares | (705 | ) | — | (705 | ) | (566 | ) | — | (566 | ) | |||||||||||||
Dividends attributable to noncontrolling interests | — | (47 | ) | (47 | ) | — | (71 | ) | (71 | ) | |||||||||||||
Repurchases of ordinary shares | (426 | ) | — | (426 | ) | (475 | ) | — | (475 | ) | |||||||||||||
Change in noncontrolling interest share | — | (9 | ) | (9 | ) | — | 692 | 692 | |||||||||||||||
Spin-off of Adient | (4,038 | ) | (138 | ) | (4,176 | ) | — | — | — | ||||||||||||||
Other, including options exercised | 203 | — | 203 | 78 | — | 78 | |||||||||||||||||
Ending balance, June 30 | $ | 19,731 | $ | 884 | $ | 20,615 | $ | 9,599 | $ | 924 | $ | 10,523 |
Three Months Ended June 30, | |||||||
2017 | 2016 | ||||||
Beginning balance, March 31 | $ | 168 | $ | 237 | |||
Net income | 8 | 17 | |||||
Foreign currency translation adjustments | 14 | (3 | ) | ||||
Realized and unrealized losses on derivatives | (1 | ) | — | ||||
Ending balance, June 30 | $ | 189 | $ | 251 |
Nine Months Ended June 30, | |||||||
2017 | 2016 | ||||||
Beginning balance, September 30 | $ | 234 | $ | 212 | |||
Net income | 29 | 48 | |||||
Foreign currency translation adjustments | 6 | (1 | ) | ||||
Realized and unrealized losses on derivatives | (1 | ) | (2 | ) | |||
Dividends | (43 | ) | (6 | ) | |||
Spin-off of Adient | (36 | ) | — | ||||
Ending balance, June 30 | $ | 189 | $ | 251 |
Three Months Ended June 30, | |||||||
2017 | 2016 | ||||||
Foreign currency translation adjustments | |||||||
Balance at beginning of period | $ | (1,007 | ) | $ | (1,032 | ) | |
Aggregate adjustment for the period (net of tax effect of $(5) and $(5)) | 268 | (141 | ) | ||||
Balance at end of period | (739 | ) | (1,173 | ) | |||
Realized and unrealized gains (losses) on derivatives | |||||||
Balance at beginning of period | 14 | (4 | ) | ||||
Current period changes in fair value (net of tax effect of $(1) and $(1)) | (1 | ) | (3 | ) | |||
Reclassification to income (net of tax effect of $(5) and $1) * | (6 | ) | 9 | ||||
Balance at end of period | 7 | 2 | |||||
Realized and unrealized gains (losses) on marketable securities | |||||||
Balance at beginning of period | 8 | — | |||||
Current period changes in fair value (net of tax effect of $1) | (3 | ) | — | ||||
Balance at end of period | 5 | — | |||||
Pension and postretirement plans | |||||||
Balance at beginning of period | (2 | ) | (3 | ) | |||
Reclassification to income (net of tax effect of $0) ** | — | — | |||||
Balance at end of period | (2 | ) | (3 | ) | |||
Accumulated other comprehensive loss, end of period | $ | (729 | ) | $ | (1,174 | ) |
Nine Months Ended June 30, | |||||||
2017 | 2016 | ||||||
Foreign currency translation adjustments | |||||||
Balance at beginning of period | $ | (1,152 | ) | $ | (1,047 | ) | |
Aggregate adjustment for the period (net of tax effect of $0 and $(4)) | (150 | ) | (126 | ) | |||
Adient spin-off impact (net of tax effect of $0) | 563 | — | |||||
Balance at end of period | (739 | ) | (1,173 | ) | |||
Realized and unrealized gains (losses) on derivatives | |||||||
Balance at beginning of period | 4 | (7 | ) | ||||
Current period changes in fair value (net of tax effect of $3 and $(2)) | 6 | (9 | ) | ||||
Reclassification to income (net of tax effect of $(12) and $5) * | (19 | ) | 18 | ||||
Adient spin-off impact (net of tax effect of $6 and $0) | 16 | — | |||||
Balance at end of period | 7 | 2 | |||||
Realized and unrealized gains (losses) on marketable securities | |||||||
Balance at beginning of period | (1 | ) | — | ||||
Current period changes in fair value (net of tax effect of $1) | 6 | — | |||||
Balance at end of period | 5 | — | |||||
Pension and postretirement plans | |||||||
Balance at beginning of period | (4 | ) | (3 | ) | |||
Reclassification to income (net of tax effect of $0) ** | — | (1 | ) | ||||
Adient spin-off impact (net of tax effect of $0) | 2 | — | |||||
Other changes (net of tax effect of $0) | — | 1 | |||||
Balance at end of period | (2 | ) | (3 | ) | |||
Accumulated other comprehensive loss, end of period | $ | (729 | ) | $ | (1,174 | ) |
16. | Derivative Instruments and Hedging Activities |
Volume Outstanding as of | ||||||||
Commodity | Units | June 30, 2017 | September 30, 2016 | |||||
Copper | Pounds | 6,200,000 | 5,849,000 | |||||
Polypropylene | Pounds | 18,000,000 | — | |||||
Lead | Metric Tons | 8,645 | 5,185 | |||||
Aluminum | Metric Tons | 2,860 | 2,620 | |||||
Tin | Metric Tons | 2,225 | 185 |
Derivatives and Hedging Activities Designated as Hedging Instruments under ASC 815 | Derivatives and Hedging Activities Not Designated as Hedging Instruments under ASC 815 | ||||||||||||||
June 30, | September 30, | June 30, | September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Other current assets | |||||||||||||||
Foreign currency exchange derivatives | $ | 7 | $ | 41 | $ | 26 | $ | 49 | |||||||
Commodity derivatives | 3 | 4 | — | — | |||||||||||
Other noncurrent assets | |||||||||||||||
Interest rate swaps | — | 1 | — | — | |||||||||||
Equity swap | — | — | 59 | — | |||||||||||
Total assets | $ | 10 | $ | 46 | $ | 85 | $ | 49 | |||||||
Other current liabilities | |||||||||||||||
Foreign currency exchange derivatives | $ | 6 | $ | 48 | $ | 13 | $ | 18 | |||||||
Commodity derivatives | 1 | — | — | — | |||||||||||
Liabilities held for sale | |||||||||||||||
Foreign currency exchange derivatives | — | — | — | 5 | |||||||||||
Current portion of long-term debt | |||||||||||||||
Fixed rate debt swapped to floating | — | 551 | — | — | |||||||||||
Long-term debt | |||||||||||||||
Foreign currency denominated debt | 1,693 | 938 | — | — | |||||||||||
Fixed rate debt swapped to floating | — | 301 | — | — | |||||||||||
Noncurrent liabilities held for sale | |||||||||||||||
Foreign currency denominated debt | — | 1,119 | — | — | |||||||||||
Total liabilities | $ | 1,700 | $ | 2,957 | $ | 13 | $ | 23 |
Fair Value of Assets | Fair Value of Liabilities | ||||||||||||||
June 30, | September 30, | June 30, | September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Gross amount recognized | $ | 95 | $ | 95 | $ | 1,713 | $ | 2,980 | |||||||
Gross amount eligible for offsetting | (18 | ) | (21 | ) | (18 | ) | (21 | ) | |||||||
Net amount | $ | 77 | $ | 74 | $ | 1,695 | $ | 2,959 |
Derivatives in ASC 815 Cash Flow Hedging Relationships | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Foreign currency exchange derivatives | $ | (3 | ) | $ | (5 | ) | $ | 3 | $ | (11 | ) | |||||
Commodity derivatives | 1 | 1 | 6 | — | ||||||||||||
Total | $ | (2 | ) | $ | (4 | ) | $ | 9 | $ | (11 | ) |
Derivatives in ASC 815 Cash Flow Hedging Relationships | Location of Gain (Loss) Reclassified from AOCI into Income | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
Foreign currency exchange derivatives | Cost of sales | $ | 8 | $ | 2 | $ | 24 | $ | 11 | |||||||||
Foreign currency exchange derivatives | Loss from discontinued operations | — | (10 | ) | — | (24 | ) | |||||||||||
Commodity derivatives | Cost of sales | 3 | (2 | ) | 7 | (11 | ) | |||||||||||
Forward treasury locks | Net financing charges | — | — | — | 1 | |||||||||||||
Total | $ | 11 | $ | (10 | ) | $ | 31 | $ | (23 | ) |
Derivatives in ASC 815 Fair Value Hedging Relationships | Location of Gain (Loss) Recognized in Income on Derivative | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
Interest rate swap | Net financing charges | $ | — | $ | — | $ | (1 | ) | $ | (3 | ) | |||||||
Fixed rate debt swapped to floating | Net financing charges | — | — | 2 | 3 | |||||||||||||
Total | $ | — | $ | — | $ | 1 | $ | — |
Amount of Gain (Loss) Recognized in Income on Derivative | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments under ASC 815 | Location of Gain (Loss) Recognized in Income on Derivative | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
Foreign currency exchange derivatives | Cost of sales | $ | (4 | ) | $ | 1 | $ | (1 | ) | $ | 4 | |||||||
Foreign currency exchange derivatives | Net financing charges | 51 | (14 | ) | 60 | (21 | ) | |||||||||||
Foreign currency exchange derivatives | Income tax provision | 1 | 5 | (2 | ) | 5 | ||||||||||||
Foreign currency exchange derivatives | Income (loss) from discontinued operations | — | (5 | ) | 5 | (16 | ) | |||||||||||
Equity swap | Selling, general and administrative | 2 | 20 | 2 | 12 | |||||||||||||
Total | $ | 50 | $ | 7 | $ | 64 | $ | (16 | ) |
17. | Fair Value Measurements |
Fair Value Measurements Using: | |||||||||||||||
Total as of June 30, 2017 | 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 | $ | 33 | $ | — | $ | 33 | $ | — | |||||||
Commodity derivatives | 3 | — | 3 | — | |||||||||||
Exchange traded funds (fixed income)1 | 14 | 14 | — | — | |||||||||||
Other noncurrent assets | |||||||||||||||
Investments in marketable common stock | 15 | 15 | — | — | |||||||||||
Deferred compensation plan assets | 89 | 89 | — | — | |||||||||||
Exchange traded funds (fixed income)1 | 154 | 154 | — | — | |||||||||||
Exchange traded funds (equity)1 | 96 | 96 | — | — | |||||||||||
Equity swap | 59 | 59 | — | — | |||||||||||
Total assets | $ | 463 | $ | 427 | $ | 36 | $ | — | |||||||
Other current liabilities | |||||||||||||||
Foreign currency exchange derivatives | $ | 19 | $ | — | $ | 19 | $ | — | |||||||
Commodity derivatives | 1 | — | 1 | — | |||||||||||
Long-term debt | |||||||||||||||
Foreign currency denominated debt | 1,693 | 1,693 | — | — | |||||||||||
Total liabilities | $ | 1,713 | $ | 1,693 | $ | 20 | $ | — |
Fair Value Measurements Using: | |||||||||||||||
Total as of September 30, 2016 | 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 | $ | 90 | $ | — | $ | 90 | $ | — | |||||||
Commodity derivatives | 4 | — | 4 | — | |||||||||||
Exchange traded funds (fixed income)1 | 15 | 15 | — | — | |||||||||||
Other noncurrent assets | |||||||||||||||
Interest rate swaps | 1 | — | 1 | — | |||||||||||
Investments in marketable common stock | 3 | 3 | — | — | |||||||||||
Deferred compensation plan assets | 81 | 81 | — | — | |||||||||||
Exchange traded funds (fixed income)1 | 163 | 163 | — | — | |||||||||||
Exchange traded funds (equity)1 | 86 | 86 | — | — | |||||||||||
Total assets | $ | 443 | $ | 348 | $ | 95 | $ | — | |||||||
Other current liabilities | |||||||||||||||
Foreign currency exchange derivatives | $ | 66 | $ | — | $ | 66 | $ | — | |||||||
Liabilities held for sale | |||||||||||||||
Foreign currency exchange derivatives | 5 | — | 5 | — | |||||||||||
Current portion of long-term debt | |||||||||||||||
Fixed rate debt swapped to floating | 551 | — | 551 | — | |||||||||||
Long-term debt | |||||||||||||||
Foreign currency denominated debt | 938 | 938 | — | — | |||||||||||
Fixed rate debt swapped to floating | 301 | — | 301 | — | |||||||||||
Noncurrent liabilities held for sale | |||||||||||||||
Foreign currency denominated debt | 1,119 | 1,119 | — | — | |||||||||||
Total liabilities | $ | 2,980 | $ | 2,057 | $ | 923 | $ | — |
18. | Impairment of Long-Lived Assets |
19. | Segment Information |
• | Systems and Service North America provides products and services to non-residential building and industrial applications in the North American marketplace. The products and services include HVAC and controls systems, energy efficiency solutions and technical services, including inspection, scheduled maintenance, and repair and replacement of mechanical and control systems. |
• | Products North America designs and produces heating and air conditioning solutions for residential and light commercial applications, and also markets products and refrigeration systems to the replacement and new construction markets in the North American marketplace. Products North America also includes HVAC products installed for Navy and Marine customers globally. |
• | Asia provides HVAC, controls and refrigeration systems and technical services to the Asian marketplace. Asia also includes the Johnson Controls-Hitachi Air Conditioning joint venture, which was formed October 1, 2015. |
• | Rest of World provides HVAC, controls and refrigeration systems and technical services to markets in Europe, the Middle East and Latin America. |
Net Sales | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Building Technologies & Solutions | |||||||||||||||
Building Efficiency | |||||||||||||||
Systems and Service North America | $ | 1,128 | $ | 1,113 | $ | 3,103 | $ | 3,131 | |||||||
Products North America | 698 | 690 | 1,826 | 1,793 | |||||||||||
Asia | 1,456 | 1,361 | 3,671 | 3,515 | |||||||||||
Rest of World | 456 | 471 | 1,278 | 1,302 | |||||||||||
3,738 | 3,635 | 9,878 | 9,741 | ||||||||||||
Tyco | 2,336 | — | 6,953 | — | |||||||||||
6,074 | 3,635 | 16,831 | 9,741 | ||||||||||||
Power Solutions | 1,609 | 1,519 | 5,205 | 4,842 | |||||||||||
Total net sales | $ | 7,683 | $ | 5,154 | $ | 22,036 | $ | 14,583 |
Segment EBITA | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Building Technologies & Solutions | |||||||||||||||
Building Efficiency | |||||||||||||||
Systems and Service North America | $ | 126 | $ | 142 | $ | 291 | $ | 342 | |||||||
Products North America | 98 | 96 | 192 | 176 | |||||||||||
Asia | 246 | 180 | 483 | 368 | |||||||||||
Rest of World | 26 | 22 | 25 | 29 | |||||||||||
496 | 440 | 991 | 915 | ||||||||||||
Tyco | 416 | — | 1,009 | — | |||||||||||
912 | 440 | 2,000 | 915 | ||||||||||||
Power Solutions | 304 | 280 | 996 | 922 | |||||||||||
Segment EBITA | $ | 1,216 | $ | 720 | $ | 2,996 | $ | 1,837 | |||||||
Corporate expenses | (172 | ) | (126 | ) | (605 | ) | (323 | ) | |||||||
Amortization of intangible assets | (108 | ) | (22 | ) | (383 | ) | (62 | ) | |||||||
Restructuring and impairment costs | (49 | ) | (27 | ) | (226 | ) | (87 | ) | |||||||
Net mark-to-market adjustments on pension plans | (45 | ) | — | 90 | — | ||||||||||
Net financing charges | (124 | ) | (65 | ) | (376 | ) | (202 | ) | |||||||
Income from continuing operations before income taxes | $ | 718 | $ | 480 | $ | 1,496 | $ | 1,163 |
20. | Guarantees |
Nine Months Ended June 30, | |||||||
2017 | 2016 | ||||||
Balance at beginning of period | $ | 374 | $ | 288 | |||
Accruals for warranties issued during the period | 221 | 230 | |||||
Accruals from acquisition and divestitures (1) | 2 | 53 | |||||
Accruals related to pre-existing warranties | (5 | ) | (7 | ) | |||
Settlements made (in cash or in kind) during the period | (199 | ) | (220 | ) | |||
Currency translation | (1 | ) | 2 | ||||
Balance at end of period | $ | 392 | $ | 346 |
21. | Tyco International Finance S.A. |
(in millions) | Johnson Controls International plc | Tyco Fire & Security Finance SCA | Tyco International Finance S.A. | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 7,683 | $ | — | $ | 7,683 | |||||||||||
Cost of sales | — | — | 5,252 | — | 5,252 | ||||||||||||||||||
Gross profit | — | — | — | 2,431 | — | 2,431 | |||||||||||||||||
Selling, general and administrative expenses | (1 | ) | — | — | (1,608 | ) | — | (1,609 | ) | ||||||||||||||
Restructuring and impairment costs | — | — | — | (49 | ) | — | (49 | ) | |||||||||||||||
Net financing charges | (59 | ) | (1 | ) | (3 | ) | (61 | ) | — | (124 | ) | ||||||||||||
Equity income | 626 | 468 | 68 | 69 | (1,162 | ) | 69 | ||||||||||||||||
Intercompany interest and fees | (11 | ) | 89 | (5 | ) | (73 | ) | — | — | ||||||||||||||
Income from continuing operations before income taxes | 555 | 556 | 60 | 709 | (1,162 | ) | 718 | ||||||||||||||||
Income tax provision | — | — | — | 89 | — | 89 | |||||||||||||||||
Net income | 555 | 556 | 60 | 620 | (1,162 | ) | 629 | ||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | — | — | — | 74 | — | 74 | |||||||||||||||||
Net income attributable to Johnson Controls | $ | 555 | $ | 556 | $ | 60 | $ | 546 | $ | (1,162 | ) | $ | 555 |
(in millions) | Johnson Controls International plc | Tyco Fire & Security Finance SCA | Tyco International Finance S.A. | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Net income | $ | 555 | $ | 556 | $ | 60 | $ | 620 | $ | (1,162 | ) | $ | 629 | ||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Foreign currency translation adjustments | 268 | (30 | ) | (4 | ) | 319 | (268 | ) | 285 | ||||||||||||||
Realized and unrealized losses on derivatives | (7 | ) | — | — | (9 | ) | 7 | (9 | ) | ||||||||||||||
Realized and unrealized gains (losses) on marketable securities | (3 | ) | — | (6 | ) | 3 | 3 | (3 | ) | ||||||||||||||
Other comprehensive income (loss) | 258 | (30 | ) | (10 | ) | 313 | (258 | ) | 273 | ||||||||||||||
Total comprehensive income | 813 | 526 | 50 | 933 | (1,420 | ) | 902 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 89 | — | 89 | |||||||||||||||||
Comprehensive income attributable to Johnson Controls | $ | 813 | $ | 526 | $ | 50 | $ | 844 | $ | (1,420 | ) | $ | 813 |
(in millions) | Johnson Controls International plc | Tyco Fire & Security Finance SCA | Tyco International Finance S.A. | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 22,036 | $ | — | $ | 22,036 | |||||||||||
Cost of sales | — | — | — | 15,210 | — | 15,210 | |||||||||||||||||
Gross profit | — | — | — | 6,826 | — | 6,826 | |||||||||||||||||
Selling, general and administrative expenses | (7 | ) | — | — | (4,898 | ) | — | (4,905 | ) | ||||||||||||||
Restructuring and impairment costs | — | — | — | (226 | ) | — | (226 | ) | |||||||||||||||
Net financing charges | (137 | ) | (1 | ) | (17 | ) | (221 | ) | — | (376 | ) | ||||||||||||
Equity income (loss) | 841 | (32 | ) | (433 | ) | 177 | (376 | ) | 177 | ||||||||||||||
Intercompany interest and fees | 39 | 162 | 32 | (233 | ) | — | — | ||||||||||||||||
Income (loss) from continuing operations before income taxes | 736 | 129 | (418 | ) | 1,425 | (376 | ) | 1,496 | |||||||||||||||
Income tax provision | — | — | — | 570 | — | 570 | |||||||||||||||||
Income (loss) from continuing operations | 736 | 129 | (418 | ) | 855 | (376 | ) | 926 | |||||||||||||||
Income (loss) from sale of intercompany investment, net of tax | — | — | (935 | ) | — | 935 | — | ||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (34 | ) | — | (34 | ) | |||||||||||||||
Net income (loss) | 736 | 129 | (1,353 | ) | 821 | 559 | 892 | ||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | — | — | — | 147 | — | 147 | |||||||||||||||||
Income from discontinued operations attributable to noncontrolling interests | — | — | — | 9 | — | 9 | |||||||||||||||||
Net income (loss) attributable to Johnson Controls | $ | 736 | $ | 129 | $ | (1,353 | ) | $ | 665 | $ | 559 | $ | 736 |
(in millions) | Johnson Controls International plc | Tyco Fire & Security Finance SCA | Tyco International Finance S.A. | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Net income (loss) | $ | 736 | $ | 129 | $ | (1,353 | ) | $ | 821 | $ | 559 | $ | 892 | ||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Foreign currency translation adjustments | (150 | ) | (37 | ) | 22 | (151 | ) | 150 | (166 | ) | |||||||||||||
Realized and unrealized losses on derivatives | (13 | ) | — | — | (13 | ) | 13 | (13 | ) | ||||||||||||||
Realized and unrealized gains on marketable securities | 6 | — | 1 | 5 | (6 | ) | 6 | ||||||||||||||||
Other comprehensive income (loss) | (157 | ) | (37 | ) | 23 | (159 | ) | 157 | (173 | ) | |||||||||||||
Total comprehensive income (loss) | 579 | 92 | (1,330 | ) | 662 | 716 | 719 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 140 | — | 140 | |||||||||||||||||
Comprehensive income (loss) attributable to Johnson Controls | $ | 579 | $ | 92 | $ | (1,330 | ) | $ | 522 | $ | 716 | $ | 579 |
(in millions) | Johnson Controls International plc | Tyco Fire & Security Finance SCA | Tyco International Finance S.A. | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 318 | $ | 388 | $ | (248 | ) | $ | 458 | ||||||||||
Accounts receivable - net | — | — | — | 6,443 | — | 6,443 | |||||||||||||||||
Inventories | — | — | — | 3,384 | — | 3,384 | |||||||||||||||||
Intercompany receivables | 1,857 | 1,786 | 38 | 8,279 | (11,960 | ) | — | ||||||||||||||||
Assets held for sale | — | — | — | 2,082 | — | 2,082 | |||||||||||||||||
Other current assets | 40 | — | 2 | 1,553 | — | 1,595 | |||||||||||||||||
Current assets | $ | 1,897 | $ | 1,786 | $ | 358 | $ | 22,129 | $ | (12,208 | ) | $ | 13,962 | ||||||||||
Property, plant and equipment - net | — | — | — | 5,870 | — | 5,870 | |||||||||||||||||
Goodwill | 243 | — | 32 | 19,344 | — | 19,619 | |||||||||||||||||
Other intangible assets - net | — | — | — | 6,727 | — | 6,727 | |||||||||||||||||
Investments in partially-owned affiliates | — | — | — | 1,159 | — | 1,159 | |||||||||||||||||
Investments in affiliates | 18,098 | 29,456 | 22,515 | — | (70,069 | ) | — | ||||||||||||||||
Intercompany loans receivable | 17,862 | 4,140 | 2,836 | 4,688 | (29,526 | ) | — | ||||||||||||||||
Other noncurrent assets | 59 | — | 12 | 3,278 | — | 3,349 | |||||||||||||||||
Total assets | $ | 38,159 | $ | 35,382 | $ | 25,753 | $ | 63,195 | $ | (111,803 | ) | $ | 50,686 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Short-term debt | $ | 1,592 | $ | 76 | $ | — | $ | 536 | $ | (248 | ) | $ | 1,956 | ||||||||||
Current portion of long-term debt | 444 | — | 18 | 81 | — | 543 | |||||||||||||||||
Accounts payable | — | — | — | 3,764 | — | 3,764 | |||||||||||||||||
Accrued compensation and benefits | 1 | — | — | 1,003 | — | 1,004 | |||||||||||||||||
Liabilities held for sale | — | — | — | 247 | — | 247 | |||||||||||||||||
Intercompany payables | 3,911 | 1,037 | 6,001 | 1,011 | (11,960 | ) | — | ||||||||||||||||
Other current liabilities | 350 | 3 | 24 | 3,624 | — | 4,001 | |||||||||||||||||
Current liabilities | 6,298 | 1,116 | 6,043 | 10,266 | (12,208 | ) | 11,515 | ||||||||||||||||
Long-term debt | 7,442 | — | 153 | 4,177 | — | 11,772 | |||||||||||||||||
Pension and postretirement benefits | — | — | — | 1,330 | — | 1,330 | |||||||||||||||||
Intercompany loans payable | 4,688 | 17,862 | — | 6,976 | (29,526 | ) | — | ||||||||||||||||
Other noncurrent liabilities | — | — | 24 | 5,241 | — | 5,265 | |||||||||||||||||
Long-term liabilities | 12,130 | 17,862 | 177 | 17,724 | (29,526 | ) | 18,367 | ||||||||||||||||
Redeemable noncontrolling interests | — | — | — | 189 | — | 189 | |||||||||||||||||
Ordinary shares | 9 | — | — | — | — | 9 | |||||||||||||||||
Ordinary shares held in treasury | (481 | ) | — | — | — | — | (481 | ) | |||||||||||||||
Other shareholders' equity | 20,203 | 16,404 | 19,533 | 34,132 | (70,069 | ) | 20,203 | ||||||||||||||||
Shareholders’ equity attributable to Johnson Controls | 19,731 | 16,404 | 19,533 | 34,132 | (70,069 | ) | 19,731 | ||||||||||||||||
Noncontrolling interests | — | — | — | 884 | — | 884 | |||||||||||||||||
Total equity | 19,731 | 16,404 | 19,533 | 35,016 | (70,069 | ) | 20,615 | ||||||||||||||||
Total liabilities and equity | $ | 38,159 | $ | 35,382 | $ | 25,753 | $ | 63,195 | $ | (111,803 | ) | $ | 50,686 |
(in millions) | Johnson Controls International plc | Tyco Fire & Security Finance SCA | Tyco International Finance S.A. | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Operating Activities | |||||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 136 | $ | — | $ | 97 | $ | (1,554 | ) | $ | — | $ | (1,321 | ) | |||||||||
Investing Activities | |||||||||||||||||||||||
Capital expenditures | — | — | — | (996 | ) | — | (996 | ) | |||||||||||||||
Sale of property, plant and equipment | — | — | — | 23 | — | 23 | |||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | (6 | ) | — | — | (6 | ) | |||||||||||||||
Business divestitures | — | — | — | 180 | — | 180 | |||||||||||||||||
Changes in long-term investments | — | — | (11 | ) | (22 | ) | — | (33 | ) | ||||||||||||||
Net change in intercompany loans receivable | — | — | 10 | 357 | (367 | ) | — | ||||||||||||||||
Increase in intercompany investment in subsidiaries | (1,924 | ) | (1,716 | ) | (76 | ) | — | 3,716 | — | ||||||||||||||
Net cash used by investing activities | (1,924 | ) | (1,716 | ) | (83 | ) | (458 | ) | 3,349 | (832 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||||
Increase (decrease) in short-term debt - net | 1,592 | 76 | — | (533 | ) | (248 | ) | 887 | |||||||||||||||
Increase in long-term debt | 1,544 | — | — | 9 | — | 1,553 | |||||||||||||||||
Repayment of long-term debt | (46 | ) | — | (16 | ) | (910 | ) | — | (972 | ) | |||||||||||||
Debt financing costs | (17 | ) | — | — | (1 | ) | — | (18 | ) | ||||||||||||||
Stock repurchases | (426 | ) | — | — | — | — | (426 | ) | |||||||||||||||
Payment of cash dividends | (469 | ) | — | — | — | — | (469 | ) | |||||||||||||||
Proceeds from the exercise of stock options | 56 | — | — | 74 | — | 130 | |||||||||||||||||
Net change in intercompany loans payable | (357 | ) | — | — | (10 | ) | 367 | — | |||||||||||||||
Increase in equity from parent | — | 1,640 | 76 | 2,000 | (3,716 | ) | — | ||||||||||||||||
Change in noncontrolling interest share | — | — | — | 8 | — | 8 | |||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | (78 | ) | — | (78 | ) | |||||||||||||||
Dividend from Adient spin-off | (87 | ) | — | — | 2,137 | — | 2,050 | ||||||||||||||||
Cash transferred to Adient related to spin-off | — | — | — | (665 | ) | — | (665 | ) | |||||||||||||||
Cash paid related to prior acquisitions | — | — | — | (75 | ) | — | (75 | ) | |||||||||||||||
Other | (13 | ) | — | — | 3 | — | (10 | ) | |||||||||||||||
Net cash provided by financing activities | 1,777 | 1,716 | 60 | 1,959 | (3,597 | ) | 1,915 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 12 | — | 12 | |||||||||||||||||
Changes in cash held for sale | — | — | — | 105 | — | 105 | |||||||||||||||||
Increase (decrease) in cash and cash equivalents | (11 | ) | — | 74 | 64 | (248 | ) | (121 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 11 | — | 244 | 324 | — | 579 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 318 | $ | 388 | $ | (248 | ) | $ | 458 |
(in millions) | Johnson Controls International plc | Tyco Fire & Security Finance SCA | Tyco International Finance S.A. | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 11 | $ | — | $ | 244 | $ | 324 | $ | — | $ | 579 | |||||||||||
Accounts receivable - net | — | — | — | 6,394 | — | 6,394 | |||||||||||||||||
Inventories | — | — | — | 2,888 | — | 2,888 | |||||||||||||||||
Intercompany receivables | 16 | — | 2 | 6,188 | (6,206 | ) | — | ||||||||||||||||
Assets held for sale | — | — | — | 5,812 | — | 5,812 | |||||||||||||||||
Other current assets | 6 | — | 1 | 1,429 | — | 1,436 | |||||||||||||||||
Current assets | $ | 33 | $ | — | $ | 247 | $ | 23,035 | $ | (6,206 | ) | $ | 17,109 | ||||||||||
Property, plant and equipment - net | — | — | — | 5,632 | — | 5,632 | |||||||||||||||||
Goodwill | — | — | 274 | 20,750 | — | 21,024 | |||||||||||||||||
Other intangible assets - net | — | — | — | 7,540 | — | 7,540 | |||||||||||||||||
Investments in partially-owned affiliates | — | — | — | 990 | — | 990 | |||||||||||||||||
Investments in affiliates | 12,460 | 31,142 | 27,643 | — | (71,245 | ) | — | ||||||||||||||||
Intercompany loans receivable | 18,680 | — | 13,336 | 15,631 | (47,647 | ) | — | ||||||||||||||||
Noncurrent assets held for sale | — | — | — | 7,374 | — | 7,374 | |||||||||||||||||
Other noncurrent assets | — | — | — | 3,510 | — | 3,510 | |||||||||||||||||
Total assets | $ | 31,173 | $ | 31,142 | $ | 41,500 | $ | 84,462 | $ | (125,098 | ) | $ | 63,179 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | — | $ | 1,078 | $ | — | $ | 1,078 | |||||||||||
Current portion of long-term debt | — | — | — | 628 | — | 628 | |||||||||||||||||
Accounts payable | 1 | — | — | 3,999 | — | 4,000 | |||||||||||||||||
Accrued compensation and benefits | — | — | — | 1,333 | — | 1,333 | |||||||||||||||||
Liabilities held for sale | — | — | — | 4,276 | — | 4,276 | |||||||||||||||||
Intercompany payables | 3,873 | — | 2,315 | 18 | (6,206 | ) | — | ||||||||||||||||
Other current liabilities | 3 | 2 | 32 | 4,979 | — | 5,016 | |||||||||||||||||
Current liabilities | 3,877 | 2 | 2,347 | 16,311 | (6,206 | ) | 16,331 | ||||||||||||||||
Long-term debt | — | — | 2,413 | 8,640 | — | 11,053 | |||||||||||||||||
Pension and postretirement benefits | — | — | — | 1,550 | — | 1,550 | |||||||||||||||||
Intercompany loans payable | 3,178 | 18,680 | 12,453 | 13,336 | (47,647 | ) | — | ||||||||||||||||
Noncurrent liabilities held for sale | — | — | — | 3,888 | — | 3,888 | |||||||||||||||||
Other noncurrent liabilities | — | — | 22 | 5,011 | — | 5,033 | |||||||||||||||||
Long-term liabilities | 3,178 | 18,680 | 14,888 | 32,425 | (47,647 | ) | 21,524 | ||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 234 | — | 234 | |||||||||||||||||
Ordinary shares | 9 | — | — | — | — | 9 | |||||||||||||||||
Ordinary shares held in treasury | (20 | ) | — | — | — | — | (20 | ) | |||||||||||||||
Other shareholders' equity | 24,129 | 12,460 | 24,265 | 34,520 | (71,245 | ) | 24,129 | ||||||||||||||||
Shareholders’ equity attributable to Johnson Controls | 24,118 | 12,460 | 24,265 | 34,520 | (71,245 | ) | 24,118 | ||||||||||||||||
Noncontrolling interests | — | — | — | 972 | — | 972 | |||||||||||||||||
Total equity | 24,118 | 12,460 | 24,265 | 35,492 | (71,245 | ) | 25,090 | ||||||||||||||||
Total liabilities and equity | $ | 31,173 | $ | 31,142 | $ | 41,500 | $ | 84,462 | $ | (125,098 | ) | $ | 63,179 |
22. | Commitments and Contingencies |
23. | Related Party Transactions |
June 30, 2017 | September 30, 2016 | |||||||
Receivable from related parties | $ | 99 | $ | 66 | ||||
Payable to related parties | 22 | 11 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
Net sales | $ | 7,683 | $ | 5,154 | 49 | % | $ | 22,036 | $ | 14,583 | 51 | % |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
Cost of sales | $ | 5,252 | $ | 3,732 | 41 | % | $ | 15,210 | $ | 10,617 | 43 | % | |||||||||
Gross profit | 2,431 | 1,422 | 71 | % | 6,826 | 3,966 | 72 | % | |||||||||||||
% of sales | 31.6 | % | 27.6 | % | 31.0 | % | 27.2 | % |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
Selling, general and administrative expenses | $ | 1,609 | $ | 895 | 80 | % | $ | 4,905 | $ | 2,641 | 86 | % | |||||||||
% of sales | 20.9 | % | 17.4 | % | 22.3 | % | 18.1 | % |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||
Restructuring and impairment costs | $ | 49 | $ | 27 | 81 | % | $ | 226 | $ | 87 | * |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
Net financing charges | $ | 124 | $ | 65 | 91 | % | $ | 376 | $ | 202 | 86 | % |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
Equity income | $ | 69 | $ | 45 | 53 | % | $ | 177 | $ | 127 | 39 | % |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||
Income tax provision | $ | 89 | $ | 78 | 14 | % | $ | 570 | $ | 202 | * | |||||||||
Effective tax rate | 12 | % | 16 | % | 38 | % | 17 | % |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||
Income (loss) from discontinued operations, net of tax | $ | — | $ | 57 | * | $ | (34 | ) | $ | (481 | ) | * |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
Income from continuing operations attributable to noncontrolling interests | $ | 74 | $ | 55 | 35 | % | $ | 147 | $ | 116 | 27 | % | |||||||||
Income from discontinued operations attributable to noncontrolling interests | — | 21 | * | 9 | 61 | -85 | % |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||
Net income attributable to Johnson Controls | $ | 555 | $ | 383 | 45 | % | $ | 736 | $ | 303 | * |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||
Comprehensive income attributable to Johnson Controls | $ | 813 | $ | 248 | * | $ | 579 | $ | 186 | * |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
Building Efficiency | |||||||||||||||||||||
Systems and Service North America | $ | 1,128 | $ | 1,113 | 1 | % | $ | 3,103 | $ | 3,131 | -1 | % | |||||||||
Products North America | 698 | 690 | 1 | % | 1,826 | 1,793 | 2 | % | |||||||||||||
Asia | 1,456 | 1,361 | 7 | % | 3,671 | 3,515 | 4 | % | |||||||||||||
Rest of World | 456 | 471 | -3 | % | 1,278 | 1,302 | -2 | % | |||||||||||||
3,738 | 3,635 | 3 | % | 9,878 | 9,741 | 1 | % | ||||||||||||||
Tyco | 2,336 | — | * | 6,953 | — | * | |||||||||||||||
$ | 6,074 | $ | 3,635 | 67 | % | $ | 16,831 | $ | 9,741 | 73 | % |
• | The increase in Systems and Service North America was due to higher volumes of controls systems and service ($22 million), partially offset by a prior year business divestiture ($4 million) and the unfavorable impact of foreign currency translation ($3 million). The increase in volumes was primarily attributable to market growth. |
• | The increase in Products North America was due to higher volumes ($12 million), partially offset by a prior year business divestiture ($2 million) and the unfavorable impact of foreign currency translation ($2 million). The increase in volumes was primarily attributable to new product offerings. |
• | The increase in Asia was due to higher volumes of equipment and control systems ($119 million) and higher service volumes ($4 million), partially offset by the unfavorable impact of foreign currency translation ($17 million) and lower volumes related to a business deconsolidation ($11 million). The increase in volumes was primarily due to new product offerings and favorable local market conditions. |
• | The decrease in Rest of World was due to a prior year business divestiture ($11 million), the unfavorable impact of foreign currency translation ($8 million) and lower volumes in Latin America ($3 million), partially offset by higher volumes in Europe ($5 million) and in the Middle East ($2 million). |
• | The increase in Tyco was due to incremental sales related to the Tyco Merger ($2,336 million). |
• | The decrease in Systems and Service North America was due to a prior year business divestiture ($32 million), partially offset by higher volumes of controls systems and service ($4 million). |
• | The increase in Products North America was due to higher volumes ($44 million), partially offset by a prior year business divestiture ($7 million) and the unfavorable impact of foreign currency translation ($4 million). The increase in volumes was primarily attributable to market share changes and new product offerings. |
• | The increase in Asia was due to higher volumes of equipment and control systems ($136 million), higher service volumes ($25 million) and the favorable impact of foreign currency translation ($24 million), partially offset by lower volumes related to a business deconsolidation ($29 million). The increase in volumes was primarily due to new product offerings and favorable local market conditions. |
• | The decrease in Rest of World was due to a prior year business divestiture ($27 million), the unfavorable impact of foreign currency translation ($19 million) and lower volumes in the Middle East ($15 million), partially offset by higher volumes in Europe ($30 million) and Latin America ($7 million). |
• | The increase in Tyco was due to incremental sales related to the Tyco Merger ($6,953 million). |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
Building Efficiency | |||||||||||||||||||||
Systems and Service North America | $ | 126 | $ | 142 | -11 | % | $ | 291 | $ | 342 | -15 | % | |||||||||
Products North America | 98 | 96 | 2 | % | 192 | 176 | 9 | % | |||||||||||||
Asia | 246 | 180 | 37 | % | 483 | 368 | 31 | % | |||||||||||||
Rest of World | 26 | 22 | 18 | % | 25 | 29 | -14 | % | |||||||||||||
496 | 440 | 13 | % | 991 | 915 | 8 | % | ||||||||||||||
Tyco | 416 | — | * | 1,009 | — | * | |||||||||||||||
$ | 912 | $ | 440 | * | $ | 2,000 | $ | 915 | * |
• | The decrease in Systems and Service North America was due to a prior year gain on business divestiture ($14 million), higher selling, general and administrative expenses ($5 million), current year transaction costs ($2 million) and current year integration costs ($1 million), partially offset by higher volumes ($6 million). |
• | The increase in Products North America was due to favorable mix ($5 million), higher volumes ($3 million) and higher equity income ($1 million), partially offset by higher selling, general and administrative expenses ($4 million), current year transaction costs ($2 million) and current year integration costs ($1 million). |
• | The increase in Asia was due to higher volumes ($35 million), higher equity income ($9 million), lower operating costs ($7 million), prior year integration costs ($7 million), lower selling, general and administrative expenses ($6 million), and favorable mix ($4 million), partially offset by the unfavorable impact of foreign currency translation ($2 million). |
• | The increase in Rest of World was due to lower selling, general and administrative expenses ($5 million), lower operating costs ($3 million) and higher volumes ($1 million), partially offset by a prior year business divestiture ($2 million), the unfavorable impact of foreign currency translation ($2 million) and current year transaction costs ($1 million). |
• | The increase in Tyco was due to incremental income related to the Tyco Merger ($405 million) and the impact of nonrecurring purchasing accounting adjustments ($24 million), partially offset by current year integration costs ($12 million) and current year transaction costs ($1 million). |
• | The decrease in Systems and Service North America was due to higher operating costs as a result of channel investments ($29 million), a prior year gain on business divestiture ($14 million), current year transaction costs ($5 million), current |
• | The increase in Products North America was due to lower operating costs as a result of cost reduction initiatives ($15 million), higher volumes ($10 million), and favorable mix ($7 million), partially offset by current year transaction costs ($5 million), current year integration costs ($5 million), higher selling, general and administrative expenses ($4 million), and the unfavorable impact of foreign currency translation ($2 million). |
• | The increase in Asia was due to higher volumes ($44 million), lower selling, general and administrative expenses as a result of productivity and synergy savings ($32 million), higher equity income ($23 million), prior year integration costs ($15 million), prior year transaction costs ($10 million), and favorable mix ($4 million), partially offset by higher operating costs due to product investments ($11 million) and the unfavorable impact of foreign currency translation ($2 million). |
• | The decrease in Rest of World was due to lower equity income ($8 million), a prior year gain on acquisition of a partially-owned affiliate ($4 million), the unfavorable impact of foreign currency translation ($4 million), a prior year business divestiture ($3 million), current year integration costs ($1 million) and current year transaction costs ($1 million), partially offset by lower selling, general and administrative expenses as a result of productivity and synergy savings ($14 million), and higher volumes ($3 million). |
• | The increase in Tyco was due to incremental income related to the Tyco Merger ($1,102 million), partially offset by the impact of nonrecurring purchasing accounting adjustments ($37 million), current year integration costs ($35 million) and current year transaction costs ($21 million). |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
Net sales | $ | 1,609 | $ | 1,519 | 6 | % | $ | 5,205 | $ | 4,842 | 7 | % | |||||||||
Segment EBITA | 304 | 280 | 9 | % | 996 | 922 | 8 | % |
• | Net sales increased due to the impact of higher lead costs on pricing ($124 million), and favorable pricing and product mix ($27 million), partially offset by lower volumes ($56 million) and the unfavorable impact of foreign currency translation ($5 million). The decrease in volumes was driven by changes in customer demand patterns in Europe and North America, partially offset by an increase in start-stop battery volumes. Additionally, higher start-stop volumes contributed to favorable product mix. |
• | Segment EBITA increased due to favorable pricing and product mix net of lead cost increases ($41 million), lower selling, general and administrative expenses as a result of productivity savings ($15 million), higher equity income ($12 million) and prior year transaction costs ($1 million), partially offset by higher operating costs primarily driven by efforts to satisfy customer demand ($27 million), lower volumes ($15 million) and the unfavorable impact of foreign currency translation ($3 million). |
• | Net sales increased due to the impact of higher lead costs on pricing ($298 million), and favorable pricing and product mix ($85 million), partially offset by the unfavorable impact of foreign currency translation ($20 million). Higher start-stop volumes contributed to favorable product mix. |
• | Segment EBITA increased due to favorable pricing and product mix net of lead cost increases ($81 million), higher equity income ($30 million), lower selling, general and administrative expenses as a result of productivity savings ($24 million), and prior year transaction costs ($1 million), partially offset by higher operating costs primarily driven by efforts to satisfy customer demand ($56 million), the unfavorable impact of foreign currency translation ($5 million) and transaction costs ($1 million). |
June 30, | September 30, | |||||||||
(in millions) | 2017 | 2016 | Change | |||||||
Current assets | $ | 13,962 | $ | 17,109 | ||||||
Current liabilities | (11,515 | ) | (16,331 | ) | ||||||
2,447 | 778 | * | ||||||||
Less: Cash | (458 | ) | (579 | ) | ||||||
Add: Short-term debt | 1,956 | 1,078 | ||||||||
Add: Current portion of long-term debt | 543 | 628 | ||||||||
Less: Assets held for sale | (2,082 | ) | (5,812 | ) | ||||||
Add: Liabilities held for sale | 247 | 4,276 | ||||||||
Working capital (as defined) | $ | 2,653 | $ | 369 | * | |||||
Accounts receivable - net | $ | 6,443 | $ | 6,394 | 1 | % | ||||
Inventories | 3,384 | 2,888 | 17 | % | ||||||
Accounts payable | 3,764 | 4,000 | -6 | % | ||||||
* Measure not meaningful |
• | The Company defines working capital as current assets less current liabilities, excluding cash, short-term debt, the current portion of long-term debt, and the current portion of assets and liabilities held for sale. Management believes that this measure of working capital, which excludes financing-related items, provides a more useful measurement of the Company’s underlying operating performance. |
• | Excluding the impact of amounts classified as held for sale, the increase in working capital at June 30, 2017, as compared to September 30, 2016, was primarily due to income tax payments related to the Adient spin-off, an increase in inventory to meet anticipated customer demand and a decrease in accounts payable due to timing and mix of supplier payments. |
• | The Company’s days sales in accounts receivable at June 30, 2017 were 65 days, higher than 61 days at September 30, 2016. There have been no changes in revenue recognition methods. Increased volumes in certain of the segments and seasonality contributed to the increase. |
• | The Company’s inventory turns for the three months ended June 30, 2017 were significantly lower than the comparable period ended September 30, 2016, primarily due to a build of Power Solutions inventory levels to meet customer demand. |
• | Days in accounts payable at June 30, 2017 were 63 days, lower than 69 days at the comparable period ended September 30, 2016 due primarily to the mix of payables. |
Nine Months Ended June 30, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Cash provided (used) by operating activities | $ | (1,321 | ) | $ | 696 | |||
Cash used by investing activities | (832 | ) | (871 | ) | ||||
Cash provided by financing activities | 1,915 | 40 | ||||||
Capital expenditures | (996 | ) | (822 | ) |
• | The increase in cash used by operating activities for the nine months ended June 30, 2017 was primarily due to higher income tax payments primarily due to the Adient spin-off ($1.2 billion in the first quarter of fiscal 2017) and the movement in trade working capital balances. |
• | The decrease in cash used by investing activities for the nine months ended June 30, 2017 was primarily due to cash received from a business divestiture in the current year and cash paid for the JCH joint venture in the prior year, partially offset by an increase in capital expenditures. |
• | The increase in cash provided by financing activities for the nine months ended June 30, 2017 was primarily due to the net dividend proceeds from the Adient spin-off and an increase in current year borrowings. |
• | The increase in capital expenditures for the nine months ended June 30, 2017 primarily relates to Tyco capital investments in the current year and higher capital investments in the Building Efficiency and Power Solutions businesses. |
June 30, | September 30, | |||||||||
(in millions) | 2017 | 2016 | Change | |||||||
Short-term debt | $ | 1,956 | $ | 1,078 | ||||||
Current portion of long-term debt | 543 | 628 | ||||||||
Long-term debt | 11,772 | 11,053 | ||||||||
Total debt | 14,271 | 12,759 | 12 | % | ||||||
Shareholders’ equity attributable to Johnson Controls ordinary shareholders | 19,731 | 24,118 | -18 | % | ||||||
Total capitalization | $ | 34,002 | $ | 36,877 | -8 | % | ||||
Total debt as a % of total capitalization | 42 | % | 35 | % |
• | The Company believes the percentage of total debt to total capitalization is useful to understanding the Company’s financial condition as it provides a review of the extent to which the Company relies on external debt financing for its funding and is a measure of risk to its shareholders. |
• | Shareholders' equity attributable to Johnson Controls ordinary shareholders decreased as a result of the Adient spin-off in October 2016. Refer to Note 5, "Discontinued Operations," of the notes to consolidated financial statements for further information. |
• | In connection with the Tyco Merger, on December 28, 2016, the Company completed its offers to exchange all validly tendered and accepted notes of certain series (the "existing notes") issued by JCI Inc. or Tyco International Finance S.A. ("TIFSA"), as applicable, each of which is a wholly owned subsidiary of the Company, for new notes (the New Notes) to be issued by the Company, and the related solicitation of consents to amend the indentures governing the existing notes (the offers to exchange and the related consent solicitation together the "exchange offers"). Pursuant to the exchange offers, the Company exchanged approximately $5.6 billion of $6.0 billion in aggregate principal amount of dollar denominated notes and approximately 423 million euro of 500 million euro in aggregate principal amount of euro denominated notes. All validly tendered and accepted existing notes have been canceled. Immediately following such cancellation, $380.9 million aggregate |
• | In June 2017, the Company partially repaid $135 million of the $4.0 billion floating rate term loan scheduled to mature in March 2020. |
• | In March 2017, the Company issued one billion euro in principal amount of 1.0% senior unsecured fixed rate notes due in fiscal 2023. Proceeds from the issuance were used to repay existing debt and for other general corporate purposes. |
• | In March 2017, the Company entered into a 364-day $150 million committed revolving credit facility scheduled to expire in March 2018. As of June 30, 2017, there were no draws on the facility. |
• | In March 2017, the Company retired $46 million in principal amount, plus accrued interest, of its 2.355% fixed rate notes that matured in March 2017. |
• | In March 2017 and February 2017, the Company repurchased, at a discount, 15 million euro of its TIFSA 1.375% fixed rate notes, plus accrued interest, scheduled to mature in February 2025. |
• | In February 2017, the Company issued $500 million aggregate principal amount of 4.5% senior unsecured fixed rate notes due in fiscal 2047. Proceeds from the issuance were used to repay outstanding commercial paper borrowings and for other general corporate purposes. |
• | In February 2017, the Company entered into a 364-day $150 million committed revolving credit facility scheduled to expire in February 2018. As of June 30, 2017, there were no draws on the facility. |
• | In January 2017, the Company entered into a 364-day $250 million committed revolving credit facility scheduled to expire in January 2018. As of June 30, 2017, there were no draws on the facility outstanding. |
• | In December 2016, the Company retired $400 million in principal amount, plus accrued interest, of its 2.6% fixed rate notes that matured in December 2016. |
• | In December 2016, the Company entered into a 364-day 100 million euro floating rate term loan scheduled to mature in December 2017. Proceeds from the term loan were used for general corporate purposes. Principal and accrued interest were fully repaid in March 2017. |
• | In December 2016, a $100 million committed revolving credit facility expired. There were no draws on the facility. |
• | In November 2016, the Company fully repaid its 37 billion yen syndicated floating rate term loan, plus accrued interest, scheduled to mature in June 2020. |
• | In November 2016, a $35 million committed revolving credit facility expired. There were no draws on the facility. |
• | In October 2016, the Company repaid two ten-month floating rate term loans totaling $325 million, plus accrued interest, scheduled to mature in October 2016. |
• | In October 2016, the Company repaid a nine-month $100 million floating rate term loan, plus accrued interest, scheduled to mature in November 2016. |
• | In October 2016, the Company repaid a nine-month 100 million euro floating rate term loan, plus accrued interest, scheduled to mature in October 2016. |
• | The Company also selectively makes use of short-term credit lines other than its revolving credit facilities at the Company and TSarl. The Company estimates that, as of June 30, 2017, it could borrow up to $1.4 billion based on average borrowing levels during the quarter on committed credit lines. |
• | The Company believes its capital resources and liquidity position at June 30, 2017 are adequate to meet projected needs. The Company believes requirements for working capital, capital expenditures, dividends, stock repurchases, minimum pension contributions, debt maturities and any potential acquisitions in the remainder of fiscal 2017 will continue to be funded from operations, supplemented by short- and long-term borrowings, if required. The Company currently manages its short-term debt position in the U.S. and euro commercial paper markets and bank loan markets. In the event the Company and TSarl are unable to issue commercial paper, they would have the ability to draw on their $2.0 billion and $1.0 billion revolving credit facilities, respectively. Both facilities mature in August 2020. There were no draws on the revolving credit facility as of June 30, 2017 and September 30, 2016. As such, the Company believes it has sufficient financial resources to fund operations and meet its obligations for the foreseeable future. |
• | The Company earns a significant amount of its operating income outside of the parent company. Outside basis differences in these subsidiaries are deemed to be permanently reinvested. However, in fiscal 2017, the Company provided income tax expense related to a change in the Company’s assertion over the outside basis difference of the Scott Safety business as a result of the pending divestiture. The Company currently does not intend nor foresee a need to repatriate undistributed earnings included in the outside basis differences other than in tax efficient manners. However, in fiscal 2016, the Company did provide income tax expense related to a change in the Company's assertion over a portion of the permanently reinvested earnings as a result of the planned spin-off of the Automotive Experience business. Except as noted, the Company’s intent is to reduce basis differences only when it would be tax efficient. The Company expects existing U.S. cash and liquidity to continue to be sufficient to fund the Company’s U.S. operating activities and cash commitments for investing and financing activities for at least the next twelve months and thereafter for the foreseeable future. In addition, the Company expects existing non-U.S. cash, cash equivalents, short-term investments and cash flows from operations to continue to be sufficient to fund the Company’s non-U.S. operating activities and cash commitments for investing activities, such as material capital expenditures, for at least the next twelve months and thereafter for the foreseeable future. Should the Company require more capital in the U.S. than is generated by operations in the U.S., the Company could elect to raise capital in the U.S. through debt or equity issuances. In addition, should the Company require more capital at the Luxembourg and Ireland holding and financing entities, other than amounts that can be provided in tax efficient methods, the Company could also elect to raise capital through debt or equity issuances. This alternative could result in increased interest expense or other dilution of the Company’s earnings. |
• | The Company’s debt financial covenant in its revolving credit facility require a minimum consolidated shareholders’ equity attributable to Johnson Controls of at least $3.5 billion at all times. The revolving credit facility also limits the amount of debt secured by liens that may be incurred to a maximum aggregated amount of 10% of consolidated shareholders’ equity attributable to Johnson Controls for liens and pledges. For purposes of calculating these covenants, consolidated shareholders’ equity attributable to Johnson Controls is calculated without giving effect to (i) the application of Accounting Standards Codification (ASC) 715-60, "Defined Benefit Plans - Other Postretirement," or (ii) the cumulative foreign currency translation adjustment. TSarl's, revolving credit facility contains customary terms and conditions, and a financial covenant that limits the ratio of TSarl's debt to earnings before interest, taxes, depreciation, and amortization as adjusted for certain items set forth in the agreement to 3.5x. The TSarl's revolving credit facility also limits its ability to incur subsidiary debt or grant liens on its and its subsidiaries' property. As of June 30, 2017, the Company and TSarl were in compliance with all covenants and other requirements set forth in their credit agreements and the indentures, governing their notes, and expect to remain in compliance for the foreseeable future. None of the Company’s or TSarl's debt agreements limit access to stated borrowing levels or require accelerated repayment in the event of a decrease in the respective borrower's credit rating. |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of the Publicly Announced Program | Approximate Dollar Value of Shares that May Yet be Purchased under the Programs | |||||||||
4/1/17 - 4/30/17 | |||||||||||||
Purchases by Company | 2,297,518 | $ | 41.56 | 2,297,518 | $ | 323,713,654 | |||||||
5/1/17 - 5/31/17 | |||||||||||||
Purchases by Company | 2,323,600 | 42.02 | 2,323,600 | 226,081,436 | |||||||||
6/1/17 - 6/30/17 | |||||||||||||
Purchases by Company | 2,725,244 | 41.85 | 2,725,244 | 112,026,022 | |||||||||
4/1/17 - 4/30/17 | |||||||||||||
Purchases by affiliated purchaser | — | — | — | NA | |||||||||
5/1/17 - 5/31/17 | |||||||||||||
Purchases by affiliated purchaser | 1,372,000 | 42.21 | — | NA | |||||||||
6/1/17 - 6/30/17 | |||||||||||||
Purchases by affiliated purchaser | — | — | — | NA |
JOHNSON CONTROLS INTERNATIONAL PLC | |||
Date: August 3, 2017 | By: | /s/ Brian J. Stief | |
Brian J. Stief | |||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description |
31.1 | |
31.2 | |
32.1 | |
101 | The following materials from Johnson Controls International plc's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Position, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements. |
1. | I have reviewed this quarterly report on Form 10-Q of Johnson Controls International plc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Alex A. Molinaroli |
Alex A. Molinaroli Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Johnson Controls International plc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Brian J. Stief |
Brian J. Stief Executive Vice President and Chief Financial Officer |
1. | the Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 (Periodic Report) to which this statement is an exhibit fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) and |
2. | information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of Johnson Controls International plc. |
/s/ Alex A. Molinaroli |
Alex A. Molinaroli Chairman and Chief Executive Officer |
/s/ Brian J. Stief |
Brian J. Stief Executive Vice President and Chief Financial Officer |
Document and Entity Information |
9 Months Ended |
---|---|
Jun. 30, 2017
shares
| |
Document and Entity Information [Abstract] | |
Entity Registrant Name | JOHNSON CONTROLS INTERNATIONAL PLC |
Entity Central Index Key | 0000833444 |
Current Fiscal Year End Date | --09-30 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2017 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | JCI |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 932,398,758 |
Consolidated Statements of Financial Position (Parenthetical) |
Jun. 30, 2017
€ / shares
|
Jun. 30, 2017
$ / shares
|
Sep. 30, 2016
€ / shares
|
Sep. 30, 2016
$ / shares
|
---|---|---|---|---|
Ordinary shares, par value | $ 0.01 | $ 0.01 | ||
Preferred shares, par value | $ 0.01 | $ 0.01 | ||
Common Class A [Member] | ||||
Ordinary shares, par value | € / shares | € 1.00 | € 1.00 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 629 | $ 459 | $ 892 | $ 480 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments | 285 | (141) | (166) | (115) |
Realized and unrealized gains (losses) on derivatives | (9) | 4 | (13) | 6 |
Realized and unrealized gains (losses) on marketable securities | (3) | 0 | 6 | 0 |
Other comprehensive income (loss) | 273 | (137) | (173) | (109) |
Total comprehensive income | 902 | 322 | 719 | 371 |
Comprehensive income attributable to noncontrolling interests | 89 | 74 | 140 | 185 |
Comprehensive income attributable to Johnson Controls | $ 813 | $ 248 | $ 579 | $ 186 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Operating Activities | ||
Net income attributable to Johnson Controls | $ 736 | $ 303 |
Income from continuing operations attributable to noncontrolling interests | 147 | 116 |
Income from discontinued operations attributable to noncontrolling interests | 9 | 61 |
Net income | 892 | 480 |
Adjustments to reconcile net income to cash provided (used) by operating activities: | ||
Depreciation and amortization | 919 | 680 |
Pension and postretirement benefit income | (184) | (47) |
Pension and postretirement contributions | (275) | (94) |
Equity in earnings of partially-owned affiliates, net of dividends received | (166) | (202) |
Deferred income taxes | 1,056 | 336 |
Non-cash restructuring and impairment charges | 70 | 80 |
Gain on divestitures - net | 0 | (14) |
Fair value adjustment of equity investment | 0 | (4) |
Equity-based compensation | 114 | 76 |
Other | 3 | (4) |
Changes in assets and liabilities, excluding acquisitions and divestitures: | ||
Accounts receivable | (319) | (113) |
Inventories | (585) | (233) |
Other assets | (258) | (47) |
Restructuring reserves | 22 | 68 |
Accounts payable and accrued liabilities | (608) | (43) |
Accrued income taxes | (2,002) | (223) |
Cash provided (used) by operating activities | (1,321) | 696 |
Investing Activities | ||
Capital expenditures | (996) | (822) |
Sale of property, plant and equipment | 23 | 28 |
Acquisition of businesses, net of cash acquired | (6) | (133) |
Business divestitures | 180 | 54 |
Changes in long-term investments | (33) | 0 |
Other | 0 | 2 |
Cash used by investing activities | (832) | (871) |
Financing Activities | ||
Increase in short-term debt - net | 887 | 2,085 |
Increase in long-term debt | 1,553 | 0 |
Repayment of long-term debt | (972) | (824) |
Debt financing costs | (18) | 0 |
Stock repurchases | (426) | (475) |
Payment of cash dividends | (469) | (544) |
Proceeds from the exercise of stock options | 130 | 34 |
Proceeds from (Payments to) Noncontrolling Interests | 8 | (2) |
Dividends paid to noncontrolling interests | (78) | (240) |
Dividend from Adient spin-off | 2,050 | 0 |
Cash transferred to Adient related to spin-off | (665) | 0 |
Cash paid related to prior acquistions | (75) | 0 |
Other | (10) | 6 |
Cash provided by financing activities | 1,915 | 40 |
Effect of exchange rate changes on cash and cash equivalents | 12 | 5 |
Cash held for sale | 105 | (76) |
Decrease in cash and cash equivalents | (121) | (206) |
Cash and cash equivalents at beginning of period | 579 | 553 |
Cash and cash equivalents at end of period | $ 458 | $ 347 |
Financial Statements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statements | 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, 2016 filed with the SEC on November 23, 2016, portions of which (including Part I, Item 1. Business and Item 3. Legal Proceedings, and the following items from Part II of the Annual Report: Item 6. Selected Financial Data, Item 7. Management’s Discussion and Analysis, and Item 8. Financial Statements and Supplementary Data) were recast in the Company's Current Report on Form 8-K filed with the SEC on February 23, 2017. The results of operations for the three and nine month periods ended June 30, 2017 are not necessarily indicative of results for the Company’s 2017 fiscal year because of seasonal and other factors. Nature of Operations On September 2, 2016, Johnson Controls, Inc. ("JCI Inc.") and Tyco International plc (“Tyco”) completed their combination pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of January 24, 2016, as amended by Amendment No. 1, dated as of July 1, 2016, by and among JCI Inc., Tyco and certain other parties named therein, including Jagara Merger Sub LLC, an indirect wholly owned subsidiary of Tyco (“Merger Sub”). Pursuant to the terms of the Merger Agreement, on September 2, 2016, Merger Sub merged with and into JCI Inc., with JCI Inc. being the surviving corporation in the Merger and a wholly owned, indirect subsidiary of Tyco (the “Merger”). Following the Merger, Tyco changed its name to “Johnson Controls International plc.” The Merger changed the jurisdiction of organization from the United States to Ireland. The domicile to Ireland became effective on September 2, 2016. The Merger was accounted for as a reverse acquisition using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") 805, "Business Combinations." JCI Inc. was the accounting acquirer for financial reporting purposes. Accordingly, the historical consolidated financial statements of JCI Inc. for periods prior to this transaction are considered to be the historic financial statements of the Company. Refer to Note 3, "Merger Transaction," of the notes to consolidated financial statements for further information. On October 31, 2016, the Company completed the spin-off of its Automotive Experience business by way of the transfer of the Automotive Experience Business from Johnson Controls to Adient plc and the issuance of ordinary shares of Adient directly to holders of Johnson Controls ordinary shares on a pro rata basis. Prior to the open of business on October 31, 2016, each of the Company's shareholders received one ordinary share of Adient plc for every 10 ordinary shares of Johnson Controls held as of the close of business on October 19, 2016, the record date for the distribution. Company shareholders received cash in lieu of fractional shares of Adient, if any. Following the separation and distribution, Adient plc is now an independent public company trading on the New York Stock Exchange (NYSE) under the symbol "ADNT." The Company did not retain any equity interest in Adient plc. Adient’s historical financial results are reflected in the Company’s consolidated financial statements as a discontinued operation. Refer to Note 5, "Discontinued Operations," of the notes to consolidated financial statements for further information. 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. Under certain criteria as provided for in Financial Accounting Standards Board (FASB) ASC 810, "Consolidation," the Company may consolidate a partially-owned affiliate. To determine whether to consolidate a partially-owned affiliate, the Company first determines if the entity is a variable interest entity (VIE). An entity is considered to be a VIE if it has one of the following characteristics: 1) the entity is thinly capitalized; 2) residual equity holders do not control the entity; 3) equity holders are shielded from economic losses or do not participate fully in the entity’s residual economics; or 4) the entity was established with non-substantive voting rights. If the entity meets one of these characteristics, the Company then determines if it is the primary beneficiary of the VIE. The party with the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and the potential to absorb benefits or losses that could be significant to the VIE is considered the primary beneficiary and consolidates the VIE. If the entity is not considered a VIE, then the Company applies the voting interest model to determine whether or not the Company shall consolidate the partially-owned affiliate. Consolidated VIEs Based upon the criteria set forth in ASC 810, the Company has determined that it was the primary beneficiary in one VIE for the reporting period ended June 30, 2017 and three VIEs for the reporting period ended September 30, 2016, as the Company absorbs significant economics of the entities and has the power to direct the activities that are considered most significant to the entities. Two of the VIEs manufacture products in North America for the automotive industry. The Company funded the entities’ short-term liquidity needs through revolving credit facilities and had the power to direct the activities that were considered most significant to the entities through its key customer supply relationships. These VIE's were divested as a result of the Adient spin-off in the first quarter of fiscal 2017. In fiscal 2012, a pre-existing VIE accounted for under the equity method was reorganized into three separate investments as a result of the counterparty exercising its option to put its interest to the Company. The Company acquired additional interests in two of the reorganized group entities. The reorganized group entities are considered to be VIEs as the other owner party has been provided decision making rights but does not have equity at risk. The Company is considered the primary beneficiary of one of the entities due to the Company’s power pertaining to decisions over significant activities of the entity. As such, this VIE has been consolidated within the Company’s consolidated statements of financial position. The impact of consolidation of the entity on the Company’s consolidated statements of income for the three and nine month periods ended June 30, 2017 and 2016 was not material. The VIE is named as a co-obligor under a third party debt agreement in the amount of $166 million, maturing in fiscal 2020, under which it could become subject to paying more than its allocated share of the third party debt in the event of bankruptcy of one or more of the other co-obligors. The other co-obligors, all related parties in which the Company is an equity investor, consist of the remaining group entities involved in the reorganization. As part of the overall reorganization transaction, the Company has also provided financial support to the group entities in the form of loans totaling $37 million, which are subordinate to the third party debt agreement. The Company is a significant customer of certain co-obligors, resulting in a remote possibility of loss. Additionally, the Company is subject to a floor guaranty expiring in fiscal 2022; in the event that the other owner party no longer owns any part of the group entities due to sale or transfer, the Company has guaranteed that the proceeds received from the sale or transfer will not be less than $25 million. The Company has partnered with the group entities to design and manufacture battery components for the Power Solutions business. The carrying amounts and classification of assets (none of which are restricted) and liabilities included in the Company’s consolidated statements of financial position for the consolidated VIEs are as follows (in millions):
The Company did not have a significant variable interest in any other consolidated VIEs for the presented reporting periods. Nonconsolidated VIEs As mentioned previously within the "Consolidated VIEs" section above, in fisca1 2012, a pre-existing VIE was reorganized into three separate investments as a result of the counterparty exercising its option to put its interest to the Company. The reorganized group entities are considered to be VIEs as the other owner party has been provided decision making rights but does not have equity at risk. The Company is not considered to be the primary beneficiary of two of the entities as the Company cannot make key operating decisions considered to be most significant to the VIEs. Therefore, the entities are accounted for under the equity method of accounting as the Company’s interest exceeds 20% and the Company does not have a controlling interest. The Company’s maximum exposure to loss includes the partially-owned affiliate investment balances of $63 million and $59 million at June 30, 2017 and September 30, 2016 respectively, as well as the subordinated loan from the Company, third party debt agreement and floor guaranty mentioned previously within the "Consolidated VIEs" section above. Current liabilities due to the VIEs are not material and represent normal course of business trade payables for all presented periods. The Company did not have a significant variable interest in any other unconsolidated VIEs for the presented reporting periods. Restricted Cash At June 30, 2017, the Company held restricted cash of approximately $37 million, of which $28 million was recorded within other current assets in the consolidated statements of financial position and $9 million was recorded within other noncurrent assets in the consolidated statements of financial position. These amounts were primarily related to cash restricted for payment of asbestos liabilities. At September 30, 2016, the Company held restricted cash of approximately $88 million, of which $79 million was recorded within other current assets in the consolidated statements of financial position and $9 million was recorded within other noncurrent assets in the consolidated statements of financial position. These amounts were primarily related to cash held in escrow from business divestitures and cash restricted for payment of asbestos liabilities. Retrospective Changes Certain amounts as of September 30, 2016 have been revised to conform to the current year’s presentation. During the first quarter of fiscal 2017, the Company determined that its Automotive Experience business (Adient) met the criteria to be classified as a discontinued operation, which required retrospective application to financial information for all periods presented. Refer to Note 5, "Discontinued Operations," of the notes to consolidated financial statements for further information regarding the Company's discontinued operations. In the first quarter of fiscal 2017, the Company began evaluating the performance of its business segments primarily on segment earnings before interest, taxes and amortization (EBITA), which represents income from continuing operations before income taxes and noncontrolling interests, excluding general corporate expenses, intangible asset amortization, net financing charges, significant restructuring and impairment costs, and the net mark-to-market adjustments related to pension and postretirement plans. Historical information has been revised to present the comparable periods on a consistent basis. In April 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU No. 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. During the quarter ended December 31, 2016, the Company adopted ASU No. 2015-03 and applied the change retrospectively to all periods presented. This change did not have an impact to any period presented on the consolidated statements of income. The financial statement impact of this change for the period ending September 30, 2016 was a decrease to noncurrent assets held for sale of $44 million, a decrease to noncurrent liabilities held for sale of $44 million, a decrease to other noncurrent assets of $30 million and a decrease to long-term debt of $30 million. |
New Accounting Standards |
9 Months Ended |
---|---|
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards Recently Adopted Accounting Pronouncements In October 2016, the FASB issued ASU No. 2016-17, "Consolidations (Topic 810): Interests Held through Related Parties that are under Common Control." The ASU changes how a single decision maker of a VIE that holds indirect interest in the entity through related parties that are under common control determines whether it is the primary beneficiary of the VIE. The new guidance amends ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" issued in February 2015. ASU No. 2016-17 was effective for the Company for the quarter ending December 31, 2016. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. In May 2015, the FASB issued ASU No. 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." ASU No. 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Such investments should be disclosed separate from the fair value hierarchy. ASU No. 2015-07 was effective retrospectively for the Company for the quarter ending December 31, 2016. The adoption of this guidance did not have an impact on the Company's consolidated financial statements, but did impact pension asset disclosures. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU No. 2015-02 amends the analysis performed to determine whether a reporting entity should consolidate certain types of legal entities. ASU No. 2015-02 was effective retrospectively for the Company for the quarter ending December 31, 2016. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, "Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting." The ASU provides guidance about which changes to the terms or conditions of a share-based payment award require a reporting entity to apply modification accounting. ASU No. 2017-09 will be effective prospectively for the Company for the quarter ending December 31, 2018, with early adoption permitted. The impact of this guidance for the Company is dependent on any future share-based payment award changes, should they occur. In March 2017, the FASB issued ASU No. 2017-07, "Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The ASU requires the service cost component of net periodic benefit cost to be presented with other compensation costs. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The ASU also allows only the service cost component of net periodic benefit cost to be eligible for capitalization. The guidance will be effective for the Company for the quarter ending December 31, 2018. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The guidance will be effective retrospectively except for the capitalization of the service cost component which should be applied prospectively. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (Step 2) from the goodwill impairment test. Instead, an impairment charge will equal the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. The guidance will be effective prospectively for the Company for the quarter ending December 31, 2020, with early adoption permitted after January 1, 2017. The impact of this guidance for the Company will depend on the outcomes of future goodwill impairment tests. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)." The ASU requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance will be effective for the Company for the quarter ending December 31, 2018, with early adoption permitted. The amendments in this update should be applied retrospectively to all periods presented. The impact of this guidance for the Company will depend on the levels of restricted cash balances in the periods presented. In October 2016, the FASB issued ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory." The ASU requires the tax effects of all intra-entity sales of assets other than inventory to be recognized in the period in which the transaction occurs. The guidance will be effective for the Company for the quarter ending December 31, 2018, with early adoption permitted but only in the first interim period of a fiscal year. The changes are required to be applied by means of a cumulative-effect adjustment recorded in retained earnings as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact adoption of this guidance will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." ASU No. 2016-15 provides clarification guidance on eight specific cash flow presentation issues in order to reduce the diversity in practice. ASU No. 2016-15 will be effective for the Company for the quarter ending December 31, 2018, with early adoption permitted. The guidance should be applied retrospectively to all periods presented, unless deemed impracticable, in which case prospective application is permitted. The Company is currently assessing the impact adoption of this guidance will have on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU No. 2016-13 changes the impairment model for financial assets measured at amortized cost, requiring presentation at the net amount expected to be collected. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts. Available-for-sale debt securities with unrealized losses will now be recorded through an allowance for credit losses. ASU No. 2016-13 will be effective for the Company for the quarter ended December 31, 2020, with early adoption permitted for the quarter ended December 31, 2019. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." ASU No. 2016-09 impacts certain aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statements of cash flows. ASU No. 2016-09 will be effective for the Company for the quarter ending December 31, 2017, with early adoption permitted. The Company is currently assessing the impact adoption of this guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, "Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting." ASU No. 2016-07 eliminates the requirement for an investment that qualifies for the use of the equity method of accounting as a result of an increase in the level of ownership or degree of influence to adjust the investment, results of operations and retained earnings retrospectively. ASU No. 2016-07 will be effective prospectively for the Company for increases in the level of ownership interest or degree of influence that result in the adoption of the equity method that occur during or after the quarter ending December 31, 2017, with early adoption permitted. The impact of this guidance for the Company is dependent on any future increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. 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. ASU No. 2016-02 will be effective retrospectively for the Company for the quarter ending December 31, 2019, with early adoption permitted. The Company is currently assessing the impact adoption of this guidance will have on its consolidated financial statements. The Company has started the assessment process by evaluating the population of leases under the revised definition of what qualifies as a leased asset. The Company is the lessee under various agreements for facilities and equipment that are currently accounted for as operating leases. The new guidance will require the Company to record operating leases on the balance sheet with a right-of-use asset and corresponding liability for future payment obligations. The Company expects the new guidance will have a material impact on its consolidated statements of financial position for the addition of right-of-use assets and lease liabilities, but the Company does not expect it to have a material impact on its consolidated statements of income. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." ASU No. 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including marketable securities. ASU No. 2016-01 will be effective for the Company for the quarter ending December 31, 2018, and early adoption is not permitted, with certain exceptions. The changes are required to be applied by means of a cumulative-effect adjustment on the balance sheet as of the beginning of the fiscal year of adoption. The impact of this guidance for the Company will depend on the magnitude of the unrealized gains and losses on the Company's marketable securities investments. In July 2015, the FASB issued ASU No. 2015-11, "Simplifying the Measurement of Inventory." ASU No. 2015-11 requires inventory that is recorded using the first-in, first-out method to be measured at the lower of cost or net realizable value. ASU No. 2015-11 will be effective prospectively for the Company for the quarter ending December 31, 2017, with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU No. 2014-09 clarifies the principles for recognizing revenue when an entity either enters into a contract with customers to transfer goods or services or enters into a contract for the transfer of non-financial assets. The original standard was effective retrospectively for the Company for the quarter ending December 31, 2017; however in August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which defers the effective date of ASU No. 2014-09 by one-year for all entities. The new standard will become effective retrospectively for the Company for the quarter ending December 31, 2018, with early adoption permitted, but not before the original effective date. Additionally, in March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)," in April 2016, the FASB issued ASU No. 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing," in May 2016, the FASB issued ASU No. 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients," and in December 2016, the FASB issued ASU No. 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," all of which provide additional clarification on certain topics addressed in ASU No. 2014-09. ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-12 and ASU No. 2016-20 follow the same implementation guidelines as ASU No. 2014-09 and ASU No. 2015-14. The Company has elected to adopt the new revenue guidance as of October 1, 2018. In preparation for adoption of the new guidance, the Company has reviewed representative samples of contracts and other forms of agreements with customers globally and is in the process of evaluating the impact of the new revenue standard. Based on its procedures to date, the Company cannot quantify the potential impact the new revenue standard will have to its consolidated financial statements. The Company will decide which retrospective application to apply once its revenue standard assessment is finalized. |
Merger Transaction (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger Transaction [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger Transaction [Text Block] | Merger Transaction As discussed in Note 1, "Financial Statements," of the notes to consolidated financial statements, JCI Inc. and Tyco completed the Merger on September 2, 2016. The Merger was accounted for as a reverse acquisition using the acquisition method of accounting in accordance with ASC 805, "Business Combinations." Based on the structure of the Merger and other activities contemplated by the Merger Agreement, relative outstanding share ownership, the composition of the Company's board of directors and the designation of certain senior management positions of the Company, JCI Inc. was the accounting acquirer for financial reporting purposes. Immediately prior to the Merger and in connection therewith, Tyco shareholders received 0.955 ordinary shares of Tyco (which shares are now referred to as shares of the Company, or “Company ordinary shares”) for each Tyco ordinary share they held by virtue of a 0.955-for-one share consolidation. In the Merger, each outstanding share of common stock, par value $1.00 per share, of JCI Inc. (“JCI Inc. common stock”) (other than shares held by JCI Inc., Tyco and certain of their subsidiaries) was converted into the right to receive either the cash consideration or the share consideration (each as described below), at the election of the holder, subject to proration procedures described in the Merger Agreement and applicable withholding taxes. The election to receive the cash consideration was undersubscribed. As a result, holders of shares of JCI Inc. common stock that elected to receive the share consideration and holders of shares of JCI Inc. common stock that made no election (or failed to properly make an election) became entitled to receive, for each such share of JCI Inc. common stock, $5.7293 in cash, without interest, and 0.8357 Company ordinary shares, subject to applicable withholding taxes. Holders of shares of JCI Inc. common stock that elected to receive the cash consideration became entitled to receive, for each such share of JCI Inc. common stock, $34.88 in cash, without interest, subject to applicable withholding taxes. In the Merger, JCI Inc. shareholders received, in the aggregate, approximately $3.864 billion in cash. Immediately after the closing of, and giving effect to, the Merger, former JCI Inc. shareholders owned approximately 56% of the issued and outstanding Company ordinary shares and former Tyco stockholders owned approximately 44% of the issued and outstanding Company ordinary shares. Tyco is a leading global provider of security products and services, fire detection and suppression products and services, and life safety products. The acquisition of Tyco brings together best-in-class product, technology and service capabilities across controls, fire, security, heating, ventilating and air conditioning (HVAC), power solutions and energy storage, to serve various end-markets including large institutions, commercial buildings, retail, industrial, small business and residential. The combination of the Tyco and JCI Inc. buildings platforms is expected to create immediate opportunities for near-term growth through cross-selling, complementary branch and channel networks, and expanded global reach for established businesses. The new Company is also expected to benefit by combining innovation capabilities and pipelines involving new products, advanced solutions for smart buildings and cities, value-added services driven by advanced data and analytics and connectivity between buildings and energy storage through infrastructure integration. Fair Value of Consideration Transferred The total fair value of consideration transferred was approximately $19.7 billion. Total consideration is comprised of the equity value of the Tyco shares that were outstanding as of September 2, 2016 and the portion of Tyco's share awards and share options earned as of September 2, 2016 ($224 million). Share awards and share options not earned ($101 million) as of September 2, 2016 will be expensed over the remaining future vesting period. The following table summarizes the total fair value of consideration transferred:
Fair Value of Assets Acquired and Liabilities Assumed The Company accounted for the Merger with Tyco as a business combination using the acquisition method of accounting. The assets acquired and liabilities assumed were recorded at their preliminary respective fair values as of the acquisition date. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period in fiscal 2017. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company's results of operations. The finalization of the purchase accounting assessment may result in a change in the valuation of assets acquired and liabilities assumed and may have a material impact on the Company's results of operations and financial position. The preliminary fair values of the assets acquired and liabilities assumed are as follows (in millions):
In connection with the Merger, the Company recorded goodwill of $16.2 billion, which is attributable primarily to expected synergies, expanded market opportunities, and other benefits that the Company believes will result from combining its operations with the operations of Tyco. The goodwill created in the Merger is not deductible for tax purposes and is subject to potential significant changes as the purchase price allocation is completed. Goodwill has preliminarily been allocated to the Tyco segment based on how the business was reviewed by the Company's Chief Operating Decision Maker as shown in Note 8, "Goodwill and Other Intangible Assets." In connection with the Tyco Merger, the Company recorded a reduction in goodwill of $160 million in the first nine months of fiscal 2017 related to purchase price allocations. The preliminary purchase price allocation to identifiable intangible assets acquired are as follows:
Acquisitions and Divestitures In the first nine months of fiscal 2017, the Company completed three acquisitions for a combined purchase price, net of cash acquired, of $9 million, $6 million of which was paid in the nine months ended June 30, 2017. The acquisitions in the aggregate were not material to the Company’s consolidated financial statements. In connection with the acquisitions, the Company recorded goodwill of $2 million. In the second quarter of fiscal 2017, the Company announced it signed a definitive agreement to sell its Scott Safety business to 3M Company for approximately $2.0 billion. Net cash proceeds from the transaction are expected to approximate $1.8 to $1.9 billion. Scott Safety is a leader in the design, manufacture and sale of high performance respiratory protection, gas and flame detection, thermal imaging and other critical products for fire services, law enforcement, industrial, oil and gas, chemical, armed forces, and homeland defense end markets. The transaction is expected to close in the first quarter of fiscal 2018, subject to customary closing conditions including required regulatory approval. The Scott Safety business is included in the Tyco segment and is reported within assets and liabilities held for sale in the consolidated statements of financial position as of June 30, 2017. Refer to Note 5, "Discontinued Operations," of the notes to consolidated financial statements for further disclosure related to the Company's net assets held for sale. In the second quarter of fiscal 2017, the Company completed the sale of its ADT security business in South Africa within the Tyco segment. The selling price, net of cash divested, was $129 million, all of which was received in the nine months ended June 30, 2017. In connection with the sale, the Company reduced goodwill in assets held for sale by $92 million. The divestiture was not material to the Company's consolidated financial statements. In the first nine months of fiscal 2017, the Company completed one additional divestiture for a sales price of $4 million, all of which was received in the nine months ended June 30, 2017. The divestiture decreased the Company's ownership from a controlling to noncontrolling interest, and as a result, the Company deconsolidated cash of $5 million. The divestiture was not material to the Company's consolidated financial statements. In the first nine months of fiscal 2017, the Company received $52 million in net cash proceeds related to prior year business divestitures. In the first quarter of fiscal 2016, the Company formed a joint venture with Hitachi to expand its Building Efficiency product offerings. The Company acquired a 60% ownership interest in the new entity for approximately $208 million ($638 million purchase price less cash acquired of $430 million), $133 million of which was paid in the nine months ended June 30, 2016 and $75 million was paid in the nine months ended June 30, 2017. In connection with the acquisition, the Company recorded goodwill of $253 million related to purchase price allocations. In the first nine months of fiscal 2016, the Company completed one additional acquisition for a purchase price, net of cash acquired, of $3 million, none of which was paid as of June 30, 2016. The acquisition was not material to the Company's consolidated financial statements. In connection with the acquisition, the Company recorded goodwill of $4 million. The acquisition increased the Company's ownership from a noncontrolling to controlling interest. As a result, the Company recorded a non-cash gain of $4 million in equity income for the Building Efficiency Rest of World segment to adjust the Company's existing equity investment in the partially-owned affiliate to fair value. In the three months ended June 30, 2016, the Company completed a divestiture for a sales price of $16 million, $14 million of which was received as of June 30, 2016. The divestiture was not material to the Company's consolidated financial statements. In connection with the divestiture, the Company recorded a gain of $14 million within selling, general and administrative expenses on the consolidated statements of income and reduced goodwill by $3 million in the Building Efficiency Systems and Service North America segment. In the first nine months of fiscal 2016, the Company received $40 million in cash proceeds related to prior year business divestitures. |
Acquisitions and Divestitures |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and Divestitures | Merger Transaction As discussed in Note 1, "Financial Statements," of the notes to consolidated financial statements, JCI Inc. and Tyco completed the Merger on September 2, 2016. The Merger was accounted for as a reverse acquisition using the acquisition method of accounting in accordance with ASC 805, "Business Combinations." Based on the structure of the Merger and other activities contemplated by the Merger Agreement, relative outstanding share ownership, the composition of the Company's board of directors and the designation of certain senior management positions of the Company, JCI Inc. was the accounting acquirer for financial reporting purposes. Immediately prior to the Merger and in connection therewith, Tyco shareholders received 0.955 ordinary shares of Tyco (which shares are now referred to as shares of the Company, or “Company ordinary shares”) for each Tyco ordinary share they held by virtue of a 0.955-for-one share consolidation. In the Merger, each outstanding share of common stock, par value $1.00 per share, of JCI Inc. (“JCI Inc. common stock”) (other than shares held by JCI Inc., Tyco and certain of their subsidiaries) was converted into the right to receive either the cash consideration or the share consideration (each as described below), at the election of the holder, subject to proration procedures described in the Merger Agreement and applicable withholding taxes. The election to receive the cash consideration was undersubscribed. As a result, holders of shares of JCI Inc. common stock that elected to receive the share consideration and holders of shares of JCI Inc. common stock that made no election (or failed to properly make an election) became entitled to receive, for each such share of JCI Inc. common stock, $5.7293 in cash, without interest, and 0.8357 Company ordinary shares, subject to applicable withholding taxes. Holders of shares of JCI Inc. common stock that elected to receive the cash consideration became entitled to receive, for each such share of JCI Inc. common stock, $34.88 in cash, without interest, subject to applicable withholding taxes. In the Merger, JCI Inc. shareholders received, in the aggregate, approximately $3.864 billion in cash. Immediately after the closing of, and giving effect to, the Merger, former JCI Inc. shareholders owned approximately 56% of the issued and outstanding Company ordinary shares and former Tyco stockholders owned approximately 44% of the issued and outstanding Company ordinary shares. Tyco is a leading global provider of security products and services, fire detection and suppression products and services, and life safety products. The acquisition of Tyco brings together best-in-class product, technology and service capabilities across controls, fire, security, heating, ventilating and air conditioning (HVAC), power solutions and energy storage, to serve various end-markets including large institutions, commercial buildings, retail, industrial, small business and residential. The combination of the Tyco and JCI Inc. buildings platforms is expected to create immediate opportunities for near-term growth through cross-selling, complementary branch and channel networks, and expanded global reach for established businesses. The new Company is also expected to benefit by combining innovation capabilities and pipelines involving new products, advanced solutions for smart buildings and cities, value-added services driven by advanced data and analytics and connectivity between buildings and energy storage through infrastructure integration. Fair Value of Consideration Transferred The total fair value of consideration transferred was approximately $19.7 billion. Total consideration is comprised of the equity value of the Tyco shares that were outstanding as of September 2, 2016 and the portion of Tyco's share awards and share options earned as of September 2, 2016 ($224 million). Share awards and share options not earned ($101 million) as of September 2, 2016 will be expensed over the remaining future vesting period. The following table summarizes the total fair value of consideration transferred:
Fair Value of Assets Acquired and Liabilities Assumed The Company accounted for the Merger with Tyco as a business combination using the acquisition method of accounting. The assets acquired and liabilities assumed were recorded at their preliminary respective fair values as of the acquisition date. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period in fiscal 2017. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company's results of operations. The finalization of the purchase accounting assessment may result in a change in the valuation of assets acquired and liabilities assumed and may have a material impact on the Company's results of operations and financial position. The preliminary fair values of the assets acquired and liabilities assumed are as follows (in millions):
In connection with the Merger, the Company recorded goodwill of $16.2 billion, which is attributable primarily to expected synergies, expanded market opportunities, and other benefits that the Company believes will result from combining its operations with the operations of Tyco. The goodwill created in the Merger is not deductible for tax purposes and is subject to potential significant changes as the purchase price allocation is completed. Goodwill has preliminarily been allocated to the Tyco segment based on how the business was reviewed by the Company's Chief Operating Decision Maker as shown in Note 8, "Goodwill and Other Intangible Assets." In connection with the Tyco Merger, the Company recorded a reduction in goodwill of $160 million in the first nine months of fiscal 2017 related to purchase price allocations. The preliminary purchase price allocation to identifiable intangible assets acquired are as follows:
Acquisitions and Divestitures In the first nine months of fiscal 2017, the Company completed three acquisitions for a combined purchase price, net of cash acquired, of $9 million, $6 million of which was paid in the nine months ended June 30, 2017. The acquisitions in the aggregate were not material to the Company’s consolidated financial statements. In connection with the acquisitions, the Company recorded goodwill of $2 million. In the second quarter of fiscal 2017, the Company announced it signed a definitive agreement to sell its Scott Safety business to 3M Company for approximately $2.0 billion. Net cash proceeds from the transaction are expected to approximate $1.8 to $1.9 billion. Scott Safety is a leader in the design, manufacture and sale of high performance respiratory protection, gas and flame detection, thermal imaging and other critical products for fire services, law enforcement, industrial, oil and gas, chemical, armed forces, and homeland defense end markets. The transaction is expected to close in the first quarter of fiscal 2018, subject to customary closing conditions including required regulatory approval. The Scott Safety business is included in the Tyco segment and is reported within assets and liabilities held for sale in the consolidated statements of financial position as of June 30, 2017. Refer to Note 5, "Discontinued Operations," of the notes to consolidated financial statements for further disclosure related to the Company's net assets held for sale. In the second quarter of fiscal 2017, the Company completed the sale of its ADT security business in South Africa within the Tyco segment. The selling price, net of cash divested, was $129 million, all of which was received in the nine months ended June 30, 2017. In connection with the sale, the Company reduced goodwill in assets held for sale by $92 million. The divestiture was not material to the Company's consolidated financial statements. In the first nine months of fiscal 2017, the Company completed one additional divestiture for a sales price of $4 million, all of which was received in the nine months ended June 30, 2017. The divestiture decreased the Company's ownership from a controlling to noncontrolling interest, and as a result, the Company deconsolidated cash of $5 million. The divestiture was not material to the Company's consolidated financial statements. In the first nine months of fiscal 2017, the Company received $52 million in net cash proceeds related to prior year business divestitures. In the first quarter of fiscal 2016, the Company formed a joint venture with Hitachi to expand its Building Efficiency product offerings. The Company acquired a 60% ownership interest in the new entity for approximately $208 million ($638 million purchase price less cash acquired of $430 million), $133 million of which was paid in the nine months ended June 30, 2016 and $75 million was paid in the nine months ended June 30, 2017. In connection with the acquisition, the Company recorded goodwill of $253 million related to purchase price allocations. In the first nine months of fiscal 2016, the Company completed one additional acquisition for a purchase price, net of cash acquired, of $3 million, none of which was paid as of June 30, 2016. The acquisition was not material to the Company's consolidated financial statements. In connection with the acquisition, the Company recorded goodwill of $4 million. The acquisition increased the Company's ownership from a noncontrolling to controlling interest. As a result, the Company recorded a non-cash gain of $4 million in equity income for the Building Efficiency Rest of World segment to adjust the Company's existing equity investment in the partially-owned affiliate to fair value. In the three months ended June 30, 2016, the Company completed a divestiture for a sales price of $16 million, $14 million of which was received as of June 30, 2016. The divestiture was not material to the Company's consolidated financial statements. In connection with the divestiture, the Company recorded a gain of $14 million within selling, general and administrative expenses on the consolidated statements of income and reduced goodwill by $3 million in the Building Efficiency Systems and Service North America segment. In the first nine months of fiscal 2016, the Company received $40 million in cash proceeds related to prior year business divestitures. |
Discontinued Operations (Notes) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations As discussed in Note 1, "Financial Statements," of the notes to consolidated financial statements, on October 31, 2016, the Company completed the spin-off of its Automotive Experience business by way of the transfer of the Automotive Experience Business from Johnson Controls to Adient plc. The Company did not retain any equity interest in Adient plc. During the first quarter of fiscal 2017, the Company determined that Adient met the criteria to be classified as a discontinued operation and, as a result, Adient’s 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. The following table summarizes the results of Adient, reclassified as discontinued operations for the nine month period ended June 30, 2017, and the three and nine month periods ended June 30, 2016 (in millions). As the Adient spin-off occurred on October 31, 2016, there is only one month of Adient results included in the nine month period ended June 30, 2017.
For the nine months ended June 30, 2017, the income from discontinued operations before income taxes included separation costs of $79 million. For the three and nine months ended June 30, 2016, the income from discontinued operations before income taxes included separation costs of $127 million and $287 million, respectively. For the nine months ended June 30, 2017, the effective tax rate was more than the U.S. federal statutory rate of 35% primarily due to the tax impacts of separation costs and Adient spin-off related tax expense, partially offset by non-U.S. tax rate differentials. For the three months ended June 30, 2016, the effective tax rate was more than the U.S. federal statutory rate of 35% primarily due to $85 million of income tax expense for changes in entity status, the jurisdictional mix of restructuring and impairment costs, and the tax impacts of separation costs, partially offset by non-U.S. tax rate differentials. For the nine months ended June 30, 2016, the effective tax rate was more than the U.S. federal statutory rate of 35% primarily due to $780 million of income tax expense recorded on foreign undistributed earnings of certain non-U.S. subsidiaries, $85 million of income tax expense for changes in entity status, the jurisdictional mix of restructuring and impairment costs, and the tax impacts of separation costs, partially offset by non-U.S. tax rate differentials. Assets and Liabilities Held for Sale The following table summarizes the carrying value of Adient, reclassified as assets and liabilities held for sale at September 30, 2016 (in millions):
The following table summarizes depreciation and amortization, capital expenditures, and significant operating and investing noncash items related to Adient for the nine month period ended June 30, 2017, and the three and nine month periods ended June 30, 2016 (in millions):
During the second quarter of fiscal 2017, the Company completed the divestiture of its ADT security business in South Africa within the Tyco segment. The assets and liabilities of this business were presented as held for sale in the consolidated statements of financial position as of September 30, 2016. The business did not meet the criteria to be classified as a discontinued operation. During the second quarter of fiscal 2017, the Company signed a definitive agreement to sell its Scott Safety business of the Tyco segment to 3M Company. The transaction is expected to close in the first quarter of fiscal 2018, subject to customary closing conditions including required regulatory approval. The assets and liabilities of this business were presented as held for sale in the consolidated statements of financial position as of June 30, 2017. The business did not meet the criteria to be classified as a discontinued operation as the divestiture of the Scott Safety business will not have a major effect on the Company’s operations and financial results. The following table summarizes the carrying value of the Tyco segment assets and liabilities held for sale at June 30, 2017 and September 30, 2016 (in millions):
At September 30, 2016, $17 million of certain Corporate assets were classified as held for sale. The assets were sold during the second quarter of fiscal 2017. |
Percentage-of-Completion Contracts |
9 Months Ended |
---|---|
Jun. 30, 2017 | |
Disclosure Percentage Of Completion Contracts Additional Information [Abstract] | |
Percentage-of-Completion Contracts | Percentage-of-Completion Contracts The Building Technologies & Solutions business records certain long-term contracts under the percentage-of-completion method of accounting. Under this method, sales and gross profit are recognized as work is performed based on the relationship between actual costs incurred and total estimated costs at completion. The Company records costs and earnings in excess of billings on uncompleted contracts primarily within accounts receivable - net and billings in excess of costs and earnings on uncompleted contracts primarily within other current liabilities in the consolidated statements of financial position. Costs and earnings in excess of billings related to these contracts were $951 million and $841 million at June 30, 2017 and September 30, 2016, respectively. Billings in excess of costs and earnings related to these contracts were $448 million and $431 million at June 30, 2017 and September 30, 2016, respectively. |
Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following (in millions):
|
Goodwill and Other Intangible Assets (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill in each of the Company’s reportable segments for the nine month period ended June 30, 2017 were as follows (in millions):
At September 30, 2016, accumulated goodwill impairment charges included $47 million related to the Building Efficiency Rest of World - Latin America reporting unit. The nine months ended June 30, 2017 Tyco business divestiture amount includes $1,270 million of goodwill transferred to assets held for sale on the consolidated statements of financial position. Refer to Note 5, "Discontinued Operations," of the notes to consolidated financial statements for further information regarding the Company's assets and liabilities held for sale. The Company’s other intangible assets, primarily from business acquisitions valued based on independent appraisals, consisted of (in millions):
Amortization of other intangible assets included within continuing operations for the three month periods ended June 30, 2017 and 2016 was $108 million and $22 million, respectively. Amortization of other intangible assets included within continuing operations for the nine month periods ended June 30, 2017 and 2016 was $383 million and $62 million, respectively. Excluding the impact of any future acquisitions, the Company anticipates amortization for fiscal 2018, 2019, 2020, 2021 and 2022 will be approximately $389 million, $379 million, $366 million, $367 million and $360 million per year, respectively. |
Significant Restructuring Costs |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Restructuring and Impairment Costs | Significant Restructuring and Impairment Costs To better align its resources with its growth strategies and reduce the cost structure of its global operations in certain underlying markets, the Company commits to restructuring plans as necessary. In fiscal 2017, the Company committed to a significant restructuring plan (2017 Plan) and recorded $226 million of restructuring and impairment costs in the consolidated statements of income, of which $78 million was recorded in the first quarter, $99 million was recorded in the second quarter and $49 million was recorded in the third quarter of fiscal 2017. This is the total amount incurred to date for this restructuring plan. The restructuring actions related to cost reduction initiatives in the Company’s Building Technologies & Solutions and Power Solutions businesses and at Corporate. The costs consist primarily of workforce reductions, plant closures and asset impairments. Of the restructuring and impairment costs recorded, $79 million related to Corporate, $73 million related to the Tyco segment, $27 million related to the Building Efficiency Products North America segment, $20 million related to the Building Efficiency Rest of World segment, $14 million related to the Building Efficiency Systems and Service North America segment, $9 million related to the Building Efficiency Asia segment and $4 million related to the Power Solutions segment. The restructuring actions are expected to be substantially complete in fiscal 2018. The following table summarizes the changes in the Company’s 2017 Plan reserve, included within other current liabilities in the consolidated statements of financial position (in millions):
In fiscal 2016, the Company committed to a significant restructuring plan (2016 Plan) and recorded $288 million of restructuring and impairment costs in the consolidated statements of income. This was the total amount incurred to date and the total amount expected to be incurred for this restructuring plan. The restructuring actions related to cost reduction initiatives in the Company’s Building Technologies & Solutions and Power Solutions businesses and at Corporate. The costs consist primarily of workforce reductions, plant closures, asset impairments and change-in-control payments. Of the restructuring and impairment costs recorded, $161 million related to Corporate, $66 million related to the Power Solutions segment, $26 million related to the Building Efficiency Asia segment, $16 million related to the Building Efficiency Rest of World segment, $9 million related to the Building Efficiency Products North America segment, $8 million related to the Tyco segment, and $2 million related to the Building Efficiency Systems and Service North America segment. The restructuring actions are expected to be substantially complete in fiscal 2018. Included in the 2016 Plan is $74 million of committed restructuring actions taken by Tyco for liabilities assumed as part of the Tyco acquisition. Additionally, the Company recorded $332 million of restructuring and impairment costs within discontinued operations related to Adient in fiscal 2016. The following table summarizes the changes in the Company’s 2016 Plan reserve, included within other current liabilities and Adient liabilities held for sale in the consolidated statements of financial position (in millions):
The Company's fiscal 2017 and 2016 restructuring plans included workforce reductions of approximately 5,400 employees (4,300 for the Building Technologies & Solutions business and 1,100 for Corporate). Restructuring charges associated with employee severance and termination benefits are paid over the severance period granted to each employee or on a lump sum basis in accordance with individual severance agreements. As of June 30, 2017, approximately 1,400 of the employees have been separated from the Company pursuant to the restructuring plans. In addition, the restructuring plans included twelve plant closures in the Building Technologies & Solutions business. As of June 30, 2017, four of the twelve plants have been closed. Company management closely monitors its overall cost structure and continually analyzes each of its businesses for opportunities to consolidate current operations, improve operating efficiencies and locate facilities in close proximity to customers. This ongoing analysis includes a review of its manufacturing, engineering and purchasing operations, as well as the overall global footprint for all its businesses. |
Income Taxes |
9 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances known at each interim period. On a quarterly basis, the actual effective tax rate is adjusted, as appropriate, based upon changed facts and circumstances, if any, as compared to those forecasted at the beginning of the fiscal year and each interim period thereafter. The U.S. federal statutory tax rate is being used as a comparison since the Company was a U.S. domiciled company for 11 months of 2016 and due to the Company's current legal entity structure. For the three months ended June 30, 2017, the Company's effective tax rate for continuing operations was 12%. The effective tax rate was lower than the U.S. federal statutory rate of 35% primarily due to the benefits of continuing global tax planning initiatives and non-U.S. tax rate differentials, partially offset by the jurisdictional mix of Tyco Merger transaction and integration costs. For the nine months ended June 30, 2017, the Company's effective tax rate for continuing operations was 38%. The effective tax rate was higher than the U.S. federal statutory rate of 35% primarily due to the establishment of a deferred tax liability on the outside basis difference of the Company's investment in certain subsidiaries related to the pending divestiture of the Scott Safety business, the jurisdictional mix of significant restructuring and impairment costs, and Tyco Merger transaction /integration costs and purchase accounting impacts, partially offset by the benefits of continuing global tax planning initiatives, non-U.S. tax rate differentials and a tax benefit due to changes in entity tax status. For the three and nine months ended June 30, 2016, the Company's effective tax rate for continuing operations was 16% and 17%, respectively. The effective rate was lower than the U.S. federal statutory rate of 35% primarily due to the benefits of continuing global tax planning initiatives and non-U.S. tax rate differentials, partially offset by the tax impact of transaction and separation costs. Valuation Allowance The Company reviews the realizability of its deferred tax assets on a quarterly basis, or whenever events or changes in circumstances indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset are considered, along with any other positive or negative evidence. Since future financial results may differ from previous estimates, periodic adjustments to the Company’s valuation allowances may be necessary. Uncertain Tax Positions At September 30, 2016, exclusive of items included in noncurrent liabilities held for sale, the Company had gross tax effected unrecognized tax benefits of $1,706 million, of which $1,604 million, if recognized, would impact the effective tax rate. Total net accrued interest at September 30, 2016 was approximately $55 million (net of tax benefit). The interest and penalties accrued during the nine months ended June 30, 2017 and 2016 were not material. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. In the U.S., fiscal years 2010 through 2014 are currently under exam by the Internal Revenue Service ("IRS"). Additionally, the Company is currently under exam in the following major non-U.S. jurisdictions:
It is reasonably possible that certain tax examinations and/or tax litigation will conclude within the next twelve months, which could be up to a $200 million impact to tax expense. Impacts of Tax Legislation On October 13, 2016, the U.S. Treasury and the IRS released final and temporary Section 385 regulations. These regulations address whether certain instruments between related parties are treated as debt or equity. The Company does not expect that the regulations will have a material impact on its consolidated financial statements. During the nine months ended June 30, 2017 and 2016, other tax legislation was adopted in various jurisdictions. These law changes did not have a material impact on the Company's consolidated financial statements. Other Tax Matters In the third quarter of fiscal 2017, the Company recorded $70 million of transaction and integration costs which generated an $11 million tax benefit. In the third quarter of fiscal 2017, the Company recorded $49 million of significant restructuring and impairment costs. Refer to Note 9, "Significant Restructuring and Impairment Costs," of the notes to consolidated financial statements for additional information. The restructuring costs generated a $15 million tax benefit. In the second quarter of fiscal 2017, the Company recorded a discrete non-cash tax charge of $457 million related to establishment of a deferred tax liability on the outside basis difference of the Company's investment in certain subsidiaries of the Scott Safety business. This business is now reported as net assets held for sale given the announced sale to 3M Company in calendar 2017. Refer to Note 4, "Acquisitions and Divestitures" and Note 5, "Discontinued Operations," of the notes to consolidated financial statements for additional information. In the second quarter of fiscal 2017, the Company recorded $138 million of transaction and integration costs which generated a $31 million tax benefit. In the second quarter of fiscal 2017, the Company recorded $99 million of significant restructuring and impairment costs. Refer to Note 9, "Significant Restructuring and Impairment Costs," of the notes to consolidated financial statements for additional information. The restructuring costs generated a $20 million tax benefit, which was impacted by the Company’s current tax position in these jurisdictions. In the first quarter of fiscal 2017, the Company recorded a discrete tax benefit of $101 million due to changes in entity tax status. In the first quarter of fiscal 2017, the Company recorded $130 million of transaction and integration costs which generated an $11 million tax benefit. In the first quarter of fiscal 2017, the Company recorded $78 million of significant restructuring and impairment costs. Refer to Note 9, "Significant Restructuring and Impairment Costs," of the notes to consolidated financial statements for additional information. The restructuring costs generated a $14 million tax benefit, which was impacted by the Company’s current tax position in these jurisdictions. In the third quarter of fiscal 2016, the Company recorded $27 million of significant restructuring and impairment costs. Refer to Note 9, "Significant Restructuring and Impairment Costs," of the notes to consolidated financial statements for additional information. The restructuring costs generated a $12 million tax benefit, which was impacted by the geographic mix and the Company’s current tax position in these jurisdictions. In the second quarter of fiscal 2016, the Company recorded $60 million of significant restructuring and impairment costs. Refer to Note 9, "Significant Restructuring and Impairment Costs," of the notes to consolidated financial statements for additional information. The restructuring costs generated a $12 million tax benefit, which was impacted by the geographic mix, the Company’s current tax position in these jurisdictions and the underlying tax basis in the impaired assets. |
Pension and Postretirement Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Postretirement Plans | Pension and Postretirement Plans The components of the Company’s net periodic benefit costs from continuing operations associated with its defined benefit pension and postretirement plans are shown in the tables below in accordance with ASC 715, "Compensation – Retirement Benefits" (in millions):
During the three and nine months ended June 30, 2017, the amount of lump sum payouts triggered a remeasurement event for certain U.S. pension plans resulting in the recognition of net actuarial (gains) losses of $45 million and $(90) million, respectively. |
Debt and Financing Arrangements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Financing Arrangements | Debt and Financing Arrangements Debt exchange In connection with the Tyco Merger, on December 28, 2016, the Company completed its offers to exchange all validly tendered and accepted notes of certain series (the "existing notes") issued by JCI Inc. or Tyco International Finance S.A. ("TIFSA"), as applicable, each of which is a wholly owned subsidiary of the Company, for new notes (the New Notes) to be issued by the Company, and the related solicitation of consents to amend the indentures governing the existing notes (the offers to exchange and the related consent solicitation together the "exchange offers"). Pursuant to the exchange offers, the Company exchanged approximately $5.6 billion of $6.0 billion in aggregate principal amount of dollar denominated notes and approximately 423 million euro of 500 million euro in aggregate principal amount of euro denominated notes. All validly tendered and accepted existing notes have been canceled. Immediately following such cancellation, $380.9 million aggregate principal amount of existing notes (not including the TIFSA Euro Notes) remained outstanding across seventeen series of dollar-denominated existing notes and 77.4 million euro aggregate principal amount of TIFSA Euro Notes remained outstanding across one series. In connection with the settlement of the exchange offers, the New Notes were registered under the Securities Act of 1933 and their terms are described in the Company’s Prospectus dated December 19, 2016, as filed with the SEC under Rule 424(b)(3) of the Act on that date. The issuance of the New Notes occurred on December 28, 2016. The New Notes are unsecured and unsubordinated obligations of the Company and will rank equally with all other unsecured and unsubordinated indebtedness of the Company issued from time to time. Other financing arrangements In June 2017, the Company partially repaid $135 million of the $4.0 billion floating rate term loan scheduled to mature in March 2020. In March 2017, the Company issued one billion euro in principal amount of 1.0% senior unsecured fixed rate notes due in fiscal 2023. Proceeds from the issuance were used to repay existing debt and for other general corporate purposes. In March 2017, the Company entered into a 364-day $150 million committed revolving credit facility scheduled to expire in March 2018. As of June 30, 2017, there were no draws on the facility. In March 2017, the Company retired $46 million in principal amount, plus accrued interest, of its 2.355% fixed rate notes that matured in March 2017. In March and February 2017, the Company repurchased, at a discount, 15 million euro of its TIFSA 1.375% fixed rate notes, plus accrued interest, scheduled to mature in February 2025. In February 2017, the Company issued $500 million aggregate principal amount of 4.5% senior unsecured fixed rate notes due in fiscal 2047. Proceeds from the issuance were used to repay outstanding commercial paper borrowings and for other general corporate purposes. In February 2017, the Company entered into a 364-day $150 million committed revolving credit facility scheduled to expire in February 2018. As of June 30, 2017, there were no draws on the facility. In January 2017, the Company entered into a 364-day $250 million committed revolving credit facility scheduled to expire in January 2018. As of June 30, 2017, there were no draws on the facility outstanding. In December 2016, the Company retired $400 million in principal amount, plus accrued interest, of its 2.6% fixed rate notes that matured in December 2016. In December 2016, the Company entered into a 364-day 100 million euro floating rate term loan scheduled to mature in December 2017. Proceeds from the term loan were used for general corporate purposes. Principal and accrued interest were fully repaid in March 2017. In December 2016, a $100 million committed revolving credit facility expired. There were no draws on the facility. In November 2016, the Company fully repaid its 37 billion yen syndicated floating rate term loan, plus accrued interest, scheduled to mature in June 2020. In November 2016, a $35 million committed revolving credit facility expired. There were no draws on the facility. In October 2016, the Company repaid two ten-month floating rate term loans totaling $325 million, plus accrued interest, scheduled to mature in October 2016. In October 2016, the Company repaid a nine-month $100 million floating rate term loan, plus accrued interest, scheduled to mature in November 2016. In October 2016, the Company repaid a nine-month 100 million euro floating rate term loan, plus accrued interest, scheduled to mature in October 2016. Net Financing Charges The Company's net financing charges line item in the consolidated statements of income for the three and nine month periods ended June 30, 2017 and 2016 contained the following components (in millions):
Net financing charges for the nine month period ended June 30, 2017 included $17 million of transaction costs related primarily to the debt exchange offers. |
Stock-Based Compensation (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation References to the Company's stock throughout Note 13 refer to stock of JCI Inc. prior to the Tyco Merger date of September 2, 2016 (the "Merger Date") and to ordinary shares of the Company subsequent to the Merger Date. During September 2016, the Board of Directors of the Company approved amendments to the Johnson Controls International plc 2012 Share and Incentive Plan (the "Plan"). The types of awards authorized by the Plan comprise of stock options, stock appreciation rights, performance shares, performance units and other stock-based compensation awards. The Compensation 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 during the nine month periods ended June 30, 2017 and 2016 is presented below:
Stock Options Stock options are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards typically vest between two and three years after the grant date and expire ten years from the grant date. The fair value of each option is estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected life of options represents the period of time that options granted are expected to be outstanding, assessed separately for executives and non-executives. The risk-free interest rate for periods during the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. For fiscal 2017, expected volatility is based on historical volatility of certain peer companies over the most recent period corresponding to the expected life as of the grant date. For fiscal 2016, expected volatility is based on the historical volatility of the Company's stock and other factors. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of the Company’s ordinary shares as of the grant date. The Company uses historical data to estimate option exercises and employee terminations within the valuation model.
Stock Appreciation Rights (SARs) SARs vest under the same terms and conditions as stock option awards; however, they are settled in cash for the difference between the market price on the date of exercise and the exercise price. As a result, SARs are recorded in the Company’s consolidated statements of financial position as a liability until the date of exercise. The fair value of each SAR award is estimated using a similar method described for stock options. The fair value of each SAR award is recalculated at the end of each reporting period and the liability and expense are adjusted based on the new fair value. Restricted (Nonvested) Stock The Plan provides for the award of restricted stock or restricted stock units to certain employees. These awards are typically share settled unless the employee is a non-U.S. employee or elects to defer settlement until retirement at which point the award would be settled in cash. Restricted awards typically vest after three years from the grant date. The Plan allows for different vesting terms on specific grants with approval by the Board of Directors. The value of restricted awards is based on the closing market value of the Company’s ordinary shares on the date of grant. Performance Share Awards The Plan permits the grant of performance-based share unit ("PSU") awards. The PSUs are generally contingent on the achievement of pre-determined performance goals over a three-year performance period as well as on the award holder's continuous employment until the vesting date. The PSUs are also indexed to the achievement of specified levels of total shareholder return versus a peer group over the performance period. Each PSU that is earned will be settled with shares of the Company's ordinary shares following the completion of the performance period, unless the award holder elected to defer a portion or all of the award until retirement which would then be settled in cash. The fair value of each PSU is estimated on the date of grant using a Monte Carlo simulation that uses the assumptions noted in the following table. The risk-free interest rate for periods during the contractual life of the PSU is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on historical volatility of certain peer companies over the most recent three-year period as of the grant date.
Spin-off Modification In connection with the Adient spin-off, pursuant to the Employee Matters Agreement between the Company and Adient, outstanding stock options and SARs held on October 31, 2016 (the “Spin Date”) by employees remaining with the Company were converted into options and SARs of the Company using a 1.085317-for-one share ratio, which is based on the pre-spin and post-spin closing prices of the Company’s ordinary shares. The exercise prices for options and SARs were converted using the inverse ratio in a manner designed to preserve the intrinsic value of such awards. In addition, pursuant to the Employee Matters Agreement, nonvested restricted stock held on the Spin Date by employees remaining with the Company were converted into nonvested restricted stock of the Company using the 1.085317-for-one share ratio in a manner designed to preserve the intrinsic value of such awards. There were no performance share awards outstanding as of the Spin Date. Employees remaining with the Company did not receive stock-based compensation awards of Adient as a result of the spin-off. Except for the conversion of awards and related exercise prices discussed herein, the material terms of the awards remained unchanged. No incremental fair value resulted from the conversion of the awards; therefore, no additional compensation expense was recorded related to the award modification. Also in connection with the spin-off transaction, pursuant to the Employee Matters Agreement, employees of Adient were entitled to receive stock-based compensation awards of the Company and Adient in replacement of previously outstanding awards of the Company granted prior to the Spin Date. These awards include stock options, SARs and nonvested restricted stock. Upon the Spin Date, the existing awards held by Adient employees were converted into new awards of the Company and Adient on a pro rata basis and further adjusted based on a formula designed to preserve the intrinsic value of such awards. Additional compensation expense, if any, resulting from the modification of awards held by Adient employees is to be recorded by Adient. |
Earnings Per Share |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company presents both basic and diluted earnings per share (EPS) amounts. Basic EPS is calculated by dividing net income attributable to Johnson Controls by the weighted average number of ordinary shares outstanding during the reporting period. Diluted EPS is calculated by dividing net income attributable to Johnson Controls by the weighted average number of ordinary shares and ordinary equivalent shares outstanding during the reporting period that are calculated using the treasury stock method for stock options, unvested restricted stock and unvested performance share awards. The treasury stock method assumes that the Company uses the proceeds from the exercise of stock option awards to repurchase ordinary shares at the average market price during the period. The assumed proceeds under the treasury stock method include the purchase price that the grantee will pay in the future, compensation cost for future service that the Company has not yet recognized and any windfall tax benefits that would be credited to capital in excess of par value when the award generates a tax deduction. If there would be a shortfall resulting in a charge to capital in excess of par value, such an amount would be a reduction of the proceeds. For unvested restricted stock and unvested performance share awards, assumed proceeds under the treasury stock method would include unamortized compensation cost and windfall tax benefits or shortfalls. The following table reconciles the numerators and denominators used to calculate basic and diluted earnings per share (in millions):
During the three months ended June 30, 2017 and 2016, the Company declared a dividend of $0.25 and $0.29, respectively, per share. During the nine months ended June 30, 2017 and 2016, the Company declared dividends totaling $0.75 and $0.87, respectively, per share. The Company paid all dividends in the month subsequent to the end of each fiscal quarter. |
Equity and Noncontrolling Interests |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Noncontrolling Interests | Equity and Noncontrolling Interests Other comprehensive income includes activity relating to discontinued operations. The following schedules present changes in consolidated equity attributable to Johnson Controls and noncontrolling interests (in millions, net of tax):
As previously disclosed, on October 31, 2016, the Company completed the Adient spin-off. As a result of the spin-off, the Company divested net assets of $4,038 million. As previously disclosed, on October 1, 2015, the Company formed a joint venture with Hitachi. In connection with the acquisition, the Company recorded equity attributable to noncontrolling interests of $679 million. Following the Tyco Merger, the Company adopted, subject to the ongoing existence of sufficient distributable reserves, the existing Tyco International plc $1 billion share repurchase program in September 2016. The share repurchase program does not have an expiration date and may be amended or terminated by the Board of Directors at any time without prior notice. For the three month period ended June 30, 2017 and 2016, the Company repurchased $307 million and $475 million of its shares, respectively. For the nine month periods ended June 30, 2017 and 2016, the Company repurchased $426 million and $475 million of its shares, respectively. In April 2017, the Company announced its intention to utilize up to $750 million of the $1 billion authorization during fiscal 2017. Shares may be repurchased from time to time in open market purchases at prevailing market prices, in negotiated transactions off the market, or pursuant to a trading plan in accordance with applicable regulations. The Company consolidates certain subsidiaries in which the noncontrolling interest party has within its control the right to require the Company to redeem all or a portion of its interest in the subsidiary. The redeemable noncontrolling interests are reported at their estimated redemption value. Any adjustment to the redemption value impacts retained earnings but does not impact net income. Redeemable noncontrolling interests which are redeemable only upon future events, the occurrence of which is not currently probable, are recorded at carrying value. The following schedules present changes in the redeemable noncontrolling interests (in millions):
The following schedules present changes in accumulated other comprehensive income (AOCI) attributable to Johnson Controls (in millions, net of tax):
* Refer to Note 16, "Derivative Instruments and Hedging Activities," of the notes to consolidated financial statements for disclosure of the line items on the consolidated statements of income affected by reclassifications from AOCI into income related to derivatives. ** Refer to Note 11, "Pension and Postretirement Plans," of the notes to consolidated financial statements for disclosure of the components of the Company's net periodic benefit costs associated with its defined benefit pension and postretirement plans. For the three and nine months ended June 30, 2016, the amounts reclassified from AOCI into income for pension and postretirement plans were primarily recorded in selling, general and administrative expenses on the consolidated statements of income. |
Derivative Instruments and Hedging Activities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company selectively uses derivative instruments to reduce market risk associated with changes in foreign currency, commodities, stock-based compensation liabilities 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 17, "Fair Value Measurements," of the notes to 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 the 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 hedge contracts. The Company hedges 70% to 90% of the nominal amount of each of its known foreign exchange transactional exposures. As cash flow hedges under ASC 815, "Derivatives and Hedging," the effective portion of the 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. Any ineffective portion of the hedge is reflected in the consolidated statements of income. These contracts were highly effective in hedging the variability in future cash flows attributable to changes in currency exchange rates during the three and nine months ended June 30, 2017 and 2016. 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 lead, copper, tin, aluminum and polypropylene 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. As cash flow hedges, the effective portion of the 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, typically sales, occur and affect earnings. Any ineffective portion of the hedge is reflected in the consolidated statements of income. The maturities of the commodity hedge contracts coincide with the expected purchase of the commodities. These contracts were highly effective in hedging the variability in future cash flows attributable to changes in commodity prices during the three and nine months ended June 30, 2017 and 2016. The Company had the following outstanding contracts to hedge forecasted commodity purchases:
In September 2005, the Company entered into three forward treasury lock agreements to reduce the market risk associated with changes in interest rates associated with the Company’s anticipated fixed-rate note issuance to finance the acquisition of York International (cash flow hedge). The three forward treasury lock agreements, which had a combined notional amount of $1.3 billion, fixed a portion of the future interest cost for 5-year, 10-year and 30-year notes. The fair value of each treasury lock agreement, or the difference between the treasury lock reference rate and the fixed rate at time of note issuance, is amortized to interest expense over the life of the respective note issuance. In January 2006, in connection with the Company’s debt refinancing, the three forward treasury lock agreements were terminated. Fair Value Hedges The Company selectively uses interest rate swaps to reduce market risk associated with changes in interest rates for its fixed-rate bonds. As fair value hedges, the interest rate swaps and related debt balances are valued under a market approach using publicized swap curves. Changes in the fair value of the swap and hedged portion of the debt are recorded in the consolidated statements of income. In the third quarter of fiscal 2014, the Company entered into four fixed to floating interest rate swaps totaling $400 million to hedge the coupon of its 2.6% notes that matured in December 2016, three fixed to floating interest rate swaps totaling $300 million to hedge the coupon of its 1.4% notes maturing November 2017 and one fixed to floating interest rate swap totaling $150 million to hedge the coupon of its 7.125% notes maturing July 2017. In December 2016, the four remaining outstanding interest rate swaps were terminated. The Company had no interest rate swaps outstanding at June 30, 2017. There were eight interest rate swaps outstanding as of September 30, 2016. Net Investment Hedges The Company enters into foreign currency denominated debt obligations to selectively hedge portions of its net investment in non-U.S. subsidiaries. The currency effects of the 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. At June 30, 2017, the Company had one billion euro and 485 million euro bonds designated as net investment hedges in the Company's net investment in Europe. At September 30, 2016, the Company had 37 billion yen of foreign denominated debt designated as net investment hedge in the Company's net investment in Japan and one billion euro and 500 million euro bonds designated as net investment hedges in the Company's net investment in Europe. Derivatives Not Designated as Hedging Instruments The Company selectively uses equity swaps to reduce market risk associated with certain of its stock-based compensation plans, such as its deferred compensation plans. These equity compensation liabilities increase as the Company’s stock price increases and decrease as the Company’s stock price decreases. In contrast, the value of the swap agreement moves in the opposite direction of these liabilities, allowing the Company to fix a portion of the liabilities at a stated amount. As of June 30, 2017, the Company hedged approximately 1.4 million shares of its ordinary shares. As of September 30, 2016, the Company had no equity swaps outstanding. The Company also holds certain foreign currency forward contracts which do not qualify for hedge accounting treatment. The change in fair value of foreign currency exchange derivatives not designated as hedging instruments under ASC 815 are recorded in the consolidated statements of income. 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):
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'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. 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. Collateral is generally not required of the Company or the counterparties under the master netting agreements. As of June 30, 2017 and September 30, 2016, no cash collateral was received or pledged under the master netting agreements. The gross and net amounts of derivative assets and liabilities were as follows (in millions):
Derivatives Impact on the Statements of Income and Statements of Comprehensive Income The following table presents the effective portion of pre-tax gains (losses) recorded in other comprehensive income (loss) related to cash flow hedges for the three and nine months ended June 30, 2017 and 2016 (in millions):
The following tables present the location and amount of the effective portion of pre-tax gains (losses) on cash flow hedges reclassified from AOCI into the Company’s consolidated statements of income for the three and nine months ended June 30, 2017 and 2016 (in millions):
The following table presents the location and amount of pre-tax gains (losses) on fair value hedges recognized in the Company’s consolidated statements of income for the three and nine months ended June 30, 2017 and 2016 (in millions):
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 for the three and nine months ended June 30, 2017 and 2016 (in millions):
The effective portion of pre-tax gains (losses) recorded in foreign currency translation adjustment ("CTA") within other comprehensive income (loss) related to net investment hedges were $(105) million and $(36) million for the three months ended June 30, 2017 and 2016, respectively. The effective portion of pre-tax gains (losses) recorded in CTA within other comprehensive income (loss) related to net investment hedges were $(77) million and $(62) million for the for the nine months ended June 30, 2017 and 2016, respectively. For the three and nine months ended June 30, 2017 and 2016, no gains or losses were reclassified from CTA into income for the Company’s outstanding net investment hedges, and no gains or losses were recognized in income for the ineffective portion of cash flow hedges. |
Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 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; Level 2: 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. Recurring Fair Value Measurements The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of June 30, 2017 and September 30, 2016 (in millions):
1 Classified as restricted investments for payment of asbestos liabilities. See Note 22, "Commitments and Contingencies," of the notes to consolidated financial statements for further details. Valuation Methods Foreign currency exchange derivatives: The foreign currency exchange derivatives are valued under a market approach using publicized spot and forward prices. Commodity derivatives: The commodity derivatives are valued under a market approach using publicized prices, where available, or dealer quotes. Interest rate swaps and related debt: The interest rate swaps and related debt balances are valued under a market approach using publicized swap curves. Equity swaps: The equity swaps are valued under a market approach as the fair value of the swaps is equal to the Company’s stock price at the reporting period date. Deferred compensation plan assets: Assets held in the deferred compensation plans will be used to pay benefits under certain of the Company's non-qualified deferred compensation plans. The investments primarily consist of mutual funds which are publicly traded on stock exchanges and are valued using a market approach based on the quoted market prices. Investments in marketable common stock and exchange traded funds: Investments in marketable common stock and exchange traded funds are valued using a market approach based on the quoted market prices, where available, or broker/dealer quotes of identical or comparable instruments. There was an unrealized gain recorded on these investments of $5 million as of June 30, 2017 within AOCI in the consolidated statements of financial position. There was an unrealized loss recorded on these investments of $1 million as of September 30, 2016 within AOCI in the consolidated statements of financial position. Foreign currency denominated debt: The Company has entered into a foreign currency denominated debt obligation to selectively hedge portions of its net investment in non-U.S. subsidiaries. The currency effect of the debt obligation 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 foreign denominated debt obligation is remeasured to current exchange rates under a market approach using publicized spot prices. At June 30, 2017, the Company had one billion euro and 485 million euro bonds designated as net investment hedges in the Company's net investment in Europe. At September 30, 2016, the Company had 37 billion yen of foreign denominated debt designated as net investment hedge in the Company's net investment in Japan and one billion euro and 500 million euro bonds designated as net investment hedges in the Company's net investment in Europe. The fair values of cash and cash equivalents, accounts receivable, short-term debt and accounts payable approximate their carrying values. The fair value of long-term debt was $12.6 billion and $15.7 billion at June 30, 2017 and September 30, 2016, respectively. The fair value of public debt was $8.7 billion and $9.7 billion, at June 30, 2017 and September 30, 2016, respectively, which was determined primarily using market quotes classified as Level 1 inputs within the ASC 820 fair value hierarchy. The fair value of other long-term debt was $3.9 billion and $6.0 billion at June 30, 2017 and September 30, 2016, respectively, which was determined based on quoted market prices for similar instruments classified as Level 2 inputs within the ASC 820 fair value hierarchy. |
Impairment of Long-Lived Assets (Notes) |
9 Months Ended |
---|---|
Jun. 30, 2017 | |
Disclosure of Impairment of Long-Lived Assets [Abstract] | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, "Impairment or Disposal of Long-Lived Assets." ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset group is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals. In the first, second and third quarters of fiscal 2017, the Company concluded it had triggering events requiring assessment of impairment for certain of its long-lived assets in conjunction with its restructuring actions announced in fiscal 2017. As a result, the Company reviewed the long-lived assets for impairment and recorded $69 million of asset impairment charges within restructuring and impairment costs on the consolidated statements of income, of which $15 million was recorded in the first quarter, $23 million was recorded in the second quarter and $31 million was recorded in the third quarter. Of the total impairment charges, $27 million related to the Tyco segment, $20 million related to the Building Efficiency Products North America segment, $17 million related to Corporate assets, $4 million related to the Power Solutions segment, and $1 million related to the Building Efficiency Systems and Services North America segment. Refer to Note 9, "Significant Restructuring and Impairment Costs," of the notes to consolidated financial statements for additional information. The impairments were measured, depending on the asset, under either an income approach utilizing forecasted discounted cash flows or a market approach utilizing an appraisal to determine fair values of the impaired assets. These methods are consistent with the methods the Company employed in prior periods to value other long-lived assets. The inputs utilized in the analyses are classified as Level 3 inputs within the fair value hierarchy as defined in ASC 820, "Fair Value Measurement." In the second and third quarters of fiscal 2016, the Company concluded it had a triggering event requiring assessment of impairment for certain of its long-lived assets in conjunction with its restructuring actions announced in fiscal 2016. As a result, the Company reviewed the long-lived assets for impairment and recorded $65 million of asset impairment charges within restructuring and impairment costs on the consolidated statements of income, of which $15 million was recorded in the second quarter and $50 million was recorded in the third quarter. Of the total impairment charge, $50 million related to Corporate assets, $8 million related to the Building Efficiency Products North America segment, $4 million related to the Building Efficiency Asia segment and $3 million related to the Building Efficiency Rest of World segment. In addition, the Company recorded $15 million of asset impairments within discontinued operations related to Adient in fiscal 2016. Refer to Note 9, "Significant Restructuring and Impairment Costs," of the notes to consolidated financial statements for additional information. The impairments were measured, depending on the asset, under either an income approach utilizing forecasted discounted cash flows or a market approach utilizing an appraisal to determine fair values of the impaired assets. These methods are consistent with the methods the Company employed in prior periods to value other long-lived assets. The inputs utilized in the analyses are classified as Level 3 inputs within the fair value hierarchy as defined in ASC 820, "Fair Value Measurement." At June 30, 2017 and 2016, the Company concluded it did not have any other triggering events requiring assessment of impairment of its long-lived assets. |
Segment Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information During the first quarter of fiscal 2017, the Company determined that the Automotive Experience business met the criteria to be classified as a discontinued operation, which required retrospective application to financial information for all periods presented. Refer to Note 5, "Discontinued Operations," of the notes to consolidated financial statements for further information regarding the Company's discontinued operations. In the first quarter of fiscal 2017, the Company began evaluating the performance of its business segments primarily on segment EBITA, which represents income from continuing operations before income taxes and noncontrolling interests, excluding general corporate expenses, intangible asset amortization, net financing charges, significant restructuring and impairment costs, and the net mark-to-market adjustments related to pension and postretirement plans. Historical information has been revised to present the comparable periods on a consistent basis. ASC 280, "Segment Reporting," establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in ASC 280, the Company has determined that it has six reportable segments for financial reporting purposes. The Company’s six reportable segments are presented in the context of its two primary businesses – Building Technologies & Solutions and Power Solutions. Building Technologies & Solutions Building Efficiency Building Efficiency designs, produces, markets and installs HVAC and control systems that monitor, automate and integrate critical building segment equipment and conditions including HVAC, fire-safety and security in commercial buildings and in various industrial applications.
Tyco Tyco designs, sells, installs, services and monitors integrated electronic security systems and integrated fire detection and suppression systems for commercial, industrial, retail, small business, institutional and governmental customers. The Tyco business also designs, manufactures and sells fire protection, security and life safety products, including intrusion security, anti-theft devices, breathing apparatus and access control and video management systems, for commercial, industrial, retail, residential, small business, institutional and governmental customers worldwide. Power Solutions Power Solutions services both automotive original equipment manufacturers and the battery aftermarket by providing advanced battery technology, coupled with systems engineering, marketing and service expertise. Financial information relating to the Company’s reportable segments is as follows (in millions):
|
Guarantees |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees | Guarantees Certain of the Company's subsidiaries at the business segment level have guaranteed the performance of third-parties and provided financial guarantees for uncompleted work and financial commitments. The terms of these guarantees vary with end dates ranging from the current fiscal year through the completion of such transactions and would typically be triggered in the event of nonperformance. Performance under the guarantees, if required, would not have a material effect on the Company's financial position, results of operations or cash flows. The Company offers warranties to its customers depending upon the specific product and terms of the customer purchase agreement. A typical warranty program requires that the Company replace defective products within a specified time period from the date of sale. The Company records an estimate for future warranty-related costs based on actual historical return rates and other known factors. Based on analysis of return rates and other factors, the Company’s warranty provisions are adjusted as necessary. The Company monitors its warranty activity and adjusts its reserve estimates when it is probable that future warranty costs will be different than those estimates. The Company’s product warranty liability for continuing operations is recorded in the consolidated statements of financial position in other current liabilities if the warranty is less than one year and in other noncurrent liabilities if the warranty extends longer than one year. The changes in the carrying amount of the Company’s total product warranty liability for continuing operations, including extended warranties for which deferred revenue is recorded, for the nine months ended June 30, 2017 and 2016 were as follows (in millions):
(1) The nine months ended June 30, 2017 includes $13 million of product warranties transferred to liabilities held for sale on the consolidated statements of financial position. Refer to Note 5, "Discontinued Operations," of the notes to consolidated financial statements for further information regarding the Company's disposal groups classified as held for sale. As a result of the Tyco Merger in the fourth quarter of fiscal 2016, the Company recorded, as part of the acquired liabilities of Tyco, $290 million of post sale contingent tax indemnification liabilities within other noncurrent liabilities in the consolidated statements of financial position. The liabilities are recorded at fair value and relate to certain tax related matters borne by the buyer of previously divested subsidiaries of Tyco which Tyco has indemnified certain parties and the amounts are probable of being paid. Of the $290 million recorded as of September 30, 2016 and June 30, 2017, $255 million is related to prior divested businesses and the remainder relates to Tyco’s tax sharing agreements from its 2007 and 2012 spin-off transactions. These are certain guarantees or indemnifications extended among Tyco, Medtronic, TE Connectivity, ADT and Pentair in accordance with the terms of the 2007 and 2012 separation and tax sharing agreements. In addition, the Company has recorded $11 million of tax indemnification liabilities as of June 30, 2017 related to other divestitures. |
TIFSA (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tyco International Finance S.A. | Tyco International Finance S.A. TIFSA, a 100% owned subsidiary of the Company, has public debt securities outstanding which, as of September 30, 2016, were fully and unconditionally guaranteed by Johnson Controls and by Tyco Fire & Security Finance S.C.A. ("TIFSCA"), a wholly owned subsidiary of the Company and parent company TIFSA. During the first quarter of fiscal 2017, the guarantees were removed in connection with the previously disclosed debt exchange. The following tables present condensed consolidating financial information for Johnson Controls, TIFSCA, TIFSA and all other subsidiaries. Condensed financial information for the Company, TIFSCA and TIFSA on a stand-alone basis is presented using the equity method of accounting for subsidiaries. The TIFSA public debt securities were assumed as part of the Tyco acquisition. Therefore, no consolidating financial information for the period ended June 30, 2016 is presented related to the guarantee of the TIFSA public debt securities. Additional information regarding TIFSA and TIFSCA for the period ended June 24, 2016 can be found in Tyco's Quarterly report on Form 10-Q filed with the SEC on July 29, 2016. CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the Three Months Ended June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the Nine Months Ended June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION As of June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION As of September 30, 2016
|
Commitments and Contingencies |
9 Months Ended |
---|---|
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Matters The Company accrues for potential environmental liabilities when it is probable a liability has been incurred and the amount of the liability is reasonably estimable. As of June 30, 2017, reserves for environmental liabilities totaled $48 million, of which $12 million was recorded within other current liabilities and $36 million was recorded within other noncurrent liabilities in the consolidated statements of financial position. Reserves for environmental liabilities for continuing operations totaled $51 million at September 30, 2016. Such potential liabilities accrued by the Company do not take into consideration possible recoveries of future insurance proceeds. They do, however, take into account the likely share other parties will bear at remediation sites. It is difficult to estimate the Company’s ultimate level of liability at many remediation sites due to the large number of other parties that may be involved, the complexity of determining the relative liability among those parties, the uncertainty as to the nature and scope of the investigations and remediation to be conducted, the uncertainty in the application of law and risk assessment, the various choices and costs associated with diverse technologies that may be used in corrective actions at the sites, and the often quite lengthy periods over which eventual remediation may occur. Nevertheless, the Company does not currently believe that any claims, penalties or costs in connection with known environmental matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. In addition, the Company has identified asset retirement obligations for environmental matters that are expected to be addressed at the retirement, disposal, removal or abandonment of existing owned facilities. At June 30, 2017 and September 30, 2016, the Company recorded conditional asset retirement obligations of $72 million and $74 million, respectively. Asbestos Matters The Company and certain of its subsidiaries, along with numerous other third parties, are named as defendants in personal injury lawsuits based on alleged exposure to asbestos containing materials. These cases have typically involved product liability claims based primarily on allegations of manufacture, sale or distribution of industrial products that either contained asbestos or were used with asbestos containing components. As of June 30, 2017, the Company's estimated asbestos related net liability recorded on a discounted basis within the Company's consolidated statements of financial position was $147 million. The net liability within the consolidated statements of financial position was comprised of a liability for pending and future claims and related defense costs of $535 million, of which $35 million was recorded in other current liabilities and $500 million was recorded in other noncurrent liabilities. The Company also maintained separate cash, investments and receivables related to insurance recoveries within the consolidated statements of financial position of $388 million, of which $52 million was recorded in other current assets, and $336 million was recorded in other noncurrent assets. Assets included $28 million of cash and $264 million of investments, which have all been designated as restricted. In connection with the recognition of liabilities for asbestos-related matters, the Company records asbestos-related insurance recoveries that are probable; the amount of such recoveries recorded at June 30, 2017 was $96 million. As of September 30, 2016, the Company's estimated asbestos related net liability recorded on a discounted basis within the Company's consolidated statements of financial position was $148 million. The net liability within the consolidated statements of financial position was comprised of a liability for pending and future claims and related defense costs of $548 million, of which $35 million was recorded in other current liabilities and $513 million was recorded in other noncurrent liabilities. The Company also maintained separate cash, investments and receivables related to insurance recoveries within the consolidated statements of financial position of $400 million, of which $41 million was recorded in other current assets, and $359 million was recorded in other noncurrent assets. Assets included $16 million of cash and $264 million of investments, which have all been designated as restricted. In connection with the recognition of liabilities for asbestos-related matters, the Company records asbestos-related insurance recoveries that are probable; the amount of such recoveries recorded at September 30, 2016 was $120 million. The Company believes that the asbestos related liabilities and insurance related receivables recorded as of June 30, 2017 and September 30, 2016 are appropriate. The Company's estimate of the liability and corresponding insurance recovery for pending and future claims and defense costs is based on the Company's historical claim experience, and estimates of the number and resolution cost of potential future claims that may be filed and is discounted to present value from 2069 (which is the Company's reasonable best estimate of the actuarially determined time period through which asbestos-related claims will be filed against Company affiliates). Asbestos related defense costs are included in the asbestos liability. The Company's legal strategy for resolving claims also impacts these estimates. The Company considers various trends and developments in evaluating the period of time (the look-back period) over which historical claim and settlement experience is used to estimate and value claims reasonably projected to be made through 2069. Annually, the Company assesses the sufficiency of its estimated liability for pending and future claims and defense costs by evaluating actual experience regarding claims filed, settled and dismissed, and amounts paid in settlements. In addition to claims and settlement experience, the Company considers additional quantitative and qualitative factors such as changes in legislation, the legal environment, and the Company's defense strategy. The Company also evaluates the recoverability of its insurance receivable on an annual basis. The Company evaluates all of these factors and determines whether a change in the estimate of its liability for pending and future claims and defense costs or insurance receivable is warranted. The amounts recorded by the Company for asbestos-related liabilities and insurance-related assets are based on the Company's strategies for resolving its asbestos claims, currently available information, and a number of estimates and assumptions. Key variables and assumptions include the number and type of new claims that are filed each year, the average cost of resolution of claims, the identity of defendants, the resolution of coverage issues with insurance carriers, amount of insurance, and the solvency risk with respect to the Company's insurance carriers. Many of these factors are closely linked, such that a change in one variable or assumption will impact one or more of the others, and no single variable or assumption predominately influences the determination of the Company's asbestos-related liabilities and insurance-related assets. Furthermore, predictions with respect to these variables are subject to greater uncertainty in the later portion of the projection period. Other factors that may affect the Company's liability and cash payments for asbestos-related matters include uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, reforms of state or federal tort legislation and the applicability of insurance policies among subsidiaries. As a result, actual liabilities or insurance recoveries could be significantly higher or lower than those recorded if assumptions used in the Company's calculations vary significantly from actual results. Insurable Liabilities The Company records liabilities for its workers' compensation, product, general, property and auto liabilities. The determination of these liabilities and related expenses is dependent on claims experience. For most of these liabilities, claims incurred but not yet reported are estimated by utilizing actuarial valuations based upon historical claims experience. At June 30, 2017 and September 30, 2016, the insurable liabilities for continuing operations totaled $488 million and $422 million, respectively, of which $86 million and $60 million was recorded within other current liabilities, $30 million and $28 million was recorded within accrued compensation and benefits, and $372 million and $334 million was recorded within other noncurrent liabilities in the consolidated statements of financial position, respectively. The Company records receivables from third party insurers when recovery has been determined to be probable. The amount of such receivables recorded at June 30, 2017 was $49 million, of which $30 million was recorded within other current assets and $19 million was recorded within other noncurrent assets. Insurance receivables recorded at September 30, 2016 were $21 million, primarily recorded within other noncurrent assets. The Company maintains captive insurance companies to manage certain of its insurable liabilities. The Company is involved in various lawsuits, claims and proceedings incident to the operation of its businesses, including those pertaining to product liability, environmental, safety and health, intellectual property, employment, commercial and contractual matters, and various other casualty matters. Although the outcome of litigation cannot be predicted with certainty and some lawsuits, claims or proceedings may be disposed of unfavorably to us, it is management’s opinion that none of these will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Costs related to such matters were not material to the periods presented. |
Related Party Transactions (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions In the ordinary course of business, the Company enters into transactions with related parties, such as equity affiliates. Such transactions consist of facility management services, the sale or purchase of goods and other arrangements. The net sales to and purchases from related parties for continuing operations included in the consolidated statements of income were $272 million and $64 million, respectively, for the three months ended June 30, 2017; and $277 million and $48 million, respectively, for the three months ended June 30, 2016. The net sales to and purchases from related parties for continuing operations included in the consolidated statements of income were $726 million and $165 million, respectively, for the nine months ended June 30, 2017; and $747 million and $131 million, respectively, for the nine months ended June 30, 2016. The following table sets forth the amount of accounts receivable due from and payable to related parties for continuing operations in the consolidated statements of financial position (in millions):
The Company has also provided financial support to certain of its VIE's; see Note 1, "Financial Statements," of the notes to consolidated financial statements for additional information. |
Financial Statements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts and Classification of Assets and Liabilities for Consolidated VIEs | The carrying amounts and classification of assets (none of which are restricted) and liabilities included in the Company’s consolidated statements of financial position for the consolidated VIEs are as follows (in millions):
|
Merger Transaction (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Consideration Transferred [Table Text Block] | The following table summarizes the total fair value of consideration transferred:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The preliminary fair values of the assets acquired and liabilities assumed are as follows (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The preliminary purchase price allocation to identifiable intangible assets acquired are as follows:
|
Discontinued Operations (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Group, Including Discontinued Operations, Income Statement Disclosures [Table Text Block] | The following table summarizes the results of Adient, reclassified as discontinued operations for the nine month period ended June 30, 2017, and the three and nine month periods ended June 30, 2016 (in millions). As the Adient spin-off occurred on October 31, 2016, there is only one month of Adient results included in the nine month period ended June 30, 2017.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the carrying value of Adient, reclassified as assets and liabilities held for sale at September 30, 2016 (in millions):
The following table summarizes depreciation and amortization, capital expenditures, and significant operating and investing noncash items related to Adient for the nine month period ended June 30, 2017, and the three and nine month periods ended June 30, 2016 (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the carrying value of the Tyco segment assets and liabilities held for sale at June 30, 2017 and September 30, 2016 (in millions):
|
Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories consisted of the following (in millions):
|
Goodwill and Other Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill in each of the Company’s reportable segments for the nine month period ended June 30, 2017 were as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets | The Company’s other intangible assets, primarily from business acquisitions valued based on independent appraisals, consisted of (in millions):
|
Significant Restructuring Costs Changes in Restructuring Reserve - 2017 Restructuring Plan (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 Restructuring Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the changes in the Company’s 2017 Plan reserve, included within other current liabilities in the consolidated statements of financial position (in millions):
|
Significant Restructuring Costs Changes in Restructuring Reserve - 2016 Restructuring Plan (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 Restructuring Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the changes in the Company’s 2016 Plan reserve, included within other current liabilities and Adient liabilities held for sale in the consolidated statements of financial position (in millions):
|
Income Taxes (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||
Tax Jurisdictions and Years Currently under Audit Exam | In the U.S., fiscal years 2010 through 2014 are currently under exam by the Internal Revenue Service ("IRS"). Additionally, the Company is currently under exam in the following major non-U.S. jurisdictions:
|
Pension and Postretirement Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Pension and Postretirement Plans The components of the Company’s net periodic benefit costs from continuing operations associated with its defined benefit pension and postretirement plans are shown in the tables below in accordance with ASC 715, "Compensation – Retirement Benefits" (in millions):
During the three and nine months ended June 30, 2017, the amount of lump sum payouts triggered a remeasurement event for certain U.S. pension plans resulting in the recognition of net actuarial (gains) losses of $45 million and $(90) million, respectively. |
Debt and Financing Arrangements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Financing Charges | The Company's net financing charges line item in the consolidated statements of income for the three and nine month periods ended June 30, 2017 and 2016 contained the following components (in millions):
Net financing charges for the nine month period ended June 30, 2017 included $17 million of transaction costs related primarily to the debt exchange offers. |
Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | A summary of the stock-based awards granted during the nine month periods ended June 30, 2017 and 2016 is presented below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
|
Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | The following table reconciles the numerators and denominators used to calculate basic and diluted earnings per share (in millions):
|
Equity and Noncontrolling Interests (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Attributable to Johnson Controls and Noncontrolling Interests | The following schedules present changes in consolidated equity attributable to Johnson Controls and noncontrolling interests (in millions, net of tax):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Redeemable Noncontrolling Interests | The following schedules present changes in the redeemable noncontrolling interests (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income, Net of Tax | The following schedules present changes in accumulated other comprehensive income (AOCI) attributable to Johnson Controls (in millions, net of tax):
* Refer to Note 16, "Derivative Instruments and Hedging Activities," of the notes to consolidated financial statements for disclosure of the line items on the consolidated statements of income affected by reclassifications from AOCI into income related to derivatives. ** Refer to Note 11, "Pension and Postretirement Plans," of the notes to consolidated financial statements for disclosure of the components of the Company's net periodic benefit costs associated with its defined benefit pension and postretirement plans. For the three and nine months ended June 30, 2016, the amounts reclassified from AOCI into income for pension and postretirement plans were primarily recorded in selling, general and administrative expenses on the consolidated statements of income. |
Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Commodity Hedge Contracts | The Company had the following outstanding contracts to hedge forecasted commodity purchases:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location and Fair Values of Derivative Instruments and Hedging Activities | 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):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets and Liabilities | The gross and net amounts of derivative assets and liabilities were as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location and Amount of Gains and Losses Gross of Tax on Derivative Instruments and Related Hedge Items | The following table presents the effective portion of pre-tax gains (losses) recorded in other comprehensive income (loss) related to cash flow hedges for the three and nine months ended June 30, 2017 and 2016 (in millions):
The following tables present the location and amount of the effective portion of pre-tax gains (losses) on cash flow hedges reclassified from AOCI into the Company’s consolidated statements of income for the three and nine months ended June 30, 2017 and 2016 (in millions):
The following table presents the location and amount of pre-tax gains (losses) on fair value hedges recognized in the Company’s consolidated statements of income for the three and nine months ended June 30, 2017 and 2016 (in millions):
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 for the three and nine months ended June 30, 2017 and 2016 (in millions):
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value | The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of June 30, 2017 and September 30, 2016 (in millions):
|
Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information Related to Company's Reportable Segments | Financial information relating to the Company’s reportable segments is as follows (in millions):
|
Guarantees (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amount of Product Warranty Liability | The changes in the carrying amount of the Company’s total product warranty liability for continuing operations, including extended warranties for which deferred revenue is recorded, for the nine months ended June 30, 2017 and 2016 were as follows (in millions):
|
TIFSA (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tyco International Finance S.A. | CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the Three Months Ended June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the Nine Months Ended June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION As of June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended June 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION As of September 30, 2016
|
Related Party Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | The following table sets forth the amount of accounts receivable due from and payable to related parties for continuing operations in the consolidated statements of financial position (in millions):
|
Financial Statements - Carrying Amounts and Classification of Assets and Liabilities for Consolidated VIEs (Detail) - USD ($) $ in Millions |
Jun. 30, 2017 |
Sep. 30, 2016 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Current assets | $ 13,962 | $ 17,109 |
Current liabilities | 11,515 | 16,331 |
Long-term liabilities | 18,367 | 21,524 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Current assets | 2 | 284 |
Noncurrent assets | 53 | 98 |
Total assets | 55 | 382 |
Current liabilities | 4 | 230 |
Long-term liabilities | 43 | 29 |
Total liabilities | $ 47 | $ 259 |
Financial Statements - Additional Information (Detail) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2012
InterestInvestment
Entity
|
Jun. 30, 2017
USD ($)
Entity
|
Dec. 31, 2016
Entity
|
Oct. 31, 2016
shares
|
Sep. 30, 2016
USD ($)
Entity
|
|
Financial Statement Details [Line Items] | |||||
Adient shares received per 10 shares of Johnson Controls shares | shares | 1 | ||||
Johnson Controls shares converted into one share of Adient | shares | 10 | ||||
Interest percentage minimum for investments in partially-owned affiliates to be accounted for by the equity method | 20.00% | ||||
Number of VIEs where Company is Primary Beneficiary | Entity | 1 | 3 | |||
Number of separate investments a pre-existing VIE was reorganized into | Entity | 3 | ||||
Additional interests acquired | InterestInvestment | 2 | ||||
Third party debt agreement | $ 166 | ||||
Loans to partially-owned affiliates | 37 | ||||
Floor guarantee | 25 | ||||
Number of VIEs in which Company was not primary beneficiary | Entity | 2 | ||||
Restricted Cash and Cash Equivalents | 37 | $ 88 | |||
Restricted Cash and Investments, Current | 28 | 79 | |||
Restricted Cash and Cash Equivalents, Noncurrent | 9 | 9 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Financial Statement Details [Line Items] | |||||
Investment balance of the Company's nonconsolidated VIEs | $ 63 | 59 | |||
Power Solutions | |||||
Financial Statement Details [Line Items] | |||||
Number of VIEs where Company is Primary Beneficiary | Entity | 1 | ||||
North America [Member] | Adient spin-off [Member] | |||||
Financial Statement Details [Line Items] | |||||
Number of VIEs where Company is Primary Beneficiary | Entity | 2 | ||||
Noncurrent assets held for sale [Domain] | |||||
Financial Statement Details [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 44 | ||||
Noncurrent liabilities held for sale [Domain] | |||||
Financial Statement Details [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 44 | ||||
Other Noncurrent Assets | |||||
Financial Statement Details [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 30 | ||||
Long-term Debt | |||||
Financial Statement Details [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 30 |
Merger Transaction (Details) $ / shares in Units, $ in Millions |
Sep. 02, 2016
USD ($)
$ / shares
shares
|
Jun. 30, 2017
$ / shares
|
Sep. 30, 2016
$ / shares
|
---|---|---|---|
Business Acquisition [Line Items] | |||
Tyco share consolidation ratio | 0.955 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Business Combination, Consideration Transferred per Share For Share Election | $ 5.7293 | ||
Business Combination, Consideration Transferred, Shares, For Share Election | shares | 0.8357 | ||
Business Combination, Consideration Transferred per Share For Cash Election | $ 34.88 | ||
Cash consideration paid to JCI Inc. shareholders | $ | $ 3,864 | ||
Percent Ownership by Shareholders of Acquiror Subsequent to Acquisition | 56.00% | ||
Percent Ownership by Shareholders of Acquiree Subsequent to Acquisition | 44.00% | ||
Tyco Merger [Member] | |||
Business Acquisition [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 1.00 |
Merger Transaction Fair Value of Consideration Transferred (Details) $ / shares in Units, $ in Millions |
Sep. 02, 2016
USD ($)
$ / shares
shares
|
|||
---|---|---|---|---|
Business Combinations [Abstract] | ||||
Acquiror Closing Share Price | $ / shares | $ 45.45 | |||
Business Combination, Number of Acquiree Shares Outstanding Prior to Acquisition | shares | 427,181,743 | |||
Total fair value of consideration transferred | $ 19,671 | |||
Business Combination, Consideration Transferred, Fair Value of Acquiree Equity Awards | 224 | |||
Fair Value of Acquiree Equity Awards not Earned as of Merger Date | $ 101 | |||
Tyco share consolidation ratio | 0.955 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 407,958,565 | |||
Business Acquisition, Share Price | $ / shares | $ 47.67 | [1] | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 19,447 | |||
Acquiror Market Capitalization at Merger Date | 29,012 | |||
Cash consideration paid to JCI Inc. shareholders | $ 3,864 | |||
Business Combination, Reduction in Number of Acquiror Shares due to Cash Consideration Paid by Acquiree | shares | 110,800,000 | |||
Business Combination, Consideration Transferred per Share For Cash Election | $ / shares | $ 34.88 | |||
|
Merger Transaction Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 02, 2016 |
Jun. 30, 2017 |
|
Business Acquisition [Line Items] | ||
Goodwill, Acquired During Period | $ (158) | |
Cash and cash equivalents | $ 489 | |
Accounts receivable | 2,084 | |
Inventories | 815 | |
Other current assets | 610 | |
Property, plant, and equipment - net | 1,219 | |
Intangible assets - net | 6,304 | |
Other noncurrent assets | 536 | |
Total assets acquired | 28,260 | |
Short-term debt | 462 | |
Accounts payable | 725 | |
Accrued compensation and benefits | 312 | |
Other current liabilities | 1,444 | |
Long-term debt | 6,416 | |
Long-term deferred tax liabilities | 847 | |
Long-term pension and postretirement benefits | 774 | |
Other noncurrent liabilities | 1,436 | |
Total liabilities acquired | 12,416 | |
Noncontrolling interests | 37 | |
Net assets acquired | 15,807 | |
Cash consideration paid to JCI Inc. shareholders | 3,864 | |
Total fair value of consideration transferred | 19,671 | |
Building Efficiency | Tyco Merger [Member] | Buildings Tyco [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill, Acquired During Period | $ 16,203 |
Merger Transaction Intangible Assets Acquired (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 02, 2016 |
Jun. 30, 2017 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Reduction in Goodwill, Acquired During Period | $ 158 | |
Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $ 2,080 | |
Other Infinite-Lived Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | 90 | |
In Process Research and Development [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | 60 | |
Customer Relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 2,280 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | |
Technology-Based Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 1,580 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |
Other Finite Lived Intangible [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 214 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |
Building Technologies & Solutions Tyco [Member] | Building Technologies & Solutions [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Reduction in Goodwill, Acquired During Period | $ 160 |
Acquisitions and Divestitures - Additional Information (Detail) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 02, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
Acquisition
|
|
Acquisitions And Discontinued Operations [Line Items] | ||||||
Purchase price, net of cash acquired | $ 19,671,000,000 | |||||
Cash paid for business acquisition | $ 6,000,000 | $ 133,000,000 | ||||
Goodwill, Acquired During Period | (158,000,000) | |||||
Reduction in goodwill related to business divestitures | 1,270,000,000 | |||||
Proceeds from business divestitures, net of cash divested | 180,000,000 | 54,000,000 | ||||
Adjustment to purchase price of previous acquisition | 75,000,000 | 0 | ||||
Gain on divestitures - net | 0 | 14,000,000 | ||||
Business Divestitures, Not Specific [Member] | ||||||
Acquisitions And Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Businesses | $ 4,000,000 | |||||
Number Of Businesses Divested | 1 | |||||
Cash Divested from Deconsolidation | $ 5,000,000 | |||||
Proceeds from business divestitures, net of cash divested | $ 52,000,000 | $ 40,000,000 | ||||
Individually Immaterial Acquisitions | ||||||
Acquisitions And Discontinued Operations [Line Items] | ||||||
Number of acquisitions | 3 | 1 | ||||
Purchase price, net of cash acquired | $ 9,000,000 | $ 0 | ||||
Cash paid for business acquisition | 6,000,000 | 3,000,000 | ||||
Goodwill, Acquired During Period | 2,000,000 | 4,000,000 | ||||
Buildings Tyco [Member] | Scott Safety business [Member] | ||||||
Acquisitions And Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Businesses | $ 2,000,000,000 | |||||
Buildings Tyco [Member] | Scott Safety business [Member] | Minimum [Member] | ||||||
Acquisitions And Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Businesses | 1,800,000,000 | |||||
Buildings Tyco [Member] | Scott Safety business [Member] | Maximum [Member] | ||||||
Acquisitions And Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Businesses | 1,900,000,000 | |||||
Buildings Tyco [Member] | ADT security business in South Africa [Member] | ||||||
Acquisitions And Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Businesses | 129,000,000 | |||||
Reduction in goodwill related to business divestitures | $ 92,000,000 | |||||
Building Efficiency Asia | Hitachi Joint Venture [Member] | ||||||
Acquisitions And Discontinued Operations [Line Items] | ||||||
Goodwill, Acquired During Period | $ 253,000,000 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | |||||
Payments to Acquire Interest in Joint Venture | $ 208,000,000 | 75,000,000 | 133,000,000 | |||
Purchase Price of Joint Venture | 638,000,000 | |||||
Cash Acquired from Acquisition | $ 430,000,000 | |||||
Building Efficiency Rest of World [Member] | Individually Immaterial Acquisitions | ||||||
Acquisitions And Discontinued Operations [Line Items] | ||||||
Step acquisition, non-cash gain in equity interest in acquiree | $ 4,000,000 | |||||
Building Efficiency Systems and Service North America | ||||||
Acquisitions And Discontinued Operations [Line Items] | ||||||
Reduction in goodwill related to business divestitures | $ 3,000,000 | |||||
Proceeds from business divestitures, net of cash divested | 14,000,000 | |||||
Sales Price of Business Divestitures | 16,000,000 | |||||
Gain on divestitures - net | $ 14,000,000 | |||||
Power Solutions | ||||||
Acquisitions And Discontinued Operations [Line Items] | ||||||
Goodwill, Acquired During Period | 0 | |||||
Reduction in goodwill related to business divestitures | $ 0 |
Discontinued Operations Discontinued Operations, Income Statement Disclosures (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations attributable to noncontrolling interests | $ 0 | $ 21 | $ 9 | $ 61 |
Income (loss) from discontinued operations | $ 0 | $ 36 | $ (43) | $ (542) |
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 85 | $ 780 | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ (11) | 85 | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Separation costs | 127 | $ 79 | 287 | |
Net sales | 4,362 | 1,434 | 12,893 | |
Income from discontinued operations before income taxes | 185 | 1 | 520 | |
Provision for income taxes on discontinued operations | 128 | 35 | 1,001 | |
Income from discontinued operations attributable to noncontrolling interests | 21 | 9 | 61 | |
Income (loss) from discontinued operations | $ 36 | $ (43) | $ (542) |
Discontinued Operations Discontinued Operations - Assets Held For Sale - Adient spin-off (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Sep. 30, 2016 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 2,082 | $ 5,812 |
Noncurrent assets held for sale | 0 | 7,374 |
Liabilities held for sale | 247 | 4,276 |
Noncurrent liabilities held for sale | $ 0 | 3,888 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash | 105 | |
Cash in escrow related to Adient debt | 2,034 | |
Accounts receivable - net | 2,071 | |
Inventories | 672 | |
Other current assets | 756 | |
Assets held for sale | 5,638 | |
Property, plant and equipment - net | 2,240 | |
Goodwill | 2,385 | |
Other intangible assets - net | 113 | |
Investments in partially-owned affiliates | 1,745 | |
Other noncurrent assets | 891 | |
Noncurrent assets held for sale | 7,374 | |
Short-term debt | 41 | |
Current portion of long-term debt held for sale | 38 | |
Accounts payable | 2,764 | |
Accrued compensation and benefits | 430 | |
Other current liabilities | 975 | |
Liabilities held for sale | 4,248 | |
Long-term debt held for sale | 3,441 | |
Pension and postretirement benefits held for sale | 188 | |
Other noncurrent liabilities | 259 | |
Noncurrent liabilities held for sale | $ 3,888 |
Discontinued Operations Discontinued Operations, Alternative Cash Flow Information - Adient spin-off (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | $ 919 | $ 680 | |
Equity in earnings of partially-owned affiliates | (166) | (202) | |
Deferred income taxes | 1,056 | 336 | |
Non-cash restructuring and impairment charges | 70 | 80 | |
Equity-based compensation | 114 | 76 | |
Accrued income taxes | (2,002) | (223) | |
Capital expenditures | (996) | (822) | |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | $ 86 | 29 | 257 |
Equity in earnings of partially-owned affiliates | (89) | (31) | (260) |
Deferred income taxes | (9) | 562 | 756 |
Non-cash restructuring and impairment charges | 1 | 0 | 15 |
Equity-based compensation | 4 | 1 | 11 |
Accrued income taxes | 0 | (808) | 0 |
Capital expenditures | $ (96) | $ (91) | $ (271) |
Discontinued Operations Disposal Group - Assets Held For Sale (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Sep. 30, 2016 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 2,082 | $ 5,812 |
Liabilities held for sale | 247 | 4,276 |
Corporate Segment | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 17 | |
Building Technologies & Solutions Tyco [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable - net | 101 | 9 |
Inventories | 73 | 7 |
Other current assets | 8 | 3 |
Property, plant and equipment - net | 76 | 15 |
Goodwill | 1,270 | 89 |
Other intangible assets - net | 554 | 30 |
Other noncurrent assets | 0 | 4 |
Assets held for sale | 2,082 | 157 |
Accounts payable | 34 | 9 |
Accrued compensation and benefits | 10 | 0 |
Other current liabilities | 22 | 19 |
Other noncurrent liabilities | 181 | 0 |
Liabilities held for sale | $ 247 | $ 28 |
Percentage-of-Completion Contracts (Detail) - USD ($) $ in Millions |
Jun. 30, 2017 |
Sep. 30, 2016 |
---|---|---|
Disclosure Percentage Of Completion Contracts Additional Information [Abstract] | ||
Costs and earnings in excess of billings related to contracts | $ 951 | $ 841 |
Billing in excess of costs and earnings on uncompleted contracts | $ 448 | $ 431 |
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions |
Jun. 30, 2017 |
Sep. 30, 2016 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 800 | $ 852 |
Work-in-process | 683 | 503 |
Finished goods | 1,901 | 1,533 |
Inventories | $ 3,384 | $ 2,888 |
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2017 |
|
Goodwill [Roll Forward] | ||
Beginning Balance | $ 21,024 | |
Business Acquisitions | (158) | |
Business Divestitures | (1,270) | |
Currency Translation and Other | 23 | |
Ending Balance | 19,619 | |
Building Efficiency Systems and Service North America | ||
Goodwill [Roll Forward] | ||
Business Divestitures | $ (3) | |
Power Solutions | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 1,086 | |
Business Acquisitions | 0 | |
Business Divestitures | 0 | |
Currency Translation and Other | 0 | |
Ending Balance | 1,086 | |
Building Technologies & Solutions [Member] | Building Technologies & Solutions Tyco [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 16,308 | |
Business Acquisitions | (160) | |
Business Divestitures | (1,270) | |
Currency Translation and Other | 40 | |
Ending Balance | 14,918 | |
Building Efficiency | Building Efficiency Systems and Service North America | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 975 | |
Business Acquisitions | 0 | |
Business Divestitures | 0 | |
Currency Translation and Other | 0 | |
Ending Balance | 975 | |
Building Efficiency | Building Efficiency Products North America [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 1,697 | |
Business Acquisitions | 1 | |
Business Divestitures | 0 | |
Currency Translation and Other | 2 | |
Ending Balance | 1,700 | |
Building Efficiency | Building Efficiency Asia | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 657 | |
Business Acquisitions | 0 | |
Business Divestitures | 0 | |
Currency Translation and Other | (23) | |
Ending Balance | 634 | |
Building Efficiency | Building Efficiency Rest of World [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 301 | |
Business Acquisitions | 1 | |
Business Divestitures | 0 | |
Currency Translation and Other | 4 | |
Ending Balance | $ 306 |
Goodwill and Other Intangible Assets - Goodwill Additional Information (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Building Efficiency Rest of World [Member] | |
Goodwill [Line Items] | |
Accumulated goodwill impairment | $ 47 |
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Sep. 30, 2016 |
---|---|---|
Intangible Assets [Line Items] | ||
Gross carrying amount, total intangible assets | $ 7,497 | $ 7,920 |
Net, Total Intangible Assets | 6,727 | 7,540 |
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Gross Carrying Amount | 4,873 | 5,215 |
Accumulated Amortization | (770) | (380) |
Net, Total Amortized Intangible Assets | 4,103 | 4,835 |
Patented Technology | ||
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Gross Carrying Amount | 1,231 | 1,528 |
Accumulated Amortization | (129) | (24) |
Net, Total Amortized Intangible Assets | 1,102 | 1,504 |
Customer Relationships | ||
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Gross Carrying Amount | 3,116 | 3,168 |
Accumulated Amortization | (397) | (226) |
Net, Total Amortized Intangible Assets | 2,719 | 2,942 |
Miscellaneous | ||
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Gross Carrying Amount | 526 | 519 |
Accumulated Amortization | (244) | (130) |
Net, Total Amortized Intangible Assets | 282 | 389 |
Trademarks/trade names | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Carrying Amount, Gross and Net | 2,497 | 2,555 |
Miscellaneous | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Carrying Amount, Gross and Net | $ 127 | $ 150 |
Goodwill and Other Intangible Assets - Other Intangible Assets Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 108 | $ 22 | $ 383 | $ 62 |
Future amortization expense, 2018 | 389 | 389 | ||
Future amortization expense, 2019 | 379 | 379 | ||
Future amortization expense, 2020 | 366 | 366 | ||
Future amortization expense, 2021 | 367 | 367 | ||
Future amortization expense, 2022 | $ 360 | $ 360 |
Significant Restructuring Costs Change in Restructuring Reserve - 2017 Restructuring Plan (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Sep. 30, 2016 |
|
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | $ 49 | $ 99 | $ 78 | $ 27 | $ 60 | $ 226 | $ 87 | |
2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 49 | 99 | 78 | |||||
Payments for Restructuring | (34) | (13) | ||||||
Restructuring Reserve, Settled without Cash | (32) | (23) | (16) | |||||
Restructuring Reserve | 108 | 125 | 62 | 108 | ||||
Employee Severance | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 16 | 67 | 62 | |||||
Payments for Restructuring | (34) | (13) | ||||||
Restructuring Reserve, Settled without Cash | 0 | 0 | 0 | |||||
Restructuring Reserve | 98 | 116 | 62 | 98 | ||||
Fixed Asset Impairment | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 31 | 23 | 15 | |||||
Payments for Restructuring | 0 | 0 | ||||||
Restructuring Reserve, Settled without Cash | (31) | (23) | (15) | |||||
Restructuring Reserve | 0 | 0 | 0 | 0 | ||||
Other Restructuring | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 2 | 9 | 1 | |||||
Payments for Restructuring | 0 | 0 | ||||||
Restructuring Reserve, Settled without Cash | (1) | 0 | (1) | |||||
Restructuring Reserve | 10 | 9 | 0 | 10 | ||||
Continuing Operations | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | $ 288 | |||||||
Continuing Operations | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | $ 49 | $ 99 | $ 78 | 226 | ||||
Continuing Operations | Corporate Segment | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 161 | |||||||
Continuing Operations | Corporate Segment | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 79 | |||||||
Continuing Operations | Building Efficiency Asia | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 26 | |||||||
Continuing Operations | Building Efficiency Asia | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 9 | |||||||
Continuing Operations | Power Solutions | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 66 | |||||||
Continuing Operations | Power Solutions | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 4 | |||||||
Continuing Operations | Building Efficiency Systems and Service North America | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 2 | |||||||
Continuing Operations | Building Efficiency Systems and Service North America | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 14 | |||||||
Continuing Operations | Building Technologies & Solutions Tyco [Member] | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 8 | |||||||
Continuing Operations | Building Technologies & Solutions Tyco [Member] | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 73 | |||||||
Continuing Operations | Building Efficiency Products North America [Member] | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 27 | |||||||
Continuing Operations | Building Efficiency Rest of World [Member] | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | $ 16 | |||||||
Continuing Operations | Building Efficiency Rest of World [Member] | 2017 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | $ 20 |
Significant Restructuring Costs Change in Restructuring Reserve - 2016 Restructuring Plan (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Sep. 30, 2016 |
|
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | $ 49 | $ 99 | $ 78 | $ 27 | $ 60 | $ 226 | $ 87 | |
Committed restructuring liabilities assumed from Tyco Merger [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | $ 78 | |||||||
Restructuring Reserve, Settled without Cash | (4) | |||||||
2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 620 | |||||||
Payments for Restructuring | (58) | (32) | ||||||
Restructuring Reserve, Settled without Cash | (1) | (221) | ||||||
Restructuring Reserve | 163 | 163 | 445 | |||||
Employee Severance | Committed restructuring liabilities assumed from Tyco Merger [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 78 | |||||||
Restructuring Reserve, Settled without Cash | (4) | |||||||
Employee Severance | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 368 | |||||||
Payments for Restructuring | (56) | (32) | ||||||
Restructuring Reserve, Settled without Cash | 0 | 0 | ||||||
Restructuring Reserve | 157 | 157 | 414 | |||||
Fixed Asset Impairment | Committed restructuring liabilities assumed from Tyco Merger [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 0 | |||||||
Restructuring Reserve, Settled without Cash | 0 | |||||||
Fixed Asset Impairment | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 190 | |||||||
Payments for Restructuring | 0 | 0 | ||||||
Restructuring Reserve, Settled without Cash | 0 | (190) | ||||||
Restructuring Reserve | 0 | 0 | 0 | |||||
Other Restructuring | Committed restructuring liabilities assumed from Tyco Merger [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 0 | |||||||
Restructuring Reserve, Settled without Cash | 0 | |||||||
Other Restructuring | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 62 | |||||||
Payments for Restructuring | (2) | 0 | ||||||
Restructuring Reserve, Settled without Cash | 0 | (32) | ||||||
Restructuring Reserve | 6 | 6 | 30 | |||||
Currency Translation | Committed restructuring liabilities assumed from Tyco Merger [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 0 | |||||||
Restructuring Reserve, Settled without Cash | 0 | |||||||
Currency Translation | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 0 | |||||||
Payments for Restructuring | 0 | 0 | ||||||
Restructuring Reserve, Settled without Cash | (1) | 1 | ||||||
Restructuring Reserve | $ 0 | 0 | 1 | |||||
Continuing Operations | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 288 | |||||||
Continuing Operations | Building Efficiency Systems and Service North America | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 2 | |||||||
Continuing Operations | Building Efficiency Asia | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 26 | |||||||
Continuing Operations | Building Efficiency Rest of World [Member] | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 16 | |||||||
Continuing Operations | Building Efficiency Products North America | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 9 | |||||||
Continuing Operations | Building Technologies & Solutions Tyco [Member] | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 8 | |||||||
Continuing Operations | Corporate Segment | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 161 | |||||||
Continuing Operations | Buildings Tyco [Member] | Committed restructuring liabilities assumed from Tyco Merger [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 74 | |||||||
Continuing Operations | Power Solutions | 2016 Restructuring Plan [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | 66 | |||||||
Adient spin-off [Member] | Transfer To Held for Sale [Member] | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | (216) | |||||||
Adient spin-off [Member] | Transfer To Held for Sale [Member] | Employee Severance | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | (194) | |||||||
Adient spin-off [Member] | Transfer To Held for Sale [Member] | Fixed Asset Impairment | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | 0 | |||||||
Adient spin-off [Member] | Transfer To Held for Sale [Member] | Other Restructuring | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | (22) | |||||||
Adient spin-off [Member] | Transfer To Held for Sale [Member] | Currency Translation | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | 0 | |||||||
Scott Safety business [Member] | Transfer To Held for Sale [Member] | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | (3) | |||||||
Scott Safety business [Member] | Transfer To Held for Sale [Member] | Employee Severance | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | (3) | |||||||
Scott Safety business [Member] | Transfer To Held for Sale [Member] | Fixed Asset Impairment | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | 0 | |||||||
Scott Safety business [Member] | Transfer To Held for Sale [Member] | Other Restructuring | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | 0 | |||||||
Scott Safety business [Member] | Transfer To Held for Sale [Member] | Currency Translation | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Settled without Cash | $ 0 | |||||||
Adient | Discontinued Operations | 2016 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | $ 332 |
Significant Restructuring Costs - Additional Information (Detail) $ in Millions |
3 Months Ended | 9 Months Ended | 21 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2017
USD ($)
Employees
Plant
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
Employees
Plant
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
Employees
Plant
|
|
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and impairment costs | $ | $ 49 | $ 99 | $ 78 | $ 27 | $ 60 | $ 226 | $ 87 | |
Number of employees to be severed | 5,400 | |||||||
Number of employees severed | 1,400 | 1,400 | 1,400 | |||||
Number of plants to be closed | Plant | 12 | |||||||
Plants closed | Plant | 4 | 4 | 4 | |||||
Building Technologies & Solutions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of employees to be severed | 4,300 | |||||||
Corporate Segment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of employees to be severed | 1,100 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Sep. 30, 2016 |
|
Income Taxes, Additional Information [Line Items] | ||||||||
Effective income tax rate | 12.00% | 16.00% | 38.00% | 17.00% | ||||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% | 35.00% | ||||
Gross tax effected unrecognized tax benefits | $ 1,706 | |||||||
Amount of unrecognized tax benefits which may impact effective tax rate | 1,604 | |||||||
Total net accrued interest, net of tax benefit | $ 55 | |||||||
Number of months for conclusion of tax exam, appeal or litigation | 12 months | |||||||
Estimated benefit to tax expense | $ 200 | |||||||
Restructuring and impairment costs | $ 49 | $ 99 | $ 78 | $ 27 | $ 60 | $ 226 | $ 87 | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (11) | $ 85 | ||||||
Transaction and integration costs | 70 | 138 | 130 | |||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount | $ 15 | 20 | 14 | $ 12 | $ 12 | |||
Outside basis difference of certain subsidiaries of the Scott Safety business [Domain] | ||||||||
Income Taxes, Additional Information [Line Items] | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 457 | |||||||
Change in Entity Status [Domain] | ||||||||
Income Taxes, Additional Information [Line Items] | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 101 | |||||||
Transaction and integration costs [Member] | ||||||||
Income Taxes, Additional Information [Line Items] | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ (31) | $ (11) |
Income Taxes - Tax Jurisdictions and Years Currently under Audit Exam (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
|
Income Tax Examination [Line Items] | ||
Estimated benefit to tax expense | $ 200 | |
Belgium | Earliest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2015 | |
Belgium | Latest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2016 | |
Brazil | Earliest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2011 | |
Brazil | Latest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2012 | |
CANADA | Earliest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2012 | |
CANADA | Latest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2014 | |
France | Earliest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2010 | |
France | Latest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2015 | |
Germany | Earliest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2007 | |
Germany | Latest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2015 | |
SPAIN | Earliest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2010 | |
SPAIN | Latest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2014 | |
United Kingdom | Earliest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2011 | |
United Kingdom | Latest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2014 | |
United States | Earliest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2010 | |
United States | Latest tax year under exam | ||
Income Tax Examination [Line Items] | ||
Tax years currently under audit exam | 2014 |
Pension and Postretirement Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial (gain) loss | $ 45 | $ 0 | $ (90) | $ 0 |
U.S. Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 4 | 13 | 12 |
Interest cost | 28 | 26 | 85 | 76 |
Expected return on plan assets | (57) | (47) | (174) | (139) |
Net actuarial (gain) loss | 45 | 0 | (90) | 0 |
Settlement (gain) loss | 1 | 0 | (8) | 0 |
Net periodic benefit cost (credit) | 21 | (17) | (174) | (51) |
Non-U.S. Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 8 | 4 | 24 | 9 |
Interest cost | 13 | 7 | 36 | 19 |
Expected return on plan assets | (23) | (7) | (68) | (22) |
Net periodic benefit cost (credit) | (2) | 4 | (8) | 6 |
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 1 | 1 | 1 |
Interest cost | 1 | 2 | 4 | 5 |
Expected return on plan assets | (2) | (3) | (7) | (7) |
Amortization of prior service credit | 0 | 0 | 0 | (1) |
Net periodic benefit cost (credit) | $ (1) | $ 0 | $ (2) | $ (2) |
Debt and Financing Arrangements - Additional Information (Detail) ¥ in Billions |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2016
USD ($)
|
Dec. 28, 2016
EUR (€)
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2016
EUR (€)
|
Dec. 31, 2016
JPY (¥)
|
Mar. 31, 2017
EUR (€)
|
Dec. 28, 2016
EUR (€)
|
|
Debt Instrument [Line Items] | |||||||||
Number of ten-month floating rate term loans maturing in Oct 2016 | 2 | 2 | 2 | ||||||
Dollar denominated notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Amount | $ 5,600,000,000 | ||||||||
Debt Conversion, Original Debt, Amount | 6,000,000,000 | ||||||||
Aggregrate principal amount of existing notes outstanding | $ 380,900,000 | ||||||||
Series of existing notes outstanding | 17 | ||||||||
Euro denominated notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Amount | € | € 423,000,000 | ||||||||
Debt Conversion, Original Debt, Amount | € | € 500,000,000 | ||||||||
Aggregrate principal amount of existing notes outstanding | € | € 77,400,000 | ||||||||
Series of existing notes outstanding | 1 | ||||||||
4 billion USD floating rate term loan maturing in March 2020 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 4,000,000,000 | ||||||||
Extinguishment of Debt, Amount | $ 135,000,000 | ||||||||
One percent maturing in fiscal 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | € | € 1,000,000,000 | ||||||||
Debt Instrument, Interest Rate Terms | 0.01 | ||||||||
150 million USD revolving credit facility maturing in Mar 2018 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | $ 0 | ||||||||
Debt Instrument, Term | 364 days | ||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||
Two Point Three Five Five Percent Due Two Thousand Seventeen [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of Debt, Amount | $ 46,000,000 | ||||||||
Debt Instrument, Interest Rate Terms | 0.02355 | ||||||||
One Point Three Seven Five Percent Due in Two Thousand Twenty Five [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate Terms | 0.01375 | ||||||||
Debt Instrument, Repurchase Amount | € | € 15,000,000 | ||||||||
Four point five percent maturing in fiscal 2047 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 500,000,000 | ||||||||
Debt Instrument, Interest Rate Terms | 0.045 | ||||||||
150 million USD revolving credit facility maturing in Feb 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | $ 0 | ||||||||
Debt Instrument, Term | 364 days | ||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||
250 million USD revolving credit facility maturing in Jan 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | $ 0 | ||||||||
Debt Instrument, Term | 364 days | ||||||||
Debt Instrument, Face Amount | $ 250,000,000 | ||||||||
$35M revolving credit facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | $ 0 | ||||||||
Extinguishment of Debt, Amount | $ 35,000,000 | ||||||||
325 million USD floating rate term loans maturing in Oct 2016 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Term | 10 months | 10 months | 10 months | ||||||
Extinguishment of Debt, Amount | $ 325,000,000 | ||||||||
$100M revolving credit facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | 0 | ||||||||
Extinguishment of Debt, Amount | $ 100,000,000 | ||||||||
100 Million USD floating rate term loan maturing in November 2016 [Member] [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Term | 9 months | 9 months | 9 months | ||||||
Extinguishment of Debt, Amount | $ 100,000,000 | ||||||||
37 billion yen floating rate syndicated term loan maturing in June 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of Debt, Amount | ¥ | ¥ 37 | ||||||||
2.6% due 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of Debt, Amount | $ 400,000,000 | ||||||||
Debt Instrument, Interest Rate Terms | 0.026 | 0.026 | 0.026 | ||||||
100 million euro floating rate term loan maturing in Dec 2017 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Term | 364 days | 364 days | 364 days | ||||||
Debt Instrument, Face Amount | € | € 100,000,000 | ||||||||
100 million euro floating rate term loan maturing in Oct 2016 [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Term | 9 months | 9 months | 9 months | ||||||
Extinguishment of Debt, Amount | € | € 100,000,000 |
Debt and Financing Arrangements - Components of Net Financing Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Debt Disclosure [Abstract] | ||||
Transactions costs related to debt exchange offers | $ 17 | |||
Interest expense, net of capitalized interest costs | $ 115 | $ 66 | 343 | $ 203 |
Banking fees and bond cost amortization | 14 | 7 | 55 | 19 |
Interest income | (4) | (4) | (16) | (8) |
Net foreign exchange results for financing activities | (1) | (4) | (6) | (12) |
Net financing charges | $ 124 | $ 65 | $ 376 | $ 202 |
Stock-Based Compensation (Details) |
9 Months Ended | |
---|---|---|
Jun. 30, 2017
$ / shares
shares
|
Jun. 30, 2016
$ / shares
shares
|
|
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation, Stock Options Granted | shares | 2,841,686 | 961,705 |
Share-based Compensation, Stock Options Weighted Average Grant Date Fair Value | $ / shares | $ 7.81 | $ 13.14 |
Share-based Compensation, Risk Free Interest Rate - Minimum | 1.23% | |
Share-based Compensation, Risk Free Interest Rate - Maximum | 1.93% | |
Share-based Compensation, Expected Life of Option (Years) | 6 years 146 days | |
Share-based Compensation, Risk Free Interest Rate | 1.64% | |
Share-based Compensation, Expected Volatility of the Company's Stock | 24.60% | 36.00% |
Share-based Compensation, Expected Dividend Yield on the Company's stock | 2.21% | 2.11% |
Employee Stock Option [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation, Expected Life of Option (Years) | 4 years 9 months | |
Employee Stock Option [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation, Expected Life of Option (Years) | 6 years 6 months | |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation, Equity Instruments Other than Options, Granted | shares | 15,693 | 54,749 |
Share-based Compensation, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value | $ / shares | $ 8.28 | $ 13.15 |
Share Based Compensation, Award Modificaton, Conversion Ratio | 1.085317 | |
Non Vested Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation, Equity Instruments Other than Options, Granted | shares | 1,671,677 | 2,290,575 |
Share-based Compensation, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value | $ / shares | $ 41.75 | $ 43.68 |
Share Based Compensation, Award Modificaton, Conversion Ratio | 1.085317 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation, Equity Instruments Other than Options, Granted | shares | 846,725 | 0 |
Share-based Compensation, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value | $ / shares | $ 48.40 | $ 0.00 |
Share-based Compensation, Risk Free Interest Rate | 1.40% | |
Share-based Compensation, Expected Volatility of the Company's Stock | 21.00% |
Earnings Per Share - Earnings Per Share (Detail) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Income from continuing operations | $ 555 | $ 347 | $ 779 | $ 845 |
Income (loss) from discontinued operations | 0 | 36 | (43) | (542) |
Basic and diluted income available to shareholders | $ 555 | $ 383 | $ 736 | $ 303 |
Weighted Average Shares Outstanding | ||||
Basic weighted average shares outstanding | 935.4 | 644.9 | 937.2 | 647.0 |
Effect of dilutive securities: | ||||
Stock options, unvested restricted stock and unvested performance share awards | 9.0 | 4.8 | 9.6 | 4.5 |
Diluted weighted average shares outstanding | 944.4 | 649.7 | 946.8 | 651.5 |
Antidilutive Securities | ||||
Options to purchase shares | 0.1 | 0.1 | 0.1 | 0.2 |
Earnings Per Share - Additional Information (Detail) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Dividend declared | $ 0.25 | $ 0.29 | $ 0.75 | $ 0.87 |
Equity and Noncontrolling Interests - Equity Attributable to Johnson Controls and Noncontrolling Interests (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Equity [Line Items] | |||||
Noncontrolling interest acquired | $ 679 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance | $ 24,118 | ||||
Beginning balance | 972 | ||||
Beginning balance | 25,090 | ||||
Net income attributable to Johnson Controls | $ 555 | $ 383 | 736 | $ 303 | |
Foreign currency translation adjustments | 285 | (141) | (166) | (115) | |
Realized and unrealized gains (losses) on derivatives | (9) | 4 | (13) | 6 | |
Realized and unrealized gains (losses) on marketable securities | (3) | 0 | 6 | 0 | |
Other comprehensive income (loss) | 273 | (137) | (173) | (109) | |
Comprehensive income attributable to Johnson Controls | 813 | 248 | 579 | 186 | |
Comprehensive income attributable to noncontrolling interests | 89 | 74 | 140 | 185 | |
Total comprehensive income | 902 | 322 | 719 | 371 | |
Repurchase of ordinary shares | (307) | (475) | (426) | (475) | |
Ending balance | 19,731 | 19,731 | |||
Ending balance | 884 | 884 | |||
Ending balance | 20,615 | 20,615 | |||
Equity Attributable to Johnson Controls | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance | 19,388 | 9,984 | 24,118 | 10,376 | |
Net income attributable to Johnson Controls | 555 | 383 | 736 | 303 | |
Foreign currency translation adjustments | (141) | (126) | |||
Realized and unrealized gains (losses) on derivatives | 6 | 9 | |||
Realized and unrealized gains (losses) on marketable securities | 0 | 0 | |||
Other comprehensive income (loss) | 258 | (135) | (157) | (117) | |
Comprehensive income attributable to Johnson Controls | 813 | 248 | 579 | 186 | |
Cash dividends - ordinary shares | (234) | (189) | (705) | (566) | |
Dividends attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Repurchase of ordinary shares | (307) | (475) | (426) | (475) | |
Change In noncontrolling interest share | 0 | 0 | 0 | 0 | |
Spin-off of Adient | (4,038) | 0 | |||
Other, including options exercised | 71 | 31 | 203 | 78 | |
Ending balance | 19,731 | 9,599 | 19,731 | 9,599 | |
Equity Attributable to Noncontrolling Interest | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance | 813 | 898 | 972 | 163 | |
Income attributable to noncontrolling interests | 66 | 59 | 127 | 129 | |
Foreign currency translation adjustments | 3 | 3 | (22) | 12 | |
Realized and unrealized gains (losses) on derivatives | (1) | (2) | 1 | (1) | |
Realized and unrealized gains (losses) on marketable securities | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss) | 2 | 1 | (21) | 11 | |
Comprehensive income attributable to noncontrolling interests | 68 | 60 | 106 | 140 | |
Cash dividends - ordinary shares | 0 | 0 | 0 | 0 | |
Dividends attributable to noncontrolling interests | 0 | (35) | (47) | (71) | |
Repurchase of ordinary shares | 0 | 0 | 0 | 0 | |
Change In noncontrolling interest share | 3 | 1 | (9) | 692 | |
Spin-off of Adient | (138) | 0 | |||
Other, including options exercised | 0 | 0 | 0 | 0 | |
Ending balance | 884 | 924 | 884 | 924 | |
Total Equity Excluding Redeemable Noncontrolling Interest [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance | 20,201 | 10,882 | 25,090 | 10,539 | |
Net income | 621 | 442 | 863 | 432 | |
Foreign currency translation adjustments | 271 | (138) | (172) | (114) | |
Realized and unrealized gains (losses) on derivatives | (8) | 4 | (12) | 8 | |
Realized and unrealized gains (losses) on marketable securities | (3) | 0 | 6 | 0 | |
Other comprehensive income (loss) | 260 | (134) | (178) | (106) | |
Total comprehensive income | 881 | 308 | 685 | 326 | |
Cash dividends - ordinary shares | (234) | (189) | (705) | (566) | |
Dividends attributable to noncontrolling interests | 0 | (35) | (47) | (71) | |
Repurchase of ordinary shares | (307) | (475) | (426) | (475) | |
Change In noncontrolling interest share | 3 | 1 | (9) | 692 | |
Spin-off of Adient | (4,176) | 0 | |||
Other, including options exercised | 71 | 31 | 203 | 78 | |
Ending balance | 20,615 | $ 10,523 | 20,615 | $ 10,523 | |
Parent Company [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance | 24,118 | ||||
Beginning balance | 0 | ||||
Beginning balance | 24,118 | ||||
Net income attributable to Johnson Controls | 555 | 736 | |||
Foreign currency translation adjustments | 268 | (150) | |||
Realized and unrealized gains (losses) on derivatives | (7) | (13) | |||
Realized and unrealized gains (losses) on marketable securities | (3) | 6 | |||
Other comprehensive income (loss) | 258 | (157) | |||
Comprehensive income attributable to Johnson Controls | 813 | 579 | |||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||
Total comprehensive income | 813 | 579 | |||
Ending balance | 19,731 | 19,731 | |||
Ending balance | 0 | 0 | |||
Ending balance | $ 19,731 | $ 19,731 |
Equity and Noncontrolling Interests Equity and Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Equity, Class of Treasury Stock [Line Items] | ||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 679 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 307 | $ 475 | $ 426 | $ 475 | ||
Stock repurchase program, amount estimated to be utilized | 750 | |||||
Post Merger Stock Repurchase Program [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | 1,000 | 1,000 | $ 1,000 | |||
Parent [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stockholder's equity, spin-off of Adient | 4,038 | 0 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 307 | $ 475 | $ 426 | $ 475 |
Equity and Noncontrolling Interests - Changes in Redeemable Noncontrolling Interests (Details) - Redeemable Noncontrolling Interests [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Stockholders' Equity Attributable to Redeemable Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | $ 168 | $ 237 | $ 234 | $ 212 |
Net income | 8 | 17 | 29 | 48 |
Foreign currency translation adjustments | 14 | (3) | 6 | (1) |
Realized and unrealized losses on derivatives | (1) | 0 | (1) | (2) |
Dividends | (43) | (6) | ||
Spin-off of Adient | (36) | 0 | ||
Ending balance | $ 189 | $ 251 | $ 189 | $ 251 |
Equity and Noncontrolling Interests - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Sep. 30, 2016 |
||||||
Realized and unrealized gains (losses) on derivatives | ||||||||||
Current period changes in fair value | $ (9) | $ 4 | $ (13) | $ 6 | ||||||
Pension and postretirement plans | ||||||||||
Other changes | 0 | 1 | ||||||||
Accumulated other comprehensive loss | (729) | (1,174) | (729) | (1,174) | $ (1,153) | |||||
Foreign Currency Translation Adjustments | ||||||||||
Foreign currency translation adjustments | ||||||||||
Balance at beginning of period | (1,007) | (1,032) | (1,152) | (1,047) | ||||||
Aggregate adjustment for the period | 268 | (141) | (150) | (126) | ||||||
Adient spin-off impact | 563 | 0 | ||||||||
Balance at end of period | (739) | (1,173) | (739) | (1,173) | ||||||
Aggregate adjustment for period, tax effect | (5) | (5) | 0 | (4) | ||||||
Adient spin-off impact, tax effect | 0 | 0 | ||||||||
Realized and Unrealized Gains (Losses) on Derivatives | ||||||||||
Realized and unrealized gains (losses) on derivatives | ||||||||||
Balance at beginning of period | 14 | (4) | 4 | (7) | ||||||
Current period changes in fair value | (1) | (3) | 6 | (9) | ||||||
Reclassification to income | (6) | 9 | (19) | 18 | ||||||
Adient spin-off impact | 16 | 0 | ||||||||
Balance at end of period | 7 | 2 | 7 | 2 | ||||||
Current period changes in fair value, tax effect | (1) | (1) | 3 | (2) | ||||||
Reclassifcation to income, tax effect | [1] | (5) | 1 | (12) | 5 | |||||
Adient spin-off, tax effect | 6 | 0 | ||||||||
Realized and unrealized gains (losses) on marketable securities | ||||||||||
Realized and unrealized gains (losses) on marketable securities | ||||||||||
Balance at beginning of period | 8 | 0 | (1) | 0 | ||||||
Current period changes in fair value | (3) | 0 | 6 | 0 | ||||||
Balance at end of period | 5 | 0 | 5 | 0 | ||||||
Current period changes in fair value, tax effect | 1 | 0 | 1 | 0 | ||||||
Pension And Postretirement Plans | ||||||||||
Pension and postretirement plans | ||||||||||
Balance at beginning of period | (2) | (3) | (4) | (3) | ||||||
Reclassification to income | 0 | 0 | 0 | (1) | ||||||
Adient spin-off impact | 2 | 0 | ||||||||
Balance at end of period | (2) | (3) | (2) | (3) | ||||||
Reclassification to income, tax effect | [2] | $ 0 | $ 0 | 0 | (1) | |||||
Adient spin-off, tax effect | 0 | 0 | ||||||||
Other changes, tax effect | $ 0 | $ 0 | ||||||||
|
Derivative Instruments and Hedging Activities - Location and Fair Values of Derivative Instruments and Hedging Activities (Detail) $ in Millions, € in Billions, ¥ in Billions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Jun. 30, 2017
USD ($)
T
lb
Swap
|
Jun. 30, 2017
EUR (€)
T
lb
Swap
|
Sep. 30, 2016
USD ($)
T
lb
Swap
|
Sep. 30, 2016
EUR (€)
T
lb
Swap
|
Sep. 30, 2016
JPY (¥)
T
lb
Swap
|
Jun. 30, 2014
USD ($)
Swap
|
Sep. 30, 2005
USD ($)
|
|
Derivative Instruments [Line Items] | ||||||||
Number of Interest Rate Derivatives Held | Swap | 0 | 0 | 8 | 8 | 8 | |||
Number of interest rate derivatives terminated | 4 | |||||||
Derivative assets | $ 95.0 | $ 95.0 | ||||||
Derivative liabilities | $ 1,713.0 | $ 2,980.0 | ||||||
Copper [Member] | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative, Nonmonetary Notional Amount | lb | 6,200,000 | 6,200,000 | 5,849,000 | 5,849,000 | 5,849,000 | |||
Polypropylene [Member] | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative, Nonmonetary Notional Amount | lb | 18,000,000 | 18,000,000 | 0 | 0 | 0 | |||
Lead [Member] | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative, Nonmonetary Notional Amount | T | 8,645 | 8,645 | 5,185 | 5,185 | 5,185 | |||
Aluminum [Member] | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative, Nonmonetary Notional Amount | T | 2,860 | 2,860 | 2,620 | 2,620 | 2,620 | |||
Tin [Member] | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative, Nonmonetary Notional Amount | T | 2,225 | 2,225 | 185 | 185 | 185 | |||
Equity swap | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative, Amount of Hedged Item | $ 0.0 | |||||||
Foreign Currency Denominated Debt [Member] | ||||||||
Derivative Instruments [Line Items] | ||||||||
Notional amount | ¥ | ¥ 37 | |||||||
Treasury Lock | ||||||||
Derivative Instruments [Line Items] | ||||||||
Notional amount | $ 1,300.0 | |||||||
Designated as Hedging Instrument | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative assets | $ 10.0 | 46.0 | ||||||
Derivative liabilities | 1,700.0 | 2,957.0 | ||||||
Designated as Hedging Instrument | Other Current Assets | Foreign Currency Exchange Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative assets | 7.0 | 41.0 | ||||||
Designated as Hedging Instrument | Other Current Assets | Commodity Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative assets | 3.0 | 4.0 | ||||||
Designated as Hedging Instrument | Other Noncurrent Assets | Interest Rate Swaps | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative assets | 0.0 | 1.0 | ||||||
Designated as Hedging Instrument | Other Noncurrent Assets | Equity swap | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative assets | 0.0 | 0.0 | ||||||
Designated as Hedging Instrument | Other Current Liabilities | Foreign Currency Exchange Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 6.0 | 48.0 | ||||||
Designated as Hedging Instrument | Other Current Liabilities | Commodity Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 1.0 | 0.0 | ||||||
Designated as Hedging Instrument | Liabilities held for sale [Domain] | Foreign Currency Exchange Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 0.0 | 0.0 | ||||||
Designated as Hedging Instrument | Current Portion of Long-Term Debt | Fixed Rate Debt Swapped to Floating | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 0.0 | 551.0 | ||||||
Designated as Hedging Instrument | Long-term Debt | Fixed Rate Debt Swapped to Floating | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 0.0 | 301.0 | ||||||
Designated as Hedging Instrument | Long-term Debt | Foreign Currency Denominated Debt [Member] | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 1,693.0 | 938.0 | ||||||
Designated as Hedging Instrument | Noncurrent liabilities held for sale [Domain] | Foreign Currency Exchange Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 0.0 | 1,119.0 | ||||||
Not Designated as Hedging Instrument | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative assets | 85.0 | 49.0 | ||||||
Derivative liabilities | 13.0 | 23.0 | ||||||
Not Designated as Hedging Instrument | Other Current Assets | Foreign Currency Exchange Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative assets | 26.0 | 49.0 | ||||||
Not Designated as Hedging Instrument | Other Current Assets | Commodity Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative assets | 0.0 | 0.0 | ||||||
Not Designated as Hedging Instrument | Other Noncurrent Assets | Interest Rate Swaps | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative assets | 0.0 | 0.0 | ||||||
Not Designated as Hedging Instrument | Other Noncurrent Assets | Equity swap | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative assets | 59.0 | 0.0 | ||||||
Not Designated as Hedging Instrument | Other Current Liabilities | Foreign Currency Exchange Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 13.0 | 18.0 | ||||||
Not Designated as Hedging Instrument | Other Current Liabilities | Commodity Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 0.0 | 0.0 | ||||||
Not Designated as Hedging Instrument | Liabilities held for sale [Domain] | Foreign Currency Exchange Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 0.0 | 5.0 | ||||||
Not Designated as Hedging Instrument | Current Portion of Long-Term Debt | Fixed Rate Debt Swapped to Floating | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 0.0 | 0.0 | ||||||
Not Designated as Hedging Instrument | Long-term Debt | Fixed Rate Debt Swapped to Floating | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 0.0 | 0.0 | ||||||
Not Designated as Hedging Instrument | Long-term Debt | Foreign Currency Denominated Debt [Member] | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | 0.0 | 0.0 | ||||||
Not Designated as Hedging Instrument | Noncurrent liabilities held for sale [Domain] | Foreign Currency Exchange Derivatives | ||||||||
Derivative Instruments [Line Items] | ||||||||
Derivative liabilities | $ 0.0 | $ 0.0 | ||||||
1.4% due 2018 | Interest Rate Swaps | ||||||||
Derivative Instruments [Line Items] | ||||||||
Number of Interest Rate Derivatives Held | Swap | 3 | |||||||
Notional amount | $ 300.0 | |||||||
2.6% due 2017 | Interest Rate Swaps | ||||||||
Derivative Instruments [Line Items] | ||||||||
Number of Interest Rate Derivatives Held | Swap | 4 | |||||||
Notional amount | $ 400.0 | |||||||
7.125% due 2017 | Interest Rate Swaps | ||||||||
Derivative Instruments [Line Items] | ||||||||
Number of Interest Rate Derivatives Held | Swap | 1 | |||||||
Notional amount | $ 150.0 | |||||||
One billion euro net investment hedge [Member] | Foreign Currency Denominated Debt [Member] | ||||||||
Derivative Instruments [Line Items] | ||||||||
Notional amount | € | € 1 | € 1 |
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Sep. 30, 2016 |
---|---|---|
Offsetting Derivative Assets and Liabilities [Abstract] | ||
Derivative assets | $ 95 | $ 95 |
Gross amount eligible for offsetting, derivative assets | (18) | (21) |
Net derivative amount, derivative assets | 77 | 74 |
Derivative liabilities | 1,713 | 2,980 |
Gross amount eligible for offsetting, derivative liabilities | (18) | (21) |
Net derivative amount, derivative liabilities | $ 1,695 | $ 2,959 |
Derivative Instruments and Hedging Activities - Location and Amount of Gains and Losses on Derivative Instruments and Related Hedge Items (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Gain (Loss) Recognized in Income, Derivative not Recognized as Hedge | $ 50 | $ 7 | $ 64 | $ (16) |
Foreign Currency Exchange Derivatives | Cost of Sales | ||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Gain (Loss) Recognized in Income, Derivative not Recognized as Hedge | (4) | 1 | (1) | 4 |
Foreign Currency Exchange Derivatives | Discontinued Operations [Domain] | ||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Gain (Loss) Recognized in Income, Derivative not Recognized as Hedge | 0 | (5) | 5 | (16) |
Foreign Currency Exchange Derivatives | Net Financing Charges | ||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Gain (Loss) Recognized in Income, Derivative not Recognized as Hedge | 51 | (14) | 60 | (21) |
Foreign Currency Exchange Derivatives | Provision For Income Tax [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Gain (Loss) Recognized in Income, Derivative not Recognized as Hedge | 1 | 5 | (2) | 5 |
Equity swap | Selling, General And Administrative | ||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Gain (Loss) Recognized in Income, Derivative not Recognized as Hedge | 2 | 20 | 2 | 12 |
Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (105) | (36) | (77) | (62) |
Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2) | (4) | 9 | (11) |
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract] | ||||
Amount of Gain (Loss) Reclassified from AOCI into Income | 11 | (10) | 31 | (23) |
Cash Flow Hedging | Foreign Currency Exchange Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (3) | (5) | 3 | (11) |
Cash Flow Hedging | Foreign Currency Exchange Derivatives | Cost of Sales | ||||
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract] | ||||
Amount of Gain (Loss) Reclassified from AOCI into Income | 8 | 2 | 24 | 11 |
Cash Flow Hedging | Foreign Currency Exchange Derivatives | Discontinued Operations [Domain] | ||||
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract] | ||||
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | (10) | 0 | (24) |
Cash Flow Hedging | Commodity Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1 | 1 | 6 | 0 |
Cash Flow Hedging | Commodity Derivatives | Cost of Sales | ||||
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract] | ||||
Amount of Gain (Loss) Reclassified from AOCI into Income | 3 | (2) | 7 | (11) |
Cash Flow Hedging | Forward Treasury Locks [Member] | Net Financing Charges | ||||
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract] | ||||
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | 0 | 0 | 1 |
Fair Value Hedging | ||||
Fair Value Hedge [Abstract] | ||||
Gain (Loss) Recognized in Income, Fair Value Hedge | 0 | 0 | 1 | 0 |
Fair Value Hedging | Interest Rate Swaps | Net Financing Charges | ||||
Fair Value Hedge [Abstract] | ||||
Gain (Loss) Recognized in Income, Fair Value Hedge | 0 | 0 | (1) | (3) |
Fair Value Hedging | Fixed Rate Debt Swapped to Floating | Net Financing Charges | ||||
Fair Value Hedge [Abstract] | ||||
Gain (Loss) Recognized in Income, Fair Value Hedge | $ 0 | $ 0 | $ 2 | $ 3 |
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities - Fixed Rate Bonds (Details) $ in Millions |
Jun. 30, 2017
Swap
|
Sep. 30, 2016
Swap
|
Jun. 30, 2014
USD ($)
Swap
|
---|---|---|---|
Derivative Instruments and Hedging Activities - Fixed Rate Bonds [Line Items] | |||
Number of Interest Rate Derivatives Held | 0 | 8 | |
2.6% due 2017 | Interest Rate Swaps | |||
Derivative Instruments and Hedging Activities - Fixed Rate Bonds [Line Items] | |||
Number of Interest Rate Derivatives Held | 4 | ||
Notional amount | $ | $ 400 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | ||
1.4% due 2018 | Interest Rate Swaps | |||
Derivative Instruments and Hedging Activities - Fixed Rate Bonds [Line Items] | |||
Number of Interest Rate Derivatives Held | 3 | ||
Notional amount | $ | $ 300 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | ||
7.125% due 2017 | Interest Rate Swaps | |||
Derivative Instruments and Hedging Activities - Fixed Rate Bonds [Line Items] | |||
Number of Interest Rate Derivatives Held | 1 | ||
Notional amount | $ | $ 150 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.125% |
Derivative Instruments and Hedging Activities - Additional Information (Detail) € in Millions, shares in Millions, ¥ in Billions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017
USD ($)
Swap
shares
|
Jun. 30, 2016
USD ($)
|
Sep. 30, 2005
USD ($)
Agreement
|
Jun. 30, 2017
USD ($)
Swap
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
EUR (€)
Swap
|
Sep. 30, 2016
USD ($)
Swap
|
Sep. 30, 2016
EUR (€)
Swap
|
Sep. 30, 2016
JPY (¥)
Swap
|
Mar. 31, 2006
Agreement
|
|
Derivative [Line Items] | ||||||||||
Hedge percentage for foreign exchange transactional exposures, Minimum | 70.00% | |||||||||
Hedge percentage for foreign exchange transactional exposures, Maximum | 90.00% | |||||||||
Number of fixed to floating interest rate swaps outstanding | Swap | 0 | 0 | 0 | 8 | 8 | 8 | ||||
Derivative, amount of hedged ordinary shares | shares | 1.4 | |||||||||
Number of forward treasury lock agreements | Agreement | 3 | |||||||||
Types Of Notes Forward Treasury Lock Agreements Fixed Portion Of Future Interest Cost | 5-year, 10-year and 30-year notes | |||||||||
Number of forward treasury lock agreements terminated | Agreement | 3 | |||||||||
Collateral posted | $ 0 | $ 0 | $ 0 | |||||||
Gains (losses) reclassified from CTA to income for the Company's outstanding net investment hedges | 0 | $ 0 | 0 | $ 0 | ||||||
Gains (losses) recognized in income for the ineffective portion of cash flow hedges | 0 | 0 | 0 | 0 | ||||||
Equity swap | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Amount of Hedged Item | $ 0 | |||||||||
Treasury Lock | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount | $ 1,300,000,000 | |||||||||
Foreign Currency Denominated Debt [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount | ¥ | ¥ 37 | |||||||||
One billion euro net investment hedge [Member] | Foreign Currency Denominated Debt [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount | € | € 1,000 | € 1,000 | ||||||||
500 million euro net investment hedge [Member] [Member] | Foreign Currency Denominated Debt [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount | € | € 485 | € 500 | ||||||||
Net Investment Hedging [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (105,000,000) | $ (36,000,000) | $ (77,000,000) | $ (62,000,000) |
Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) |
Jun. 30, 2017 |
Sep. 30, 2016 |
|||
---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | $ 95,000,000 | $ 95,000,000 | |||
Derivative liabilities | 1,713,000,000 | 2,980,000,000 | |||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 463,000,000 | 443,000,000 | |||
Total liabilities | 1,713,000,000 | 2,980,000,000 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 427,000,000 | 348,000,000 | |||
Total liabilities | 1,693,000,000 | 2,057,000,000 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 36,000,000 | 95,000,000 | |||
Total liabilities | 20,000,000 | 923,000,000 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds in Fixed Income securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 14,000,000 | 15,000,000 | ||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds in Fixed Income securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 14,000,000 | 15,000,000 | ||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds in Fixed Income securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 0 | 0 | ||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds in Fixed Income securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 0 | 0 | ||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 33,000,000 | 90,000,000 | |||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 33,000,000 | 90,000,000 | |||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Commodity Derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 3,000,000 | 4,000,000 | |||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Commodity Derivatives | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Commodity Derivatives | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 3,000,000 | 4,000,000 | |||
Other Current Assets | Fair Value, Measurements, Recurring [Member] | Commodity Derivatives | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Available-for-sale Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 15,000,000 | 3,000,000 | |||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 15,000,000 | 3,000,000 | |||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | 0 | |||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | 0 | |||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Deferred compensation plan assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 89,000,000 | 81,000,000 | |||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Deferred compensation plan assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 89,000,000 | 81,000,000 | |||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Deferred compensation plan assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | 0 | |||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Deferred compensation plan assets [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | 0 | |||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds in Fixed Income securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 154,000,000 | 163,000,000 | ||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds in Fixed Income securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 154,000,000 | 163,000,000 | ||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds in Fixed Income securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 0 | 0 | ||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds in Fixed Income securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 0 | 0 | ||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Exchange traded funds in equity securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 96,000,000 | 86,000,000 | ||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Exchange traded funds in equity securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 96,000,000 | 86,000,000 | ||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Exchange traded funds in equity securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 0 | 0 | ||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Exchange traded funds in equity securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | [1] | 0 | 0 | ||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Equity swap | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 59,000,000 | ||||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Equity swap | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 59,000,000 | ||||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Equity swap | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | ||||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Equity swap | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | ||||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 1,000,000 | ||||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | ||||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 1,000,000 | ||||
Other Noncurrent Assets | Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | ||||
Other Current Liabilities | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 19,000,000 | 66,000,000 | |||
Other Current Liabilities | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | 0 | |||
Other Current Liabilities | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 19,000,000 | 66,000,000 | |||
Other Current Liabilities | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | 0 | |||
Other Current Liabilities | Fair Value, Measurements, Recurring [Member] | Commodity Derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 1,000,000 | ||||
Other Current Liabilities | Fair Value, Measurements, Recurring [Member] | Commodity Derivatives | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Other Current Liabilities | Fair Value, Measurements, Recurring [Member] | Commodity Derivatives | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 1,000,000 | ||||
Other Current Liabilities | Fair Value, Measurements, Recurring [Member] | Commodity Derivatives | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Liabilities held for sale [Domain] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 5,000,000 | ||||
Liabilities held for sale [Domain] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Liabilities held for sale [Domain] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 5,000,000 | ||||
Liabilities held for sale [Domain] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Current Portion of Long-Term Debt | Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Swapped to Floating | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 551,000,000 | ||||
Current Portion of Long-Term Debt | Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Swapped to Floating | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Current Portion of Long-Term Debt | Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Swapped to Floating | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 551,000,000 | ||||
Current Portion of Long-Term Debt | Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Swapped to Floating | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Long-term Debt | Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Swapped to Floating | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 301,000,000 | ||||
Long-term Debt | Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Swapped to Floating | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Long-term Debt | Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Swapped to Floating | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 301,000,000 | ||||
Long-term Debt | Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Swapped to Floating | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Long-term Debt | Fair Value, Measurements, Recurring [Member] | Foreign Currency Denominated Debt [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 1,693,000,000 | 938,000,000 | |||
Long-term Debt | Fair Value, Measurements, Recurring [Member] | Foreign Currency Denominated Debt [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 1,693,000,000 | 938,000,000 | |||
Long-term Debt | Fair Value, Measurements, Recurring [Member] | Foreign Currency Denominated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | 0 | |||
Long-term Debt | Fair Value, Measurements, Recurring [Member] | Foreign Currency Denominated Debt [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | $ 0 | 0 | |||
Noncurrent liabilities held for sale [Domain] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 1,119,000,000 | ||||
Noncurrent liabilities held for sale [Domain] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 1,119,000,000 | ||||
Noncurrent liabilities held for sale [Domain] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | ||||
Noncurrent liabilities held for sale [Domain] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Derivatives | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | $ 0 | ||||
|
Fair Value Measurements - Additional Information (Detail) € in Millions, $ in Millions, ¥ in Billions |
Jun. 30, 2017
USD ($)
|
Jun. 30, 2017
EUR (€)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
EUR (€)
|
Sep. 30, 2016
JPY (¥)
|
---|---|---|---|---|---|
Derivative [Line Items] | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | $ 5 | $ (1) | |||
Fair value of long term debt | 12,600 | 15,700 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Derivative [Line Items] | |||||
Fair value of long term debt | 8,700 | 9,700 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Fair value of long term debt | $ 3,900 | $ 6,000 | |||
Foreign Currency Denominated Debt [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | ¥ | ¥ 37 | ||||
Foreign Currency Denominated Debt [Member] | One billion euro net investment hedge [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | € | € 1,000 | € 1,000 | |||
Foreign Currency Denominated Debt [Member] | 500 million euro net investment hedge [Member] [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | € | € 485 | € 500 |
Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | $ 70 | $ 80 | |||||
2017 Restructuring Plan | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | $ 31 | $ 23 | $ 15 | 69 | |||
2017 Restructuring Plan | Buildings Tyco [Member] | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | 27 | ||||||
2017 Restructuring Plan | Corporate Segment | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | 17 | ||||||
2017 Restructuring Plan | Building Efficiency Systems and Service North America | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | 1 | ||||||
2017 Restructuring Plan | Power Solutions | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | 4 | ||||||
2017 Restructuring Plan | Building Efficiency Products North America [Member] | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | $ 20 | ||||||
2016 Restructuring Plan [Member] | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | $ 50 | $ 15 | 65 | ||||
2016 Restructuring Plan [Member] | Corporate Segment | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | 50 | ||||||
2016 Restructuring Plan [Member] | Building Efficiency Asia | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | 4 | ||||||
2016 Restructuring Plan [Member] | Building Efficiency Products North America [Member] | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | 8 | ||||||
2016 Restructuring Plan [Member] | Building Efficiency Rest of World [Member] | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | 3 | ||||||
Discontinued Operations | 2016 Restructuring Plan [Member] | Adient | |||||||
Impairment of Long Lived Assets [Line Items] | |||||||
Asset Impairment Charges | $ 15 |
Segment Information - Additional Information (Detail) |
9 Months Ended |
---|---|
Jun. 30, 2017
Business
Segment
| |
Segment Reporting Information [Line Items] | |
Number of primary businesses | Business | 2 |
Number of reportable segments | Segment | 6 |
Segment Information - Financial Information Related to Company's Reportable Segments (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 7,683 | $ 5,154 | $ 22,036 | $ 14,583 | |||
Segment EBITA | 1,216 | 720 | 2,996 | 1,837 | |||
Corporate expenses | (172) | (126) | (605) | (323) | |||
Amortization of intangible assets | (108) | (22) | (383) | (62) | |||
Restructuring and impairment costs | (49) | $ (99) | $ (78) | (27) | $ (60) | (226) | (87) |
Net mark-to-market adjustments on pension plans | (45) | 0 | 90 | 0 | |||
Net financing charges | (124) | (65) | (376) | (202) | |||
Income from continuing operations before income taxes | 718 | 480 | 1,496 | 1,163 | |||
Power Solutions | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 1,609 | 1,519 | 5,205 | 4,842 | |||
Segment EBITA | 304 | 280 | 996 | 922 | |||
Building Technologies & Solutions [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 6,074 | 3,635 | 16,831 | 9,741 | |||
Segment EBITA | 912 | 440 | 2,000 | 915 | |||
Building Technologies & Solutions [Member] | Building Efficiency Systems and Service North America | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 1,128 | 1,113 | 3,103 | 3,131 | |||
Segment EBITA | 126 | 142 | 291 | 342 | |||
Building Technologies & Solutions [Member] | Building Efficiency Products North America | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 698 | 690 | 1,826 | 1,793 | |||
Segment EBITA | 98 | 96 | 192 | 176 | |||
Building Technologies & Solutions [Member] | Building Efficiency Asia | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 1,456 | 1,361 | 3,671 | 3,515 | |||
Segment EBITA | 246 | 180 | 483 | 368 | |||
Building Technologies & Solutions [Member] | Building Efficiency Rest of World [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 456 | 471 | 1,278 | 1,302 | |||
Segment EBITA | 26 | 22 | 25 | 29 | |||
Building Technologies & Solutions [Member] | Building Technologies & Solutions Tyco [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 2,336 | 0 | 6,953 | 0 | |||
Segment EBITA | 416 | 0 | 1,009 | 0 | |||
Building Efficiency | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 3,738 | 3,635 | 9,878 | 9,741 | |||
Segment EBITA | $ 496 | $ 440 | $ 991 | $ 915 |
Guarantees - Additional Information (Detail) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Sep. 30, 2016 |
|
Guarantor Obligations [Line Items] | ||
Post sale contingent tax indemnification liabilities | $ 290 | $ 290 |
Maximum length, in years, of a product warranty for it to be recorded in other current liabilities | 1 year | |
Minimum length, in years, of a product warranty for it to be recorded in other noncurrent liabilities | 1 year | |
Tax indemnification liabilities related to other divestitures | $ 11 | |
Business Divestitures, Not Specific [Member] | ||
Guarantor Obligations [Line Items] | ||
Post sale contingent tax indemnification liabilities | $ 255 | $ 255 |
Product Warranties - Changes in Carrying Amount of Product Warranty liability (Detail) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
|||
Product Warranties Disclosures [Abstract] | ||||
Warranties transferred to liabilities held for sale | $ 13 | |||
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of period | 374 | $ 288 | ||
Accruals for warranties issued during the period | 221 | 230 | ||
Accruals from acquisition and divestitures (1) | [1] | 2 | 53 | |
Accruals related to pre-existing warranties | (5) | (7) | ||
Settlements made (in cash or in kind) during the period | (199) | (220) | ||
Currency translation | (1) | 2 | ||
Balance at end of period | $ 392 | $ 346 | ||
|
TIFSA Condensed Income Statement (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Condensed Income Statements, Captions [Line Items] | |||||||
Net sales | $ 7,683 | $ 5,154 | $ 22,036 | $ 14,583 | |||
Cost of sales | 5,252 | 3,732 | 15,210 | 10,617 | |||
Gross profit | 2,431 | 1,422 | 6,826 | 3,966 | |||
Selling, general and administrative expenses | (1,609) | (895) | (4,905) | (2,641) | |||
Restructuring and impairment costs | (49) | $ (99) | $ (78) | (27) | $ (60) | (226) | (87) |
Net Financing Charges | (124) | (65) | (376) | (202) | |||
Equity income (loss) | 69 | 45 | 177 | 127 | |||
Intercompany interest and fees | 0 | 0 | |||||
Income (loss) from continuing operations before income taxes | 718 | 480 | 1,496 | 1,163 | |||
Income tax provision | 89 | 78 | 570 | 202 | |||
Income (loss) from continuing operations | 629 | 402 | 926 | 961 | |||
Income (loss) from sale of intercompany investment, net of tax | 0 | ||||||
Loss from discontinued operations, net of tax | 0 | 57 | (34) | (481) | |||
Net income (loss) | 629 | 459 | 892 | 480 | |||
Income from continuing operations attributable to noncontrolling interests | 74 | 55 | 147 | 116 | |||
Income from discontinued operations attributable to noncontrolling interests | 0 | 21 | 9 | 61 | |||
Net income attributable to Johnson Controls | 555 | $ 383 | 736 | $ 303 | |||
Consolidation, Eliminations [Member] | |||||||
Condensed Income Statements, Captions [Line Items] | |||||||
Net sales | 0 | 0 | |||||
Cost of sales | 0 | 0 | |||||
Gross profit | 0 | 0 | |||||
Selling, general and administrative expenses | 0 | 0 | |||||
Restructuring and impairment costs | 0 | 0 | |||||
Net Financing Charges | 0 | 0 | |||||
Equity income (loss) | (1,162) | (376) | |||||
Intercompany interest and fees | 0 | 0 | |||||
Income (loss) from continuing operations before income taxes | (1,162) | (376) | |||||
Income tax provision | 0 | 0 | |||||
Income (loss) from continuing operations | (376) | ||||||
Income (loss) from sale of intercompany investment, net of tax | 935 | ||||||
Loss from discontinued operations, net of tax | 0 | ||||||
Net income (loss) | (1,162) | 559 | |||||
Income from continuing operations attributable to noncontrolling interests | 0 | 0 | |||||
Income from discontinued operations attributable to noncontrolling interests | 0 | ||||||
Net income attributable to Johnson Controls | (1,162) | 559 | |||||
Parent Company [Member] | |||||||
Condensed Income Statements, Captions [Line Items] | |||||||
Net sales | 0 | 0 | |||||
Cost of sales | 0 | 0 | |||||
Gross profit | 0 | 0 | |||||
Selling, general and administrative expenses | (1) | (7) | |||||
Restructuring and impairment costs | 0 | 0 | |||||
Net Financing Charges | (59) | (137) | |||||
Equity income (loss) | 626 | 841 | |||||
Intercompany interest and fees | (11) | 39 | |||||
Income (loss) from continuing operations before income taxes | 555 | 736 | |||||
Income tax provision | 0 | 0 | |||||
Income (loss) from continuing operations | 736 | ||||||
Income (loss) from sale of intercompany investment, net of tax | 0 | ||||||
Loss from discontinued operations, net of tax | 0 | ||||||
Net income (loss) | 555 | 736 | |||||
Income from continuing operations attributable to noncontrolling interests | 0 | 0 | |||||
Income from discontinued operations attributable to noncontrolling interests | 0 | ||||||
Net income attributable to Johnson Controls | 555 | 736 | |||||
Guarantor Subsidiaries [Member] | |||||||
Condensed Income Statements, Captions [Line Items] | |||||||
Net sales | 0 | 0 | |||||
Cost of sales | 0 | 0 | |||||
Gross profit | 0 | 0 | |||||
Selling, general and administrative expenses | 0 | 0 | |||||
Restructuring and impairment costs | 0 | 0 | |||||
Net Financing Charges | (1) | (1) | |||||
Equity income (loss) | 468 | (32) | |||||
Intercompany interest and fees | 89 | 162 | |||||
Income (loss) from continuing operations before income taxes | 556 | 129 | |||||
Income tax provision | 0 | 0 | |||||
Income (loss) from continuing operations | 129 | ||||||
Income (loss) from sale of intercompany investment, net of tax | 0 | ||||||
Loss from discontinued operations, net of tax | 0 | ||||||
Net income (loss) | 556 | 129 | |||||
Income from continuing operations attributable to noncontrolling interests | 0 | 0 | |||||
Income from discontinued operations attributable to noncontrolling interests | 0 | ||||||
Net income attributable to Johnson Controls | 556 | 129 | |||||
Subsidiary Issuer [Member] | |||||||
Condensed Income Statements, Captions [Line Items] | |||||||
Net sales | 0 | 0 | |||||
Cost of sales | 0 | ||||||
Gross profit | 0 | 0 | |||||
Selling, general and administrative expenses | 0 | 0 | |||||
Restructuring and impairment costs | 0 | 0 | |||||
Net Financing Charges | (3) | (17) | |||||
Equity income (loss) | 68 | (433) | |||||
Intercompany interest and fees | (5) | 32 | |||||
Income (loss) from continuing operations before income taxes | 60 | (418) | |||||
Income tax provision | 0 | 0 | |||||
Income (loss) from continuing operations | (418) | ||||||
Income (loss) from sale of intercompany investment, net of tax | (935) | ||||||
Loss from discontinued operations, net of tax | 0 | ||||||
Net income (loss) | 60 | (1,353) | |||||
Income from continuing operations attributable to noncontrolling interests | 0 | 0 | |||||
Income from discontinued operations attributable to noncontrolling interests | 0 | ||||||
Net income attributable to Johnson Controls | 60 | (1,353) | |||||
Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Income Statements, Captions [Line Items] | |||||||
Net sales | 7,683 | 22,036 | |||||
Cost of sales | 5,252 | 15,210 | |||||
Gross profit | 2,431 | 6,826 | |||||
Selling, general and administrative expenses | (1,608) | (4,898) | |||||
Restructuring and impairment costs | (49) | (226) | |||||
Net Financing Charges | (61) | (221) | |||||
Equity income (loss) | 69 | 177 | |||||
Intercompany interest and fees | (73) | (233) | |||||
Income (loss) from continuing operations before income taxes | 709 | 1,425 | |||||
Income tax provision | 89 | 570 | |||||
Income (loss) from continuing operations | 855 | ||||||
Income (loss) from sale of intercompany investment, net of tax | 0 | ||||||
Loss from discontinued operations, net of tax | (34) | ||||||
Net income (loss) | 620 | 821 | |||||
Income from continuing operations attributable to noncontrolling interests | 74 | 147 | |||||
Income from discontinued operations attributable to noncontrolling interests | 9 | ||||||
Net income attributable to Johnson Controls | $ 546 | $ 665 |
TIFSA Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | $ 629 | $ 459 | $ 892 | $ 480 |
Foreign currency translation adjustments | 285 | (141) | (166) | (115) |
Realized and unrealized gains (losses) on derivatives | (9) | 4 | (13) | 6 |
Realized and unrealized gains (losses) on marketable securities | (3) | 0 | 6 | 0 |
Other comprehensive income (loss) | 273 | (137) | (173) | (109) |
Total comprehensive income (loss) | 902 | 322 | 719 | 371 |
Comprehensive income attributable to noncontrolling interests | 89 | 74 | 140 | 185 |
Comprehensive income (loss) attributable to Johnson Controls | 813 | 248 | 579 | 186 |
Consolidation, Eliminations [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | (1,162) | 559 | ||
Foreign currency translation adjustments | (268) | 150 | ||
Realized and unrealized gains (losses) on derivatives | 7 | 13 | ||
Realized and unrealized gains (losses) on marketable securities | 3 | (6) | ||
Other comprehensive income (loss) | (258) | 157 | ||
Total comprehensive income (loss) | (1,420) | 716 | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income (loss) attributable to Johnson Controls | (1,420) | 716 | ||
Parent Company [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 555 | 736 | ||
Foreign currency translation adjustments | 268 | (150) | ||
Realized and unrealized gains (losses) on derivatives | (7) | (13) | ||
Realized and unrealized gains (losses) on marketable securities | (3) | 6 | ||
Other comprehensive income (loss) | 258 | (157) | ||
Total comprehensive income (loss) | 813 | 579 | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income (loss) attributable to Johnson Controls | 813 | 579 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 556 | 129 | ||
Foreign currency translation adjustments | (30) | (37) | ||
Realized and unrealized gains (losses) on derivatives | 0 | 0 | ||
Realized and unrealized gains (losses) on marketable securities | 0 | 0 | ||
Other comprehensive income (loss) | (30) | (37) | ||
Total comprehensive income (loss) | 526 | 92 | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income (loss) attributable to Johnson Controls | 526 | 92 | ||
Subsidiary Issuer [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 60 | (1,353) | ||
Foreign currency translation adjustments | (4) | 22 | ||
Realized and unrealized gains (losses) on derivatives | 0 | 0 | ||
Realized and unrealized gains (losses) on marketable securities | (6) | 1 | ||
Other comprehensive income (loss) | (10) | 23 | ||
Total comprehensive income (loss) | 50 | (1,330) | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income (loss) attributable to Johnson Controls | 50 | (1,330) | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 620 | 821 | ||
Foreign currency translation adjustments | 319 | (151) | ||
Realized and unrealized gains (losses) on derivatives | (9) | (13) | ||
Realized and unrealized gains (losses) on marketable securities | 3 | 5 | ||
Other comprehensive income (loss) | 313 | (159) | ||
Total comprehensive income (loss) | 933 | 662 | ||
Comprehensive income attributable to noncontrolling interests | 89 | 140 | ||
Comprehensive income (loss) attributable to Johnson Controls | 844 | 522 | ||
Parent [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Foreign currency translation adjustments | (141) | (126) | ||
Realized and unrealized gains (losses) on derivatives | 6 | 9 | ||
Realized and unrealized gains (losses) on marketable securities | 0 | 0 | ||
Comprehensive income (loss) attributable to Johnson Controls | $ 813 | $ 248 | $ 579 | $ 186 |
TIFSA Condensed Balance Sheet (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
---|---|---|---|---|
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 458 | $ 579 | $ 347 | $ 553 |
Accounts receivable - net | 6,443 | 6,394 | ||
Inventories | 3,384 | 2,888 | ||
Intercompany receivables | 0 | 0 | ||
Assets held for sale | 2,082 | 5,812 | ||
Other current assets | 1,595 | 1,436 | ||
Current assets | 13,962 | 17,109 | ||
Property, plant and equipment - net | 5,870 | 5,632 | ||
Goodwill | 19,619 | 21,024 | ||
Other intangible assets - net | 6,727 | 7,540 | ||
Investments in partially-owned affiliates | 1,159 | 990 | ||
Investments in affiliates | 0 | 0 | ||
Intercompany loans receivable | 0 | 0 | ||
Noncurrent assets held for sale | 0 | 7,374 | ||
Other noncurrent assets | 3,349 | 3,510 | ||
Total assets | 50,686 | 63,179 | ||
Short-term debt | 1,956 | 1,078 | ||
Current portion of long-term debt | 543 | 628 | ||
Accounts payable | 3,764 | 4,000 | ||
Accrued compensation and benefits | 1,004 | 1,333 | ||
Liabilities held for sale | 247 | 4,276 | ||
Intercompany payables | 0 | 0 | ||
Other current liabilities | 4,001 | 5,016 | ||
Current liabilities | 11,515 | 16,331 | ||
Long-term debt | 11,772 | 11,053 | ||
Pension and postretirement benefits | 1,330 | 1,550 | ||
Intercompany loans payable | 0 | 0 | ||
Noncurrent liabilities held for sale | 0 | 3,888 | ||
Other noncurrent liabilities | 5,265 | 5,033 | ||
Long-term liabilities | 18,367 | 21,524 | ||
Redeemable noncontrolling interests | 189 | 234 | ||
Ordinary shares | 9 | 9 | ||
Ordinary shares held in treasury | (481) | (20) | ||
Other shareholders' equity | 20,203 | 24,129 | ||
Shareholders' equity attributable to Johnson Controls | 19,731 | 24,118 | ||
Nonredeemable noncontrolling interest | 884 | 972 | ||
Total equity | 20,615 | 25,090 | ||
Total liabilities, redeemable noncontrolling interest and equity | 50,686 | 63,179 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | (248) | 0 | ||
Accounts receivable - net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany receivables | (11,960) | (6,206) | ||
Assets held for sale | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Current assets | (12,208) | (6,206) | ||
Property, plant and equipment - net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets - net | 0 | 0 | ||
Investments in partially-owned affiliates | 0 | 0 | ||
Investments in affiliates | (70,069) | (71,245) | ||
Intercompany loans receivable | (29,526) | (47,647) | ||
Noncurrent assets held for sale | 0 | |||
Other noncurrent assets | 0 | 0 | ||
Total assets | (111,803) | (125,098) | ||
Short-term debt | (248) | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued compensation and benefits | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Intercompany payables | (11,960) | (6,206) | ||
Other current liabilities | 0 | 0 | ||
Current liabilities | (12,208) | (6,206) | ||
Long-term debt | 0 | 0 | ||
Pension and postretirement benefits | 0 | 0 | ||
Intercompany loans payable | (29,526) | (47,647) | ||
Noncurrent liabilities held for sale | 0 | |||
Other noncurrent liabilities | 0 | 0 | ||
Long-term liabilities | (29,526) | (47,647) | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Ordinary shares | 0 | 0 | ||
Ordinary shares held in treasury | 0 | 0 | ||
Other shareholders' equity | (70,069) | (71,245) | ||
Shareholders' equity attributable to Johnson Controls | (70,069) | (71,245) | ||
Nonredeemable noncontrolling interest | 0 | 0 | ||
Total equity | (70,069) | (71,245) | ||
Total liabilities, redeemable noncontrolling interest and equity | (111,803) | (125,098) | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 11 | ||
Accounts receivable - net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany receivables | 1,857 | 16 | ||
Assets held for sale | 0 | 0 | ||
Other current assets | 40 | 6 | ||
Current assets | 1,897 | 33 | ||
Property, plant and equipment - net | 0 | 0 | ||
Goodwill | 243 | 0 | ||
Other intangible assets - net | 0 | 0 | ||
Investments in partially-owned affiliates | 0 | 0 | ||
Investments in affiliates | 18,098 | 12,460 | ||
Intercompany loans receivable | 17,862 | 18,680 | ||
Noncurrent assets held for sale | 0 | |||
Other noncurrent assets | 59 | 0 | ||
Total assets | 38,159 | 31,173 | ||
Short-term debt | 1,592 | 0 | ||
Current portion of long-term debt | 444 | 0 | ||
Accounts payable | 0 | 1 | ||
Accrued compensation and benefits | 1 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Intercompany payables | 3,911 | 3,873 | ||
Other current liabilities | 350 | 3 | ||
Current liabilities | 6,298 | 3,877 | ||
Long-term debt | 7,442 | 0 | ||
Pension and postretirement benefits | 0 | 0 | ||
Intercompany loans payable | 4,688 | 3,178 | ||
Noncurrent liabilities held for sale | 0 | |||
Other noncurrent liabilities | 0 | 0 | ||
Long-term liabilities | 12,130 | 3,178 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Ordinary shares | 9 | 9 | ||
Ordinary shares held in treasury | (481) | (20) | ||
Other shareholders' equity | 20,203 | 24,129 | ||
Shareholders' equity attributable to Johnson Controls | 19,731 | 24,118 | ||
Nonredeemable noncontrolling interest | 0 | 0 | ||
Total equity | 19,731 | 24,118 | ||
Total liabilities, redeemable noncontrolling interest and equity | 38,159 | 31,173 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable - net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany receivables | 1,786 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Current assets | 1,786 | 0 | ||
Property, plant and equipment - net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets - net | 0 | 0 | ||
Investments in partially-owned affiliates | 0 | 0 | ||
Investments in affiliates | 29,456 | 31,142 | ||
Intercompany loans receivable | 4,140 | 0 | ||
Noncurrent assets held for sale | 0 | |||
Other noncurrent assets | 0 | 0 | ||
Total assets | 35,382 | 31,142 | ||
Short-term debt | 76 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued compensation and benefits | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Intercompany payables | 1,037 | 0 | ||
Other current liabilities | 3 | 2 | ||
Current liabilities | 1,116 | 2 | ||
Long-term debt | 0 | 0 | ||
Pension and postretirement benefits | 0 | 0 | ||
Intercompany loans payable | 17,862 | 18,680 | ||
Noncurrent liabilities held for sale | 0 | |||
Other noncurrent liabilities | 0 | 0 | ||
Long-term liabilities | 17,862 | 18,680 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Ordinary shares | 0 | 0 | ||
Ordinary shares held in treasury | 0 | 0 | ||
Other shareholders' equity | 16,404 | 12,460 | ||
Shareholders' equity attributable to Johnson Controls | 16,404 | 12,460 | ||
Nonredeemable noncontrolling interest | 0 | 0 | ||
Total equity | 16,404 | 12,460 | ||
Total liabilities, redeemable noncontrolling interest and equity | 35,382 | 31,142 | ||
Subsidiary Issuer [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 318 | 244 | ||
Accounts receivable - net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany receivables | 38 | 2 | ||
Assets held for sale | 0 | 0 | ||
Other current assets | 2 | 1 | ||
Current assets | 358 | 247 | ||
Property, plant and equipment - net | 0 | 0 | ||
Goodwill | 32 | 274 | ||
Other intangible assets - net | 0 | 0 | ||
Investments in partially-owned affiliates | 0 | 0 | ||
Investments in affiliates | 22,515 | 27,643 | ||
Intercompany loans receivable | 2,836 | 13,336 | ||
Noncurrent assets held for sale | 0 | |||
Other noncurrent assets | 12 | 0 | ||
Total assets | 25,753 | 41,500 | ||
Short-term debt | 0 | 0 | ||
Current portion of long-term debt | 18 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued compensation and benefits | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Intercompany payables | 6,001 | 2,315 | ||
Other current liabilities | 24 | 32 | ||
Current liabilities | 6,043 | 2,347 | ||
Long-term debt | 153 | 2,413 | ||
Pension and postretirement benefits | 0 | 0 | ||
Intercompany loans payable | 0 | 12,453 | ||
Noncurrent liabilities held for sale | 0 | |||
Other noncurrent liabilities | 24 | 22 | ||
Long-term liabilities | 177 | 14,888 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Ordinary shares | 0 | 0 | ||
Ordinary shares held in treasury | 0 | 0 | ||
Other shareholders' equity | 19,533 | 24,265 | ||
Shareholders' equity attributable to Johnson Controls | 19,533 | 24,265 | ||
Nonredeemable noncontrolling interest | 0 | 0 | ||
Total equity | 19,533 | 24,265 | ||
Total liabilities, redeemable noncontrolling interest and equity | 25,753 | 41,500 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 388 | 324 | ||
Accounts receivable - net | 6,443 | 6,394 | ||
Inventories | 3,384 | 2,888 | ||
Intercompany receivables | 8,279 | 6,188 | ||
Assets held for sale | 2,082 | 5,812 | ||
Other current assets | 1,553 | 1,429 | ||
Current assets | 22,129 | 23,035 | ||
Property, plant and equipment - net | 5,870 | 5,632 | ||
Goodwill | 19,344 | 20,750 | ||
Other intangible assets - net | 6,727 | 7,540 | ||
Investments in partially-owned affiliates | 1,159 | 990 | ||
Investments in affiliates | 0 | 0 | ||
Intercompany loans receivable | 4,688 | 15,631 | ||
Noncurrent assets held for sale | 7,374 | |||
Other noncurrent assets | 3,278 | 3,510 | ||
Total assets | 63,195 | 84,462 | ||
Short-term debt | 536 | 1,078 | ||
Current portion of long-term debt | 81 | 628 | ||
Accounts payable | 3,764 | 3,999 | ||
Accrued compensation and benefits | 1,003 | 1,333 | ||
Liabilities held for sale | 247 | 4,276 | ||
Intercompany payables | 1,011 | 18 | ||
Other current liabilities | 3,624 | 4,979 | ||
Current liabilities | 10,266 | 16,311 | ||
Long-term debt | 4,177 | 8,640 | ||
Pension and postretirement benefits | 1,330 | 1,550 | ||
Intercompany loans payable | 6,976 | 13,336 | ||
Noncurrent liabilities held for sale | 3,888 | |||
Other noncurrent liabilities | 5,241 | 5,011 | ||
Long-term liabilities | 17,724 | 32,425 | ||
Redeemable noncontrolling interests | 189 | 234 | ||
Ordinary shares | 0 | 0 | ||
Ordinary shares held in treasury | 0 | 0 | ||
Other shareholders' equity | 34,132 | 34,520 | ||
Shareholders' equity attributable to Johnson Controls | 34,132 | 34,520 | ||
Nonredeemable noncontrolling interest | 884 | 972 | ||
Total equity | 35,016 | 35,492 | ||
Total liabilities, redeemable noncontrolling interest and equity | $ 63,195 | $ 84,462 |
TIFSA Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided (used) by operating activities | $ (1,321) | $ 696 | ||
Capital expenditures | (996) | (822) | ||
Sale of property, plant and equipment | 23 | 28 | ||
Acquisition of businesses, net of cash acquired | (6) | (133) | ||
Business divestitures | 180 | 54 | ||
Changes in long-term investments | (33) | 0 | ||
Net change in intercompany loans | 0 | |||
Intercompany investment in subsidiaries | 0 | |||
Other | 0 | 2 | ||
Net cash used by investing activities | (832) | (871) | ||
Increase (decrease) in short-term debt - net | 887 | 2,085 | ||
Increase in long-term debt | 1,553 | 0 | ||
Repayment of long-term debt | (972) | (824) | ||
Debt financing costs | (18) | 0 | ||
Stock repurchases | (426) | (475) | ||
Payment of cash dividends | (469) | (544) | ||
Proceeds from the exercise of stock options | 130 | 34 | ||
Net change in intercompany loans payable | 0 | |||
Increase in equity from parent | 0 | |||
Dividends paid to noncontrolling interests | (78) | (240) | ||
Dividend from Adient spin-off | 2,050 | 0 | ||
Cash transferred to Adient related to spin-off | (665) | 0 | ||
Cash paid related to prior acquistions | (75) | 0 | ||
Other | (10) | 6 | ||
Net cash provided by financing activities | 1,915 | 40 | ||
Effect of exchange rate changes on cash and cash equivalents | 12 | 5 | ||
Changes in cash held for sale | 105 | (76) | ||
Increase (decrease) in cash and cash equivalents | (121) | (206) | ||
Cash and cash equivalents, at carrying value | 458 | $ 347 | $ 579 | $ 553 |
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided (used) by operating activities | 0 | |||
Capital expenditures | 0 | |||
Sale of property, plant and equipment | 0 | |||
Acquisition of businesses, net of cash acquired | 0 | |||
Business divestitures | 0 | |||
Changes in long-term investments | 0 | |||
Net change in intercompany loans | (367) | |||
Intercompany investment in subsidiaries | 3,716 | |||
Net cash used by investing activities | 3,349 | |||
Increase (decrease) in short-term debt - net | (248) | |||
Increase in long-term debt | 0 | |||
Repayment of long-term debt | 0 | |||
Debt financing costs | 0 | |||
Stock repurchases | 0 | |||
Payment of cash dividends | 0 | |||
Proceeds from the exercise of stock options | 0 | |||
Net change in intercompany loans payable | 367 | |||
Increase in equity from parent | (3,716) | |||
Change in noncontrolling interest share | 0 | |||
Dividends paid to noncontrolling interests | 0 | |||
Dividend from Adient spin-off | 0 | |||
Cash transferred to Adient related to spin-off | 0 | |||
Cash paid related to prior acquistions | 0 | |||
Other | 0 | |||
Net cash provided by financing activities | (3,597) | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | |||
Changes in cash held for sale | 0 | |||
Increase (decrease) in cash and cash equivalents | (248) | |||
Cash and cash equivalents, at carrying value | (248) | 0 | ||
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided (used) by operating activities | 136 | |||
Capital expenditures | 0 | |||
Sale of property, plant and equipment | 0 | |||
Acquisition of businesses, net of cash acquired | 0 | |||
Business divestitures | 0 | |||
Changes in long-term investments | 0 | |||
Net change in intercompany loans | 0 | |||
Intercompany investment in subsidiaries | (1,924) | |||
Net cash used by investing activities | (1,924) | |||
Increase (decrease) in short-term debt - net | 1,592 | |||
Increase in long-term debt | 1,544 | |||
Repayment of long-term debt | (46) | |||
Debt financing costs | (17) | |||
Stock repurchases | (426) | |||
Payment of cash dividends | (469) | |||
Proceeds from the exercise of stock options | 56 | |||
Net change in intercompany loans payable | (357) | |||
Increase in equity from parent | 0 | |||
Change in noncontrolling interest share | 0 | |||
Dividends paid to noncontrolling interests | 0 | |||
Dividend from Adient spin-off | (87) | |||
Cash transferred to Adient related to spin-off | 0 | |||
Cash paid related to prior acquistions | 0 | |||
Other | (13) | |||
Net cash provided by financing activities | 1,777 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | |||
Changes in cash held for sale | 0 | |||
Increase (decrease) in cash and cash equivalents | (11) | |||
Cash and cash equivalents, at carrying value | 0 | 11 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided (used) by operating activities | 0 | |||
Capital expenditures | 0 | |||
Sale of property, plant and equipment | 0 | |||
Acquisition of businesses, net of cash acquired | 0 | |||
Business divestitures | 0 | |||
Changes in long-term investments | 0 | |||
Net change in intercompany loans | 0 | |||
Intercompany investment in subsidiaries | (1,716) | |||
Net cash used by investing activities | (1,716) | |||
Increase (decrease) in short-term debt - net | 76 | |||
Increase in long-term debt | 0 | |||
Repayment of long-term debt | 0 | |||
Debt financing costs | 0 | |||
Stock repurchases | 0 | |||
Payment of cash dividends | 0 | |||
Proceeds from the exercise of stock options | 0 | |||
Net change in intercompany loans payable | 0 | |||
Increase in equity from parent | 1,640 | |||
Change in noncontrolling interest share | 0 | |||
Dividends paid to noncontrolling interests | 0 | |||
Dividend from Adient spin-off | 0 | |||
Cash transferred to Adient related to spin-off | 0 | |||
Cash paid related to prior acquistions | 0 | |||
Other | 0 | |||
Net cash provided by financing activities | 1,716 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | |||
Changes in cash held for sale | 0 | |||
Increase (decrease) in cash and cash equivalents | 0 | |||
Cash and cash equivalents, at carrying value | 0 | 0 | ||
Subsidiary Issuer [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided (used) by operating activities | 97 | |||
Capital expenditures | 0 | |||
Sale of property, plant and equipment | 0 | |||
Acquisition of businesses, net of cash acquired | (6) | |||
Business divestitures | 0 | |||
Changes in long-term investments | (11) | |||
Net change in intercompany loans | 10 | |||
Intercompany investment in subsidiaries | (76) | |||
Net cash used by investing activities | (83) | |||
Increase (decrease) in short-term debt - net | 0 | |||
Increase in long-term debt | 0 | |||
Repayment of long-term debt | (16) | |||
Debt financing costs | 0 | |||
Stock repurchases | 0 | |||
Payment of cash dividends | 0 | |||
Proceeds from the exercise of stock options | 0 | |||
Net change in intercompany loans payable | 0 | |||
Increase in equity from parent | 76 | |||
Change in noncontrolling interest share | 0 | |||
Dividends paid to noncontrolling interests | 0 | |||
Dividend from Adient spin-off | 0 | |||
Cash transferred to Adient related to spin-off | 0 | |||
Cash paid related to prior acquistions | 0 | |||
Other | 0 | |||
Net cash provided by financing activities | 60 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | |||
Changes in cash held for sale | 0 | |||
Increase (decrease) in cash and cash equivalents | 74 | |||
Cash and cash equivalents, at carrying value | 318 | 244 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided (used) by operating activities | (1,554) | |||
Capital expenditures | (996) | |||
Sale of property, plant and equipment | 23 | |||
Acquisition of businesses, net of cash acquired | 0 | |||
Business divestitures | 180 | |||
Changes in long-term investments | (22) | |||
Net change in intercompany loans | 357 | |||
Intercompany investment in subsidiaries | 0 | |||
Net cash used by investing activities | (458) | |||
Increase (decrease) in short-term debt - net | (533) | |||
Increase in long-term debt | 9 | |||
Repayment of long-term debt | (910) | |||
Debt financing costs | (1) | |||
Stock repurchases | 0 | |||
Payment of cash dividends | 0 | |||
Proceeds from the exercise of stock options | 74 | |||
Net change in intercompany loans payable | (10) | |||
Increase in equity from parent | 2,000 | |||
Change in noncontrolling interest share | 8 | |||
Dividends paid to noncontrolling interests | (78) | |||
Dividend from Adient spin-off | 2,137 | |||
Cash transferred to Adient related to spin-off | (665) | |||
Cash paid related to prior acquistions | (75) | |||
Other | 3 | |||
Net cash provided by financing activities | 1,959 | |||
Effect of exchange rate changes on cash and cash equivalents | 12 | |||
Changes in cash held for sale | 105 | |||
Increase (decrease) in cash and cash equivalents | 64 | |||
Cash and cash equivalents, at carrying value | $ 388 | $ 324 |
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2017 |
Sep. 30, 2016 |
|
Loss Contingencies [Line Items] | ||
Estimated asbestos related net liability on a discounted basis | $ 147 | $ 148 |
Reserves for environmental liabilities | 48 | 51 |
Conditional asset retirement obligations | 72 | 74 |
Accrued Environmental Loss Contingencies, Current | 12 | |
Accrued Environmental Loss Contingencies, Noncurrent | 36 | |
Liability for Asbestos and Environmental Claims, Gross | 535 | 548 |
Restricted Cash and Investments | 388 | 400 |
Restricted Cash and Cash Equivalents | 37 | 88 |
Insurance Recoveries | 96 | 120 |
Insurable liabilities | 488 | 422 |
Insurance Settlements Receivable, Current | 30 | |
Insurance Settlements Receivable | 49 | |
Insurance Settlements Receivable, Noncurrent | 19 | 21 |
Asbestos Issue [Member] | ||
Loss Contingencies [Line Items] | ||
Restricted Cash and Cash Equivalents | 28 | 16 |
Restricted Investments | 264 | 264 |
Accrued Compensation and Benefits [Member] | ||
Loss Contingencies [Line Items] | ||
Insurable liabilities | 30 | 28 |
Other Current Assets | ||
Loss Contingencies [Line Items] | ||
Restricted Cash and Investments | 52 | 41 |
Other Noncurrent Assets | ||
Loss Contingencies [Line Items] | ||
Restricted Cash and Investments | 336 | 359 |
Other Noncurrent Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Liability for Asbestos and Environmental Claims, Gross | 500 | 513 |
Insurable liabilities | 372 | 334 |
Other Current Liabilities | ||
Loss Contingencies [Line Items] | ||
Liability for Asbestos and Environmental Claims, Gross | 35 | 35 |
Insurable liabilities | $ 86 | $ 60 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Sep. 30, 2016 |
|
Related Party Transaction [Line Items] | |||||
Receivable from related parties | $ 99 | $ 99 | $ 66 | ||
Payable to related parties | 22 | 22 | $ 11 | ||
Revenue from related parties | 272 | $ 277 | 726 | $ 747 | |
Purchases from related parties | $ 64 | $ 48 | $ 165 | $ 131 |
2]5/##.:N7?X#4$L#!!0 ( $%2 TOU4LQPOP0 &\8 8
M >&PO=V]R:W-H965T =R_"]/*WI(+.G^U\0(:1 ?>RN'&SU#G
M7]@:*&A 8#I98HI)J6889IG,*H 406 *@)4+T,G*%P2BF$, 3$$P)
M0V81I6D.0R@(H0"$!A ZCP4M1,) ")M#" X@O0S&$PI:E<7"&2A!3@D$PP).
M.3\#B)8%*\@""B/X\B$ 5H:W#\T/-EV18(%W@"VVL,!X(17@N3<,A=Y@X%#F
M.5T@P?D IP IW,Q!Z-VY+!%.%TAPXL! YF"S_);-8LH86;@"&$X=&,@=+$Q1
M>)X\,$8,N=\"# U@P(T"F%/2<2(,E#GRX%8!S"NNGN!F
M@0?< KA= //+I*TY]OUSM)7@EB&89<9M14&Y(P_N*P)3"G"5ZCA2'CA3".X9
M@GEFW%8R/58(N X_W%@$.U@F745 (X\N/L(XCYP?-@)[BN2/M!5W#)D:IGI
M6=V#;C;KY(L77%USS+WS!Q7[LI'>FBM]8[+WFAWGBFG"\$EK/^BK[C"IV$Z9
M8:;'HKOO=1/%V_XN&PP7ZL4_4$L#!!0 ( $%2 TN-^JL&A@0 /X8 9
M >&PO=V]R:W-H965T 0YD+#:":B=A,LF^ Y037H+
M86,@T#K)TSH)&P/=T#K)<_8':B=W?T=<[9.;!<)B)R!V\K00PF*G&\1.6.R$
M^J8SXP?B8I]>OUCJA,[6Y'*!W?-T>;'>">B=W-=H!*3I;EO'[V>P,C57)CNI
M/UA0 (K $B
M%2":!# @2ZU)E:;3S?2,6K=S36 \MMU<$F:AT8^Y)@GLY<36 $ 9@S@G.!IA^@
MEYD)4P= R2@JG77OGOE8RH$:P "8C"(S=N/%7CPF5%\X#@CE!*$2^0"$\@F$
M _ 4$$3O!H1C0&@%
MH(',I/J)2%+DG/4>'XK5$7TF@DVH-O.H)\W>F7BXCM.?PW&F;1/2F9 N
MA&.LPZ9"T?D[[GF96S,2.YU]S\,5[TXIGDT5DO$HXC\T[S![*W?WQYS=@M",
M.4^8=(U9$ S5EQ+I5HES^@\]S;;Y^TV+^\C?_V'Q[;9 MBF018'LOSUN8 [)
M7T78ZE 5V#:.DR.5&70-D286#CJ.\RBX3>Y_&2_D'G\;]&S>MT)9
&PO
M=V]R:W-H965TS?HE\[/V6"U';UN,YJNDZLS
M-,@\]3+I5*8H1YG$VA\A*0A)O8%L8@!3 AO(0 .9-Y"_\S(+O.QEF)=IO4Q>
MK/("QN0@)@
#S9[\DH?8VB(/GO
MWH;Q^^V8C3]N_#B^'++BQF2Y.
)K@?1+\FP1?$_R^!*8)K"\AT(2@+R'4A+!OTI$F1'T]##1A A.
MLW]U0
G665(/$!=!N^] $AJ)M_H#B&DK8JBLH2
MB57Q_*^0 )0D@/L>=#E0+F^:)0%I*VF3@%PH9%P(4GGJ!N2,HQP)*\BP'(8%
M6PHQ ?848I3-9% $E*?R!&=!A32HE$SJ/2@BJ$S+J!!DM)9A(>B2MONPB*60
MT&.*LZYBM*MD6,B[5R8+,BZ"LL')P!A*0](8L16'QKE>,;('SD*V5T4PP$=C
ML-@AK@H4R@+B$!)ZGL--/PR*A3AG=(V,CLYHPNB9E\FW'(7%#G$BUDC$02=4
MBN;,I_5TK:LYV6@D&U"(]QISORI,+O+MDL"* M:2H&+MW!CL2N1RDI:0(O'Q(J)@Y;
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MDXP[@M<"C]8"