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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From _____ To _____
Commission File Number: 001-13836 
 
JOHNSON CONTROLS INTERNATIONAL PLC
(Exact name of registrant as specified in its charter
Ireland98-0390500
(Jurisdiction of Incorporation)(I.R.S. Employer Identification No.)
One Albert Quay, Cork, Ireland, T12 X8N6
(353) 21-423-5000
(Address of Principal Executive Offices and Postal Code)(Registrant's Telephone Number)
Securities Registered Pursuant to Section 12(b) of the Exchange Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Ordinary Shares, Par Value $0.01JCINew York Stock Exchange
 3.750% Senior Notes due 2021  JCI21C New York Stock Exchange
 4.625% Notes due 2023  JCI23 New York Stock Exchange
 1.000% Senior Notes due 2023  JCI23A New York Stock Exchange
 3.625% Senior Notes due 2024  JCI24A New York Stock Exchange
 1.375% Notes due 2025  JCI25A New York Stock Exchange
 3.900% Notes due 2026  JCI26A New York Stock Exchange
0.375% Senior Notes due 2027JCI27New York Stock Exchange
1.750% Senior Notes due 2030JCI30New York Stock Exchange
1.000% Senior Notes due 2032JCI32New York Stock Exchange
 6.000% Notes due 2036  JCI36A New York Stock Exchange
 5.70% Senior Notes due 2041  JCI41B New York Stock Exchange
 5.250% Senior Notes due 2041  JCI41C New York Stock Exchange
 4.625% Senior Notes due 2044  JCI44A New York Stock Exchange
 5.125% Notes due 2045  JCI45B New York Stock Exchange
 6.950% Debentures due December 1, 2045  JCI45A New York Stock Exchange
 4.500% Senior Notes due 2047  JCI47 New York Stock Exchange
 4.950% Senior Notes due 2064  JCI64A New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filerSmaller reporting company
Non-accelerated filer¨Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOrdinary Shares Outstanding at June 30, 2021
Ordinary Shares, $0.01 par value per share712,224,244



JOHNSON CONTROLS INTERNATIONAL PLC
FORM 10-Q
Report Index
  
Page
Part I. Financial Information
Item 1. Financial Statements (unaudited)
Consolidated Statements of Financial Position at June 30, 2021 and September 30, 2020
Consolidated Statements of Income for the Three and Nine Month Periods Ended June 30, 2021 and 2020
Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Month Periods Ended June 30, 2021 and 2020
Consolidated Statements of Cash Flows for the Nine Month Periods Ended June 30, 2021 and 2020
Consolidated Statements of Shareholders' Equity Attributable to
       Johnson Controls Ordinary Shareholders for the
       Three and Nine Month Periods Ended June 30, 2021 and 2020
Notes to Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Signatures



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Johnson Controls International plc
Consolidated Statements of Financial Position
(in millions, except par value; unaudited)
June 30, 2021September 30, 2020
Assets
Cash and cash equivalents$1,450 $1,951 
Accounts receivable - net5,668 5,294 
Inventories2,064 1,773 
Other current assets1,128 1,035 
Current assets10,310 10,053 
Property, plant and equipment - net3,111 3,059 
Goodwill18,445 17,932 
Other intangible assets - net5,679 5,356 
Investments in partially-owned affiliates1,016 914 
Noncurrent assets held for sale 185 147 
Other noncurrent assets3,389 3,354 
Total assets$42,135 $40,815 
Liabilities and Equity
Short-term debt$265 $31 
Current portion of long-term debt196 262 
Accounts payable3,719 3,120 
Accrued compensation and benefits996 838 
Deferred revenue1,649 1,435 
Other current liabilities2,460 2,562 
Current liabilities9,285 8,248 
Long-term debt7,318 7,526 
Pension and postretirement benefits732 1,140 
Other noncurrent liabilities5,803 5,368 
Long-term liabilities13,853 14,034 
Commitments and contingencies (Note 22)
Ordinary shares, $0.01 par value
7 8 
Ordinary A shares, €1.00 par value
  
Preferred shares, $0.01 par value
  
Ordinary shares held in treasury, at cost(1,149)(1,119)
Capital in excess of par value17,077 16,865 
Retained earnings2,256 2,469 
Accumulated other comprehensive loss(351)(776)
Shareholders’ equity attributable to Johnson Controls17,840 17,447 
Noncontrolling interests1,157 1,086 
Total equity18,997 18,533 
Total liabilities and equity$42,135 $40,815 

The accompanying notes are an integral part of the consolidated financial statements.
3



Johnson Controls International plc
Consolidated Statements of Income
(in millions, except per share data; unaudited)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2021202020212020
Net sales
Products and systems$4,700 $3,919 $12,531 $11,877 
Services1,641 1,424 4,745 4,486 
6,341 5,343 17,276 16,363 
Cost of sales
Products and systems3,185 2,711 8,655 8,318 
Services959 800 2,753 2,609 
4,144 3,511 11,408 10,927 
Gross profit2,197 1,832 5,868 5,436 
Selling, general and administrative expenses(1,367)(1,334)(3,914)(4,212)
Restructuring and impairment costs(79)(610)(175)(783)
Net financing charges(56)(58)(159)(169)
Equity income74 47 188 110 
Income (loss) from continuing operations before income taxes769 (123)1,808 382 
Income tax provision (benefit)108 (1)378 77 
Income (loss) from continuing operations661 (122)1,430 305 
Income from discontinued operations, net of tax (Note 4)  124  
Net income (loss)661 (122)1,554 305 
Income from continuing operations attributable to noncontrolling
   interests
87 60 186 115 
Net income (loss) attributable to Johnson Controls$574 $(182)$1,368 $190 
Amounts attributable to Johnson Controls ordinary shareholders:
Income (loss) from continuing operations$574 $(182)$1,244 $190 
        Income from discontinued operations  124  
Net income (loss)$574 $(182)$1,368 $190 
Basic earnings (loss) per share attributable to Johnson Controls
Continuing operations$0.80 $(0.24)$1.73 $0.25 
Discontinued operations  0.17  
Net income (loss)$0.80 $(0.24)$1.90 $0.25 
Diluted earnings (loss) per share attributable to Johnson Controls
Continuing operations$0.80 $(0.24)$1.72 $0.25 
Discontinued operations  0.17  
Net income (loss)$0.80 $(0.24)$1.89 $0.25 
The accompanying notes are an integral part of the consolidated financial statements.
4



Johnson Controls International plc
Consolidated Statements of Comprehensive Income (Loss)
(in millions; unaudited)
Three Months Ended
June 30,
Nine Months Ended
June 30,
 2021202020212020
Net income (loss)$661 $(122)$1,554 $305 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments89 76 460 (157)
Realized and unrealized gains (losses) on derivatives(18)6 (9)3 
Pension and postretirement plans(1) (2)(1)
Other comprehensive income (loss)70 82 449 (155)
Total comprehensive income (loss)731 (40)2,003 150 
Comprehensive income attributable to noncontrolling interests98 64 210 108 
Comprehensive income (loss) attributable to Johnson Controls$633 $(104)$1,793 $42 

The accompanying notes are an integral part of the consolidated financial statements.
5


Johnson Controls International plc
Consolidated Statements of Cash Flows
(in millions; unaudited)
Nine Months Ended June 30,
 20212020
Operating Activities of Continuing Operations
Net income from continuing operations attributable to Johnson Controls$1,244 $190 
Income from continuing operations attributable to noncontrolling interests186 115 
Net income from continuing operations1,430 305 
Adjustments to reconcile net income from continuing operations to cash provided by operating activities:
Depreciation and amortization627 616 
Pension and postretirement benefit expense (income)(393)42 
Pension and postretirement contributions(40)(43)
Equity in earnings of partially-owned affiliates, net of dividends received(66)9 
Deferred income taxes6 (148)
Noncash restructuring and impairment charges94 582 
Equity-based compensation51 61 
Other - net(89)(38)
Changes in assets and liabilities, excluding acquisitions and divestitures:
Accounts receivable(157)428 
Inventories(204)(205)
Other assets(30)(120)
Restructuring reserves(27)58 
Accounts payable and accrued liabilities854 (731)
Accrued income taxes(34)683 
Cash provided by operating activities from continuing operations2,022 1,499 
Investing Activities of Continuing Operations
Capital expenditures(324)(347)
Sale of property, plant and equipment76 98 
Acquisition of businesses, net of cash acquired(707)(59)
Business divestitures, net of cash divested19  
Proceeds from equity swap35  
Changes in long-term investments14 (1)
Other1  
Cash used by investing activities from continuing operations(886)(309)
Financing Activities of Continuing Operations
Increase in short-term debt - net239 1,312 
Repayment of long-term debt(303)(505)
Debt financing costs (4)
Stock repurchases and retirements(1,001)(1,467)
Payment of cash dividends(570)(596)
Proceeds from the exercise of stock options160 42 
Employee equity-based compensation withholding taxes(30)(33)
Change in noncontrolling interest share(14) 
Dividends paid to noncontrolling interests(133)(67)
Cash received related to prior acquisitions and divestitures, net2 2 
Cash used by financing activities from continuing operations(1,650)(1,316)
Discontinued Operations
Cash used by operating activities(56)(255)
Cash used by financing activities (113)
Cash used by discontinued operations(56)(368)
Effect of exchange rate changes on cash, cash equivalents and restricted cash67 28 
Decrease in cash, cash equivalents and restricted cash(503)(466)
Cash, cash equivalents and restricted cash at beginning of period1,960 2,821 
Cash, cash equivalents and restricted cash at end of period1,457 2,355 
Less: Restricted cash7 13 
Cash and cash equivalents at end of period$1,450 $2,342 

The accompanying notes are an integral part of the consolidated financial statements.
6



Johnson Controls International plc
Consolidated Statements of Shareholders' Equity Attributable to Johnson Controls Ordinary Shareholders
(in millions, except per share data; unaudited)
Nine Months Ended June 30, 2020
TotalOrdinary
Shares
Capital in Excess 
of Par Value
Retained
Earnings
Treasury Stock,
at Cost
Accumulated Other
Comprehensive Loss
At September 30, 2019$19,766 $8 $16,812 $4,827 $(1,086)$(795)
Comprehensive income (loss)42   190  (148)
Cash dividends
      Ordinary ($0.78 per share)
(590)  (590)  
Repurchases and retirements
      of ordinary shares
(1,467)  (1,467)  
Adoption of ASC 842(5)  (5)  
Other, including options exercised59  92  (33) 
At June 30, 2020$17,805 $8 $16,904 $2,955 $(1,119)$(943)

Three Months Ended June 30, 2020
TotalOrdinary
Shares
Capital in Excess 
of Par Value
Retained
Earnings
Treasury Stock,
at Cost
Accumulated Other
Comprehensive Loss
At March 31, 2020$18,084 $8 $16,883 $3,332 $(1,118)$(1,021)
Comprehensive income (loss)(104)  (182) 78 
Cash dividends
      Ordinary ($0.26 per share)
(195)  (195)  
Other, including options exercised20  21  (1) 
At June 30, 2020$17,805 $8 $16,904 $2,955 $(1,119)$(943)

Nine Months Ended June 30, 2021
TotalOrdinary
Shares
Capital in Excess 
of Par Value
Retained
Earnings
Treasury Stock,
at Cost
Accumulated Other
Comprehensive Loss
At September 30, 2020$17,447 $8 $16,865 $2,469 $(1,119)$(776)
Comprehensive income 1,793   1,368  425 
Cash dividends
      Ordinary ($0.80 per share)
(577)  (577)  
Repurchases and retirements
      of ordinary shares
(1,001)(1) (1,000)  
Adoption of ASU 2016-13(4)  (4)  
Change in noncontrolling interest share(8) (8)   
Other, including options exercised190  220  (30) 
At June 30, 2021$17,840 $7 $17,077 $2,256 $(1,149)$(351)
Three Months Ended June 30, 2021
TotalOrdinary
Shares
Capital in Excess 
of Par Value
Retained
Earnings
Treasury Stock,
at Cost
Accumulated Other
Comprehensive Loss
At March 31, 2021$17,698 $7 $17,034 $2,215 $(1,148)$(410)
Comprehensive income633   574  59 
Cash dividends
      Ordinary ($0.27 per share)
(193)  (193)  
Repurchases and retirements
      of ordinary shares
(340)  (340)  
Other, including options exercised42  43  (1) 
At June 30, 2021$17,840 $7 $17,077 $2,256 $(1,149)$(351)

The accompanying notes are an integral part of the consolidated financial statements.
7


Johnson Controls International plc
Notes to Consolidated Financial Statements
June 30, 2021
(unaudited)

1.Financial Statements

The consolidated financial statements include the consolidated accounts of Johnson Controls International plc, a public limited company 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, 2020 filed with the SEC on November 16, 2020. The results of operations for the three and nine month periods ended June 30, 2021 are not necessarily indicative of results for the Company’s 2021 fiscal year because of seasonal and other factors.

Nature of Operations

Johnson Controls International plc, headquartered in Cork, Ireland, is a global diversified technology and multi-industrial leader serving a wide range of customers in more than 150 countries. The Company’s products and solutions enable smart, energy efficient, sustainable buildings that work seamlessly together to advance the safety, comfort and intelligence of spaces to power its customers’ mission. The Company is committed to helping its customers win and creating greater value for all of its stakeholders through its strategic focus on buildings.

The Company is a global leader in engineering, manufacturing and commissioning building products and systems, including residential and commercial heating, ventilating, air-conditioning ("HVAC") equipment, industrial refrigeration systems, controls, security systems, fire detection systems and fire suppression solutions. The Company further serves customers by providing technical services, including maintenance, repair, retrofit and replacement of equipment (in the HVAC, security and fire-protection space), energy-management consulting and data-driven “smart building” services and solutions powered by its digital platforms and capabilities.

Principles of Consolidation

The consolidated financial statements include the consolidated accounts of Johnson Controls International plc and its subsidiaries that are consolidated in conformity with U.S. GAAP. All significant intercompany transactions have been eliminated. The results of companies acquired or disposed of during the year are included in the consolidated financial statements from the effective date of acquisition or up to the date of disposal. Investments in partially-owned affiliates are accounted for by the equity method when the Company’s interest exceeds 20% and the Company does not have a controlling interest.

The Company consolidates variable interest entities ("VIE") in which the Company has the power to direct the significant activities of the entity and the obligation to absorb losses or receive benefits from the entity that may be significant. The Company did not have a significant variable interest in any consolidated or nonconsolidated VIEs in its continuing operations for the presented reporting periods.

Restricted Cash

At June 30, 2021 and September 30, 2020, the Company held restricted cash of approximately $7 million and $9 million, respectively, all of which was recorded within other current assets in the consolidated statements of financial position. These amounts were related to cash restricted for payment of asbestos liabilities.

8


Johnson Controls International plc
Notes to Consolidated Financial Statements
June 30, 2021
(unaudited)
2.      New Accounting Standards

Recently Adopted Accounting Pronouncements

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 and its related amendments replace the previous expected credit loss methodology with a new incurred loss methodology. The new standard applies to financial instruments, including, but not limited to, trade receivables. Under the new standard, companies must consider historical information, current conditions and a reasonable forecast period when estimating credit losses. The Company adopted ASU No. 2016-13 and the related amendments effective October 1, 2020. The adoption did not have a material impact on the Company's consolidated financial statements. Refer to Note 6, “Accounts Receivable, Net,” of the notes to the consolidated financial statements for further information.

Other recently issued accounting pronouncements are not expected to have a material impact on the Company's consolidated financial statements.

3.Acquisitions and Divestitures

Silent-Aire Acquisition

On May 12, 2021, the Company completed its acquisition of Silent-Aire, a global leader in hyperscale data center cooling and modular critical infrastructure solutions, for approximately $751 million, net of cash acquired, which is comprised of an upfront net cash payment of approximately $661 million and the estimated fair value of contingent earn-out liabilities of approximately $90 million. The contingent earn-out liabilities are based upon the achievement of certain defined operating results in each of the three years following the acquisition, with a maximum payout of approximately $250 million. The fair value of contingent earn-out liabilities is reassessed on a quarterly basis and could differ materially from the initial estimates. Subsequent changes in the estimated fair value of contingent earn-out liabilities will be recorded in the consolidated statements of income when incurred. The earn-out payments that are less than or equal to the contingent earn-out liabilities on the acquisition date are reflected as financing cash outflows and amounts paid in excess of the contingent earn-out liabilities on the acquisition date are reflected as operating cash outflows. The Silent-Aire business is reported within the Global Products segment.

In connection with the acquisition, the Company recorded goodwill of $235 million in the Global Products segment. Goodwill 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 Silent-Aire. The goodwill created in the acquisition is not deductible for tax purposes and is subject to change as the purchase price allocation is completed.


9


Johnson Controls International plc
Notes to Consolidated Financial Statements
June 30, 2021
(unaudited)
The preliminary fair values of the assets acquired and liabilities assumed related to Silent-Aire are as follows (in millions):

Cash and cash equivalents$5 
Accounts receivable141 
Inventories61 
Other current assets3 
Property, plant, and equipment - net33 
Goodwill235 
Intangible assets - net499 
Other noncurrent assets83 
Total assets acquired$1,060 
Accounts payable62 
Accrued compensation and benefits5 
Deferred revenue32 
Other current liabilities10 
Other noncurrent liabilities195 
Total liabilities acquired$304 
Net assets acquired$756 

The preliminary purchase price allocation to identifiable intangible assets acquired related to Silent-Aire are as follows:
Preliminary Fair Value
(in millions)
Weighted Average Life (in years)
Customer relationships$275 19
Technology126 13
Other definite-lived intangibles21 1
Indefinite-lived trademarks77 
Total identifiable intangible assets$499 

The purchase price allocations may be subsequently adjusted to reflect final valuation studies.

Other acquisitions and divestitures

During the first nine months of fiscal 2021, the Company completed certain additional acquisitions for a combined purchase price, net of cash acquired, of $58 million, of which $46 million was paid as of June 30, 2021. In connection with the acquisitions, the Company recorded goodwill of $21 million within the Building Solutions EMEA/LA segment and $17 million within the Building Solutions North America segment.

During the first nine months of fiscal 2021, the Company completed certain divestitures within the Buildings Solutions Asia Pacific segment. The combined selling price was $27 million, of which $19 million was received as of June 30, 2021. In connection with the divestitures, the Company reduced goodwill by $7 million.

During the first nine months of fiscal 2020, the Company completed certain acquisitions for a combined purchase price, net of cash acquired, of $63 million, of which $59 million was paid as of June 30, 2020. In connection with the acquisitions, the Company recorded goodwill of $19 million within the Global Products segment and $23 million within the Building Solutions EMEA/LA segment.

10


Johnson Controls International plc
Notes to Consolidated Financial Statements
June 30, 2021
(unaudited)
Acquisitions and divestitures were not material to the Company's consolidated financial statements in the first nine months of fiscal 2021 or 2020.

4.     Discontinued Operations

On April 30, 2019, the Company completed the sale of its Power Solutions business, which met the criteria to be classified as a discontinued operation, to BCP Acquisitions LLC for a purchase price of $13.2 billion. The net cash proceeds after tax and transaction-related expenses were $11.6 billion. In connection with the sale, the Company recorded a gain, net of transaction and other costs, of $5.2 billion ($4.0 billion after tax), subject to post-closing working capital and net debt adjustments, within income from discontinued operations, net of tax, in the consolidated statements of income. In December 2020, the favorable resolution of certain post-closing working capital and net debt adjustments resulted in income from discontinued operations, net of tax, of $124 million due to a reversal of a reserve established in connection with the sale of Power Solutions.

The following table summarizes the results of Power Solutions which are classified as discontinued operations for the nine months ended June 30, 2021 (in millions). There is no Power Solutions related activity for the three months ended June 30, 2021 and the three and nine months ended June 30, 2020.
 Nine Months Ended June 30, 2021
Net sales$ 
Income from discontinued operations before income taxes150 
Provision for income taxes on discontinued operations
(26)
Income from discontinued operations attributable to noncontrolling interests, net of tax
 
Income from discontinued operations$124 


Assets and Liabilities Held for Sale

During the second quarter of fiscal 2021, the Company determined that certain corporate assets met the criteria to be classified as held for sale. The carrying value of these assets was $29 million at June 30, 2021.

During the third quarter of fiscal 2020, the Company determined that certain assets of the Building Solutions Asia Pacific segment met the criteria to be classified as held for sale. The estimated fair value, less costs to sell, of these assets was $156 million at June 30, 2021 and $147 million at September 30, 2020.

11


Johnson Controls International plc
Notes to Consolidated Financial Statements
June 30, 2021
(unaudited)
5.     Revenue Recognition

Disaggregated Revenue

The following tables present the Company's revenues disaggregated by segment and by products and systems versus services revenue for the three and nine months ended June 30, 2021 and 2020 (in millions):
Three Months Ended
June 30, 2021
Three Months Ended
June 30, 2020
Products & SystemsServicesTotalProducts & SystemsServicesTotal
Building Solutions North America$1,355 $857 $2,212 $1,250 $770 $2,020 
Building Solutions EMEA/LA468 494 962 346 410 756 
Building Solutions Asia Pacific422 290 712 344 244 588 
Global Products2,455