Analysis of Inventory
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Inventory Disclosure
Johnson Controls International plc, balance sheet: inventory
US$ in millions
| Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials and supplies | |||||||||||||
| Work-in-process | |||||||||||||
| Finished goods | |||||||||||||
| Inventories |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30).
The analysis of inventory data over the six-year period reveals several notable trends across the various components of inventory.
- Raw materials and supplies
- This category experienced a significant decrease from 990 million US dollars in 2018 to 588 million in 2019, representing a sharp reduction. Following this low point, a gradual recovery trend is observed, with values increasing steadily each year, reaching 1203 million by 2023. This upward trajectory indicates a possible buildup of raw materials, suggesting either anticipation of increased production demand or a strategic inventory increase.
- Work-in-process
- The work-in-process inventory decreased markedly from 545 million in 2018 to 176 million in 2019, and further declined to 142 million in 2020. From 2021 onwards, a slow but consistent increase occurred, reaching 226 million by 2023. This pattern suggests an initial improvement or reduction in incomplete goods, potentially through operational efficiencies or reduced production activity, followed by a moderate recovery in in-process inventory levels.
- Finished goods
- Finished goods inventory showed a declining trend from 1689 million in 2018 to 1002 million in 2020. After this decrease, the inventory began to recover, increasing steadily each year to reach 1347 million in 2023. This recovery may reflect improving sales forecasts or efforts to build stock to meet anticipated demand.
- Inventories (total)
- Total inventories declined substantially from 3224 million in 2018 to 1814 million in 2019 and remained relatively stable in 2020 (1773 million). From 2021 onward, total inventory increased notably, rising to 2776 million in 2023, approaching the 2018 level. This overall trend mirrors the patterns seen in the component inventories, indicating a phase of inventory drawdown followed by renewed accumulation.
Overall, the data indicates a significant contraction in inventory across all categories between 2018 and 2020, likely in response to external or internal pressures requiring inventory reduction. This was followed by a recovery phase from 2021 to 2023, during which the company systematically increased inventory levels, possibly preparing for increased operational activity or market demand. The comprehensive increase in inventory components post-2020 suggests a strategic shift toward inventory buildup after a period of consolidation or caution.