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Adjustments to Current Assets
Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | ||
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As Reported | |||||||
Current assets | |||||||
Adjustments | |||||||
Add: Allowance for expected credit losses | |||||||
After Adjustment | |||||||
Adjusted current assets |
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 the annual financial data reveals several trends related to current assets and adjusted current assets over the six-year period.
- Current Assets
- The value of current assets displayed fluctuations across the years. Beginning at $11,823 million in 2018, the figure increased modestly in 2019 to $12,393 million. However, a significant decline occurred in 2020, dropping to $10,053 million, which represents a notable decrease. This lower level was largely maintained in 2021 at $9,998 million. A recovery trend became apparent in 2022 with an increase to $11,685 million, though this was followed by a slight decline in 2023 to $10,737 million. Overall, the trend shows volatility with a marked dip in 2020 and some recovery thereafter, but without returning to the early peak levels.
- Adjusted Current Assets
- Adjusted current assets followed a similar pattern to current assets. Starting at $12,000 million in 2018, the adjusted figures peaked in 2019 at $12,566 million before dropping sharply to $10,226 million in 2020. The adjusted current assets showed a slight increase in 2021 to $10,108 million, followed by a more substantial rise to $11,747 million in 2022. In 2023, a marginal decline to $10,827 million was observed. The adjustments do not materially alter the overall trend, which is characterized by a significant contraction in 2020, partial recovery in subsequent years, and a slight decrease at the end of the period.
In summary, both current and adjusted current assets demonstrate a downward shift during the 2020 fiscal year, likely reflecting external or operational challenges. The period following 2020 indicates a recovery trajectory, although the levels do not consistently reach or exceed those of 2019. This pattern suggests increased volatility in asset management or external economic impacts affecting liquidity components over the time frame reviewed.
Adjustments to Total Assets
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).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
2 Deferred tax assets (included in Other noncurrent assets). See details »
The analysis of the data reveals a fluctuating but generally declining trend in both total assets and adjusted total assets over the observed six-year period.
- Total Assets
- Total assets started at 48,797 million US dollars in 2018 and experienced a significant decline in 2019, dropping to 42,287 million US dollars. From 2019 to 2020, the total assets continued to decline, reaching 40,815 million US dollars. However, in 2021 there was a slight rebound to 41,890 million US dollars, followed by a minor increase to 42,158 million US dollars in 2022. The value then stabilized with a slight increase to 42,242 million US dollars in 2023. Overall, total assets decreased by approximately 13% from 2018 to 2023, with signs of stabilization after 2020.
- Adjusted Total Assets
- The adjusted total assets followed a similar trend but were consistently slightly lower than total assets throughout the period. Starting at 48,479 million US dollars in 2018, adjusted total assets fell sharply to 42,993 million US dollars in 2019. Following 2019, the downward movement continued more sharply to 40,126 million US dollars in 2020. The adjusted total assets then increased modestly to 41,245 million US dollars in 2021 but fell slightly again to 41,276 million US dollars in 2022. By 2023, adjusted total assets decreased somewhat further to 40,833 million US dollars. This represents a decrease of around 16% over the full period, with fluctuations around the 41,000 million mark in the latter years.
In summary, both the total assets and adjusted total assets display an overall reduction over the six-year period, with the most significant decline occurring between 2018 and 2020. Post-2020, there is some evidence of stabilization and minor recovery in total assets, whereas adjusted total assets remain more volatile but approximately stable since 2021. This pattern may suggest asset optimization, divestitures, or changes in accounting adjustments affecting the asset base.
Adjustments to Current Liabilities
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 focuses on the trends in current liabilities and adjusted current liabilities over a six-year period ending in 2023.
- Current Liabilities
- The current liabilities exhibit a fluctuating trend. Initially, there is a noticeable decrease from 11,250 million USD in 2018 to 9,070 million USD in 2019, followed by a continued decline to 8,248 million USD in 2020. However, the liabilities increase again to 9,098 million USD in 2021 and further rise sharply to 11,239 million USD in 2022 before slightly decreasing to 11,084 million USD in 2023. This pattern indicates periods of both reduction and growth in obligations due within one year.
- Adjusted Current Liabilities
- Adjusted current liabilities follow a somewhat similar but less volatile pattern compared to current liabilities. There is a steady downward trend from 9,597 million USD in 2018 to a low of 6,669 million USD in 2020. After this low point, the adjusted liabilities increase to 7,359 million USD in 2021 and continue rising to 9,389 million USD in 2022, before slightly decreasing to 8,983 million USD in 2023. The adjusted figures suggest a generally controlled level of short-term obligations with less sharp fluctuations than the unadjusted liabilities.
- Overall Insights
- Both current liabilities and adjusted current liabilities demonstrate a general decline during the first three years (2018-2020), followed by a reversal to increasing levels in 2021 and 2022. The slight decrease in 2023 might indicate the beginning of a stabilization phase after an increase in short-term obligations. The adjusted liabilities remain consistently lower than reported current liabilities, implying some form of refinement or exclusion of items in the adjusted measure that moderates the absolute values. The volatility in current liabilities in recent years may be reflective of changing operational or financial strategies impacting the company’s short-term financial commitments.
Adjustments to Total Liabilities
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).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities (included in Other noncurrent liabilities). See details »
- Total liabilities
- The total liabilities exhibited a decline from 26,339 million USD in 2018 to 21,458 million USD in 2019, suggesting a significant reduction in the company's outstanding obligations during that period. Following this drop, total liabilities showed a gradual increase over the next few years, rising to 22,282 million USD in 2020 and further to 23,137 million USD in 2021. The upward trend continued in 2022, reaching 24,756 million USD, before a slight decrease to 24,548 million USD in 2023. Overall, despite the early decline, total liabilities have stabilized somewhat in the most recent years, reflecting either increased borrowing or growing obligations balanced by partial reductions or repayments.
- Adjusted total liabilities
- Adjusted total liabilities mirrored the general pattern observed in total liabilities but at a consistently lower level, suggesting some exclusions or adjustments in the calculation. Starting at 25,019 million USD in 2018, adjusted liabilities decreased to 20,353 million USD in 2019 and remained relatively stable around 20,318 million USD in 2020. A modest increase followed in 2021 (20,955 million USD) and continued through 2022 (22,406 million USD), before a slight retraction to 22,036 million USD in 2023. This trend aligns closely with total liabilities, indicating a controlled management of adjusted obligations with some fluctuations but no dramatic changes in recent years.
Adjustments to Stockholders’ Equity
Johnson Controls International plc, adjusted shareholders’ equity attributable to Johnson Controls
US$ in millions
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).
1 Net deferred tax asset (liability). See details »
The data reveals key trends in the equity position of the company over a six-year period from 2018 to 2023.
- Shareholders’ Equity Attributable to Johnson Controls
- This figure demonstrates a consistent decline from 2018 through to 2022, dropping from approximately $21.16 billion to $16.27 billion. The lowest point was observed in the 2022 fiscal year. In 2023, a slight recovery occurred with an increase to approximately $16.55 billion, but the overall trend across the period is downward, reflecting a reduction in net assets attributable to the shareholders.
- Adjusted Total Equity
- Adjusted total equity follows a similar downward trend over the entire period. Starting at about $23.46 billion in 2018, the measure decreased steadily, reaching its lowest value of approximately $18.87 billion in 2022. A minor improvement was seen in 2023, increasing slightly to roughly $18.80 billion. This pattern is consistent with the trend observed in shareholders’ equity, indicating a contraction in the company's total equity base when adjusted for certain factors.
Overall, both measures of equity indicate a declining capital base from 2018 to 2022 with a modest recovery in 2023. The decreases suggest potential pressures on retained earnings or other components of equity during this period. The slight uptick in the final year may signal the beginning of stabilization or improvement in the equity structure, but it remains below the levels reported at the start of the period.
Adjustments to Capitalization Table
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).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Operating lease liabilities, current (included in Other current liabilities). See details »
3 Operating lease liabilities, noncurrent (included in Other noncurrent liabilities). See details »
4 Net deferred tax asset (liability). See details »
The financial data over the six-year period reveals several trends in the company's capital structure and financial position. Total reported debt initially decreased significantly from 10,995 million USD in 2018 to 7,219 million USD in 2019, indicating a considerable reduction in debt obligations. However, from 2019 onwards, the debt levels have mostly increased, reaching 8,848 million USD by 2023, though it remains below the 2018 peak. This suggests some re-leveraging or new debt issuance after the initial reduction.
Shareholders’ equity attributable to the company shows a gradual downward trend over the period. Starting at 21,164 million USD in 2018, it decreased steadily to 16,545 million USD by 2023. This decline in equity points toward possible net losses, dividend payments exceeding earnings, share buybacks, or other equity-reducing activities.
- Total reported capital
- The total reported capital, which sums debt and equity, followed a declining trend from 32,159 million USD in 2018 to approximately 25,300 million USD in the early 2020s, stabilizing around 25,300 million USD thereafter. This suggests the company's overall capital base has contracted over the years, mainly driven by the decrease in equity.
- Adjusted total debt
- Adjusted total debt trends mirror those of total reported debt but at slightly higher levels. The surprising increase after 2019, rising from 8,304 million USD to 10,252 million USD in 2023, indicates that the adjusted debt measurements may include additional liabilities or adjustments not captured in total reported debt.
- Adjusted total equity
- Adjusted total equity shows a decline consistent with reported shareholders’ equity, falling from 23,460 million USD in 2018 to 18,797 million USD in 2023. The adjustment factors reduce the equity basis, but the downward trend remains intact, suggesting weaker net asset positions over time.
- Adjusted total capital
- The adjusted total capital range reflects the combined movements in adjusted debt and equity, declining from 35,551 million USD in 2018 to around 29,000 million USD in 2023. The contraction in total capital mirrors the trends observed in reported capital and signals a shrinking financial base overall.
In summary, the company has reduced its debt significantly in 2019, but the debt has gradually increased since then. Equity has consistently decreased, leading to a decline in the total capital base. Adjusted measures reinforce these observations and suggest that after adjustments, the company’s capital structure has contracted notably over the period. This pattern might warrant attention to the company’s equity generation and debt management strategies going forward.
Adjustments to Revenues
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 financial performance over the analyzed period presents several notable trends in both net sales and adjusted net sales.
- Net Sales
-
Net sales exhibited a significant decline from 2018 to 2020, dropping from $31,400 million to $22,317 million. This represents a decrease of approximately 29% over the two years, indicative of considerable challenges during this timeframe. From 2020 onwards, a gradual recovery is evident as net sales increased to $23,668 million in 2021, followed by continuous growth to $26,793 million by 2023. Despite this recovery, the net sales figure for 2023 had not yet returned to the peak level observed in 2018.
- Adjusted Net Sales
-
The trend in adjusted net sales closely mirrors that of net sales, with a marked decline from $31,447 million in 2018 to $22,345 million in 2020. Following this trough, adjusted net sales increased steadily, reaching $26,985 million in 2023. This pattern suggests that adjustments made to net sales figures do not substantially alter the overall sales trend, reinforcing the observation of a downturn followed by recovery.
In summary, the data indicates a clear impact on sales performance during 2019 and 2020, with a subsequent recovery phase beginning in 2021 and continuing through 2023. The recovery has been steady, yet net sales and adjusted net sales have not fully returned to the 2018 levels within the provided timeframe. This trend may be reflective of external economic factors or internal company dynamics affecting revenue generation during the early part of the period.
Adjustments to Reported Income
Johnson Controls International plc, adjusted net income attributable to Johnson Controls
US$ in millions
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).
1 Deferred income tax expense (benefit). See details »
The data reveals notable fluctuations in the profitability of the company over the examined period. Net income attributable to the company exhibited a significant increase from 2018 to 2019, rising sharply from US$ 2,162 million to US$ 5,674 million. This peak was followed by a steep decline in 2020, when net income fell to US$ 631 million. The following years showed recovery, with net income rising to US$ 1,637 million in 2021 and slightly decreasing to US$ 1,532 million in 2022 before increasing again to US$ 1,849 million in 2023.
Adjusted net income demonstrates a different pattern, with less volatile movements overall. It increased modestly from US$ 1,242 million in 2018 to US$ 1,494 million in 2019 but then sharply declined to US$ 298 million in 2020. A strong rebound occurred in 2021, with adjusted net income reaching US$ 2,261 million, marking the highest point across the years analyzed. However, this was followed by a sharp decrease to US$ 924 million in 2022, then an increase to US$ 1,520 million in 2023.
- Key Observations:
- Net income volatility suggests external or one-time factors influencing earnings, especially noticeable in the dramatic drop in 2020 and partial recovery afterward.
- Adjusted net income, which typically accounts for non-recurring items, also shows a significant dip in 2020, implying impacts affecting ongoing operations.
- The rebound in adjusted net income in 2021 indicates possible operational improvements or recovery from prior adverse conditions.
- The subsequent decline and recovery in 2022 and 2023 reflect continued variability in profitability, though adjusted metrics remained below the 2021 peak.
- Overall, the trends suggest a period of financial instability around 2020, with some recovery in following years but persistent fluctuations in core earnings.